# EDGAR Filing Document

**Accession Number:** 0000719423
**File Stem:** 0001145549-25-050900
**Filing Date:** 2025-8
**Character Count:** 3136692
**Document Hash:** 4dba0e816d10fa936d4affdb78551c45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050900.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001145549-25-050900

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 104

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALIC Co I
- **CENTRAL INDEX KEY:** 0000719423

**ORGANIZATION NAME:**
- **EIN:** 720029692
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03738
- **FILM NUMBER:** 251196636

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 551-235-3560

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIG Retirement CO I
- **DATE OF NAME CHANGE:** 20080501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VALIC CO I
- **DATE OF NAME CHANGE:** 20020110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTH AMERICAN FUNDS VARIABLE PRODUCT SERIES CO I
- **DATE OF NAME CHANGE:** 20000929

## Series and Classes Contracts Data

### Asset Allocation Fund (Series ID: S000007994)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000021763 | Asset Allocation Fund | VCAAX           |

### International Equities Index Fund (Series ID: S000007995)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000021764 | International Equities Index Fund | VCIEX           |

### International Government Bond Fund (Series ID: S000007996)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000021765 | International Government Bond Fund | VCIFX           |

### International Growth Fund (Series ID: S000007997)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000021766 | International Growth Fund | VCINX           |

### Large Capital Growth Fund (Series ID: S000007999)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000021768 | Large Capital Growth Fund | VLCGX           |

### Mid Cap Index Fund (Series ID: S000008000)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000021769 | Mid Cap Index Fund | VMIDX           |

### Mid Cap Strategic Growth Fund (Series ID: S000008001)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000021770 | Mid Cap Strategic Growth Fund | VMSGX           |

### Nasdaq-100 Index Fund (Series ID: S000008003)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000021772 | Nasdaq-100 Index Fund | VCNIX           |

### Science & Technology Fund (Series ID: S000008004)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000021773 | Science & Technology Fund | VCSTX           |

### Systematic Growth Fund (Series ID: S000008005)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000021774 | Systematic Growth Fund | VCBCX           |

### Small Cap Index Fund (Series ID: S000008007)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000021776 | Small Cap Index Fund | VCSLX           |

### International Socially Responsible Fund (Series ID: S000008008)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000021777 | International Socially Responsible Fund | VCSOX           |

### Stock Index Fund (Series ID: S000008009)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000021778 | Stock Index Fund | VSTIX           |

### Government Securities Fund (Series ID: S000008013)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000021782 | Government Securities Fund | VCGSX           |

### Systematic Core Fund (Series ID: S000008014)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000021783 | Systematic Core Fund | VCGAX           |

### Dividend Value Fund (Series ID: S000008016)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021785 | Dividend Value Fund | VCIGX           |

### Inflation Protected Fund (Series ID: S000008017)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000021786 | Inflation Protected Fund | VCTPX           |

### Systematic Value Fund (Series ID: S000008346)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000022843 | Systematic Value Fund | VBCVX           |

### International Value Fund (Series ID: S000008347)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000022844 | International Value Fund | VCFVX           |

### Emerging Economies Fund (Series ID: S000008348)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000022845 | Emerging Economies Fund | VCGEX           |

### Global Strategy Fund (Series ID: S000008349)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000022846 | Global Strategy Fund | VGLSX           |

### Small Cap Special Values Fund (Series ID: S000008352)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000022849 | Small Cap Special Values Fund | VSSVX           |

### Growth Fund (Series ID: S000008354)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022851 | Growth Fund  | VCULX           |

### GLOBAL REAL ESTATE FUND (Series ID: S000021077)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000059956 | GLOBAL REAL ESTATE FUND | VGREX           |

### Dynamic Allocation Fund (Series ID: S000039328)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000121199 | Dynamic Allocation Fund | VDAFX           |

### Aggressive Growth Lifestyle Fund (Series ID: S000069814)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000222575 | Aggressive Growth Lifestyle Fund | VLAGX           |

### U.S. Socially Responsible Fund (Series ID: S000069815)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000222576 | U.S. Socially Responsible Fund | VSRDX           |

### Capital Appreciation Fund (Series ID: S000069816)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000222577 | Capital Appreciation Fund | VAPPX           |

### Conservative Growth Lifestyle Fund (Series ID: S000069817)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000222578 | Conservative Growth Lifestyle Fund | VGCLX           |

### Core Bond Fund (Series ID: S000069818)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000222579 | Core Bond Fund | VCBDX           |

### High Yield Bond Fund (Series ID: S000069819)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000222580 | High Yield Bond Fund | VHYLX           |

### International Opportunities Fund (Series ID: S000069820)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000222581 | International Opportunities Fund | VIOPX           |

### Mid Cap Value Fund (Series ID: S000069821)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000222582 | Mid Cap Value Fund | VVMCX           |

### Moderate Growth Lifestyle Fund (Series ID: S000069822)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000222583 | Moderate Growth Lifestyle Fund | VLSMX           |

### Small Cap Value Fund (Series ID: S000069823)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000222584 | Small Cap Value Fund | VVSCX           |

### Small Cap Growth Fund (Series ID: S000070756)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000224903 | Small Cap Growth Fund | VVSGX           |

?xml version='1.0' encoding='ASCII'? 8ddd37a280cf9fc

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-03738

#### VALIC Company I
(Exact name of registrant as specified in charter)

------

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices)

John T. Genoy, President

SunAmerica Asset Management, LLC

30 Hudson Street, 16th Floor

Jersey City, NJ 07302

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(201) 324-6414

#### Date of fiscal year end:

#### May 31

#### Date of reporting period:

#### May 31, 2025

#### Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

### VALIC Company I Aggressive Growth Lifestyle

### VLAGX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Aggressive Growth Lifestyle Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Aggressive Growth Lifestyle Fund\* | $12 | 0.11% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

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

The Fund posted a return of 10.55% for the year ended May 31, 2025, compared to 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 11.44% 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, U.S. equities outperformed international developed and emerging markets equities. Credit markets showed resilience, particularly in high yield segments.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following funds** \| Systematic Value Fund; Core Bond Fund; Emerging Economies Fund

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following funds** \| International Equities Index Fund; Mid Cap Index Fund; Systematic Growth Fund

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963093.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Aggressive Growth Lifestyle Fund** | 10.55% | 10.88% | 7.50% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **56% Russell 3000<sup>®</sup> Index; 19% MSCI EAFE Index (net); 25% Bloomberg U.S. Aggregate Bond Index** | 11.44% | 10.57% | 8.51% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$713M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963354.jpg)

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R574 (05/25)

VALIC Company I

### VALIC Company I Asset Allocation

### VCAAX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Asset Allocation Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Asset Allocation Fund\* | $68 | 0.65% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 8.30% for the year ended May 31, 2025, compared to 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 10.40% for the Blended Index (the "Performance Index") comprised of 60% S&P 500<sup>®</sup> Index; 40% Bloomberg U.S. Aggregate Bond Index. Over the period, U.S. large-cap equities outperformed small-cap equities. The U.S. Treasury curve bull steepened. The two-year U.S. Treasury yield decreased by 98 bps to 3.90%, the five-year yield decreased by 55 bps ending at 3.96%, the ten-year yield decreased by 10 bps to 4.40%, and the thirty-year yield increased by 28 bps to 4.93%.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following sectors: consumer discretionary; industrials; consumer staples. Security selection in the following sectors: financials; energy; industrials. Position weightings: Howmet Aerospace, Inc.; Wells Fargo & Co.; Merck & Co., Inc.

**For the fixed income segment of the fund** \| Allocations in the following sectors: Treasuries; agency mortgage-backed securities; non-agency mortgage-backed securities. Security selection in the following sectors: corporate credit; asset-backed securities; collateralized mortgage-backed securities

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following sectors: energy; cash; communication services. Security selection in the following sectors: information technology; consumer discretionary; health care. Position Weightings: Regeneron Pharmaceuticals, Inc.; NXP Semiconductors NV; Tesla, Inc.

**For the fixed income segment of the fund** \| Allocations in the following sectors: corporate credit. Security selection in the following sectors: none

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963080.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Asset Allocation Fund** | 8.30% | 10.58% | 6.16% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **60% S&P 500<sup>®</sup> Index; 40% Bloomberg U.S. Aggregate Bond Index** | 10.40% | 9.14% | 8.45% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$145M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;607 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 19.1% |
| Semiconductors | 7.6% |
| Software | 7.5% |
| Internet | 6.9% |
| Banks | 6.4% |
| Diversified Financial Services | 5.3% |
| Retail | 4.6% |
| Electric | 4.1% |
| Computers | 3.9% |
| Collateralized Mortgage Obligations | 3.8% |
| Other Asset Backed Securities | 2.8% |
| Building Materials | 2.7% |
| Healthcare-Products | 2.4% |
| Insurance | 2.4% |
| Aerospace/Defense | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963341.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R202 (05/25)

VALIC Company I

### VALIC Company I Capital Appreciation

### VAPPX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Capital Appreciation Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Capital Appreciation Fund\* | $78 | 0.73% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 14.63% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 17.62% for the Russell 1000<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors** \| utilities; financials; consumer staples

**Security selection in the following sectors** \| consumer discretionary; industrials

**Position weightings** \| Axon Enterprise, Inc.; DoorDash, Inc., Class A; Broadcom, Inc.

#### TOP PERFORMANCE DETRACTORS
**In aggregate** \| position weightings

**Allocations in the following sectors** \| health care; cash; communication services

**Security selection in the following sectors** \| information technology; financials; communication services

**Position weightings** \| Tesla, Inc.; lack of position in Palantir Technologies, Inc., Class A; UnitedHealth Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963094.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Capital Appreciation Fund** | 14.63% | 16.89% | 13.64% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **Russell 1000<sup>®</sup> Growth Index** | 17.62% | 17.69% | 16.08% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$328M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 21.2% |
| Software | 18.3% |
| Semiconductors | 15.1% |
| Computers | 10.8% |
| Diversified Financial Services | 6.7% |
| Pharmaceuticals | 4.6% |
| Commercial Services | 4.2% |
| Auto Manufacturers | 3.8% |
| Telecommunications | 3.0% |
| Biotechnology | 2.6% |
| Short-Term Investments | 2.2% |
| Insurance | 1.6% |
| Healthcare-Services | 1.4% |
| Electric | 0.9% |
| Engineering & Construction | 0.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963355.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by the Fund's subadvisor. As a result of these changes, ESG investment risk was added as a principal risk. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R566 (05/25)

VALIC Company I

### VALIC Company I Conservative Growth Lifestyle

### VGCLX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Conservative Growth Lifestyle Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Conservative Growth Lifestyle Fund\* | $14 | 0.13% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

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

The Fund posted a return of 7.73% for the year ended May 31, 2025, compared to 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 8.28% 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, U.S. equities outperformed international developed and emerging markets equities. Credit markets showed resilience, particularly in high yield segments.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following funds** \| Systematic Value Fund; Core Bond Fund; Emerging Economies Fund

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following funds** \| Mid Cap Index Fund; International Equities Index Fund; Systematic Growth Fund

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963095.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Conservative Growth Lifestyle Fund** | 7.73% | 5.68% | 4.46% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **26% Russell 3000<sup>®</sup> Index; 9% MSCI EAFE Index (net); 65% Bloomberg U.S. Aggregate Bond Index** | 8.28% | 4.42% | 4.85% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$280M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963356.jpg)

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R558 (05/25)

VALIC Company I

### VALIC Company I Core Bond

### VCBDX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Core Bond Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Core Bond Fund\* | $49 | 0.48% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 5.68% for the year ending May 31, 2025, compared to a return of 5.46% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market & Performance Index). The Treasury market witnessed very high volatility over the last 12 months, driven by tariff uncertainty and markets focused on fiscal spending. The mortgage-backed securities markets also had periods of spread widening driven by rate volatility. The credit market spreads peaked to the widest levels in a year in April 2025 due to tariff announcements, but since the tariff pause announcements the credit spreads continued to grind tighter.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**J.P. Morgan Investment Management** \| Allocations in the following sectors: Treasuries; agency mortgage-backed securities; non-agency mortgage-backed securities. Security selection in the following sectors: corporate credit; asset-backed securities; collateralized mortgage-backed securities

**PineBridge Investments, LLC** \| In aggregate: position weightings; sector allocations. Allocations in the following sectors: Treasuries; industrials; financials. Security selection in the following sectors: industrials; financials; agency mortgage-backed securities

#### TOP PERFORMANCE DETRACTORS
**J.P. Morgan Investment Management** \| Allocations in the following sectors: corporate credit

**PineBridge Investments, LLC** \| In aggregate: yield curve positioning. Allocations in the following sectors: collateralized mortgage-backed securities; sovereign. Security selection in the following sectors: sovereign

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963096.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Core Bond Fund** | 5.68% | (0.23)% | 1.70% |
| **Bloomberg U.S. Aggregate Bond Index** | 5.46% | (0.90)% | 1.49% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2,707M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$9.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.

**Top Industries\* (% of net assets)**

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 53.3% |
| Banks | 8.3% |
| Collateralized Mortgage Obligations | 4.0% |
| Other Asset Backed Securities | 3.8% |
| Electric | 3.2% |
| Short-Term Investments | 3.1% |
| Auto Loan Receivables | 2.7% |
| Diversified Financial Services | 1.6% |
| Pipelines | 1.3% |
| Pharmaceuticals | 1.2% |
| Oil & Gas | 1.1% |
| Foreign Government Obligations | 1.1% |
| Telecommunications | 1.0% |
| Insurance | 1.0% |
| Healthcare-Services | 0.9% |

---

**Portfolio Composition (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_963357.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_963315.jpg)

*\* Percentages exclude derivatives (other than purchased options), if any.*

*\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.*

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R541 (05/25)

VALIC Company I

### VALIC Company I Dividend Value

### VCIGX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Dividend Value Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dividend Value Fund\* | $71 | 0.68% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 9.75% for the year ended May 31, 2025, 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 8.91% for the Russell 1000<sup>®</sup> Value Index (the "Performance Index"). Equities delivered positive returns in the period. A resilient U.S. economy, declining inflation, enthusiasm for AI-related stocks, a Fed pivot to cutting interest rates and expectations of a business-friendly U.S. administration helped markets make gains despite concerns later in the period over tariffs and their potential to reduce international trade, reignite inflation and slow economic growth.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC** \| Allocations in the following sectors: communication services; energy; information technology. Security selection in the following sectors: health care; consumer discretionary; industrials. Position weightings: Cardinal Health, Inc.; UnitedHealth Group, Inc.; Sony Group Corp.

**ClearBridge Investments, LLC** \| In aggregate: position weightings. Allocations in the following sectors: communication services; health care; consumer staples. Security selection in the following sectors: energy; information technology; materials. Position weightings: Broadcom, Inc.; Williams Cos., Inc.; Enbridge, Inc.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC** \| In aggregate: sector allocations. Allocations in the following sectors: health care; cash; financials. Security selection in the following sectors: consumer staples; communication services; financials. Position weightings: Samsung Electronics Co., Ltd; BP PLC; HP, Inc.

**ClearBridge Investments, LLC** \| Allocations in the following sectors: financials; materials; energy. Security selection in the following sectors: consumer staples; utilities; communication services. Position weightings: Merck & Co., Inc.; Becton Dickinson & Co.; lack of position in Walmart, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963082.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Dividend Value Fund** | 9.75% | 12.60% | 8.77% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **Russell 1000<sup>®</sup> Value Index** | 8.91% | 13.02% | 8.60% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$681M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 8.9% |
| Pharmaceuticals | 8.5% |
| Software | 7.5% |
| Insurance | 5.0% |
| Electric | 4.8% |
| Aerospace/Defense | 4.6% |
| Diversified Financial Services | 4.4% |
| Oil & Gas | 4.1% |
| Semiconductors | 3.9% |
| Computers | 3.6% |
| REITS | 3.5% |
| Short-Term Investments | 3.0% |
| Media | 3.0% |
| Healthcare-Products | 2.8% |
| Pipelines | 2.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963343.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.60% of the Fund's average daily net assets on the first $250 million, 0.57% of the Fund's average daily net assets on the next $250 million, 0.52% of the Fund's average daily net assets on the next $500 million and 0.47% of the Fund's average daily net assets over $1 billion. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R822 (05/25)

VALIC Company I

### VALIC Company I Dynamic Allocation

### VDAFX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Dynamic Allocation Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dynamic Allocation Fund\* | $37 | 0.36% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund consists of two components: A fund-of-funds component representing investments in VC I Funds, and an overlay component which invests in cash, treasuries, and futures, to manage the Fund's net equity exposure.

The Fund posted a return of 8.22% for the year ended May 31, 2025, compared to a return of 13.52% S&P 500<sup>®</sup> Index (a broad-based securities market index) and 10.40% for the Blended Index (the "Performance Index") comprised of 60% S&P 500<sup>®</sup> Index; 40% Bloomberg U.S. Aggregate Bond Index. While equity markets posted positive returns during the fiscal year, this was punctuated by periods of high volatility surrounding U.S. presidential election and subsequent tariff implementation. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**AllianceBernstein, L.P.** \| Allocations in the following strategies: equity futures contracts used to adjust exposures and manage risk of the Fund; options overlay

**SunAmerica Asset Management, LLC** \| Allocations in the following sectors: fixed income; international equity. Allocation to the following funds: Growth Fund; Systematic Growth Fund; Capital Appreciation Fund

#### TOP PERFORMANCE DETRACTORS
**AllianceBernstein, L.P.** \| Allocations in the following strategies: tactical equity; fixed income overlay

**SunAmerica Asset Management, LLC** \| Allocations in the following sectors: small-cap equity, mid-cap equity, global real estate. Allocation to the following funds: Large Capital Growth Fund; Dividend Value Fund; U.S. Socially Responsible Fund

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963083.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Dynamic Allocation Fund** | 8.22% | 6.09% | 5.81% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **60% S&P 500<sup>®</sup> Index; 40% Bloomberg U.S. Aggregate Bond Index** | 10.40% | 9.14% | 8.45% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$131M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963344.jpg)

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R582 (05/25)

VALIC Company I

### VALIC Company I Emerging Economies

### VCGEX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Emerging Economies Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Emerging Economies Fund\* | $108 | 1.02% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 11.67% for the year ended May 31, 2025, compared to a return of 13.75% for the MSCI ACWI ex USA Index (net) (a broad-based securities market index) and 13.04% for the MSCI Emerging Markets Index (net) (the "Performance Index"). Emerging Market equities experienced a recovery over the past year driven by a confluence of factors. China benefited from a rebound in investor sentiment in the latter half of 2024 driven by stimulus measures aimed at stabilizing the property sector and boosting consumption. The continued AI-fueled growth of semiconductor industry earnings globally was an important tailwind for the Taiwan market. Finally, the U.S. Federal Reserve's shift away from a hawkish tone combined with tariff policy uncertainty contributed to U.S. dollar weakness and renewed flows into emerging markets.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors** \| energy; materials; health care

**Security selection in the following sectors** \| materials; financials; communication services

**Position weightings** \| 3SBio, Inc.; Alibaba Group Holding, Ltd.; Reliance Industries, Ltd.

**Exposure to the following countries** \| China; Korea; Taiwan

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors** \| industrials; financials; consumer discretionary

**Security selection in the following sectors** \| consumer staples; industrials; health care

**Position weightings** \| Walmart de Mexico SAB de CV; Hanwha Aerospace Co., Ltd.; Alsea SAB de CV

**Exposure to the following countries** \| India; Thailand; Mexico

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963084.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Emerging Economies Fund** | 11.67% | 7.03% | 3.70% |
| **MSCI ACWI ex USA Index (net)** | 13.75% | 10.37% | 5.47% |
| **MSCI Emerging Markets Index (net)** | 13.04% | 7.07% | 3.93% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$705M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;469 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;154% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 16.4% |
| Semiconductors | 15.1% |
| Internet | 13.6% |
| Telecommunications | 6.2% |
| Diversified Financial Services | 4.8% |
| Computers | 3.9% |
| Oil & Gas | 3.4% |
| Auto Manufacturers | 3.3% |
| Insurance | 2.7% |
| Beverages | 2.4% |
| Retail | 2.3% |
| Mining | 2.2% |
| Short-Term Investments | 2.1% |
| Engineering & Construction | 1.9% |
| Electronics | 1.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963345.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_963303.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R673 (05/25)

VALIC Company I

### VALIC Company I Global Real Estate

### VGREX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Global Real Estate Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Global Real Estate Fund\* | $94 | 0.90% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 9.87% for the year ended May 31, 2025, compared to a return of 13.65% for the MSCI ACWI Index (net) (a broad-based securities market index) and 10.59% for the FTSE EPRA/NAREIT Developed Index (net) (the "Performance Index"). Over the last twelve months global financial markets performed well across market sectors on the heels of slightly lower interest rates, continued economic growth, and softening monetary policy globally. The U.S. dollar moved markedly lower compared to other developed nations during the year as uncertainty over the implications and actual rate of U.S. as tariff announcements and how they may impact U.S. growth. Real estate securities moderately underperformed the broader equity markets in nations whose markets are deemed Developed by index provider FTSE.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Duff & Phelps Investment Management Company** \| In aggregate: position weightings. Allocations in the following industries: data centers; health care; self-storage. Security selection in the following industries: health care; retail; lodging / resorts. Position weightings: Welltower, Inc.; lack of position in Alexandria Real Estate Equities, Inc.; Goodman Group. Exposure to the following countries: Australia; United States; Sweden

**Massachusetts Financial Services Company** \| Allocations in the following industries: health care facilities; self-storage REITS; telecom tower REITS. Security selection in the following industries: multi-family residential REITS; single-family residential REITS; real estate development. Position weightings: Ventas, Inc; Mid-America Apartment Communities, Inc.; lack of position in Lineage, Inc. Exposure to the following countries: lack of exposure to Sweden; United States; France

#### TOP PERFORMANCE DETRACTORS
**Duff & Phelps Investment Management Company** \| Allocations in the following sectors: industrial; lodging / resorts; specialty. Security selection in the following sectors: self storage; residential; industrial. Position weightings: Rexford Industrial Realty, Inc.; Safestore Holdings PLC; Americold Realty Trust, Inc. Exposure to the following countries: lack of exposure to Switzerland; Hong Kong; lack of exposure to Israel & United Kingdom

**Massachusetts Financial Services Company** \| In aggregate: position weightings; sector allocations. Allocations in the following industries: timber REITS; health care REITS; integrated telecommunication services. Security selection in the following industries: self-storage REITS; retail REITS; health care REITS. Position weightings: lack of exposure to Welltower, Inc.; Rexford Industrial Realty, Inc.; Weyerhaeuser Co. Exposure to the following countries: United Kingdom; lack of exposure to Switzerland; Mexico

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963085.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Global Real Estate Fund** | 9.87% | 3.96% | 2.91% |
| **MSCI ACWI Index (net)** | 13.65% | 13.37% | 9.25% |
| **FTSE EPRA /NAREIT Developed Index (net)** | 10.59% | 5.45% | 2.66% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$247M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Diversified REITS | 19.0% |
| Warehouse/Industrial REITS | 13.3% |
| Apartment REITS | 13.0% |
| Real Estate | 10.6% |
| Health Care REITS | 9.7% |
| Shopping Centers REITS | 8.8% |
| Storage REITS | 7.4% |
| Office Property REITS | 4.0% |
| Regional Malls REITS | 3.7% |
| Hotel REITS | 2.8% |
| Manufactured Homes REITS | 2.7% |
| Single Tenant REITS | 1.5% |
| Engineering & Construction | 1.0% |
| Short-Term Investments | 0.9% |
| Healthcare-Services | 0.6% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963346.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_963304.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.74% of the Fund's average daily net assets on the first $250 million, 0.69% of the Fund's average daily net assets on the next $250 million, and 0.64% of the Fund's average daily net assets over $500 million. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R590 (05/25)

VALIC Company I

### VALIC Company I Global Strategy

### VGLSX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Global Strategy Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Global Strategy Fund\* | $66 | 0.63% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 9.68% for the year ended May 31, 2025, compared to a return of 13.65% for the MSCI ACWI Index (net) (a broad-based securities market index) and 10.65% for the Blended Index (the "Performance Index") comprised of 60% MSCI ACWI Index (net); 40% Bloomberg Global Aggregate Index (USD hedged). Over the 12-month period, U.S. equities slightly outperformed international developed equities and outperformed emerging markets equities. Global fixed income delivered weak results in 2024, though some opportunities emerged. Longer-term bond yields rose, driven by late-year selloffs amid expectations of President-elect Trump's fiscal policies.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Brandywine Global Investments, LLC - Global Debt portion** \| In aggregate: yield curve positioning. Allocations in the following sectors: U.S. corporate credit; U.S. agency MBS; emerging markets sovereign debt. Exposure to the following countries: United States; Mexico; Egypt

**Franklin Advisers, Inc. - Global Equity portion** \| Allocations in the following sectors: energy; health care; information technology. Security selection in the following sectors: health care; materials; financials. Position weightings: AppLovin Corp., Class A; UniCredit SpA; lack of position in UnitedHealth Group, Inc. Exposure to the following countries: United Kingdom; Italy; South Korea

#### TOP PERFORMANCE DETRACTORS
**Brandywine Global Investments, LLC - Global Debt portion** \| Allocations in the following sectors: U.S. Treasury; developed market sovereign bonds. Exposure to the following countries: China; United Kingdom; Italy

**Franklin Advisers, Inc. - Global Equity portion** \| Allocations in the following sectors: cash; materials; financials. Security selection in the following sectors: consumer discretionary; industrials; communication services. Position weightings: Tesla, Inc.; Broadcom, Inc.; QUALCOMM, Inc. Exposure to the following countries: United States; Taiwan; Brazil

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963110.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Global Strategy Fund** | 9.68% | 6.82% | 3.43% |
| **MSCI ACWI Index (net)** | 13.65% | 13.37% | 9.25% |
| **60% MSCI ACWI Index (net); 40% Bloomberg Global Aggregate Index (USD hedged)** | 10.65% | 8.11% | 6.58% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$226M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;614 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Short-Term Investments | 8.7% |
| Internet | 7.2% |
| Semiconductors | 6.7% |
| Banks | 6.7% |
| Software | 5.9% |
| Diversified Financial Services | 5.4% |
| Foreign Government Obligations | 5.4% |
| Investment Companies | 4.0% |
| Oil & Gas | 3.7% |
| Collateralized Mortgage Obligations | 3.1% |
| Computers | 2.9% |
| Pharmaceuticals | 2.8% |
| Electric | 2.5% |
| Insurance | 2.4% |
| Other Asset Backed Securities | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963371.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_963329.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R665 (05/25)

VALIC Company I

### VALIC Company I Government Securities

### VCGSX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Government Securities Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Government Securities Fund\* | $66 | 0.64% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 4.93% for the year ended May 31, 2025, compared to a return of 5.46% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 5.05% for the Bloomberg U.S. Government Bond Index (the "Performance Index"). Over the period, the U.S. Treasury curve bull steepened. The two-year U.S. Treasury yield decreased to 3.90%, the five-year yield decreased to 3.96%, the ten-year yield decreased to 4.40%, and the thirty-year yield increased to 4.93%. Mortgaged-backed securities modestly outperformed U.S. Treasury and Agency securities.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**In aggregate** \| sector allocations; position weightings

**Allocations in the following sectors** \| agency mortgage-backed securities; cash; corporate credit

**Security selection in the following sectors** \| treasuries; U.S. agency debt securities

#### TOP PERFORMANCE DETRACTORS
**In aggregate** \| yield curve positioning

**Allocations in the following sectors** \| U.S. agency debt securities

**Security selection in the following sectors** \| none

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963111.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Government Securities Fund** | 4.93% | (1.19)% | 0.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 5.46% | (0.90)% | 1.49% |
| **Bloomberg U.S. Government Bond Index** | 5.05% | (1.76)% | 1.01% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$157M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.

**Portfolio Composition (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_963372.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_963330.jpg)

\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.42% of the Fund's average daily net assets on the first $250 million, 0.37% of the Fund's average daily net assets on the next $250 million, 0.32% of the Fund's average daily net assets on the next $500 million, and 0.27% of the Fund's average daily net assets over $1 billion. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R301 (05/25)

VALIC Company I

### VALIC Company I Growth

### VCULX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Growth Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Growth Fund\* | $66 | 0.61% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 15.84% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 17.62% for the Russell 1000<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC (active)** \| Allocations in the following sectors: consumer staples; communication services; real estate. Security selection in the following sectors: communication services; materials; financials. Position weightings: Netflix, Inc.; Broadcom, Inc.; Merck & Co., Inc.

**BlackRock Investment Management, LLC (passive) - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: information technology; consumer discretionary; communication services. Position weightings: NVIDIA Corp.; Microsoft Corp.; Broadcom, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| In aggregate: sector allocations. Allocations in the following sectors: finance; technology; industrials. Security selection in the following sectors: consumer non-cyclicals; health care; finance. Position weightings: Berkshire Hathaway, Inc., Class B; Apple, Inc.; Philip Morris International, Inc.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC (active)** \| In aggregate: position weightings. Allocations in the following sectors: cash; health care; utilities. Security selection in the following sectors: information technology; consumer discretionary; industrials. Position weightings: ASML Holding NV; Tesla, Inc.; Palantir Technologies, Inc., Class A

**BlackRock Investment Management, LLC (passive) - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: health care; real estate; energy. Position weightings: Apple, Inc.; Eli Lilly & Co.; Merck & Co., Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: consumer cyclicals; business services; non-energy materials. Security selection in the following sectors: technology; energy; industrials. Position weightings: lack of position in AppLovin Corp., Class A; NVIDIA Corp.; lack of position in Spotify Technology SA

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963112.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Growth Fund** | 15.84% | 14.44% | 13.99% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **Russell 1000<sup>®</sup> Growth Index** | 17.62% | 17.69% | 16.08% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,720M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$8.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 25.4% |
| Software | 20.3% |
| Semiconductors | 19.1% |
| Computers | 7.1% |
| Diversified Financial Services | 4.5% |
| Auto Manufacturers | 3.9% |
| Healthcare-Products | 3.8% |
| Pharmaceuticals | 3.2% |
| Aerospace/Defense | 1.6% |
| Private Equity | 1.5% |
| Building Materials | 1.3% |
| Commercial Services | 1.3% |
| Retail | 1.1% |
| Distribution/Wholesale | 1.1% |
| Media | 0.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963373.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC ("BlackRock") was appointed to replace SunAmerica Asset Management, LLC as the subadvisor to the Fund, making BlackRock the sole subadvisor to the Fund. Additionally, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by the BlackRock. As a result of these changes, derivatives risk was added as a principal risk. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R616 (05/25)

VALIC Company I

### VALIC Company I High Yield Bond

### VHYLX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I High Yield Bond Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Bond Fund\* | $71 | 0.68% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 8.42% for the year ended May 31, 2025, compared to a return of 5.84% for the Bloomberg U.S. Universal Index (a broad-based securities market index) and 9.58% for the FTSE US High-Yield Market Index (the "Performance Index"). Over the twelve-month period spreads widened by 7 basis points (bps) to 315 bps. Yields decreased by 46 bps to 7.72% according to the Bloomberg U.S. Corporate High Yield index

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following industries** \| automotive; consumer products; retailers

**Security selection in the following industries** \| financial institutions; energy; wireless

**Position weightings** \| lack of position in New Fortress Energy LLC; E.W. Scripps Co.; Canary Wharf Group

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following industries** \| building materials; pharmaceuticals; energy

**Security selection in the following industries** \| technology; wirelines; cable and satellite

**Position weightings** \| Endurance International; lack of position in Commscope Holdings Co. Inc.; US LBM Holdings LLC

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963097.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **High Yield Bond Fund** | 8.42% | 5.39% | 4.47% |
| **Bloomberg U.S. Universal Index** | 5.84% | (0.29)% | 1.84% |
| **FTSE US High-Yield Market Index** | 9.58% | 5.98% | 4.89% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$416M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;313 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.

**Top Industries\* (% of net assets)**

---

| | |
|:---|:---|
| Short-Term Investments | 11.3% |
| Media | 7.4% |
| Retail | 6.9% |
| Oil & Gas | 6.3% |
| Telecommunications | 5.6% |
| Diversified Financial Services | 5.3% |
| Commercial Services | 5.3% |
| Repurchase Agreements | 5.0% |
| Software | 4.8% |
| Entertainment | 4.3% |
| Packaging & Containers | 3.7% |
| Insurance | 3.6% |
| REITS | 3.6% |
| Computers | 3.4% |
| Home Builders | 2.9% |

---

**Portfolio Composition (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_963358.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_963316.jpg)

*\* Percentages exclude derivatives (other than purchased options), if any.*

*\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.*

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R533 (05/25)

VALIC Company I

### VALIC Company I Inflation Protected

### VCTPX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Inflation Protected Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Inflation Protected Fund\* | $61 | 0.60% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 3.51% for the year ended May 31, 2025, compared to a return of 5.46% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 5.67% for the Bloomberg U.S. Treasury Inflation-Protected Securities ("TIPS") Index (the "Performance Index"). Global inflation linked bonds underperformed US TIPS during the period according to the Bloomberg Global Inflation Linked Bond index and Bloomberg US TIPS index.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors** \| U.S. Government; high yield credit; asset backed securities

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors** \| developed non-US dollar; emerging market

**Security selection in the following sectors** \| U.S. Government

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963113.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Inflation Protected Fund** | 3.51% | 1.81% | 2.17% |
| **Bloomberg U.S. Aggregate Bond Index** | 5.46% | (0.90)% | 1.49% |
| **Bloomberg U.S. TIPS Index** | 5.67% | 1.64% | 2.47% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$367M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;115 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.

**Portfolio Composition (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_963374.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_963332.jpg)

\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R731 (05/25)

VALIC Company I

### VALIC Company I International Equities Index

### VCIEX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Equities Index Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Equities Index Fund\* | $45 | 0.42% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".

The Fund posted a return of 12.32% for the year ended May 31, 2025, compared to a return of 13.33% for the MSCI EAFE Index (net) (a broad-based securities market & Performance Index). Over the period, international equity markets outperformed U.S. equities, according to the MSCI<sup>®</sup> family of indices. Developed markets outside the U.S. slightly outperformed emerging markets.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: financials; industrials; information technology. Position weightings: ASML Holding NV; Mitsubishi UFJ Financial Group, Inc.; Rheinmetall AG. Exposure to the following countries: Japan; United Kingdom; Germany

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: financials; industrials; communication services. Position weightings: SAP SE; HSBC Holdings PLC; Sony Group Corp. Exposure to the following countries: Germany; United Kingdom; Japan

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: health care. Position weightings: Allianz SE; Sanofi SA; Alcon AG. Exposure to the following countries: New Zealand

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: health care; materials; energy. Position weightings: Novo Nordisk A/S, Class B; ASML Holding NV; LVMH Moet Hennessy Louis Vuitton SE. Exposure to the following countries: Denmark; Netherlands; Portugal

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963114.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **International Equities Index Fund** | 12.32% | 10.98% | 5.58% |
| **MSCI EAFE Index (net)** | 13.33% | 11.42% | 5.97% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,707M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;698 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 14.5% |
| Pharmaceuticals | 7.9% |
| Insurance | 6.2% |
| Food | 3.5% |
| Aerospace/Defense | 3.4% |
| Telecommunications | 3.2% |
| Oil & Gas | 3.2% |
| Short-Term Investments | 3.1% |
| Semiconductors | 3.0% |
| Electric | 2.7% |
| Commercial Services | 2.7% |
| Software | 2.7% |
| Auto Manufacturers | 2.6% |
| Chemicals | 2.4% |
| Retail | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963375.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_963333.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk was added as a principal risk. Additionally, effective September 28, 2024, Japan exposure risk was added as a principal risk of the Fund. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R608 (05/25)

VALIC Company I

### VALIC Company I International Government Bond

### VCIFX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Government Bond Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Government Bond Fund\* | $87 | 0.84% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 6.04% for the year ended May 31, 2025, compared to 6.06% for the Bloomberg Global Aggregate Index (USD hedged) (a broad-based securities market index) and 6.96% for the Blended Index (the "Performance Index") comprised of 70% FTSE WGBI Index (unhedged); 30% JPMorgan EMBI Global Diversified Index. Global bonds delivered positive total returns over the past twelve months, despite volatility in global bond yields. Hard currency emerging market bonds outperformed, delivering higher carry throughout the year.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**In aggregate** \| yield curve positioning; foreign currency exposure

**Exposure to the following countries** \| Pakistan; Senegal; France

#### TOP PERFORMANCE DETRACTORS
**In aggregate** \| country allocations

**Exposure to the following countries** \| lack of exposure to Ukraine; United States; lack of exposure to Lebanon

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963115.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **International Government Bond Fund** | 6.04% | (1.01)% | 0.97% |
| **Bloomberg Global Aggregate Index (USD hedged)** | 6.06% | 0.17% | 2.11% |
| **70% FTSE WGBI Index (unhedged); 30% JPMorgan EMBI Global Diversified Index** | 6.96% | (1.30)% | 1.22% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$55M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;144 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;108% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund as of the end of the period.

**Top Industries\* (% of net assets)**

---

| | |
|:---|:---|
| Foreign Government Obligations | 64.7% |
| U.S. Government & Agency Obligations | 28.3% |
| Oil & Gas | 1.1% |
| Electric | 0.9% |
| Chemicals | 0.8% |
| Investment Companies | 0.5% |
| Telecommunications | 0.5% |
| Commercial Services | 0.4% |
| Distribution/Wholesale | 0.4% |

---

**Country (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_963376.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_963334.jpg)

*\* Percentages exclude derivatives (other than purchased options), if any.*

*\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.*

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.48% of the Fund's average daily net assets on the first $250 million, 0.43% of the Fund's average daily net assets on the next $250 million, 0.38% of the Fund's average daily net assets on the next $500 million, and 0.33% of the Fund's average daily net assets over $1 billion. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R707 (05/25)

VALIC Company I

### VALIC Company I International Growth

### VCINX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Growth Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Growth Fund\* | $92 | 0.84% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 18.44% for the year ended May 31, 2025, compared to a return of 13.75% for the MSCI ACWI ex USA Index (net) (a broad-based securities market & Performance Index). International equities advanced, despite heightened volatility amid increased macroeconomic uncertainty during the 12-month period ending May 31, 2025.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**In aggregate** \| sector allocations; position weightings

**Allocations in the following sectors** \| lack of allocation in energy; lack of allocation in materials; health care

**Security selection in the following sectors** \| communication services; industrials; information technology

**Position weightings** \| Spotify Technology SA; DSV A/S; Shopify, Inc., Class A

**Exposure to the following countries** \| Sweden; Denmark; Canada

#### TOP PERFORMANCE DETRACTORS
**In aggregate** \| country allocations

**Allocations in the following sectors** \| consumer discretionary; financials; cash

**Security selection in the following sectors** \| financials; health care; consumer staples

**Position weightings** \| ASML Holding NV; LVMH Moet Hennessy Louis Vuitton SE; Evolution AB

**Exposure to the following countries** \| Italy; Germany; France

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963104.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **International Growth Fund** | 18.44% | 8.35% | 7.21% |
| **MSCI ACWI ex USA Index (net)** | 13.75% | 10.37% | 5.47% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$381M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 15.9% |
| Apparel | 13.4% |
| Transportation | 11.8% |
| Retail | 8.9% |
| Semiconductors | 8.5% |
| Banks | 8.4% |
| Electrical Components & Equipment | 4.7% |
| Healthcare-Products | 4.2% |
| Cosmetics/Personal Care | 4.1% |
| Machinery-Diversified | 3.8% |
| Diversified Financial Services | 3.2% |
| Insurance | 2.7% |
| Media | 2.4% |
| Private Equity | 2.2% |
| Commercial Services | 1.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963365.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_963323.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, the Fund clarified that its subadvisor, Morgan Stanley Investment Management Inc., may delegate certain of its investment advisory services to Morgan Stanley Investment Management Company, an affiliated investment adviser. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.69% of the Fund's average daily net assets on the first $250 million, 0.64% of the Fund's average daily net assets on the next $250 million, 0.59% of the Fund's average daily net assets on the next $500 million and 0.54% of the Fund's average daily net assets over $1 billion. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R814 (05/25)

VALIC Company I

### VALIC Company I International Opportunities

### VIOPX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Opportunities Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Opportunities Fund\* | $106 | 1.01% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 10.84% for the year ended May 31, 2025, compared to a return of 13.75% for the MSCI ACWI ex USA Index (net) (a broad-based securities market) and 13.90% for the MSCI ACWI ex USA SMID Cap Index (net) (the "Performance Index"). Over the period, international stocks outperformed U.S. stocks, largely due to recent trade uncertainty. International small caps underperformed international core. However, quality stocks have diverged from the broader equity markets as investors have shortened their time horizons in the face of continued trade and budget uncertainty.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Invesco Advisers, Inc.** \| In aggregate: country allocations. Allocations in the following sectors: energy; industrials; materials. Security selection in the following sectors: information technology; communication services; consumer discretionary. Position weightings: VZ Holding AG; Belimo Holding AG; Obic Co., Ltd. Exposure to the following countries: Japan; India; Taiwan

**Wellington Management Company, LLP** \| In aggregate: country allocations. Allocations in the following sectors: consumer staples; materials; industrials. Security selection in the following sectors: financials; materials; health care. Position weightings: Verona Pharma PLC ADR; BAWAG Group AG; Rakuten Bank, Ltd. Exposure to the following countries: Austria; Japan; Taiwan

#### TOP PERFORMANCE DETRACTORS
**Invesco Advisers, Inc.** \| In aggregate: position weightings. Allocations in the following sectors: financials; information technology; cash. Security selection in the following sectors: health care; industrials; financials. Position weightings: ICON PLC; Carl Zeiss Meditec AG; lack of position in Rheinmetall AG. Exposure to the following countries: Germany; Italy; United States

**Wellington Management Company, LLP** \| Allocations in the following sectors: cash; financials; consumer discretionary. Security selection in the following sectors: information technology; communication services; consumer discretionary. Position weightings: lack of position in Rheinmetall AG; Kyushu Electric Power Co., Inc.; JCDecaux SE. Exposure to the following countries: Germany; Israel; Australia

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963086.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **International Opportunities Fund** | 10.84% | 5.87% | 5.54% |
| **MSCI ACWI ex USA Index (net)** | 13.75% | 10.37% | 5.47% |
| **MSCI ACWI ex USA SMID Cap Index (net)** | 13.90% | 9.94% | 5.49% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$329M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;349 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Machinery-Diversified | 6.2% |
| Retail | 6.2% |
| Banks | 5.9% |
| Commercial Services | 4.9% |
| Electronics | 4.3% |
| Internet | 4.2% |
| Healthcare-Products | 4.1% |
| Miscellaneous Manufacturing | 3.9% |
| Computers | 3.8% |
| Software | 3.8% |
| Short-Term Investments | 3.2% |
| Semiconductors | 2.9% |
| Chemicals | 2.8% |
| Diversified Financial Services | 2.7% |
| Engineering & Construction | 2.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963347.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_963305.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, Japan exposure risk was added as a principal risk of the Fund. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R525 (05/25)

VALIC Company I

### VALIC Company I International Socially Responsible

### VCSOX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Socially Responsible Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Socially Responsible Fund\* | $61 | 0.58% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund is an optimized portfolio which seeks to track the MSCI EAFE Index (net), while investing in socially responsive companies. The Fund's criteria do not permit investment in companies whose businesses rely significantly on alcohol, firearms, gambling, tobacco, nuclear power, production of weaponry, have poor labor/employee relations or environmental records. These criteria may create differences in Fund performance relative to that of the Benchmark.

The Fund posted a return of 11.22% for the year ended May 31, 2025, compared to a return of 13.33% for the MSCI EAFE Index (net) (a broad-based securities market & Performance Index). Over the period, international equity markets outperformed U.S. equities, according to the MSCI<sup>®</sup> family of indices. Developed markets outside the U.S. slightly outperformed emerging markets.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: consumer staples; financials; information technology. Security selection in the following sectors: consumer staples; consumer discretionary; materials. Position weightings: lack of position in Roche Holding AG; lack of position in Sanofi SA; lack of position in Nestle SA. Exposure to the following countries: France; Japan; Netherlands

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: financials; energy; consumer discretionary. Security selection in the following sectors: consumer discretionary; consumer staples; energy. Position weightings: lack of a position in LVMH Moet Hennessy Louis Vuitton SE.; lack of a position in Toyota Motor Corp.; lack of a position in TotalEnergies SE. Exposure to the following countries: France; Italy; Netherlands

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: industrials; materials; real estate. Security selection in the following sectors: financials; industrials; communication services. Position weightings: lack of position in Mitsubishi Heavy Industries, Ltd.; lack of position in Rheinmetall AG; lack of position in Banco Santander SA. Exposure to the following countries: Germany; United Kingdom; Italy

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| In aggregate: position weightings. Allocations in the following sectors: consumer staples; health care; information technology. Security selection in the following sectors: industrials; communication services; health care. Position weightings: lack of a position in HSBC Holdings PLC; lack of a position in Rheinmetall AG; lack of a position in Roche Holding AG. Exposure to the following countries: Germany; United Kingdom; Spain

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963105.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **International Socially Responsible Fund** | 11.22% | 10.60% | 7.42% |
| **MSCI EAFE Index (net)** | 13.33% | 11.42% | 5.97% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$557M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;449 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 12.6% |
| Insurance | 9.4% |
| Pharmaceuticals | 6.1% |
| Chemicals | 3.5% |
| Commercial Services | 3.4% |
| Semiconductors | 3.1% |
| Oil & Gas | 2.8% |
| Healthcare-Products | 2.8% |
| Software | 2.8% |
| Engineering & Construction | 2.8% |
| Electric | 2.7% |
| Auto Manufacturers | 2.3% |
| Food | 2.2% |
| Diversified Financial Services | 2.1% |
| Telecommunications | 2.1% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963366.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_963324.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk and failure to match index performance risk were added as principal risks, and enhanced index strategy risk was removed as a principal risk. Additionally, effective April 30, 2025, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.410% of the Fund's average daily net assets on the first $500 million, 0.385% of the Fund's average daily net assets on the next $500 million, and 0.360% of the Fund's average daily net assets over $1 billion. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R855 (05/25)

VALIC Company I

### VALIC Company I International Value

### VCFVX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I International Value Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Value Fund\* | $88 | 0.81% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 16.84% for the year ended May 31, 2025, compared to a return of 13.75% for the MSCI ACWI ex USA Index (net) (a broad-based securities market) and 18.72% for the MSCI EAFE Value Index (net) (the "Performance Index"). Over the period, U.S. large-cap equities slightly outperformed international large-cap equities, according to the Russell 1000<sup>®</sup> Index and MSCI EAFE Index (net). Within international, value-oriented stocks outperformed growth stocks, and mid-cap stocks outperformed large- and small-cap stocks, according to the MSCI EAFE family of indices.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Columbia Management Investments Advisers, LLC** \| In aggregate: position weightings; country allocations. Allocations in the following sectors: materials; real estate; health care. Security selection in the following sectors: materials; consumer discretionary; consumer staples. Position weightings: Sankyo Co., Ltd.; Piraeus Financial Holdings SA; Imperial Brands PLC. Exposure to the following countries: Japan; United States; Australia

**Goldman Sachs Asset Management, LLC** \| In aggregate: sector allocations; country allocations. Allocations in the following sectors: consumer discretionary; materials; consumer staples. Security selection in the following sectors: materials; utilities; consumer staples. Position weightings: DS Smith PLC; Societe Generale SA; Koninklijke Ahold Delhaize NV. Exposure to the following countries: Netherlands; Australia; Singapore

#### TOP PERFORMANCE DETRACTORS
**Columbia Management Investments Advisers, LLC** \| In aggregate: sector allocations. Allocations in the following sectors: energy; financials; cash. Security selection in the following sectors: financials; health care; industrials. Position weightings: UPM-Kymmene Oyj; Vermilion Energy, Inc.; TotalEnergies SE. Exposure to the following countries: United Kingdom; Germany; Canada

**Goldman Sachs Asset Management, LLC** \| In aggregate: position weightings. Allocations in the following sectors: financials; information technology; communication services. Security selection in the following sectors: health care; information technology; industrials. Position weightings: LVMH Moet Hennessy Louis Vuitton SE; Novo Nordisk A/S, Class B; Tokyo Electron, Ltd. Exposure to the following countries: France; Japan; Denmark

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963106.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **International Value Fund** | 16.84% | 13.30% | 4.64% |
| **MSCI ACWI ex USA Index (net)** | 13.75% | 10.37% | 5.47% |
| **MSCI EAFE Value Index (net)** | 18.72% | 14.70% | 5.54% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$397M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;138 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 19.1% |
| Pharmaceuticals | 7.3% |
| Oil & Gas | 7.0% |
| Insurance | 6.8% |
| Electric | 6.7% |
| Food | 5.7% |
| Mining | 4.4% |
| Diversified Financial Services | 4.2% |
| Telecommunications | 3.7% |
| Distribution/Wholesale | 3.6% |
| Computers | 2.5% |
| Commercial Services | 2.3% |
| Beverages | 2.0% |
| Engineering & Construction | 2.0% |
| Auto Manufacturers | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963367.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_963325.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R681 (05/25)

VALIC Company I

### VALIC Company I Large Capital Growth

### VLCGX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Large Capital Growth Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Large Capital Growth Fund\* | $74 | 0.72% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 6.55% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 17.62% for the Russell 1000<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors** \| utilities; financials; industrials

**Security selection in the following sectors** \| financials; materials

**Position weightings** \| Apple, Inc.; lack of a position in Eli Lilly & Co.; Alphabet, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**In aggregate** \| position weightings

**Allocations in the following sectors** \| health care; consumer discretionary; consumer staples

**Security selection in the following sectors** \| consumer discretionary; consumer staples; industrials

**Position weightings** \| lack of a position in Broadcom, Inc.; lack of a position in Tesla, Inc.; ICON PLC

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963107.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Large Capital Growth Fund** | 6.55% | 12.89% | 12.75% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **Russell 1000<sup>®</sup> Growth Index** | 17.62% | 17.69% | 16.08% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$587M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Software | 18.6% |
| Diversified Financial Services | 9.0% |
| Semiconductors | 8.6% |
| Computers | 8.6% |
| Healthcare-Products | 7.6% |
| Electronics | 6.7% |
| Internet | 4.0% |
| Insurance | 3.7% |
| Commercial Services | 3.7% |
| Electrical Components & Equipment | 3.0% |
| Retail | 2.9% |
| Household Products/Wares | 2.3% |
| Electric | 2.1% |
| Cosmetics/Personal Care | 2.1% |
| REITS | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963368.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.59% of the Fund's average daily net assets on the first $750 million, and 0.54% of the Fund's average daily net assets over $750 million. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R723 (05/25)

VALIC Company I

### VALIC Company I Mid Cap Index

### VMIDX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Mid Cap Index Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Mid Cap Index Fund\* | $36 | 0.36% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".

The Fund posted a return of 1.60% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 2.17% for the S&P MidCap 400<sup>®</sup> Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: industrials; consumer discretionary; financials. Position weightings: Duolingo, Inc. Class A; Hims & Hers Health, Inc.; Interactive Brokers Group, Inc., Class A

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: finance; utilities; business services. Position weightings: Texas Pacific Land Corp.; Sprouts Farmers Market, Inc.; Duolingo, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: none. Position weightings: Okta, Inc.; Sarepta Therapeutics, Inc.; Fidelity National Financial, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: consumer cyclicals; energy; industrials. Position weightings: Celsius Holdings, Inc.; e.l.f. Beauty, Inc.; Avantor, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963108.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Mid Cap Index Fund** | 1.60% | 12.49% | 8.35% |
| **Russell 3000<sup>®</sup> Index** | 13.12% | 15.34% | 12.21% |
| **S&P MidCap 400<sup>®</sup> Index** | 2.17% | 12.93% | 8.73% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2,550M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;404 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| REITS | 7.2% |
| Banks | 6.2% |
| Retail | 6.2% |
| Insurance | 5.2% |
| Software | 4.4% |
| Diversified Financial Services | 3.8% |
| Commercial Services | 3.7% |
| Computers | 3.6% |
| Machinery-Diversified | 3.4% |
| Electronics | 3.1% |
| Engineering & Construction | 2.9% |
| Food | 2.9% |
| Oil & Gas | 2.7% |
| Biotechnology | 2.6% |
| Healthcare-Services | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963369.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk was added as a principal risk. Additionally, effective September 30, 2024, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.34% of the Fund's average daily net assets on the first $500 million, 0.24% of the Fund's average daily net assets on the next $2.5 billion, 0.19% of the Fund's average daily net assets on the next $2 billion, and 0.14% of the Fund's average daily net assets over $5 billion. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R806 (05/25)

VALIC Company I

### VALIC Company I Mid Cap Strategic Growth

### VMSGX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Mid Cap Strategic Growth Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Mid Cap Strategic Growth Fund\* | $79 | 0.74% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 13.34% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 23.23% for the Russell Midcap<sup>®</sup> Growth Index (the "Performance Index"). The U.S. equity market delivered positive returns for the 12-month period ended May 31, 2025. TheU.S. economy continued to grow, supported by relatively low unemployment. The equity market advance was narrow, however, with investors favoring mostly large-cap growth stocks with exposure to artificial intelligence (AI) in the second half of 2024. Moderating inflation led the Federal Reserve to cut rates three times in the second half of 2024, but policymakers signaled they would be slow to cut rates in 2025 given persistent inflation risks.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Janus Henderson Investors US LLC** \| In aggregate: sector allocations. Allocations in the following sectors: utilities; consumer discretionary; consumer staples. Security selection in the following sectors: consumer discretionary; materials; cash. Position weightings: lack of position in Super Micro Computer, Inc.; lack of position in Dexcom, Inc.; lack of position in Deckers Outdoor Corp.

**Voya Investment Management Co. LLC** \| Allocations in the following sectors: consumer discretionary; real estate; industrials. Security selection in the following sectors: information technology; financials; materials. Position weightings: lack of position in Super Micro Computer, Inc.; AppLovin Corp., Class A; Interactive Brokers Group Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**Janus Henderson Investors US LLC** \| In aggregate: position weightings. Allocations in the following sectors: health care; cash; real estate. Security selection in the following sectors: information technology; industrials; health care. Position weightings: lack of position in Palantir Technologies, Inc., Class A; Teleflex, Inc.; ON Semiconductor Corp.

**Voya Investment Management Co. LLC** \| In aggregate: position weightings; sector allocations. Allocations in the following sectors: materials; health care; cash. Security selection in the following sectors: industrials; energy; consumer discretionary. Position weightings: lack of position in Axon Enterprise, Inc.; CACI International, Inc., Class A; lack of position in ROBLOX Corp., Class A

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963109.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Mid Cap Strategic Growth Fund** | 13.34% | 13.15% | 11.91% |
| **Russell 3000<sup>®</sup> Index** | 13.12% | 15.34% | 12.21% |
| **Russell Midcap<sup>®</sup> Growth Index** | 23.23% | 12.22% | 11.47% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,190M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;145 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Software | 19.5% |
| Healthcare-Products | 8.6% |
| Diversified Financial Services | 6.0% |
| Retail | 5.9% |
| Computers | 4.0% |
| Insurance | 4.0% |
| Commercial Services | 3.8% |
| Internet | 3.7% |
| Aerospace/Defense | 3.6% |
| Semiconductors | 3.4% |
| Electric | 3.0% |
| Electronics | 3.0% |
| Entertainment | 2.9% |
| Short-Term Investments | 2.2% |
| Pipelines | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963370.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R715 (05/25)

VALIC Company I

### VALIC Company I Mid Cap Value

### VVMCX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Mid Cap Value Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Mid Cap Value Fund\* | $83 | 0.82% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 3.31% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 6.03% for the Russell Midcap<sup>®</sup> Value Index (the "Performance Index"). During the period mid cap value stocks underperformed mid cap growth stocks when measured using the Russell Midcap Value and Growth Indices. Mid cap stocks outperformed small cap stocks, but underperformed large cap stocks for the year, as measured by the Russell Midcap, Russell 2000, and Russell 1000 Indices respectively.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Boston Partners Global Investors, Inc.** \| Allocations in the following sectors: health care; consumer staples; information technology. Security selection in the following sectors: consumer discretionary; health care; utilities. Position weightings: Howmet Aerospace, Inc.; LPL Financial Holdings, Inc.; Check Point Software Technologies, Ltd.

**Wellington Management Company, LLP** \| In aggregate: sector allocations. Allocations in the following sectors: financials; cash; health care. Security selection in the following sectors: real estate; consumer staples; utilities. Position weightings: American Healthcare REIT, Inc.; US Foods Holding Corp.; Coherent Corp.

#### TOP PERFORMANCE DETRACTORS
**Boston Partners Global Investors, Inc.** \| Allocations in the following sectors: communication services; utilities; cash. Security selection in the following sectors: energy; financials; real estate. Position weightings: Weatherford International PLC; ICON PLC; Chord Energy Corp.

**Wellington Management Company, LLP** \| In aggregate: position weightings. Allocations in the following sectors: communication services. Security selection in the following sectors: consumer discretionary; financials; health care. Position weightings: Integra LifeSciences Holdings Corp.; Charles River Laboratories International, Inc.; Chord Energy Corp.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963087.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Mid Cap Value Fund** | 3.31% | 13.90% | 7.67% |
| **Russell 3000<sup>®</sup> Index** | 13.12% | 15.34% | 12.21% |
| **Russell Midcap<sup>®</sup> Value Index** | 6.03% | 13.18% | 7.74% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$594M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;141% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Diversified Financial Services | 8.7% |
| REITS | 7.7% |
| Banks | 5.7% |
| Oil & Gas | 5.5% |
| Insurance | 4.8% |
| Electronics | 3.9% |
| Computers | 3.5% |
| Retail | 3.3% |
| Aerospace/Defense | 3.2% |
| Commercial Services | 3.1% |
| Electric | 2.9% |
| Machinery-Diversified | 2.8% |
| Food | 2.8% |
| Chemicals | 2.7% |
| Internet | 2.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963348.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R517 (05/25)

VALIC Company I

### VALIC Company I Moderate Growth Lifestyle

### VLSMX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Moderate Growth Lifestyle Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Moderate Growth Lifestyle Fund\* | $10 | 0.10% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

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

The Fund posted a return of 9.14% for the year ended May 31, 2025, compared to 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 9.87% 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, U.S. equities outperformed international developed and emerging markets equities. Credit markets showed resilience, particularly in high yield segments.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following funds** \| Systematic Value Fund; Core Bond Fund; Emerging Economies Fund

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following funds** \| Mid Cap Index Fund; International Equities Index Fund; Systematic Growth Fund

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963088.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Moderate Growth Lifestyle Fund** | 9.14% | 8.79% | 6.49% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **41% Russell 3000<sup>®</sup> Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index** | 9.87% | 7.49% | 6.71% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$997M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963349.jpg)

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R491 (05/25)

VALIC Company I

### VALIC Company I Nasdaq-100<sup>®</sup> Index

### VCNIX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Nasdaq-100<sup>®</sup> Index Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Nasdaq-100<sup>®</sup> Index Fund\* | $45 | 0.42% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".

The Fund posted a return of 15.41% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 16.02% for the Nasdaq-100<sup>®</sup> Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: information technology; consumer discretionary; communication services. Position weightings: Microsoft Corp.; NVIDIA Corp.; Broadcom, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: technology; consumer cyclicals; business services. Position weightings: Broadcom, Inc.; Tesla, Inc.; Netflix, Inc.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: real estate. Position weightings: Apple, Inc.; Vertex Pharmaceuticals, Inc.; Regeneron Pharmaceuticals, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: healthcare; energy; industrials. Position weightings: Advanced Micro Devices, Inc.; QUALCOMM, Inc.; Intel Corp.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963098.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Nasdaq-100<sup>®</sup> Index Fund** | 15.41% | 17.75% | 17.33% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **Nasdaq-100<sup>®</sup> Index** | 16.02% | 18.37% | 17.96% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,018M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 22.1% |
| Semiconductors | 21.6% |
| Software | 17.6% |
| Computers | 9.3% |
| Retail | 4.4% |
| Auto Manufacturers | 3.5% |
| Telecommunications | 3.3% |
| Biotechnology | 3.0% |
| Commercial Services | 2.1% |
| Beverages | 2.0% |
| Healthcare-Products | 1.7% |
| Electric | 1.5% |
| Chemicals | 1.4% |
| Media | 1.3% |
| Electronics | 0.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963359.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R871 (05/25)

VALIC Company I

### VALIC Company I Science & Technology

### VCSTX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Science & Technology Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Science & Technology Fund\* | $97 | 0.90% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 16.20% for the year ended May 31, 2025, compared to 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 16.50% for the S&P North American Technology Sector Index (the "Performance Index"). Over the annual period, global equity markets have provided strong results across broad indices. Technology stocks were higher thanks to favorable underlying fundamentals and earnings growth.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC** \| In aggregate: position weightings. Allocations in the following industries: entertainment; automobiles; financial services. Security selection in the following industries: semiconductors & semiconductor equipment; entertainment; technology hardware, storage & peripherals. Position weightings: Spotify Technology SA; Alphabet, Inc., Class A; QUALCOMM, Inc.

**Voya Investment Management Co. LLC** \| In aggregate: position weightings. Allocations in the following industries: entertainment; capital markets; technology hardware storage & peripherals. Security selection in the following industries: software; entertainment; semiconductors & semiconductor equipment. Position weightings: Palantir Technologies, Inc., Class A; Cloudflare, Inc., Class A; Netflix, Inc.

**Wellington Management Company, LLP - see Material Fund Changes for the time period covered** \| Allocations in the following industries: semiconductors & semiconductor equipment; professional services; ground transportation. Security selection in the following industries: electronic equipment, instruments & components; technology hardware, storage & peripherals; semiconductors & semiconductor equipment. Position weightings: lack of position in QUALCOMM, Inc.; lack of position in Intel Corp.; Chroma ATE, Inc.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC** \| In aggregate: industry allocations. Allocations in the following industries: IT services; semiconductors & semiconductor equipment; electrical equipment. Security selection in the following industries: software; IT services; communications equipment. Position weightings: lack of a position in Palantir Technologies, Inc., Class A; ASML Holding NV; Meta Platforms, Inc., Class A

**Voya Investment Management Co. LLC** \| Allocations in the following industries: IT services; communication equipment; broadline retail. Security selection in the following industries: interactive media & services; technology hardware storage & peripherals; communication equipment. Position weightings: Alphabet, Inc., Class C; KraneShares CSI China Internet ETF; MicroStrategy, Inc., Class A

**Wellington Management Company, LLP - see Material Fund Changes for the time period covered** \| Allocations in the following industries: technology hardware, storage & peripherals; IT services; electronic equipment, instruments & components. Security selection in the following industries: software; IT services . Position weightings: Broadcom, Inc.; Apple, Inc.; lack of position in Oracle Corp.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963099.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Science & Technology Fund** | 16.20% | 15.03% | 16.65% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **S&P North American Technology Sector Index** | 16.50% | 18.91% | 19.97% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2,778M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$22.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Software | 30.6% |
| Semiconductors | 26.6% |
| Internet | 18.5% |
| Computers | 12.9% |
| Unaffiliated Investment Companies | 1.9% |
| Commercial Services | 1.8% |
| Diversified Financial Services | 1.8% |
| Telecommunications | 1.3% |
| Short-Term Investments | 1.3% |
| Electronics | 1.2% |
| Media | 0.8% |
| Auto Manufacturers | 0.7% |
| Machinery-Construction & Mining | 0.7% |
| Toys/Games/Hobbies | 0.4% |
| Automotive - Cars & Lt. Trucks | 0.1% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963360.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, BlackRock Investment Management, LLC and Voya Investment Management Co. LLC replaced Wellington Management Company LLP as subadvisers to the Fund. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R749 (05/25)

VALIC Company I

### VALIC Company I Small Cap Growth

### VVSGX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Small Cap Growth Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Small Cap Growth Fund\* | $90 | 0.89% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 2.41% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 3.45% for the Russell 2000<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small-cap equities. Growth stocks outperformed value in all market cap ranges.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**American Century Investment Management, Inc. - see Material Fund Changes for the time period covered** \| In aggregate: position weightings. Allocations in the following sectors: energy; cash; utilities. Security selection in the following sectors: health care; consumer discretionary; financials. Position weightings: Stride, Inc.; Alphatec Holdings, Inc.; Inari Medical, Inc.

**J.P. Morgan Investment Management, Inc. - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: materials; consumer discretionary; utilities. Security selection in the following sectors: energy; financials; materials. Position weightings: AAON, Inc.; Vaxcyte, Inc.; Life Time Group Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**American Century Investment Management, Inc. - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: real estate; consumer staples; information technology. Security selection in the following sectors: energy; information technology; real estate. Position weightings: Kosmos Energy, Ltd.; lack of position in Hims & Hers Health, Inc.; Neogen Corp.

**J.P. Morgan Investment Management, Inc. - see Material Fund Changes for the time period covered** \| In aggregate: position weightings. Allocations in the following sectors: financials; industrials; communication services. Security selection in the following sectors: health care; information technology; industrials. Position weightings: Allegro MicroSystems, Inc.; Six Flags Entertainment Corp.; e.l.f. Beauty, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963089.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Small Cap Growth Fund** | 2.41% | 3.97% | 8.86% |
| **Russell 3000<sup>®</sup> Index** | 13.12% | 15.34% | 12.21% |
| **Russell 2000<sup>®</sup> Growth Index** | 3.45% | 7.00% | 6.67% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$538M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;163% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Software | 8.7% |
| Biotechnology | 8.4% |
| Commercial Services | 6.6% |
| Retail | 5.8% |
| Healthcare-Services | 5.4% |
| Healthcare-Products | 5.0% |
| Building Materials | 4.6% |
| Insurance | 4.3% |
| Semiconductors | 4.0% |
| Short-Term Investments | 3.4% |
| Environmental Control | 3.0% |
| Leisure Time | 3.0% |
| Iron/Steel | 2.8% |
| Pharmaceuticals | 2.7% |
| Internet | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963350.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, American Century Investment Management, Inc. ("ACIM") was appointed as a subadviser to the Fund, replacing an existing subadvisor, J.P. Morgan Investment Management Inc. Additionally, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by ACIM. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.80% of the Fund's average daily net assets on the first $100 million, and 0.75% of the Fund's average daily net assets over $100 million. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R467 (05/25)

VALIC Company I

### VALIC Company I Small Cap Index

### VCSLX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Small Cap Index Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Small Cap Index Fund\* | $38 | 0.38% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".

The Fund posted a return of 0.73% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 1.19% for the Russell 2000<sup>®</sup> Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: industrials, information technology; consumer discretionary. Position weightings: Hims & Hers Health, Inc.; FTAI Aviation, Ltd.; IonQ, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: finance; consumer non-cyclicals; utilities. Position weightings: Sprouts Farmers Market, Inc.; Rocket Lab USA, Inc.; Carpenter Technology Corp.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: health care; utilities. Position weightings: Lantheus Holdings, Inc.; TG Therapeutics, Inc.; Lyell Immunopharma, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: energy; consumer cyclicals; healthcare. Position weightings: Abercrombie & Fitch Co., Class A; Vaxcyte, Inc.; Tidewater, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963100.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Small Cap Index Fund** | 0.73% | 9.22% | 6.32% |
| **Russell 3000<sup>®</sup> Index** | 13.12% | 15.34% | 12.21% |
| **Russell 2000<sup>®</sup> Index** | 1.19% | 9.64% | 6.64% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,055M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 8.7% |
| Biotechnology | 7.0% |
| REITS | 6.2% |
| Short-Term Investments | 5.9% |
| Software | 5.4% |
| Commercial Services | 4.7% |
| Retail | 3.7% |
| Diversified Financial Services | 3.1% |
| Healthcare-Products | 2.9% |
| Electronics | 2.7% |
| Insurance | 2.5% |
| Pharmaceuticals | 2.5% |
| Computers | 2.3% |
| Aerospace/Defense | 2.3% |
| Engineering & Construction | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963361.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk was added as a principal risk. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.29% of the Fund's average daily net assets on the first $500 million, 0.19% of the Fund's average daily net assets on the next $2.5 billion, 0.14% of the Fund's average daily net assets on the next $2 billion, and 0.09% of the Fund's average daily net assets over $5 billion. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R863 (05/25)

VALIC Company I

### VALIC Company I Small Cap Special Values

### VSSVX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Small Cap Special Values Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Small Cap Special Values Fund\* | $87 | 0.90% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of -7.66% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and -1.14% for the Russell 2000<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large- and mid-cap equities outperformed small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**In aggregate** \| sector allocations

**Allocations in the following sectors** \| consumer staples; energy; health care

**Security selection in the following sectors** \| health care; utilities; real estate

**Position weightings** \| Mueller Industries, Inc.; UMB Financial Corp.; Hanover Insurance Group, Inc.

#### TOP PERFORMANCE DETRACTORS
**In aggregate** \| position weightings

**Allocations in the following sectors** \| financials; utilities; real estate

**Security selection in the following sectors** \| consumer staples; materials; consumer discretionary

**Position weightings** \| Innospec, Inc.; Compass Diversified Holdings; J&J Snack Foods Corp.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963101.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Small Cap Special Values Fund** | (7.66)% | 11.31% | 6.92% |
| **Russell 3000<sup>®</sup> Index** | 13.12% | 15.34% | 12.21% |
| **Russell 2000<sup>®</sup> Value Index** | (1.14)% | 12.03% | 6.22% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$173M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 11.4% |
| Chemicals | 9.3% |
| Building Materials | 5.9% |
| Insurance | 5.6% |
| Metal Fabricate/Hardware | 5.3% |
| Food | 5.2% |
| Commercial Services | 4.9% |
| Packaging & Containers | 4.7% |
| Household Products/Wares | 4.0% |
| REITS | 3.9% |
| Oil & Gas | 3.5% |
| Machinery-Diversified | 3.5% |
| Hand/Machine Tools | 3.2% |
| Cosmetics/Personal Care | 2.8% |
| Computers | 2.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963362.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R632 (05/25)

VALIC Company I

### VALIC Company I Small Cap Value

### VVSCX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Small Cap Value Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Small Cap Value Fund\* | $83 | 0.84% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of -2.78% for the year ended May 31, 2025, compared to a return of 13.12% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and -1.14% for the Russell 2000<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small-cap equities. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors** \| health care; energy; materials

**Security selection in the following sectors** \| financials; consumer discretionary; real estate

**Position weightings** \| Rigetti Computing, Inc.; Pediatrix Medical Group, Inc.; Mueller Industries, Inc.

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors** \| utilities; communication services; consumer staples

**Security selection in the following sectors** \| communication services; materials; energy

**Position weightings** \| Liberty Latin America, Ltd, Class A.; Lumen Technologies, Inc.; Tenaya Therapeutics, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963090.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Small Cap Value Fund** | (2.78)% | 12.63% | 5.49% |
| **Russell 3000<sup>®</sup> Index** | 13.12% | 15.34% | 12.21% |
| **Russell 2000<sup>®</sup> Value Index** | (1.14)% | 12.03% | 6.22% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$245M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;419 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;80% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 18.7% |
| REITS | 11.8% |
| Commercial Services | 5.2% |
| Diversified Financial Services | 4.1% |
| Insurance | 3.4% |
| Retail | 3.4% |
| Biotechnology | 3.1% |
| Electric | 3.0% |
| Oil & Gas | 2.9% |
| Electronics | 2.6% |
| Telecommunications | 2.2% |
| Transportation | 2.1% |
| Gas | 2.1% |
| Distribution/Wholesale | 2.1% |
| Home Builders | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963351.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R483 (05/25)

VALIC Company I

### VALIC Company I Stock Index

### VSTIX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Stock Index Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Stock Index Fund\* | $25 | 0.23% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund is managed to seek to track the performance of the Index. The Subadviser may endeavor to track the Index by purchasing every stock included in the Index, in the same proportions; or, in the alternative, the Subadviser may invest in a sampling of Index stocks by utilizing a statistical technique known as "optimization".

The Fund posted a return of 13.17% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market & Performance Index). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: information technology; consumer discretionary; communication services. Position weightings: NVIDIA Corp.; Microsoft Corp.; Broadcom, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: finance; technology; consumer non-cyclicals. Position weightings: Tesla, Inc.; Broadcom, Inc.; Apple, Inc.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: health care. Position weightings: Apple, Inc.; Eli Lilly & Co.; UnitedHealth Group, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: energy; healthcare; non-energy materials. Position weightings: Advanced Micro Devices, Inc.; Merck & Co., Inc.; Microsoft Corp.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Stock Index Fund** | 13.17% | 15.59% | 12.50% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6,430M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$9.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 12.9% |
| Semiconductors | 11.4% |
| Software | 11.2% |
| Computers | 7.8% |
| Retail | 4.8% |
| Banks | 4.4% |
| Diversified Financial Services | 4.4% |
| Pharmaceuticals | 4.3% |
| Insurance | 4.1% |
| Healthcare-Products | 2.9% |
| Oil & Gas | 2.4% |
| Electric | 2.3% |
| Auto Manufacturers | 2.3% |
| Aerospace/Defense | 2.1% |
| REITS | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963363.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk was added as a principal risk. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.265% of the Fund's average daily net assets on the first $500 million, 0.165% of the Fund's average daily net assets on the next $2.5 billion, 0.115% of the Fund's average daily net assets on the next $2 billion, and 0.065% of the Fund's average daily net assets over $5 billion. Finally, effective September 30, 2024, the expense limitation agreement that limited expenses of the Fund to 0.26% of average daily net assets was terminated. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R848 (05/25)

VALIC Company I

### VALIC Company I Systematic Core

### VCGAX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Systematic Core Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Systematic Core Fund\* | $68 | 0.64% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 11.71% for the year ended May 31, 2025, compared to a return of 13.73% for the Russell 1000<sup>®</sup> Index (a broad-based securities market & Performance Index). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities significantly, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors** \| energy; health care; materials

**Security selection in the following sectors** \| utilities; health care; energy

**Position weightings** \| AppLovin Corp., Class A; Advanced Micro Devices, Inc.; Twilio, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**In aggregate** \| position weightings

**Allocations in the following sectors** \| cash; communication service; information technology

**Security selection in the following sectors** \| consumer discretionary; industrials; communication services

**Position weightings** \| Tesla, Inc.; Palantir Technologies, Inc., Class A; Netflix, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963103.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Systematic Core Fund** | 11.71% | 14.80% | 12.00% |
| **Russell 1000<sup>®</sup> Index** | 13.73% | 15.66% | 12.58% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$694M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;792 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Software | 11.1% |
| Internet | 10.8% |
| Semiconductors | 8.7% |
| Computers | 7.6% |
| Retail | 5.9% |
| Insurance | 5.1% |
| Diversified Financial Services | 4.6% |
| Pharmaceuticals | 3.9% |
| Banks | 3.3% |
| Unaffiliated Investment Companies | 2.8% |
| REITS | 2.2% |
| Commercial Services | 2.1% |
| Healthcare-Products | 2.0% |
| Electric | 1.9% |
| Media | 1.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963364.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
There were no material fund changes during the period.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R509 (05/25)

VALIC Company I

### VALIC Company I Systematic Growth

### VCBCX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Systematic Growth Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Systematic Growth Fund\* | $69 | 0.64% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 15.29% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 17.62% for the Russell 1000<sup>®</sup> Growth Index (the "Performance Index"). U.S. growth stocks, as measured by the Russell 1000<sup>®</sup> Growth Index, rose during the 1-year period. Against this backdrop, factor behavior was mixed, as investors reacted to ever evolving uncertainties. During the period, growth stocks with positive fundamental trend outperformed, while higher quality growth and attractively priced growth stocks generally underperformed.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Goldman Sachs Asset Management, LLC** \| Allocations in the following sectors: health care; utilities; financials. Security selection in the following sectors: consumer staples; utilities. Position weightings: Advanced Micro Devices, Inc.; AppLovin Corp., Class A; Twilio, Inc., Class A

**Wellington Management Company, LLP** \| Allocations in the following sectors: financials; consumer staples; communication services. Security selection in the following sectors: information technology; industrials; financials. Position weightings: Comfort Systems USA, Inc.; Broadcom, Inc.; lack of position QUALCOMM, Inc.

#### TOP PERFORMANCE DETRACTORS
**Goldman Sachs Asset Management, LLC** \| In aggregate: position weightings. Allocations in the following sectors: industrials; cash; communication services. Security selection in the following sectors: consumer discretionary; communication services; information technology. Position weightings: Tesla, Inc.; Palantir Technologies, Inc., Class A; Broadcom, Inc.

**Wellington Management Company, LLP** \| Allocations in the following sectors: health care; cash; consumer discretionary. Security selection in the following sectors: consumer discretionary; health care; consumer staples. Position weightings: Merck & Co., Inc.; Palantir Technologies, Inc., Class A; Tesla, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963081.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Systematic Growth Fund** | 15.29% | 11.59% | 13.26% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **Russell 1000<sup>®</sup> Growth Index** | 17.62% | 17.69% | 16.08% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$986M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 21.6% |
| Software | 18.7% |
| Semiconductors | 16.3% |
| Computers | 10.6% |
| Diversified Financial Services | 5.5% |
| Retail | 4.4% |
| Pharmaceuticals | 3.9% |
| Auto Manufacturers | 2.7% |
| Commercial Services | 2.5% |
| Insurance | 1.8% |
| Engineering & Construction | 1.1% |
| Unaffiliated Investment Companies | 1.0% |
| Healthcare-Products | 1.0% |
| Electronics | 0.9% |
| Biotechnology | 0.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963342.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, active trading risk was added as a principal risk of the Fund. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R764 (05/25)

VALIC Company I

### VALIC Company I Systematic Value

### VBCVX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I Systematic Value Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Systematic Value Fund\* | $64 | 0.60% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund posted a return of 12.47% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 8.91% for the Russell 1000<sup>®</sup> Value Index (the "Performance Index"). U.S. value stocks, as measured by the Russell 1000<sup>®</sup> Value Index, rose during the 1-year period ending May 31, 2025. Against this backdrop, factor behavior was mixed, as investors reacted to ever evolving uncertainties. During the period, higher quality value stocks generally outperformed, while deeper value stocks generally underperformed. Value stocks with positive fundamental trend showed mixed performance

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**In aggregate** \| position weightings

**Allocations in the following sectors** \| energy; financials; consumer staples

**Security selection in the following sectors** \| health care; utilities; financials

**Position weightings** \| Exelixis, Inc.; Amphenol Corp., Class A.; National Fuel Gas Co.

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors** \| health care; utilities; communication services

**Security selection in the following sectors** \| communication services; energy; consumer discretionary

**Position weightings** \| lack of position in GE Vernova, Inc.; PepsiCo, Inc.; lack of position in AT&T, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963092.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Systematic Value Fund** | 12.47% | 13.48% | 8.35% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |
| **Russell 1000<sup>®</sup> Value Index** | 8.91% | 13.02% | 8.60% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$457M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Insurance | 9.9% |
| Banks | 8.0% |
| Diversified Financial Services | 6.5% |
| Computers | 6.2% |
| REITS | 5.4% |
| Biotechnology | 5.2% |
| Pharmaceuticals | 4.4% |
| Media | 4.2% |
| Healthcare-Products | 4.1% |
| Aerospace/Defense | 4.1% |
| Oil & Gas | 4.0% |
| Retail | 3.7% |
| Electronics | 2.9% |
| Electrical Components & Equipment | 2.8% |
| Agriculture | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963353.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective September 30, 2024, warrants and rights risk replaced warrants risk as a principal risk, and factor-based investing risk was added as a principal risk of the Fund. Additionally, effective September 30, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Fund to VALIC to 0.56% of the Fund's average daily net assets on the first $250 million, 0.51% of the Fund's average daily net assets on the next $250 million, 0.46% of the Fund's average daily net assets on the next $500 million, and 0.41% of the Fund's average daily net assets over $1 billion. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R699 (05/25)

VALIC Company I

### VALIC Company I U.S. Socially Responsible

### VSRDX

#### ANNUAL SHAREHOLDER REPORT \| May 31, 2025
This annual shareholder report contains important information about the VALIC Company I U.S. Socially Responsible Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses
**What were the Fund costs for the last year ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| U.S. Socially Responsible Fund\* | $39 | 0.37% |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Fund.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund is an optimized portfolio which seeks to track the S&P 500<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.

The Fund posted a return of 11.18% for the year ended May 31, 2025, compared to a return of 13.52% for the S&P 500<sup>®</sup> Index (a broad-based securities market & Performance Index). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value stocks across the market-cap spectrum.

The following is a summary of the top contributors and detractors that impacted the Fund's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: health care; information technology; consumer staples . Security selection in the following sectors: information technology; health care; financials. Position weightings: lack of position in Apple, Inc.; lack of position in Eli Lilly & Co.; lack of position in UnitedHealth Group, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: business services; healthcare; finance. Security selection in the following sectors: finance; utilities; non-energy materials. Position weightings: Netflix, Inc.; Visa, Inc., Class A; lack of a position in Merck & Co., Inc.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: communication services; real estate; financials. Security selection in the following sectors: consumer discretionary; utilities; communication services. Position weightings: lack of position in Microsoft Corp.; lack of position in Meta Platforms, Inc., Class A; lack of position in Tesla, Inc.

**SunAmerica Asset Management, LLC - see Material Fund Changes for the time period covered** \| Allocations in the following sectors: consumer non-cyclicals; technology; non-energy materials. Security selection in the following sectors: technology; consumer non-cyclicals; healthcare. Position weightings: lack of a position in Tesla, Inc.; HP, Inc.; NetApp, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Fund to the index(es) listed below for the last 10 fiscal years of the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_963091.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **U.S. Socially Responsible Fund** | 11.18% | 14.20% | 11.69% |
| **S&P 500<sup>®</sup> Index** | 13.52% | 15.94% | 12.86% |

---

**The Fund 's past performance is not a good predictor of how the Fund will perform in the future.**

Visit my.valic.com/ARO/FundPerformance/Index.aspx for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund's returns.

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$560M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Fund's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Semiconductors | 15.4% |
| Software | 11.3% |
| Diversified Financial Services | 9.6% |
| Computers | 7.5% |
| Internet | 6.5% |
| Retail | 5.0% |
| Commercial Services | 4.3% |
| REITS | 3.7% |
| Healthcare-Products | 3.6% |
| Telecommunications | 3.2% |
| Electric | 3.0% |
| Insurance | 2.9% |
| Chemicals | 2.4% |
| Media | 2.2% |
| Pipelines | 1.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_963352.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Material Fund Changes
This is a summary of certain changes to the Fund since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to the Fund, replacing the existing subadvisor, SunAmerica Asset Management, LLC. Additionally, changes to the Fund's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk and failure to match index performance risk were added as principal risks, and enhanced index strategy risk was removed as a principal risk. Additionally, effective April 30, 2025, the Fund entered into a contractual advisory fee waiver to lower the advisory fee rate payable by the Fund to VALIC to 0.23% of the Fund's average daily net assets on the first $1 billion and 0.22% of the Fund's average daily net assets over $1 billion. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by September 30, 2025 at www.corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds or upon special request at 1-800-448-2542 or by sending an e-mail request to Forms.Request@valic.com.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_VALIC (new)](images_426.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds.

91915R475 (05/25)

VALIC Company I

------

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
VALIC Company I (the "registrant") has adopted a Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the "Code"). There were no material amendments to the Code during the fiscal year ended May 31, 2025. During the fiscal year ended May 31, 2025, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant's Principal Executive and Principal Financial Officers (the "Covered Officers").

------

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

------

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| (a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;$1176935 | &nbsp;&nbsp;&nbsp;&nbsp;$1176935 |
| (b) Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (d) All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| (b) Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (d) All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;$490000 | &nbsp;&nbsp;&nbsp;&nbsp;$476000 |

---

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

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

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

(f) Not applicable.

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

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

(i) Not applicable.

(j) Not Applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) Included in Item 7 to the Form.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

## VALIC Company I

------

Annual Financial Statements and Other Information

May 31, 2025

------

#### Annual Financial Statements and Other Information May 31, 2025

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| [Portfolio of Investments:](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Aggressive Growth Lifestyle Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_1)<br>| &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Asset Allocation Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_2)<br>| &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Capital Appreciation Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_13)<br>| &nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Conservative Growth Lifestyle Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_15)<br>| &nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Core Bond Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_16)<br>| &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividend Value Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_39)<br>| &nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dynamic Allocation Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_42)<br>| &nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Economies Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_44)<br>| &nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Real Estate Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_51)<br>| &nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Strategy Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_53)<br>| &nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Government Securities Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_65)<br>| &nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Growth Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_69)<br>| &nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[High Yield Bond Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_76)<br>| &nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Inflation Protected Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_83)<br>| &nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Equities Index Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_88)<br>| &nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Government Bond Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_97)<br>| &nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Growth Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_101)<br>| &nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Opportunities Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_103)<br>| &nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Socially Responsible Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_109)<br>| &nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Value Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_116)<br>| &nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Large Capital Growth Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_120)<br>| &nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mid Cap Index Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_122)<br>| &nbsp;&nbsp;124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mid Cap Strategic Growth Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_128)<br>| &nbsp;&nbsp;130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mid Cap Value Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_131)<br>| &nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Moderate Growth Lifestyle Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_135)<br>| &nbsp;&nbsp;137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;®[Nasdaq-100 Index Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_136)<br>| &nbsp;&nbsp;138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Science & Technology Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_139)<br>| &nbsp;&nbsp;141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Cap Growth Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_143)<br>| &nbsp;&nbsp;145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Cap Index Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_148)<br>| &nbsp;&nbsp;150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Cap Special Values Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_167)<br>| &nbsp;&nbsp;169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Cap Value Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_170)<br>| &nbsp;&nbsp;172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Stock Index Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_176)<br>| &nbsp;&nbsp;178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Systematic Core Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_183)<br>| &nbsp;&nbsp;185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Systematic Growth Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_193)<br>| &nbsp;&nbsp;195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Systematic Value Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_198)<br>| &nbsp;&nbsp;200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[U.S. Socially Responsible Fund](#xx_ae9aa178-9abe-431c-bdfc-e7b26bbca9db_201)<br>| &nbsp;&nbsp;203 |
| [Statements of Assets and Liabilities](#xx_aba1f9c7-910c-47e7-ba7e-22c93b974f39_1)<br>| &nbsp;&nbsp;207 |
| [Statements of Operations](#xx_aba1f9c7-910c-47e7-ba7e-22c93b974f39_7)<br>| &nbsp;&nbsp;213 |
| [Statements of Changes in Net Assets](#xx_aba1f9c7-910c-47e7-ba7e-22c93b974f39_13)<br>| &nbsp;&nbsp;219 |
| [Notes to Financial Statements](#xx_e967b0c2-d4f6-4c4f-bb50-4437f2e04373_1)<br>| &nbsp;&nbsp;224 |
| [Financial Highlights](#xx_7fa23307-640b-4f4a-82bb-dd6eae136085_1)<br>| &nbsp;&nbsp;253 |
| [Report of Independent Registered Public Accounting Firm](#xx_9742f2c7-5aca-4bdc-a7c2-1f6f268d389e_1)<br>| &nbsp;&nbsp;259 |
| [Shareholder Tax Information](#xx_ebec3b80-02dc-43a9-b977-3b3c02469f9e_1)<br>| &nbsp;&nbsp;260 |
| [Changes in and Disagreements with Accountants (Item 8 Form N-CSR)](#xx_e7277bea-0a79-4201-b843-9ea72ce2dcf7_1)<br>| &nbsp;&nbsp;261 |
| [Results of Special Shareholder Meeting (Item 9 Form N-CSR)](#xx_b308d652-b4d8-444b-b398-4249fdfccb9c_1)<br>| &nbsp;&nbsp;262 |
| [Remuneration Paid to Directors, Officers, and Others (Item 10 Form N-CSR)](#xx_ec9632f8-2664-4bde-9dfa-fa9201e9b09d_1)<br>| &nbsp;&nbsp;263 |
| [Approval of Advisory and Subadvisory Agreements (Item 11 Form N-CSR)](#xx_22621731-ef4d-4582-adcd-3a3f5eb64a73_1)<br>| &nbsp;&nbsp;264 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Aggressive Growth Lifestyle Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 99.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.1%** |
| **Domestic Equity Investment Companies — 56.5%** | **Domestic Equity Investment Companies — 56.5%** | **Domestic Equity Investment Companies — 56.5%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | 1130094 | &nbsp;&nbsp;$17765084 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | 1466358 | &nbsp;&nbsp;&nbsp;&nbsp; 16041958 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | 4065238 | &nbsp;&nbsp;&nbsp;&nbsp;237328605 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | 3735885 | &nbsp;&nbsp;&nbsp;&nbsp; 67731592 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | 4351224 | &nbsp;&nbsp;&nbsp;&nbsp; 64354597 |
| **Total Domestic Equity Investment Companies<br> (cost $343,390,940)** |  | &nbsp;&nbsp;&nbsp;&nbsp;403221836 |
| **Domestic Fixed Income Investment Companies — 22.6%** | **Domestic Fixed Income Investment Companies — 22.6%** | **Domestic Fixed Income Investment Companies — 22.6%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | 15886376 | &nbsp;&nbsp;&nbsp;&nbsp;153621251 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | 1038871 | &nbsp;&nbsp;&nbsp;&nbsp; 7220156 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $160,942,808)** |  | &nbsp;&nbsp;&nbsp;&nbsp;160841407 |
| **International Equity Investment Companies — 20.0%** | **International Equity Investment Companies — 20.0%** | **International Equity Investment Companies — 20.0%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund<br> (cost $112,183,022) | 15791212 | &nbsp;&nbsp;&nbsp;&nbsp;142594644 |
| **Total Long-Term Investment Securities<br> (cost $616,516,770)** |  | &nbsp;&nbsp;&nbsp;&nbsp;706657887 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |  |
| **Unaffiliated Investment Companies — 0.7%** | **Unaffiliated Investment Companies — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(2)<br> (cost $4,641,625) | 4641625 | &nbsp;&nbsp;$4641625 |
| **TOTAL INVESTMENTS<br> (cost $621,158,395)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;711299512 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645722 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$712945234 |

---

# The VALIC Company I Aggressive Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds' prospectuses and shareholder reports are available at our website, www.corebridgefinancial.com/rs.

(1) See Note 8.

(2) The rate shown is the 7-day yield as of May 31, 2025.

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$706657887 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$706657887 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641625 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641625 |
| **Total Investments at Value** | &nbsp;&nbsp;$711299512 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$711299512 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 60.0%** | **COMMON STOCKS — 60.0%** | **COMMON STOCKS — 60.0%** |
| **Aerospace/Defense — 1.9%** | **Aerospace/Defense — 1.9%** | **Aerospace/Defense — 1.9%** |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613 | &nbsp;&nbsp;$1293373 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp; 1470307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763680 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 | &nbsp;&nbsp;&nbsp;&nbsp; 1033490 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8919 | &nbsp;&nbsp;&nbsp;&nbsp; 1141900 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;15456 | &nbsp;&nbsp;&nbsp;&nbsp; 673727 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;39678 | &nbsp;&nbsp;&nbsp;&nbsp; 2967121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782748 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp; 692275 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp; 701976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394251 |
| **Building Materials — 2.7%** | **Building Materials — 2.7%** | **Building Materials — 2.7%** |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14364 | &nbsp;&nbsp;&nbsp;&nbsp; 1022717 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp; 1138064 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6543 | &nbsp;&nbsp;&nbsp;&nbsp; 1734353 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895134 |
| **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp; 597873 |
| **Computers — 3.6%** | **Computers — 3.6%** | **Computers — 3.6%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26232 | &nbsp;&nbsp;&nbsp;&nbsp; 5268697 |
| **Diversified Financial Services — 4.4%** | **Diversified Financial Services — 4.4%** | **Diversified Financial Services — 4.4%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7218 | &nbsp;&nbsp;&nbsp;&nbsp; 2122453 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158 | &nbsp;&nbsp;&nbsp;&nbsp; 1608180 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4439 | &nbsp;&nbsp;&nbsp;&nbsp; 2599478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330111 |
| **Electric — 2.7%** | **Electric — 2.7%** | **Electric — 2.7%** |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5856 | &nbsp;&nbsp;&nbsp;&nbsp; 487688 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17099 | &nbsp;&nbsp;&nbsp;&nbsp; 1207873 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67103 | &nbsp;&nbsp;&nbsp;&nbsp; 1132699 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;12580 | &nbsp;&nbsp;&nbsp;&nbsp; 1132200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960460 |
| **Electrical Components & Equipment — 1.3%** | **Electrical Components & Equipment — 1.3%** | **Electrical Components & Equipment — 1.3%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6032 | &nbsp;&nbsp;&nbsp;&nbsp; 1931446 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14039 | &nbsp;&nbsp;&nbsp;&nbsp; 947492 |
| **Healthcare-Products — 2.4%** | **Healthcare-Products — 2.4%** | **Healthcare-Products — 2.4%** |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10464 | &nbsp;&nbsp;&nbsp;&nbsp; 818494 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;12387 | &nbsp;&nbsp;&nbsp;&nbsp; 1027873 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085 | &nbsp;&nbsp;&nbsp;&nbsp; 1563085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409452 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5340 | &nbsp;&nbsp;&nbsp;&nbsp; 1855330 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560 | &nbsp;&nbsp;&nbsp;&nbsp; 981492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836822 |
| **Internet — 6.8%** | **Internet — 6.8%** | **Internet — 6.8%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12154 | &nbsp;&nbsp;&nbsp;&nbsp; 2087328 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20277 | &nbsp;&nbsp;&nbsp;&nbsp; 4156988 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636 | &nbsp;&nbsp;&nbsp;&nbsp; 3649253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893569 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp; 3907 | &nbsp;&nbsp;$1030784 |
| **Machinery-Diversified — 0.8%** | **Machinery-Diversified — 0.8%** | **Machinery-Diversified — 0.8%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 2192 | &nbsp;&nbsp;&nbsp;&nbsp; 1109722 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp; 8937 | &nbsp;&nbsp;&nbsp;&nbsp; 1010239 |
| **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 15503 | &nbsp;&nbsp;&nbsp;&nbsp; 1585957 |
| **Oil & Gas Services — 1.4%** | **Oil & Gas Services — 1.4%** | **Oil & Gas Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp; 55749 | &nbsp;&nbsp;&nbsp;&nbsp; 2065500 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 7962 | &nbsp;&nbsp;&nbsp;&nbsp; 1481808 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp; 755374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237182 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp; 5284 | &nbsp;&nbsp;&nbsp;&nbsp; 573842 |
| **Retail — 4.5%** | **Retail — 4.5%** | **Retail — 4.5%** |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp; 19513 | &nbsp;&nbsp;&nbsp;&nbsp; 977211 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp; 8496 | &nbsp;&nbsp;&nbsp;&nbsp; 1917802 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp; 5437 | &nbsp;&nbsp;&nbsp;&nbsp; 1706402 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp; 19676 | &nbsp;&nbsp;&nbsp;&nbsp; 1942415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6543830 |
| **Semiconductors — 7.3%** | **Semiconductors — 7.3%** | **Semiconductors — 7.3%** |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp; 343335 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 11474 | &nbsp;&nbsp;&nbsp;&nbsp; 2777511 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp; 4257 | &nbsp;&nbsp;&nbsp;&nbsp; 402116 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 39603 | &nbsp;&nbsp;&nbsp;&nbsp; 5351554 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp; 9107 | &nbsp;&nbsp;&nbsp;&nbsp; 1740621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10615137 |
| **Software — 7.1%** | **Software — 7.1%** | **Software — 7.1%** |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp; 1582 | &nbsp;&nbsp;&nbsp;&nbsp; 1191989 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 16908 | &nbsp;&nbsp;&nbsp;&nbsp; 7783767 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 8232 | &nbsp;&nbsp;&nbsp;&nbsp; 1362643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10338399 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 28765 | &nbsp;&nbsp;&nbsp;&nbsp; 908686 |
| **Total Common Stocks<br> (cost $70,454,325)** |  | &nbsp;&nbsp;&nbsp;&nbsp;87064503 |
| **CORPORATE BONDS & NOTES — 10.8%** | **CORPORATE BONDS & NOTES — 10.8%** | **CORPORATE BONDS & NOTES — 10.8%** |
| **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | $5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/01/2027 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 261462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/01/2028 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26684 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28376 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/15/2045 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 52529 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/27/2033 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456094 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/04/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 42433 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Agriculture (continued)** | **Agriculture (continued)** | **Agriculture (continued)** |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39%, 08/15/2037 | $20000 | &nbsp;&nbsp;$17594 |
| &nbsp;&nbsp;&nbsp;Bunge, Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/14/2031 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 23289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 09/17/2034 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 30774 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/20/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129360 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/15/2030 | &nbsp;&nbsp; 48462 | &nbsp;&nbsp;&nbsp;&nbsp; 45554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/11/2032 | &nbsp;&nbsp; 80600 | &nbsp;&nbsp;&nbsp;&nbsp; 75458 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/10/2029 | &nbsp;&nbsp; 62899 | &nbsp;&nbsp;&nbsp;&nbsp; 58964 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 04/07/2030 | &nbsp;&nbsp; 21827 | &nbsp;&nbsp;&nbsp;&nbsp; 20098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2029 | &nbsp;&nbsp; 24851 | &nbsp;&nbsp;&nbsp;&nbsp; 23709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 04/07/2027 | &nbsp;&nbsp; 28611 | &nbsp;&nbsp;&nbsp;&nbsp; 28334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 07/07/2027 | &nbsp;&nbsp; 33238 | &nbsp;&nbsp;&nbsp;&nbsp; 32790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 09/01/2031 | &nbsp;&nbsp; 30613 | &nbsp;&nbsp;&nbsp;&nbsp; 28331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 08/15/2038 | &nbsp;&nbsp; 143738 | &nbsp;&nbsp;&nbsp;&nbsp; 142777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456015 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/15/2027\* | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 113112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/10/2027\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307199 |
| **Banks — 3.1%** | **Banks — 3.1%** | **Banks — 3.1%** |
| &nbsp;&nbsp;&nbsp;Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, 08/08/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205594 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 02/04/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 10/20/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 34680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68%, 06/19/2041 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 100408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 02/04/2033 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 26442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71%, 04/24/2028 | &nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 146477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/27/2028 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/25/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82%, 09/15/2029 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41441 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64%, 09/10/2030# | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18985 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47%, 10/25/2034 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32638 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/01/2030 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40427 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18%, 01/09/2030\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202488 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, 01/25/2033 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 77405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 68151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/11/2035 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50100 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 10/02/2030\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 03/04/2031\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200704 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 01/07/2028 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 01/10/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151697 |
| &nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/14/2028\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206057 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 10/21/2027 | $25000 | &nbsp;&nbsp;$24079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 02/24/2028 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 35744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 04/23/2031 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 52758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 07/23/2035 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 94195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/24/2029 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42199 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/14/2042 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 98866 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27%, 01/15/2031 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30325 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/06/2027 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 134002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/04/2031# | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 94798 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 01/14/2033\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85891 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 03/07/2029 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 126692 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 05/27/2031 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 259372 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/23/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46%, 04/22/2039 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 99721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04%, 07/19/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 04/20/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/18/2030 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41292 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 10/21/2032 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/13/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 01/24/2034 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36559 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44809 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 01/09/2030 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41268 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/13/2033\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205731 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/30/2032 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30422 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 05/20/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/26/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 01/24/2035 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 06/08/2027 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, 10/30/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32296 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 05/15/2031 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35287 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 04/30/2041 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 50563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 04/25/2053 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 65881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 04/23/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/23/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 12/03/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463775 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 05/01/2030 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 68083 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 77106 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2035 | $25000 | &nbsp;&nbsp;$25168 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/01/2040 | &nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 100069 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 09/15/2030 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 47973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250316 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/15/2038 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 124248 |
| &nbsp;&nbsp;&nbsp;EIDP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45418 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2032 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 32183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201849 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04%, 03/25/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 12/04/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31474 |
| &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2029\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 10/30/2034\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20078 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 08/15/2029 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 25256 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/15/2026\*# | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97543 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280882 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Accenture Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/04/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19215 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 78986 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/14/2031 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 35984 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/01/2032 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70315 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2034 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48685 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/15/2031 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 121794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374979 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC /AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152948 |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/29/2026 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/29/2028 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141595 |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd./Aircastle Ireland DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2030\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149317 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 01/30/2036 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30198 |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/10/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24849 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/18/2027\* | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 73521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2026\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/01/2026\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23838 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2028\* | $20000 | &nbsp;&nbsp;$19943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 01/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2026\* | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 154195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2029\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2029\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71198 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 01/31/2028 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 92153 |
| &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/17/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40117 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2034 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257362 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39649 |
| &nbsp;&nbsp;&nbsp;Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 06/01/2054 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28889 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/01/2033# | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6243 |
| &nbsp;&nbsp;&nbsp;Consumers 2023 Securitization Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 09/01/2031 | &nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 109421 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 09/15/2053 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29733 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/15/2052 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33901 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/15/2027 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17078 |
| &nbsp;&nbsp;&nbsp;Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2046 | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp;&nbsp; 140420 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2029# | &nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 140662 |
| &nbsp;&nbsp;&nbsp;Fells Point Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 01/31/2027\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97248 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 01/15/2026\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 64793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14679 |
| &nbsp;&nbsp;&nbsp;MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/15/2054 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19927 |
| &nbsp;&nbsp;&nbsp;New England Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81%, 10/06/2050\* | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 33852 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 55524 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/02/2027\* | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 289757 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2034 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 65230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 10/01/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/15/2033 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 58648 |
| &nbsp;&nbsp;&nbsp;PG&E Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 06/01/2042 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 251336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 06/01/2051 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 07/15/2049 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28648 |
| &nbsp;&nbsp;&nbsp;PG&E Wildfire Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26%, 06/01/2038 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2054 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27195 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2033 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39856 |
| &nbsp;&nbsp;&nbsp;SCE Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/2042 | &nbsp;&nbsp; 23063 | &nbsp;&nbsp;&nbsp;&nbsp; 21998 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Sigeco Securitization I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 11/15/2038 | $21398 | &nbsp;&nbsp;$21366 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 02/01/2026 | &nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 109428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2031 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/01/2055 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17959 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/15/2033 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 53930 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2052 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 19924 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2034\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986168 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/2054 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27742 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/15/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15924 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 50497 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2046 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 14999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/01/2039 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 34956 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9247 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53957 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 06/02/2027 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 43224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/2034 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295797 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;APA Infrastructure, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/16/2034\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 44404 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 02/15/2052 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 20967 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 11/15/2052 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25840 |
| &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2033 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111806 |
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37319 |
| **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 4486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2032 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2047 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2035 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/15/2054 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/01/2064# | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 51955 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;MedStar Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2049 | $46000 | &nbsp;&nbsp;$31316 |
| &nbsp;&nbsp;&nbsp;Piedmont Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86%, 01/01/2052 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 14717 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2053 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229894 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50281 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/15/2052 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 18739 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/15/2031 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 48547 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/04/2027\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102269 |
| &nbsp;&nbsp;&nbsp;Empower Finance 2020 LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08%, 09/17/2051\* | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 41607 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/04/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15332 |
| &nbsp;&nbsp;&nbsp;F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/30/2026\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/10/2027\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101952 |
| &nbsp;&nbsp;&nbsp;New York Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/15/2050\* | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 48832 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 06/01/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 05/28/2031\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81541 |
| &nbsp;&nbsp;&nbsp;Teachers Insurance & Annuity Association of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 05/15/2050\* | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 38026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544172 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/13/2052 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 38655 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2054 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 05/15/2053 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34234 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111175 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 10/15/2027 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 52302 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11%, 02/15/2040 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 50089 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 43902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 24598 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 117805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/01/2034# | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/15/2053 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327310 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;BHP Billiton Finance USA, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/21/2032 | $25000 | &nbsp;&nbsp;$25279 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2030\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 66520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121972 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 11/02/2042 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 25083 |
| **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77%, 11/10/2050 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 85892 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2055 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32270 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 05/15/2027 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 45306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29091 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2054 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 26078 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/16/2039 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 65856 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 08/01/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14900 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99%, 06/29/2041 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 41522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340915 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 04/15/2026\* | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 31942 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2034 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50145 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 03/15/2052 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 12024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/15/2039 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 41645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/22/2054 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/22/2064 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23638 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/01/2045 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 39811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79589 |
| &nbsp;&nbsp;&nbsp;Merck & Co, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 12/10/2061 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 16950 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/07/2049 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 15541 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 50411 |
| &nbsp;&nbsp;&nbsp;Utah Acquisition Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 06/15/2026 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 94746 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 42758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469157 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 04/15/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19958 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10787 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 02/15/2035\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 73462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96%, 02/15/2055\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46528 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 01/15/2055 | $20000 | &nbsp;&nbsp;$19987 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/08/2033 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30598 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50819 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 02/15/2043 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 42061 |
| &nbsp;&nbsp;&nbsp;Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 12/30/2039\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 11475 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2027\*# | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 39838 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49288 |
| &nbsp;&nbsp;&nbsp;NGPL PipeCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21859 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53687 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29952 |
| &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 09/01/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 10/01/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9916 |
| &nbsp;&nbsp;&nbsp;TransCanada PipeLines, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 04/15/2030 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 35837 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/15/2035 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/15/2055 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621292 |
| **REITS — 0.5%** | **REITS — 0.5%** | **REITS — 0.5%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/31/2028 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 43444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2051 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 34899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 06/15/2050 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 55655 |
| &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/01/2028 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/16/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12899 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/15/2031 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 31246 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/01/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20415 |
| &nbsp;&nbsp;&nbsp;CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/15/2031 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 72597 |
| &nbsp;&nbsp;&nbsp;DOC DR LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 11/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12986 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/18/2026 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 82873 |
| &nbsp;&nbsp;&nbsp;Goodman US Finance Six LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/07/2034\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14708 |
| &nbsp;&nbsp;&nbsp;Healthpeak OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 12/01/2028 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 34902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 01/15/2031 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 50279 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2034 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30036 |
| &nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 01/15/2032 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 39117 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2032 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 46192 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 02/01/2031 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 122312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732671 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/15/2052 | $25000 | &nbsp;&nbsp;$17712 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66902 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 10/01/2041 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 18515 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/15/2032 | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 85187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101791 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047# | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 25126 |
| &nbsp;&nbsp;&nbsp;KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 03/01/2050 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 70926 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/11/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 34620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/11/2041 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 28430 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/20/2052 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16455 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 05/18/2063 | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 68871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480096 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/10/2034 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 40839 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2050 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 20384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/2041 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 53756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 58384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/06/2033 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39452 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 02/15/2031 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 24580 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33413 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/14/2027 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 51176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/12/2029 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71449 |
| &nbsp;&nbsp;&nbsp;VMware LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/15/2026 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 45254 |
| &nbsp;&nbsp;&nbsp;VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/15/2030 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 93479 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2027 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566553 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/15/2055 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 19832 |
| &nbsp;&nbsp;&nbsp;Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16047 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/15/2052 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 29387 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 11/20/2040 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 39287 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/28/2054 | $50000 | &nbsp;&nbsp;$46803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151356 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2055 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29031 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/01/2048 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 18710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47741 |
| **Total Corporate Bonds & Notes<br> (cost $17,196,650)** |  | &nbsp;&nbsp;&nbsp;&nbsp;15725649 |
| **ASSET BACKED SECURITIES — 4.5%** | **ASSET BACKED SECURITIES — 4.5%** | **ASSET BACKED SECURITIES — 4.5%** |
| **Auto Loan Receivables — 1.6%** | **Auto Loan Receivables — 1.6%** | **Auto Loan Receivables — 1.6%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A<br> 5.36%, 06/20/2030\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 137689 |
| &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class D<br> 5.64%, 11/15/2030 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 156586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class D<br> 6.03%, 11/15/2029 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85887 |
| &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class B<br> 5.17%, 08/15/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126159 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-B, Class D<br> 5.56%, 07/15/2031\* | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125848 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3, Class B<br> 4.85%, 11/15/2034\* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 179759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A, Class B<br> 6.71%, 02/15/2034\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102577 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class C<br> 5.57%, 09/15/2032 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165400 |
| &nbsp;&nbsp;&nbsp;DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class D<br> 6.62%, 02/15/2029\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61174 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A, Class D<br> 5.98%, 12/15/2028 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A, Class C<br> 6.85%, 01/16/2029 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66354 |
| &nbsp;&nbsp;&nbsp;FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2<br> 6.57%, 06/15/2028\* | &nbsp;&nbsp; 32518 | &nbsp;&nbsp;&nbsp;&nbsp; 32803 |
| &nbsp;&nbsp;&nbsp;LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A, Class C<br> 6.76%, 03/15/2029\* | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 128521 |
| &nbsp;&nbsp;&nbsp;Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class C<br> 5.90%, 07/20/2032\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151822 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class C<br> 5.09%, 05/15/2030 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6, Class C<br> 6.40%, 03/17/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153950 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class C<br> 5.51%, 01/20/2032\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 162029 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** |
| &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A<br> 6.28%, 11/15/2027\* | $68704 | &nbsp;&nbsp;$69024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class B<br> 6.60%, 06/15/2028\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101100 |
| &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A, Class C<br> 6.64%, 11/15/2028\* | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 122670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320392 |
| **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** |
| &nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A<br> 5.78%, 12/15/2032\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100731 |
| &nbsp;&nbsp;&nbsp;World Financial Network Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A, Class A<br> 5.02%, 03/15/2030 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211244 |
| **Other Asset Backed Securities — 2.8%** | **Other Asset Backed Securities — 2.8%** | **Other Asset Backed Securities — 2.8%** |
| &nbsp;&nbsp;&nbsp;Accelerated LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1H, Class B<br> 1.90%, 10/20/2040\* | &nbsp;&nbsp; 20221 | &nbsp;&nbsp;&nbsp;&nbsp; 18724 |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2<br> 1.94%, 08/15/2046\* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 91293 |
| &nbsp;&nbsp;&nbsp;AMSR 2024-SFR1 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class D<br> 4.29%, 07/17/2041\*(1) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94474 |
| &nbsp;&nbsp;&nbsp;AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR3, Class E2<br> 2.76%, 09/17/2037\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2, Class E2<br> 4.28%, 07/17/2037\* | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 144506 |
| &nbsp;&nbsp;&nbsp;Aqua Finance Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A, Class B<br> 5.56%, 12/19/2050\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100135 |
| &nbsp;&nbsp;&nbsp;Bridge Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class C<br> 4.30%, 08/17/2040\* | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 109936 |
| &nbsp;&nbsp;&nbsp;Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A<br> 4.46%, 06/15/2037\* | &nbsp;&nbsp; 55503 | &nbsp;&nbsp;&nbsp;&nbsp; 54322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class A<br> 5.36%, 09/15/2039\* | &nbsp;&nbsp; 152525 | &nbsp;&nbsp;&nbsp;&nbsp; 152108 |
| &nbsp;&nbsp;&nbsp;Cherry Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A<br> 5.70%, 04/15/2032\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100644 |
| &nbsp;&nbsp;&nbsp;DataBank Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2<br> 2.06%, 02/27/2051\* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 170566 |
| &nbsp;&nbsp;&nbsp;Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A<br> 1.51%, 11/21/2033\* | &nbsp;&nbsp; 32185 | &nbsp;&nbsp;&nbsp;&nbsp; 31895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class C<br> 2.70%, 11/21/2033\* | &nbsp;&nbsp; 17702 | &nbsp;&nbsp;&nbsp;&nbsp; 17543 |
| &nbsp;&nbsp;&nbsp;Elara HGV Timeshare Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class B<br> 1.74%, 08/27/2035\* | &nbsp;&nbsp; 29394 | &nbsp;&nbsp;&nbsp;&nbsp; 27717 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class E1<br> 2.26%, 09/17/2038\* | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 148136 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR1, Class E1<br> 5.00%, 05/19/2039\* | $100000 | &nbsp;&nbsp;$98931 |
| &nbsp;&nbsp;&nbsp;FMC GMSR Issuer Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GT2, Class A<br> 3.85%, 10/25/2026\*(2) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94021 |
| &nbsp;&nbsp;&nbsp;Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class A<br> 4.60%, 03/15/2050\* | &nbsp;&nbsp; 78165 | &nbsp;&nbsp;&nbsp;&nbsp; 77740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class A<br> 6.53%, 06/15/2049\* | &nbsp;&nbsp; 73964 | &nbsp;&nbsp;&nbsp;&nbsp; 76615 |
| &nbsp;&nbsp;&nbsp;FRTKL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class A<br> 1.57%, 09/17/2038\* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 196713 |
| &nbsp;&nbsp;&nbsp;GoodGreen Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class A<br> 3.26%, 10/15/2053\* | &nbsp;&nbsp; 37431 | &nbsp;&nbsp;&nbsp;&nbsp; 33170 |
| &nbsp;&nbsp;&nbsp;HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class B<br> 5.84%, 03/15/2043\* | &nbsp;&nbsp; 157775 | &nbsp;&nbsp;&nbsp;&nbsp; 158643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class C<br> 6.32%, 03/15/2043\* | &nbsp;&nbsp; 71153 | &nbsp;&nbsp;&nbsp;&nbsp; 71447 |
| &nbsp;&nbsp;&nbsp;Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class C<br> 2.40%, 12/17/2026\* | &nbsp;&nbsp; 124789 | &nbsp;&nbsp;&nbsp;&nbsp; 118987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class D<br> 3.00%, 01/17/2041\* | &nbsp;&nbsp; 90285 | &nbsp;&nbsp;&nbsp;&nbsp; 82224 |
| &nbsp;&nbsp;&nbsp;Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-AA, Class A<br> 0.01%, 05/20/2038\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-AA, Class A<br> 1.86%, 03/20/2036\* | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 125363 |
| &nbsp;&nbsp;&nbsp;MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class C<br> 2.23%, 05/20/2039\* | &nbsp;&nbsp; 46480 | &nbsp;&nbsp;&nbsp;&nbsp; 43481 |
| &nbsp;&nbsp;&nbsp;Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B, Class A<br> 1.47%, 05/08/2031\* | &nbsp;&nbsp; 102060 | &nbsp;&nbsp;&nbsp;&nbsp; 99382 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HG1, Class A<br> 1.22%, 01/16/2029\* | &nbsp;&nbsp; 3465 | &nbsp;&nbsp;&nbsp;&nbsp; 3444 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Technology in Housing Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class C<br> 3.60%, 10/25/2040\* | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 116757 |
| &nbsp;&nbsp;&nbsp;PRET LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RN4, Class A1<br> 5.49%, 10/25/2051\*(2) | &nbsp;&nbsp; 80741 | &nbsp;&nbsp;&nbsp;&nbsp; 80628 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class D<br> 3.75%, 02/17/2041\* | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 145310 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR5, Class E1<br> 3.38%, 08/09/2029\*(2) | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 116940 |
| &nbsp;&nbsp;&nbsp;Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A<br> 1.68%, 03/17/2031\* | &nbsp;&nbsp; 9680 | &nbsp;&nbsp;&nbsp;&nbsp; 9636 |
| &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A, Class A<br> 2.30%, 12/22/2031\* | &nbsp;&nbsp; 75851 | &nbsp;&nbsp;&nbsp;&nbsp; 75297 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class C<br> 6.77%, 08/22/2033\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103332 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class B<br> 1.80%, 09/20/2038\* | $13604 | &nbsp;&nbsp;$13291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A, Class C<br> 6.36%, 06/20/2040\* | &nbsp;&nbsp; 40625 | &nbsp;&nbsp;&nbsp;&nbsp; 40740 |
| &nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A<br> 5.05%, 09/15/2045\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100171 |
| &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST2, Class A<br> 2.50%, 04/20/2027\* | &nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp;&nbsp; 1497 |
| &nbsp;&nbsp;&nbsp;Verdant Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.68%, 12/12/2031\* | &nbsp;&nbsp; 108903 | &nbsp;&nbsp;&nbsp;&nbsp; 110408 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 08/20/2032\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248754 |
| &nbsp;&nbsp;&nbsp;VOLT XCIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL2, Class A1<br> 5.89%, 02/27/2051\*(1) | &nbsp;&nbsp; 11516 | &nbsp;&nbsp;&nbsp;&nbsp; 11503 |
| &nbsp;&nbsp;&nbsp;VOLT XCIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL3, Class A1<br> 6.24%, 02/27/2051\*(1) | &nbsp;&nbsp; 21903 | &nbsp;&nbsp;&nbsp;&nbsp; 21883 |
| &nbsp;&nbsp;&nbsp;VOLT XCV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL4, Class A1<br> 6.24%, 03/27/2051\*(1) | &nbsp;&nbsp; 27194 | &nbsp;&nbsp;&nbsp;&nbsp; 27160 |
| &nbsp;&nbsp;&nbsp;VOLT XCVI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL5, Class A1<br> 6.12%, 03/27/2051\*(1) | &nbsp;&nbsp; 12264 | &nbsp;&nbsp;&nbsp;&nbsp; 12257 |
| &nbsp;&nbsp;&nbsp;VOLT XCVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL6, Class A1<br> 6.24%, 04/25/2051\*(1) | &nbsp;&nbsp; 29361 | &nbsp;&nbsp;&nbsp;&nbsp; 29315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006496 |
| **Total Asset Backed Securities<br> (cost $6,488,996)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538132 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.8%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.8%** |
| **Commercial and Residential — 1.4%** | **Commercial and Residential — 1.4%** | **Commercial and Residential — 1.4%** |
| &nbsp;&nbsp;&nbsp;ABL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1, Class A1<br> 6.08%, 09/25/2029\*(1) | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175077 |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RM10, Class A1<br> 5.00%, 01/25/2065\* | &nbsp;&nbsp; 147184 | &nbsp;&nbsp;&nbsp;&nbsp; 144170 |
| &nbsp;&nbsp;&nbsp;BXP Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-GM, Class A<br> 3.38%, 06/13/2039\* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 91580 |
| &nbsp;&nbsp;&nbsp;Cascade MH Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-MH1, Class A1<br> 1.75%, 02/25/2046\* | &nbsp;&nbsp; 97628 | &nbsp;&nbsp;&nbsp;&nbsp; 88677 |
| &nbsp;&nbsp;&nbsp;CFMT LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HB14, Class M1<br> 3.00%, 06/25/2034\*(2) | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 180678 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R06, Class 1M2<br> 7.02%, (SOFR30A+2.70%), 07/25/2043\* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 93091 |
| &nbsp;&nbsp;&nbsp;GS Mtg.-Backed Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SL1, Class A1<br> 5.85%, 11/25/2067\*(2) | &nbsp;&nbsp; 199182 | &nbsp;&nbsp;&nbsp;&nbsp; 199650 |
| &nbsp;&nbsp;&nbsp;Legacy Mtg. Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS1, Class A1<br> 5.89%, 10/25/2066\*(1) | &nbsp;&nbsp; 70698 | &nbsp;&nbsp;&nbsp;&nbsp; 70689 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;LHOME Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL5, Class A1<br> 5.32%, 09/25/2039\*(1) | $100000 | &nbsp;&nbsp;$99410 |
| &nbsp;&nbsp;&nbsp;MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL3, Class A1<br> 5.91%, 11/25/2039\*(1) | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105158 |
| &nbsp;&nbsp;&nbsp;New Residential Mtg. Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL2, Class A1<br> 5.44%, 09/25/2039\*(1) | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 213351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1, Class A1<br> 6.66%, 03/25/2039\*(1) | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176043 |
| &nbsp;&nbsp;&nbsp;SLG Office Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-OVA, Class A<br> 2.59%, 07/15/2041\* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 95207 |
| &nbsp;&nbsp;&nbsp;Toorak Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RRTL1, Class A1<br> 5.52%, 02/25/2040\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99503 |
| &nbsp;&nbsp;&nbsp;Towd Point Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R1, Class A1<br> 2.92%, 11/30/2060\*(2) | &nbsp;&nbsp; 201957 | &nbsp;&nbsp;&nbsp;&nbsp; 173433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005717 |
| **U.S. Government Agency — 2.4%** | **U.S. Government Agency — 2.4%** | **U.S. Government Agency — 2.4%** |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A<br> 2.18%, 01/25/2051\*(2) | &nbsp;&nbsp; 158823 | &nbsp;&nbsp;&nbsp;&nbsp; 126373 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-KGX1, Class BFX<br> 3.59%, 10/25/2027\*(2) | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 60666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K58, Class B<br> 3.74%, 09/25/2049\*(2) | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 255839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K56, Class B<br> 3.95%, 06/25/2049\*(2) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49334 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Structured Credit Risk FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-MN2, Class M1<br> 6.12%, (SOFR30A+1.80%), 07/25/2041\* | &nbsp;&nbsp; 26878 | &nbsp;&nbsp;&nbsp;&nbsp; 26384 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5174, Class IG<br> 3.00%, 01/25/2050(3) | &nbsp;&nbsp; 434527 | &nbsp;&nbsp;&nbsp;&nbsp; 56066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3910, Class CU<br> 4.00%, 03/15/2041 | &nbsp;&nbsp; 25256 | &nbsp;&nbsp;&nbsp;&nbsp; 24571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/25/2050(3) | &nbsp;&nbsp; 424366 | &nbsp;&nbsp;&nbsp;&nbsp; 88486 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. SCRT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class MT<br> 3.00%, 11/25/2063 | &nbsp;&nbsp; 219093 | &nbsp;&nbsp;&nbsp;&nbsp; 182774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class MTU<br> 3.25%, 11/25/2061 | &nbsp;&nbsp; 43417 | &nbsp;&nbsp;&nbsp;&nbsp; 36991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class M60C<br> 3.50%, 05/25/2057 | &nbsp;&nbsp; 87367 | &nbsp;&nbsp;&nbsp;&nbsp; 79785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class MT<br> 3.50%, 07/25/2058 | &nbsp;&nbsp; 43003 | &nbsp;&nbsp;&nbsp;&nbsp; 38062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class MB<br> 3.50%, 10/25/2058 | &nbsp;&nbsp; 124777 | &nbsp;&nbsp;&nbsp;&nbsp; 100404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class MT<br> 3.50%, 05/25/2064 | &nbsp;&nbsp; 105552 | &nbsp;&nbsp;&nbsp;&nbsp; 90718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class M55D<br> 4.00%, 11/25/2057 | &nbsp;&nbsp; 147856 | &nbsp;&nbsp;&nbsp;&nbsp; 138133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class M55D<br> 4.00%, 03/25/2058 | &nbsp;&nbsp; 112503 | &nbsp;&nbsp;&nbsp;&nbsp; 105556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class M55D<br> 4.00%, 08/25/2058 | &nbsp;&nbsp; 130850 | &nbsp;&nbsp;&nbsp;&nbsp; 121535 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class M55D<br> 4.00%, 10/25/2058 | $121690 | &nbsp;&nbsp;$113468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class M55D<br> 4.00%, 02/25/2059 | &nbsp;&nbsp; 44767 | &nbsp;&nbsp;&nbsp;&nbsp; 41438 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. SCRT VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3, Class M55D<br> 4.00%, 08/25/2057(2) | &nbsp;&nbsp; 114986 | &nbsp;&nbsp;&nbsp;&nbsp; 106782 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/15/2047 | &nbsp;&nbsp; 73128 | &nbsp;&nbsp;&nbsp;&nbsp; 62075 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-01, Class M7<br> 8.32%, (SOFR30A+4.00%), 11/25/2053\* | &nbsp;&nbsp; 103860 | &nbsp;&nbsp;&nbsp;&nbsp; 107722 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. Grantor Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-T12, Class A1<br> 6.50%, 08/25/2041 | &nbsp;&nbsp; 60736 | &nbsp;&nbsp;&nbsp;&nbsp; 61253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-T4, Class A1<br> 6.50%, 12/25/2041 | &nbsp;&nbsp; 7143 | &nbsp;&nbsp;&nbsp;&nbsp; 7331 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-M3, Class 1A1<br> 1.00%, 11/25/2033 | &nbsp;&nbsp; 8221 | &nbsp;&nbsp;&nbsp;&nbsp; 8168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-72, Class VB<br> 3.50%, 10/25/2031 | &nbsp;&nbsp; 132669 | &nbsp;&nbsp;&nbsp;&nbsp; 129199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-7, Class CA<br> 3.50%, 11/25/2057 | &nbsp;&nbsp; 166997 | &nbsp;&nbsp;&nbsp;&nbsp; 160062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-M2, Class A2<br> 3.75%, 08/25/2033 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 181103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35, Class VA<br> 4.00%, 07/25/2028 | &nbsp;&nbsp; 50674 | &nbsp;&nbsp;&nbsp;&nbsp; 50255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-22, Class BI<br> 4.00%, 04/25/2051(3) | &nbsp;&nbsp; 433419 | &nbsp;&nbsp;&nbsp;&nbsp; 95077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-W3, Class A4<br> 6.50%, 11/25/2041 | &nbsp;&nbsp; 67702 | &nbsp;&nbsp;&nbsp;&nbsp; 68728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-W8, Class A1<br> 6.50%, 06/25/2042 | &nbsp;&nbsp; 34379 | &nbsp;&nbsp;&nbsp;&nbsp; 35753 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M1S, Class A2<br> 2.08%, 04/25/2032(2) | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 192629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M2S, Class A1<br> 3.75%, 05/25/2032(2) | &nbsp;&nbsp; 111525 | &nbsp;&nbsp;&nbsp;&nbsp; 109437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-M8, Class A2<br> 4.47%, 03/25/2033(2) | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 108995 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-123, Class LB<br> 1.00%, 08/20/2050 | &nbsp;&nbsp; 153277 | &nbsp;&nbsp;&nbsp;&nbsp; 125917 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-H14, Class YD<br> 7.30%, 06/20/2071(2) | &nbsp;&nbsp; 129189 | &nbsp;&nbsp;&nbsp;&nbsp; 108098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455167 |
| **Total Collateralized Mortgage Obligations<br> (cost $5,745,641)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460884 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 19.1%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 19.1%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 19.1%** |
| **U.S. Government — 10.2%** | **U.S. Government — 10.2%** | **U.S. Government — 10.2%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 05/15/2040 to 08/15/2040 | &nbsp;&nbsp;2277000 | &nbsp;&nbsp;&nbsp;&nbsp; 1374180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2040 to 08/15/2050 | &nbsp;&nbsp;1809000 | &nbsp;&nbsp;&nbsp;&nbsp; 971396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/15/2050 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 410750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 to 11/15/2051 | &nbsp;&nbsp; 696000 | &nbsp;&nbsp;&nbsp;&nbsp; 378814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp;1308000 | &nbsp;&nbsp;&nbsp;&nbsp; 778873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 288515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 373712 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | $105000 | &nbsp;&nbsp;$82757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 218138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2043 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 43812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 70008 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 02/15/2032 to 05/15/2041 | &nbsp;&nbsp;1825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1234083 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2031# | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 483544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032# | &nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1380129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/31/2029# | &nbsp;&nbsp; 459000 | &nbsp;&nbsp;&nbsp;&nbsp; 444566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033# | &nbsp;&nbsp;3310000 | &nbsp;&nbsp;&nbsp;&nbsp; 3219751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 258924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;2880000 | &nbsp;&nbsp;&nbsp;&nbsp; 2851650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14863602 |
| **U.S. Government Agency — 8.9%** | **U.S. Government Agency — 8.9%** | **U.S. Government Agency — 8.9%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2051 | &nbsp;&nbsp; 152754 | &nbsp;&nbsp;&nbsp;&nbsp; 125651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2052 | &nbsp;&nbsp; 88470 | &nbsp;&nbsp;&nbsp;&nbsp; 76090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 08/01/2032 | &nbsp;&nbsp; 238542 | &nbsp;&nbsp;&nbsp;&nbsp; 222588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2042 to 01/01/2050 | &nbsp;&nbsp; 175214 | &nbsp;&nbsp;&nbsp;&nbsp; 159090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 10/01/2034 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2052 | &nbsp;&nbsp; 31738 | &nbsp;&nbsp;&nbsp;&nbsp; 29182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2052 | &nbsp;&nbsp; 50686 | &nbsp;&nbsp;&nbsp;&nbsp; 48757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2055 | &nbsp;&nbsp; 147615 | &nbsp;&nbsp;&nbsp;&nbsp; 146505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2054 | &nbsp;&nbsp; 157568 | &nbsp;&nbsp;&nbsp;&nbsp; 160418 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 01/01/2031 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 256508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%, 12/01/2030 | &nbsp;&nbsp; 237453 | &nbsp;&nbsp;&nbsp;&nbsp; 206796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%, 06/01/2035 | &nbsp;&nbsp; 98598 | &nbsp;&nbsp;&nbsp;&nbsp; 79355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 10/01/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 359810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 to 01/01/2052 | &nbsp;&nbsp; 818202 | &nbsp;&nbsp;&nbsp;&nbsp; 675081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2050 to 03/01/2061 | &nbsp;&nbsp; 454735 | &nbsp;&nbsp;&nbsp;&nbsp; 387300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 10/01/2032 | &nbsp;&nbsp; 137688 | &nbsp;&nbsp;&nbsp;&nbsp; 125533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%, 07/01/2032 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 77349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 09/01/2033 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 93603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 07/01/2032 | &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 214688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41%, 03/01/2033 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 97558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 08/01/2033 | &nbsp;&nbsp; 137309 | &nbsp;&nbsp;&nbsp;&nbsp; 125657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2052 to 11/01/2059 | &nbsp;&nbsp; 332578 | &nbsp;&nbsp;&nbsp;&nbsp; 295408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68%, 01/01/2032 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 151903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 12/01/2025 | &nbsp;&nbsp; 34158 | &nbsp;&nbsp;&nbsp;&nbsp; 33938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 10/01/2032 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 132531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2049 to 08/01/2059 | &nbsp;&nbsp; 751418 | &nbsp;&nbsp;&nbsp;&nbsp; 696990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 07/01/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/01/2032 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 149924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 11/01/2030 | &nbsp;&nbsp; 34187 | &nbsp;&nbsp;&nbsp;&nbsp; 33786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31%, 10/01/2032 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 234197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 02/01/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 106529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 01/01/2033 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 161446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 12/01/2032 | &nbsp;&nbsp; 154366 | &nbsp;&nbsp;&nbsp;&nbsp; 152392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2052 | &nbsp;&nbsp; 118177 | &nbsp;&nbsp;&nbsp;&nbsp; 113291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74%, 04/01/2031 | &nbsp;&nbsp; 127895 | &nbsp;&nbsp;&nbsp;&nbsp; 129300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%, 01/01/2030 | &nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 383396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83%, 12/01/2029 | &nbsp;&nbsp; 221000 | &nbsp;&nbsp;&nbsp;&nbsp; 225237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 10/01/2032 | &nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 114911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2053 | &nbsp;&nbsp; 123723 | &nbsp;&nbsp;&nbsp;&nbsp; 119947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 03/01/2028 | &nbsp;&nbsp; 64826 | &nbsp;&nbsp;&nbsp;&nbsp; 65909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 07/01/2030 | &nbsp;&nbsp; 198773 | &nbsp;&nbsp;&nbsp;&nbsp; 207086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2052 to 11/01/2053 | &nbsp;&nbsp; 284065 | &nbsp;&nbsp;&nbsp;&nbsp; 287754 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%, 11/01/2032(2) | &nbsp;&nbsp; 534030 | &nbsp;&nbsp;&nbsp;&nbsp; 433552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 11/01/2032(2) | &nbsp;&nbsp; 214418 | &nbsp;&nbsp;&nbsp;&nbsp; 174528 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |  |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |  |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/20/2050 | $172690 | &nbsp;&nbsp;$143295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2051 to 07/20/2051 | &nbsp;&nbsp;1740680 | &nbsp;&nbsp;&nbsp;&nbsp; 1522233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/20/2051 to 02/20/2052 | &nbsp;&nbsp;1864304 | &nbsp;&nbsp;&nbsp;&nbsp; 1659553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/20/2038 to 08/20/2052 | &nbsp;&nbsp; 341588 | &nbsp;&nbsp;&nbsp;&nbsp; 319161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/20/2031 to 05/20/2052 | &nbsp;&nbsp; 124686 | &nbsp;&nbsp;&nbsp;&nbsp; 119684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/20/2052 to 08/20/2052 | &nbsp;&nbsp; 354640 | &nbsp;&nbsp;&nbsp;&nbsp; 344393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/20/2063 | &nbsp;&nbsp; 43385 | &nbsp;&nbsp;&nbsp;&nbsp; 42808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/20/2053 to 06/20/2063 | &nbsp;&nbsp; 186597 | &nbsp;&nbsp;&nbsp;&nbsp; 189181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/20/2054 | &nbsp;&nbsp; 69526 | &nbsp;&nbsp;&nbsp;&nbsp; 73089 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/20/2053 | &nbsp;&nbsp; 157141 | &nbsp;&nbsp;&nbsp;&nbsp; 165386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12839096 |
| **Total U.S. Government & Agency Obligations<br> (cost $30,828,319)** |  | &nbsp;&nbsp;&nbsp;&nbsp;27702698 |
| **MUNICIPAL SECURITIES — 0.0%** | **MUNICIPAL SECURITIES — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Texas Natural Gas Securitization Finance Corp.<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 04/01/2041<br> (cost $30,000) | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29807 |
| **Total Long-Term Investment Securities<br> (cost $130,743,931)** |  | &nbsp;&nbsp;&nbsp;&nbsp;142521673 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(4)(5)<br> (cost $202,580) | &nbsp;&nbsp; 202580 | &nbsp;&nbsp;&nbsp;&nbsp; 202580 |
| **REPURCHASE AGREEMENTS — 1.7%** | **REPURCHASE AGREEMENTS — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $2,523,754 and collateralized by $2,535,600 of United States Treasury Inflation Indexed Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $2,573,952<br> (cost $2,523,468) | &nbsp;&nbsp;2523469 | &nbsp;&nbsp;&nbsp;&nbsp; 2523468 |
| **TOTAL INVESTMENTS<br> (cost $133,469,979)(6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;145247721 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160186) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$145087535 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Asset Allocation Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $11,885,687 representing 8.2% of net assets. |

---

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

(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of May 31, 2025.

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

(3) Interest Only

(4) The rate shown is the 7-day yield as of May 31, 2025.

(5) At May 31, 2025, the Fund had loaned securities with a total value of $4,872,513. This was secured by collateral of $202,580, which was received in cash and subsequently invested in short-term investments currently valued at $202,580 as reported in the Portfolio of Investments. Additional collateral of $4,892,428 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Home Loan Mtg. Corp. | 1.50% to 9.50% | 06/01/2025 to 04/25/2055 | $1663511 |
| Federal National Mtg. Assoc. | 1.50% to 9.00% | 06/01/2025 to 03/01/2062 | &nbsp;&nbsp;&nbsp;1047854 |
| Government National Mtg. Assoc. | 1.50% to 7.50% | 06/15/2025 to 01/16/2067 | &nbsp;&nbsp;&nbsp;1993968 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;187095 |

---

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

---

| |
|:---|
| DAC—Designated Activity Company |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SCRT—Structured Credit Risk Transfer |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| STRIPS—Separate Trading of Registered Interest and Principal |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$87064503 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$87064503 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15725649 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15725649 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6538132 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538132 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5460884 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460884 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27702698 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27702698 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29807 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29807 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202580 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2523468 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523468 |
| **Total Investments at Value** | &nbsp;&nbsp;$87267083 | &nbsp;&nbsp;$57980638 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$145247721 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Capital Appreciation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12861 | &nbsp;&nbsp;$2322568 |
| **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10766 | &nbsp;&nbsp;&nbsp;&nbsp; 3461054 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25725 | &nbsp;&nbsp;&nbsp;&nbsp; 8912683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12373737 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041 | &nbsp;&nbsp;&nbsp;&nbsp; 802824 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41446 | &nbsp;&nbsp;&nbsp;&nbsp; 1783836 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;17347 | &nbsp;&nbsp;&nbsp;&nbsp; 1128596 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12837 | &nbsp;&nbsp;&nbsp;&nbsp; 5674596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8587028 |
| **Commercial Services — 4.2%** | **Commercial Services — 4.2%** | **Commercial Services — 4.2%** |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;37347 | &nbsp;&nbsp;&nbsp;&nbsp; 2306177 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12691 | &nbsp;&nbsp;&nbsp;&nbsp; 2422712 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;42634 | &nbsp;&nbsp;&nbsp;&nbsp; 2996318 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106674 | &nbsp;&nbsp;&nbsp;&nbsp; 6107086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13832293 |
| **Computers — 10.8%** | **Computers — 10.8%** | **Computers — 10.8%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110455 | &nbsp;&nbsp;&nbsp;&nbsp; 22184887 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10130 | &nbsp;&nbsp;&nbsp;&nbsp; 4774978 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;10743 | &nbsp;&nbsp;&nbsp;&nbsp; 1195373 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15730 | &nbsp;&nbsp;&nbsp;&nbsp; 2744728 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;78440 | &nbsp;&nbsp;&nbsp;&nbsp; 3376842 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;23858 | &nbsp;&nbsp;&nbsp;&nbsp; 1278550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35555358 |
| **Diversified Financial Services — 6.7%** | **Diversified Financial Services — 6.7%** | **Diversified Financial Services — 6.7%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;21461 | &nbsp;&nbsp;&nbsp;&nbsp; 6310607 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18298 | &nbsp;&nbsp;&nbsp;&nbsp; 1616445 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19022 | &nbsp;&nbsp;&nbsp;&nbsp; 11139283 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10804 | &nbsp;&nbsp;&nbsp;&nbsp; 1587972 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;15157 | &nbsp;&nbsp;&nbsp;&nbsp; 1292286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21946593 |
| **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18326 | &nbsp;&nbsp;&nbsp;&nbsp; 2942606 |
| **Engineering & Construction — 0.9%** | **Engineering & Construction — 0.9%** | **Engineering & Construction — 0.9%** |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;&nbsp;&nbsp; 2780199 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9692 | &nbsp;&nbsp;&nbsp;&nbsp; 707516 |
| **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp; 886286 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12012 | &nbsp;&nbsp;&nbsp;&nbsp; 3626543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512829 |
| **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21827 | &nbsp;&nbsp;&nbsp;&nbsp; 3291948 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289 | &nbsp;&nbsp;&nbsp;&nbsp; 1836288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128236 |
| **Internet — 21.2%** | **Internet — 21.2%** | **Internet — 21.2%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17530 | &nbsp;&nbsp;&nbsp;&nbsp; 3010602 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;67098 | &nbsp;&nbsp;&nbsp;&nbsp; 11597889 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;73272 | &nbsp;&nbsp;&nbsp;&nbsp; 15021493 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp; 5899736 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;30715 | &nbsp;&nbsp;&nbsp;&nbsp; 6408685 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26077 | &nbsp;&nbsp;&nbsp;&nbsp; 4348340 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126 | &nbsp;&nbsp;$1177478 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23593 | &nbsp;&nbsp;&nbsp;&nbsp; 15276232 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;40455 | &nbsp;&nbsp;&nbsp;&nbsp; 1258555 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;64721 | &nbsp;&nbsp;&nbsp;&nbsp; 5446919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;69445929 |
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10479 | &nbsp;&nbsp;&nbsp;&nbsp; 1137705 |
| **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27672 | &nbsp;&nbsp;&nbsp;&nbsp; 4273664 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26636 | &nbsp;&nbsp;&nbsp;&nbsp; 2285369 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;10273 | &nbsp;&nbsp;&nbsp;&nbsp; 7578084 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8808 | &nbsp;&nbsp;&nbsp;&nbsp; 1083560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15220677 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182 | &nbsp;&nbsp;&nbsp;&nbsp; 991092 |
| **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815 | &nbsp;&nbsp;&nbsp;&nbsp; 864824 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 895774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760598 |
| **Semiconductors — 15.1%** | **Semiconductors — 15.1%** | **Semiconductors — 15.1%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66182 | &nbsp;&nbsp;&nbsp;&nbsp; 16020677 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;228327 | &nbsp;&nbsp;&nbsp;&nbsp; 30853827 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18895 | &nbsp;&nbsp;&nbsp;&nbsp; 2743554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;49618058 |
| **Software — 18.3%** | **Software — 18.3%** | **Software — 18.3%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19120 | &nbsp;&nbsp;&nbsp;&nbsp; 7936521 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235 | &nbsp;&nbsp;&nbsp;&nbsp; 1846308 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;200246 | &nbsp;&nbsp;&nbsp;&nbsp; 2751380 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14773 | &nbsp;&nbsp;&nbsp;&nbsp; 797890 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764 | &nbsp;&nbsp;&nbsp;&nbsp; 2220384 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56950 | &nbsp;&nbsp;&nbsp;&nbsp; 26217502 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21454 | &nbsp;&nbsp;&nbsp;&nbsp; 5693248 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7772 | &nbsp;&nbsp;&nbsp;&nbsp; 7858191 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp; 971958 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14320 | &nbsp;&nbsp;&nbsp;&nbsp; 3547207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;59840589 |
| **Telecommunications — 3.0%** | **Telecommunications — 3.0%** | **Telecommunications — 3.0%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;76326 | &nbsp;&nbsp;&nbsp;&nbsp; 6612885 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp;&nbsp;&nbsp; 892236 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178 | &nbsp;&nbsp;&nbsp;&nbsp; 2222911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9728032 |
| **Total Long-Term Investment Securities<br> (cost $263,259,852)** |  | &nbsp;&nbsp;&nbsp;&nbsp;319234467 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Capital Appreciation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** |  |
| **Unaffiliated Investment Companies — 2.2%** | **Unaffiliated Investment Companies — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(1)<br> (cost $7,172,629) | 7172629 | &nbsp;&nbsp;$7172629 |
| **TOTAL INVESTMENTS<br> (cost $270,432,481)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.6% | &nbsp;&nbsp;&nbsp;&nbsp;326407096 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409971 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$327817067 |

---

† Non-income producing security

(1) The rate shown is the 7-day yield as of May 31, 2025.

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$319234467 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$319234467 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7172629 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7172629 |
| **Total Investments at Value** | &nbsp;&nbsp;$326407096 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$326407096 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Conservative Growth Lifestyle Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 99.2%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.2%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.2%** |
| **Domestic Fixed Income Investment Companies — 62.7%** | **Domestic Fixed Income Investment Companies — 62.7%** | **Domestic Fixed Income Investment Companies — 62.7%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | 17828581 | &nbsp;&nbsp;$172402374 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;412998 | &nbsp;&nbsp;&nbsp;&nbsp; 2870338 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $182,064,686)** |  | &nbsp;&nbsp;&nbsp;&nbsp;175272712 |
| **Domestic Equity Investment Companies — 26.5%** | **Domestic Equity Investment Companies — 26.5%** | **Domestic Equity Investment Companies — 26.5%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;180082 | &nbsp;&nbsp;&nbsp;&nbsp; 2830888 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;252101 | &nbsp;&nbsp;&nbsp;&nbsp; 2757979 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;743463 | &nbsp;&nbsp;&nbsp;&nbsp; 43403344 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;733159 | &nbsp;&nbsp;&nbsp;&nbsp; 13292174 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;805568 | &nbsp;&nbsp;&nbsp;&nbsp; 11914355 |
| **Total Domestic Equity Investment Companies<br> (cost $65,983,183)** |  | &nbsp;&nbsp;&nbsp;&nbsp;74198740 |
| **International Equity Investment Companies — 10.0%** | **International Equity Investment Companies — 10.0%** | **International Equity Investment Companies — 10.0%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund<br> (cost $23,782,926) | 3096593 | &nbsp;&nbsp;&nbsp;&nbsp; 27962238 |
| **Total Long-Term Investment Securities<br> (cost $271,830,795)** |  | &nbsp;&nbsp;&nbsp;&nbsp;277433690 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |  |
| **Unaffiliated Investment Companies — 0.4%** | **Unaffiliated Investment Companies — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(2)<br> (cost $1,246,085) | 1246085 | &nbsp;&nbsp;$1246086 |
| **TOTAL INVESTMENTS<br> (cost $273,076,880)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.6% | &nbsp;&nbsp;&nbsp;&nbsp;278679776 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069527 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$279749303 |

---

# The VALIC Company I Conservative Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds' prospectuses and shareholder reports are available at our website, www.corebridgefinancial.com/rs.

(1) See Note 8.

(2) The rate shown is the 7-day yield as of May 31, 2025.

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$277433690 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$277433690 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246086 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246086 |
| **Total Investments at Value** | &nbsp;&nbsp;$278679776 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$278679776 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 30.9%** | **CORPORATE BONDS & NOTES — 30.9%** | **CORPORATE BONDS & NOTES — 30.9%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29%, 04/15/2029\* | $850000 | &nbsp;&nbsp;$805379 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 11/01/2034 | &nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 260013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065392 |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/26/2054\* | &nbsp;&nbsp; 272000 | &nbsp;&nbsp;&nbsp;&nbsp; 261320 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2046 | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 727002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2034 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 220564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2050# | &nbsp;&nbsp; 709000 | &nbsp;&nbsp;&nbsp;&nbsp; 485734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 276247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp; 1323000 | &nbsp;&nbsp;&nbsp;&nbsp; 1224839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 316582 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/2031 | &nbsp;&nbsp; 1161000 | &nbsp;&nbsp;&nbsp;&nbsp; 1184399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp; 1642000 | &nbsp;&nbsp;&nbsp;&nbsp; 1664015 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 06/15/2050 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 3649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/15/2031 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 527700 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/27/2053 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1510921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 03/15/2054 | &nbsp;&nbsp; 598000 | &nbsp;&nbsp;&nbsp;&nbsp; 637922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10342204 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| &nbsp;&nbsp;&nbsp;Bunge, Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 09/17/2034 | &nbsp;&nbsp; 809000 | &nbsp;&nbsp;&nbsp;&nbsp; 778001 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/20/2035\* | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 300315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078316 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2026\* | &nbsp;&nbsp; 747000 | &nbsp;&nbsp;&nbsp;&nbsp; 737577 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2028\*# | &nbsp;&nbsp; 163000 | &nbsp;&nbsp;&nbsp;&nbsp; 164629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2029\*# | &nbsp;&nbsp; 532000 | &nbsp;&nbsp;&nbsp;&nbsp; 551213 |
| &nbsp;&nbsp;&nbsp;British Airways Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2036\* | &nbsp;&nbsp; 1509988 | &nbsp;&nbsp;&nbsp;&nbsp; 1347693 |
| &nbsp;&nbsp;&nbsp;Latam Airlines Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2030\*# | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 401600 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 08/15/2038 | &nbsp;&nbsp; 2030177 | &nbsp;&nbsp;&nbsp;&nbsp; 2016598 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2029\* | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 289705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509015 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 02/20/2054 | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp;&nbsp; 163813 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/14/2031\* | &nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 380160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/13/2028\* | &nbsp;&nbsp; 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 244458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/25/2027\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 161577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 01/19/2028\* | &nbsp;&nbsp; 947000 | &nbsp;&nbsp;&nbsp;&nbsp; 957808 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/13/2030 | &nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp;&nbsp; 393628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 11/05/2031 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 925594 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/15/2028 | $492000 | &nbsp;&nbsp;$495971 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/10/2031# | &nbsp;&nbsp; 413000 | &nbsp;&nbsp;&nbsp;&nbsp; 354422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/18/2031 | &nbsp;&nbsp; 1458000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/08/2031 | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 213350 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 09/26/2029\* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 588222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/25/2027\* | &nbsp;&nbsp; 402000 | &nbsp;&nbsp;&nbsp;&nbsp; 401457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2027\* | &nbsp;&nbsp; 812000 | &nbsp;&nbsp;&nbsp;&nbsp; 811010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/19/2029\* | &nbsp;&nbsp; 767000 | &nbsp;&nbsp;&nbsp;&nbsp; 774307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/26/2025\* | &nbsp;&nbsp; 573000 | &nbsp;&nbsp;&nbsp;&nbsp; 573261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/16/2029\* | &nbsp;&nbsp; 566000 | &nbsp;&nbsp;&nbsp;&nbsp; 591301 |
| &nbsp;&nbsp;&nbsp;Stellantis Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/18/2030\* | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 481123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 03/18/2035\* | &nbsp;&nbsp; 552000 | &nbsp;&nbsp;&nbsp;&nbsp; 545735 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/10/2031 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 218029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10739216 |
| **Banks — 8.3%** | **Banks — 8.3%** | **Banks — 8.3%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 12/03/2035\* | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1403030 |
| &nbsp;&nbsp;&nbsp;ABQ Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 09/08/2025 | &nbsp;&nbsp; 548000 | &nbsp;&nbsp;&nbsp;&nbsp; 542787 |
| &nbsp;&nbsp;&nbsp;AIB Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 05/15/2031\* | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1225711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 03/28/2035\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.61%, 09/13/2029\* | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 920376 |
| &nbsp;&nbsp;&nbsp;Banco General SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/07/2027 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 589764 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 01/17/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 411158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, 08/08/2028 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1439158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 03/14/2034 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94%, 11/07/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 779868 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%, 04/22/2042 | &nbsp;&nbsp; 1036000 | &nbsp;&nbsp;&nbsp;&nbsp; 772143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 12/20/2028 | &nbsp;&nbsp; 348000 | &nbsp;&nbsp;&nbsp;&nbsp; 337666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 | &nbsp;&nbsp; 2597000 | &nbsp;&nbsp;&nbsp;&nbsp; 2325899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 02/07/2030 | &nbsp;&nbsp; 1423000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 04/23/2040 | &nbsp;&nbsp; 2439000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 11/25/2027 | &nbsp;&nbsp; 2581000 | &nbsp;&nbsp;&nbsp;&nbsp; 2558703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 | &nbsp;&nbsp; 1128000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 842298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 08/15/2035 | &nbsp;&nbsp; 453000 | &nbsp;&nbsp;&nbsp;&nbsp; 443873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp; 1508000 | &nbsp;&nbsp;&nbsp;&nbsp; 1480219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 246588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 | &nbsp;&nbsp; 823000 | &nbsp;&nbsp;&nbsp;&nbsp; 852338 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/20/2030\* | &nbsp;&nbsp; 3640000 | &nbsp;&nbsp;&nbsp;&nbsp; 3717078 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64%, 09/10/2030 | &nbsp;&nbsp; 457000 | &nbsp;&nbsp;&nbsp;&nbsp; 456647 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/11/2031 | &nbsp;&nbsp; 812000 | &nbsp;&nbsp;&nbsp;&nbsp; 820633 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59%, 05/04/2037 | &nbsp;&nbsp; 991000 | &nbsp;&nbsp;&nbsp;&nbsp; 923652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/01/2034 | &nbsp;&nbsp; 1529000 | &nbsp;&nbsp;&nbsp;&nbsp; 1581910 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/11/2030# | &nbsp;&nbsp; 1368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341737 |
| &nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 01/22/2030\* | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190177 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 09/23/2035 | $1300000 | &nbsp;&nbsp;$1184556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 09/10/2030 | &nbsp;&nbsp; 1161000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 02/25/2031 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 544670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 02/25/2036 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 516130 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68%, 06/30/2027\* | &nbsp;&nbsp; 1556000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 05/09/2031\* | &nbsp;&nbsp; 817000 | &nbsp;&nbsp;&nbsp;&nbsp; 817483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, 11/19/2030\* | &nbsp;&nbsp; 5298000 | &nbsp;&nbsp;&nbsp;&nbsp; 5349095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 01/13/2033\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 860405 |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 10/19/2042\* | &nbsp;&nbsp; 674000 | &nbsp;&nbsp;&nbsp;&nbsp; 474214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 05/28/2031\* | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/14/2031\* | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 956042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 05/30/2035\* | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 425298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03%, 05/28/2036\* | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp;&nbsp; 1684635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29%, 01/14/2036\* | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1261255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.92%, 01/14/2046\* | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 258632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/19/2034\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083211 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 06/15/2035\* | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1432505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68%, 09/13/2027\* | &nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212332 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/11/2030 | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501769 |
| &nbsp;&nbsp;&nbsp;CBQ Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/15/2025 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 594240 |
| &nbsp;&nbsp;&nbsp;Citibank, N.A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 05/29/2030 | &nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 672677 |
| &nbsp;&nbsp;&nbsp;Citibank, N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 04/30/2034 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 665562 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 06/03/2031 | &nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 374442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 01/29/2031 | &nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 350483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/03/2042 | &nbsp;&nbsp; 582000 | &nbsp;&nbsp;&nbsp;&nbsp; 400189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%, 07/24/2028 | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 206304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 2307000 | &nbsp;&nbsp;&nbsp;&nbsp; 2297509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp; 2435000 | &nbsp;&nbsp;&nbsp;&nbsp; 2405024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/07/2031 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3247782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/19/2039 | &nbsp;&nbsp; 1122000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/22/2033 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 815104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/31/2033 | &nbsp;&nbsp; 1634000 | &nbsp;&nbsp;&nbsp;&nbsp; 1692480 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 09/30/2032 | &nbsp;&nbsp; 1324000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 07/23/2032 | &nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 680914 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/24/2026\* | &nbsp;&nbsp; 4601000 | &nbsp;&nbsp;&nbsp;&nbsp; 4544738 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA/NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/21/2028 | &nbsp;&nbsp; 828000 | &nbsp;&nbsp;&nbsp;&nbsp; 841258 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 05/27/2031\* | &nbsp;&nbsp; 1427000 | &nbsp;&nbsp;&nbsp;&nbsp; 1439526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/09/2029\* | &nbsp;&nbsp; 931000 | &nbsp;&nbsp;&nbsp;&nbsp; 940813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/12/2028\* | &nbsp;&nbsp; 2064000 | &nbsp;&nbsp;&nbsp;&nbsp; 2107158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86%, 01/09/2036\* | &nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1285141 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02%, 11/15/2033\* | &nbsp;&nbsp; 484000 | &nbsp;&nbsp;&nbsp;&nbsp; 591153 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 10/02/2030\* | &nbsp;&nbsp; 1001000 | &nbsp;&nbsp;&nbsp;&nbsp; 990078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 03/04/2031\* | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 832921 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82%, 03/10/2031 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 547784 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 01/07/2028 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 915571 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/18/2031 | $824000 | &nbsp;&nbsp;$759321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 01/14/2032 | &nbsp;&nbsp; 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 217077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 01/07/2033 | &nbsp;&nbsp; 1426000 | &nbsp;&nbsp;&nbsp;&nbsp; 1255221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/11/2030 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 821370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/09/2031 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 1937675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 01/10/2029 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 687693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/11/2035 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 834372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 05/10/2029 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 303646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72%, 01/18/2029 | &nbsp;&nbsp; 274000 | &nbsp;&nbsp;&nbsp;&nbsp; 285948 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 11/05/2030\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004425 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 01/28/2028 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 436734 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 04/04/2034 | &nbsp;&nbsp; 708000 | &nbsp;&nbsp;&nbsp;&nbsp; 728461 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/12/2040 | &nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 312505 |
| &nbsp;&nbsp;&nbsp;First Horizon Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/01/2030# | &nbsp;&nbsp; 1248000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256121 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 03/07/2031 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 362069 |
| &nbsp;&nbsp;&nbsp;FNB Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 12/11/2030 | &nbsp;&nbsp; 666000 | &nbsp;&nbsp;&nbsp;&nbsp; 658867 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 09/10/2027 | &nbsp;&nbsp; 1642000 | &nbsp;&nbsp;&nbsp;&nbsp; 1576643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 1898000 | &nbsp;&nbsp;&nbsp;&nbsp; 1633269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21%, 04/22/2042 | &nbsp;&nbsp; 1469000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2030 | &nbsp;&nbsp; 606000 | &nbsp;&nbsp;&nbsp;&nbsp; 584644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 05/01/2029 | &nbsp;&nbsp; 2903000 | &nbsp;&nbsp;&nbsp;&nbsp; 2873074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 308889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 136153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 07/23/2035 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 287542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 01/28/2056 | &nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 376124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2037 | &nbsp;&nbsp; 1618000 | &nbsp;&nbsp;&nbsp;&nbsp; 1740325 |
| &nbsp;&nbsp;&nbsp;Gulf International Bank BSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/05/2029 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 617304 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 05/17/2032 | &nbsp;&nbsp; 868000 | &nbsp;&nbsp;&nbsp;&nbsp; 890274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 11/18/2035 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 738260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33%, 03/09/2044 | &nbsp;&nbsp; 3508000 | &nbsp;&nbsp;&nbsp;&nbsp; 3681397 |
| &nbsp;&nbsp;&nbsp;HSBC USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/03/2028 | &nbsp;&nbsp; 514000 | &nbsp;&nbsp;&nbsp;&nbsp; 515445 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27%, 01/15/2031 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 515523 |
| &nbsp;&nbsp;&nbsp;ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 07/01/2026\* | &nbsp;&nbsp; 2577000 | &nbsp;&nbsp;&nbsp;&nbsp; 2569667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 03/25/2029 | &nbsp;&nbsp; 314000 | &nbsp;&nbsp;&nbsp;&nbsp; 315242 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/01/2042\* | &nbsp;&nbsp; 786000 | &nbsp;&nbsp;&nbsp;&nbsp; 619434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78%, 06/20/2054\* | &nbsp;&nbsp; 894000 | &nbsp;&nbsp;&nbsp;&nbsp; 975582 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%, 06/01/2029 | &nbsp;&nbsp; 3246000 | &nbsp;&nbsp;&nbsp;&nbsp; 3019007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/19/2041 | &nbsp;&nbsp; 2736000 | &nbsp;&nbsp;&nbsp;&nbsp; 1867471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 11/08/2032 | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 266905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 05/01/2028 | &nbsp;&nbsp; 2232000 | &nbsp;&nbsp;&nbsp;&nbsp; 2191153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp; 496000 | &nbsp;&nbsp;&nbsp;&nbsp; 494981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/25/2033 | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 305238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 11/29/2045 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 225258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/2034 | &nbsp;&nbsp; 537000 | &nbsp;&nbsp;&nbsp;&nbsp; 574231 |
| &nbsp;&nbsp;&nbsp;KBC Group NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 10/16/2030\* | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 612097 |
| &nbsp;&nbsp;&nbsp;KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 05/20/2026 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1539206 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/08/2032 | $782000 | &nbsp;&nbsp;$737566 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/04/2031# | &nbsp;&nbsp; 1297000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294239 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/05/2035 | &nbsp;&nbsp; 977000 | &nbsp;&nbsp;&nbsp;&nbsp; 987358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/05/2030 | &nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 2537785 |
| &nbsp;&nbsp;&nbsp;Mashreqbank PSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/24/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 736950 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 04/24/2031 | &nbsp;&nbsp; 319000 | &nbsp;&nbsp;&nbsp;&nbsp; 323405 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 07/06/2029 | &nbsp;&nbsp; 1431000 | &nbsp;&nbsp;&nbsp;&nbsp; 1477658 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 07/20/2027 | &nbsp;&nbsp; 1869000 | &nbsp;&nbsp;&nbsp;&nbsp; 1803329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%, 05/04/2027 | &nbsp;&nbsp; 654000 | &nbsp;&nbsp;&nbsp;&nbsp; 635500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 488877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22%, 04/22/2042 | &nbsp;&nbsp; 2102000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 04/01/2031 | &nbsp;&nbsp; 641000 | &nbsp;&nbsp;&nbsp;&nbsp; 607776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 | &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 220519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04%, 07/19/2030 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 666555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 01/16/2030 | &nbsp;&nbsp; 534000 | &nbsp;&nbsp;&nbsp;&nbsp; 542205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 | &nbsp;&nbsp; 1133000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 | &nbsp;&nbsp; 1262000 | &nbsp;&nbsp;&nbsp;&nbsp; 1253772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 11/19/2055 | &nbsp;&nbsp; 462000 | &nbsp;&nbsp;&nbsp;&nbsp; 440199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 | &nbsp;&nbsp; 894000 | &nbsp;&nbsp;&nbsp;&nbsp; 902313 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%, 07/22/2028(1) | &nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 1945641 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/26/2028 | &nbsp;&nbsp; 312000 | &nbsp;&nbsp;&nbsp;&nbsp; 317601 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64%, 06/14/2027 | &nbsp;&nbsp; 1452000 | &nbsp;&nbsp;&nbsp;&nbsp; 1406888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03%, 11/28/2035 | &nbsp;&nbsp; 947000 | &nbsp;&nbsp;&nbsp;&nbsp; 839421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 05/08/2030 | &nbsp;&nbsp; 778000 | &nbsp;&nbsp;&nbsp;&nbsp; 765044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 05/18/2029 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 757494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96%, 08/15/2030 | &nbsp;&nbsp; 671000 | &nbsp;&nbsp;&nbsp;&nbsp; 672287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/23/2031 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 943653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/10/2025(2) | &nbsp;&nbsp; 1096000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099262 |
| &nbsp;&nbsp;&nbsp;NatWest Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79%, 03/21/2028\*# | &nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 530490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 05/17/2029\* | &nbsp;&nbsp; 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1953512 |
| &nbsp;&nbsp;&nbsp;Nbk Tier 2, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/24/2030 | &nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 730059 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 09/22/2027\* | &nbsp;&nbsp; 1556000 | &nbsp;&nbsp;&nbsp;&nbsp; 1584934 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 10/21/2032 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 661643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/13/2031 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 875874 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/06/2035 | &nbsp;&nbsp; 557000 | &nbsp;&nbsp;&nbsp;&nbsp; 547056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/06/2030 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 547149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 12/10/2037 | &nbsp;&nbsp; 769000 | &nbsp;&nbsp;&nbsp;&nbsp; 845851 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 03/27/2028 | &nbsp;&nbsp; 884000 | &nbsp;&nbsp;&nbsp;&nbsp; 887005 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 01/09/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2063400 |
| &nbsp;&nbsp;&nbsp;Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 09/11/2030 | &nbsp;&nbsp; 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1861640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 04/15/2031 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 930695 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/24/2028 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 808128 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Signature Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030 | $740000 | &nbsp;&nbsp;$421800 |
| &nbsp;&nbsp;&nbsp;SNB Sukuk, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/27/2029 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 555854 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/19/2027\* | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 779550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 05/22/2031\* | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/13/2033\* | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2304188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 01/10/2029\* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2586828 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01%, 10/15/2030\* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 549549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 05/14/2028\* | &nbsp;&nbsp; 609000 | &nbsp;&nbsp;&nbsp;&nbsp; 618162 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%, 07/09/2044 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 333897 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/10/2027\* | &nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 527889 |
| &nbsp;&nbsp;&nbsp;Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 11/16/2026\*# | &nbsp;&nbsp; 3767000 | &nbsp;&nbsp;&nbsp;&nbsp; 3617693 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/06/2031 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 347091 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/30/2032 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 790982 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/26/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 980392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, 10/30/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2153079 |
| &nbsp;&nbsp;&nbsp;UBS AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/15/2028 | &nbsp;&nbsp; 519000 | &nbsp;&nbsp;&nbsp;&nbsp; 557793 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%, 08/10/2027\* | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 09/24/2025\* | &nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp;&nbsp; 160629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/12/2028\* | &nbsp;&nbsp; 1677000 | &nbsp;&nbsp;&nbsp;&nbsp; 1678931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 02/08/2030\* | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1652376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 05/09/2036\* | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 210143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 09/13/2030\* | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 741536 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/14/2031 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395294 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 | &nbsp;&nbsp; 2056000 | &nbsp;&nbsp;&nbsp;&nbsp; 1711500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 05/15/2031 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 867044 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/01/2033\* | &nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 391872 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/11/2031 | &nbsp;&nbsp; 1217000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp; 1491000 | &nbsp;&nbsp;&nbsp;&nbsp; 1375940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 04/30/2041 | &nbsp;&nbsp; 1813000 | &nbsp;&nbsp;&nbsp;&nbsp; 1328565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/22/2027 | &nbsp;&nbsp; 3302000 | &nbsp;&nbsp;&nbsp;&nbsp; 3286792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 11/04/2044 | &nbsp;&nbsp; 364000 | &nbsp;&nbsp;&nbsp;&nbsp; 302696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/07/2046 | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 167128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 04/23/2029 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 735433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 12/03/2035 | &nbsp;&nbsp; 2415000 | &nbsp;&nbsp;&nbsp;&nbsp; 2368399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 1063000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 213203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 01/15/2044 | &nbsp;&nbsp; 372000 | &nbsp;&nbsp;&nbsp;&nbsp; 349888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 04/22/2028 | &nbsp;&nbsp; 1965000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001306 |
| &nbsp;&nbsp;&nbsp;Woori Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/06/2028 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 622696 |
| &nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/03/2030\* | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 317907 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/29/2029 | &nbsp;&nbsp; 1586000 | &nbsp;&nbsp;&nbsp;&nbsp; 1432316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.82%, 11/19/2035 | &nbsp;&nbsp; 794000 | &nbsp;&nbsp;&nbsp;&nbsp; 800421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223369733 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/01/2046 | $1049000 | &nbsp;&nbsp;$945697 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 05/09/2027 | &nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 741767 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/18/2028 | &nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp;&nbsp; 364571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/05/2042 | &nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 159484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 02/07/2028 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 539913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751432 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 08/15/2041 | &nbsp;&nbsp; 1181000 | &nbsp;&nbsp;&nbsp;&nbsp; 831927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 02/21/2040 | &nbsp;&nbsp; 1184000 | &nbsp;&nbsp;&nbsp;&nbsp; 895087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 05/01/2045 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 422976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66%, 06/15/2051 | &nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 341747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/02/2028 | &nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 452118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp; 546000 | &nbsp;&nbsp;&nbsp;&nbsp; 559790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/02/2043 | &nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 248438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1399327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2063 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 959586 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2035 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 614107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 05/15/2055 | &nbsp;&nbsp; 427000 | &nbsp;&nbsp;&nbsp;&nbsp; 427143 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/01/2040 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 857233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 534000 | &nbsp;&nbsp;&nbsp;&nbsp; 541429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/15/2035 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 347978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/15/2053 | &nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp; 538891 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 09/15/2030 | &nbsp;&nbsp; 374000 | &nbsp;&nbsp;&nbsp;&nbsp; 320394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 09/15/2050 | &nbsp;&nbsp; 983000 | &nbsp;&nbsp;&nbsp;&nbsp; 563890 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 09/02/2031 | &nbsp;&nbsp; 1901000 | &nbsp;&nbsp;&nbsp;&nbsp; 1606758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/02/2029 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 313479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 09/02/2054 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 357006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12599304 |
| **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/05/2040 | &nbsp;&nbsp; 1836000 | &nbsp;&nbsp;&nbsp;&nbsp; 1422894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2034 | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 243753 |
| &nbsp;&nbsp;&nbsp;CRH SMW Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 05/21/2029 | &nbsp;&nbsp; 1601000 | &nbsp;&nbsp;&nbsp;&nbsp; 1631177 |
| &nbsp;&nbsp;&nbsp;GCC SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61%, 04/20/2032 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 523452 |
| &nbsp;&nbsp;&nbsp;Holcim Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 04/07/2030\* | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 322054 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2028 | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 654271 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/2031 | &nbsp;&nbsp; 1063000 | &nbsp;&nbsp;&nbsp;&nbsp; 925109 |
| &nbsp;&nbsp;&nbsp;Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2027 | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 307370 |
| &nbsp;&nbsp;&nbsp;St Marys Cement, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/02/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 397541 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/15/2031\* | &nbsp;&nbsp; 279000 | &nbsp;&nbsp;&nbsp;&nbsp; 246856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 352000 | &nbsp;&nbsp;&nbsp;&nbsp; 330357 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2054 | $379000 | &nbsp;&nbsp;$364328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7369162 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp;CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/15/2044 | &nbsp;&nbsp; 708000 | &nbsp;&nbsp;&nbsp;&nbsp; 637594 |
| &nbsp;&nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 10/15/2028\* | &nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 606314 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/15/2038 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 763818 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/08/2033 | &nbsp;&nbsp; 521000 | &nbsp;&nbsp;&nbsp;&nbsp; 533811 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 12/15/2051 | &nbsp;&nbsp; 1752000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 06/15/2028 | &nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 248736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2028 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 512996 |
| &nbsp;&nbsp;&nbsp;EIDP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1180873 |
| &nbsp;&nbsp;&nbsp;MEGlobal BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/03/2026 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 781541 |
| &nbsp;&nbsp;&nbsp;Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/2029 | &nbsp;&nbsp; 729000 | &nbsp;&nbsp;&nbsp;&nbsp; 707066 |
| &nbsp;&nbsp;&nbsp;Methanex US Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 130642 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2028\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 495552 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/21/2027 | &nbsp;&nbsp; 327000 | &nbsp;&nbsp;&nbsp;&nbsp; 330922 |
| &nbsp;&nbsp;&nbsp;OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/30/2030\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200310 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2032 | &nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 105248 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/01/2031 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 299868 |
| &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/03/2029\*(3) | &nbsp;&nbsp; 345796 | &nbsp;&nbsp;&nbsp;&nbsp; 204020 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2061 | &nbsp;&nbsp; 602000 | &nbsp;&nbsp;&nbsp;&nbsp; 340984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9126193 |
| **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/01/2028\* | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 143107 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2032\* | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 171280 |
| &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/01/2029\* | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 218755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2030\*# | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 162738 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 383245 |
| &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031\* | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 290966 |
| &nbsp;&nbsp;&nbsp;Champions Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2029\*# | &nbsp;&nbsp; 584000 | &nbsp;&nbsp;&nbsp;&nbsp; 543945 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* | &nbsp;&nbsp; 691000 | &nbsp;&nbsp;&nbsp;&nbsp; 641283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2029\* | &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 342710 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;DP World Crescent, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/08/2035\* | $320000 | &nbsp;&nbsp;$319012 |
| &nbsp;&nbsp;&nbsp;DP World, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/25/2048 | &nbsp;&nbsp; 544000 | &nbsp;&nbsp;&nbsp;&nbsp; 496400 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04%, 03/25/2030\* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 895841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 03/13/2027\* | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1541986 |
| &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/15/2033\* | &nbsp;&nbsp; 408000 | &nbsp;&nbsp;&nbsp;&nbsp; 419188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 05/15/2032\* | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 330325 |
| &nbsp;&nbsp;&nbsp;Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%, 06/01/2070# | &nbsp;&nbsp; 1448000 | &nbsp;&nbsp;&nbsp;&nbsp; 780402 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/06/2029 | &nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp;&nbsp; 466867 |
| &nbsp;&nbsp;&nbsp;Herc Holdings Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2030\* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 185441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2033\* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 385947 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2026\*# | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 267577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63%, 07/15/2029\*# | &nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 266777 |
| &nbsp;&nbsp;&nbsp;Mersin Uluslararasi Liman Isletmeciligi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 11/15/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 308998 |
| &nbsp;&nbsp;&nbsp;Mobius Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/01/2030\* | &nbsp;&nbsp; 797000 | &nbsp;&nbsp;&nbsp;&nbsp; 703698 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/31/2027\* | &nbsp;&nbsp; 179000 | &nbsp;&nbsp;&nbsp;&nbsp; 171821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2028\* | &nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 381609 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 01/15/2032 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1166674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/01/2030 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 454084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/01/2041 | &nbsp;&nbsp; 969000 | &nbsp;&nbsp;&nbsp;&nbsp; 668582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/09/2034 | &nbsp;&nbsp; 617000 | &nbsp;&nbsp;&nbsp;&nbsp; 611381 |
| &nbsp;&nbsp;&nbsp;Rentokil Terminix Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/28/2035\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 440082 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2029 | &nbsp;&nbsp; 1623000 | &nbsp;&nbsp;&nbsp;&nbsp; 1529624 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/15/2032\* | &nbsp;&nbsp; 451000 | &nbsp;&nbsp;&nbsp;&nbsp; 460154 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/15/2026\*# | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 419435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 06/15/2031\* | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 883146 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd. / TAL International Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2032 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 427065 |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 11/30/2030\* | &nbsp;&nbsp; 514000 | &nbsp;&nbsp;&nbsp;&nbsp; 546693 |
| &nbsp;&nbsp;&nbsp;VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2029\* | &nbsp;&nbsp; 632000 | &nbsp;&nbsp;&nbsp;&nbsp; 625289 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2033\* | &nbsp;&nbsp; 451000 | &nbsp;&nbsp;&nbsp;&nbsp; 446065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19355085 |
| **Computers — 0.6%** | **Computers — 0.6%** | **Computers — 0.6%** |
| &nbsp;&nbsp;&nbsp;Accenture Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/04/2031 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 638233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/04/2034 | &nbsp;&nbsp; 803000 | &nbsp;&nbsp;&nbsp;&nbsp; 771496 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/2028 | &nbsp;&nbsp; 1074000 | &nbsp;&nbsp;&nbsp;&nbsp; 989082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 05/11/2050 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 564936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 739000 | &nbsp;&nbsp;&nbsp;&nbsp; 449006 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/08/2052 | $706000 | &nbsp;&nbsp;$550181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/13/2045 | &nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp; 413219 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/15/2035# | &nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 374041 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/2041 | &nbsp;&nbsp; 1959000 | &nbsp;&nbsp;&nbsp;&nbsp; 1420023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/01/2030 | &nbsp;&nbsp; 892000 | &nbsp;&nbsp;&nbsp;&nbsp; 876519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/01/2028 | &nbsp;&nbsp; 766000 | &nbsp;&nbsp;&nbsp;&nbsp; 769518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/01/2032 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1808084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10%, 07/15/2036 | &nbsp;&nbsp; 502000 | &nbsp;&nbsp;&nbsp;&nbsp; 593467 |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2031\* | &nbsp;&nbsp; 377000 | &nbsp;&nbsp;&nbsp;&nbsp; 389648 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/25/2026 | &nbsp;&nbsp; 318000 | &nbsp;&nbsp;&nbsp;&nbsp; 317535 |
| &nbsp;&nbsp;&nbsp;IBM International Capital Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/05/2031 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1730479 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/15/2031 | &nbsp;&nbsp; 462000 | &nbsp;&nbsp;&nbsp;&nbsp; 409662 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2030 | &nbsp;&nbsp; 1662000 | &nbsp;&nbsp;&nbsp;&nbsp; 1618030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2035 | &nbsp;&nbsp; 513000 | &nbsp;&nbsp;&nbsp;&nbsp; 511373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2033 | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 603142 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/15/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 54579 |
| &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029 | &nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 183614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16035867 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2029\* | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 617264 |
| &nbsp;&nbsp;&nbsp;Haleon US Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/24/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 926556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/24/2052 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 818558 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 05/22/2032 | &nbsp;&nbsp; 464000 | &nbsp;&nbsp;&nbsp;&nbsp; 466088 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/20/2035\* | &nbsp;&nbsp; 334000 | &nbsp;&nbsp;&nbsp;&nbsp; 336293 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/30/2032# | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 733700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3898459 |
| **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/29/2026 | &nbsp;&nbsp; 1799000 | &nbsp;&nbsp;&nbsp;&nbsp; 1743581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/10/2029 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151049 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2026(2) | &nbsp;&nbsp; 342000 | &nbsp;&nbsp;&nbsp;&nbsp; 336404 |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2026\*(2) | &nbsp;&nbsp; 677000 | &nbsp;&nbsp;&nbsp;&nbsp; 672276 |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd./Aircastle Ireland DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2030\* | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp; 642063 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 01/17/2040 | &nbsp;&nbsp; 689000 | &nbsp;&nbsp;&nbsp;&nbsp; 661666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/14/2033# | &nbsp;&nbsp; 358000 | &nbsp;&nbsp;&nbsp;&nbsp; 364107 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp; 454000 | &nbsp;&nbsp;&nbsp;&nbsp; 460890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/16/2028 | &nbsp;&nbsp; 1377000 | &nbsp;&nbsp;&nbsp;&nbsp; 1389582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 01/30/2036 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 780114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67%, 04/25/2036 | &nbsp;&nbsp; 361000 | &nbsp;&nbsp;&nbsp;&nbsp; 368607 |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/10/2030\* | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 631156 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/01/2026\* | $12000000 | &nbsp;&nbsp;$11919147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2028\* | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 463668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 01/15/2030\* | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 712449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/30/2030\* | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 727413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2029\* | &nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 981512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/04/2028\* | &nbsp;&nbsp; 343000 | &nbsp;&nbsp;&nbsp;&nbsp; 355069 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 03/15/2029\* | &nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 345444 |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2028\* | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 363263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2030\* | &nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 244630 |
| &nbsp;&nbsp;&nbsp;Caja de Compensacion de Asignacion Familiar de Los Andes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 07/30/2029\* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 571829 |
| &nbsp;&nbsp;&nbsp;Cobra AcquisitionCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/01/2029\* | &nbsp;&nbsp; 818000 | &nbsp;&nbsp;&nbsp;&nbsp; 691051 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2030\* | &nbsp;&nbsp; 282000 | &nbsp;&nbsp;&nbsp;&nbsp; 280899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | &nbsp;&nbsp; 261000 | &nbsp;&nbsp;&nbsp;&nbsp; 276177 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/01/2032\* | &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp;&nbsp; 338307 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2031\* | &nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 583714 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2030\* | &nbsp;&nbsp; 426000 | &nbsp;&nbsp;&nbsp;&nbsp; 420667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 141438 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/21/2048 | &nbsp;&nbsp; 1104000 | &nbsp;&nbsp;&nbsp;&nbsp; 885972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2052 | &nbsp;&nbsp; 672000 | &nbsp;&nbsp;&nbsp;&nbsp; 594043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/15/2062 | &nbsp;&nbsp; 622000 | &nbsp;&nbsp;&nbsp;&nbsp; 560793 |
| &nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032\* | &nbsp;&nbsp; 598000 | &nbsp;&nbsp;&nbsp;&nbsp; 598990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031\* | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 226692 |
| &nbsp;&nbsp;&nbsp;LFS Topco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2026\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 445877 |
| &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/17/2030\* | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028\* | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063109 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 01/15/2032 | &nbsp;&nbsp; 657000 | &nbsp;&nbsp;&nbsp;&nbsp; 646762 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 08/15/2053 | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 300682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/28/2063 | &nbsp;&nbsp; 363000 | &nbsp;&nbsp;&nbsp;&nbsp; 359291 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 | &nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 172460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2029 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 384236 |
| &nbsp;&nbsp;&nbsp;Planet Financial Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2029\* | &nbsp;&nbsp; 607000 | &nbsp;&nbsp;&nbsp;&nbsp; 598077 |
| &nbsp;&nbsp;&nbsp;Rfna LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/15/2030\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 401000 |
| &nbsp;&nbsp;&nbsp;SURA Asset Management SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 05/13/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207180 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/23/2025 | &nbsp;&nbsp; 2146000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/19/2029 | &nbsp;&nbsp; 879000 | &nbsp;&nbsp;&nbsp;&nbsp; 871822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031# | &nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 271700 |
| &nbsp;&nbsp;&nbsp;USAA Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2028\* | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 555184 |
| &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/15/2031\* | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 612002 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/20/2034 | $259000 | &nbsp;&nbsp;$246792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41878350 |
| **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** |
| &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/2052 | &nbsp;&nbsp; 252000 | &nbsp;&nbsp;&nbsp;&nbsp; 204727 |
| &nbsp;&nbsp;&nbsp;AES Andes SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/14/2032\*# | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 577575 |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/2031# | &nbsp;&nbsp; 2780000 | &nbsp;&nbsp;&nbsp;&nbsp; 2377145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2028# | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2032 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 911932 |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 06/15/2026(4) | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 219036 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 03/30/2029\* | &nbsp;&nbsp; 504000 | &nbsp;&nbsp;&nbsp;&nbsp; 521948 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2026 | &nbsp;&nbsp; 727000 | &nbsp;&nbsp;&nbsp;&nbsp; 738486 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/01/2033# | &nbsp;&nbsp; 1172000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199833 |
| &nbsp;&nbsp;&nbsp;Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 06/01/2054 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 548899 |
| &nbsp;&nbsp;&nbsp;California Buyer, Ltd./Atlantica Sustainable Infrastructure PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/15/2032\* | &nbsp;&nbsp; 554000 | &nbsp;&nbsp;&nbsp;&nbsp; 547782 |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/01/2031\*# | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2031\* | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 465527 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032\* | &nbsp;&nbsp; 516000 | &nbsp;&nbsp;&nbsp;&nbsp; 453242 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2050 | &nbsp;&nbsp; 1178000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/01/2050 | &nbsp;&nbsp; 1337000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264602 |
| &nbsp;&nbsp;&nbsp;Cometa Energia SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/24/2035 | &nbsp;&nbsp; 591240 | &nbsp;&nbsp;&nbsp;&nbsp; 596756 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/01/2055 | &nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp;&nbsp; 133197 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/01/2050 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 540080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2049 | &nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp; 336368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2044 | &nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 632110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2045 | &nbsp;&nbsp; 392000 | &nbsp;&nbsp;&nbsp;&nbsp; 326573 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/15/2042 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2397210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/2041 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 972479 |
| &nbsp;&nbsp;&nbsp;Diamond II, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 07/28/2026 | &nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 249565 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/01/2033 | &nbsp;&nbsp; 1951000 | &nbsp;&nbsp;&nbsp;&nbsp; 1929472 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/2049 | &nbsp;&nbsp; 1683000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289109 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2028 | &nbsp;&nbsp; 1839000 | &nbsp;&nbsp;&nbsp;&nbsp; 1855531 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/15/2052 | &nbsp;&nbsp; 651000 | &nbsp;&nbsp;&nbsp;&nbsp; 451790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/15/2054 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 465871 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 399000 | &nbsp;&nbsp;&nbsp;&nbsp; 377641 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/15/2052 | &nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 741829 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 04/01/2053 | &nbsp;&nbsp; 534000 | &nbsp;&nbsp;&nbsp;&nbsp; 507226 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | $1054000 | &nbsp;&nbsp;$783283 |
| &nbsp;&nbsp;&nbsp;Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2046 | &nbsp;&nbsp; 1756000 | &nbsp;&nbsp;&nbsp;&nbsp; 1417107 |
| &nbsp;&nbsp;&nbsp;Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/06/2028\* | &nbsp;&nbsp; 1128000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/25/2047\* | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 841588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/26/2029\* | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 327005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/14/2052\* | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1278795 |
| &nbsp;&nbsp;&nbsp;Engie SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/10/2029\* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 864214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/10/2054\* | &nbsp;&nbsp; 962000 | &nbsp;&nbsp;&nbsp;&nbsp; 914716 |
| &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2051 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 327548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2049 | &nbsp;&nbsp; 296000 | &nbsp;&nbsp;&nbsp;&nbsp; 213944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 04/15/2055 | &nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp;&nbsp; 150836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 06/01/2054 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 350906 |
| &nbsp;&nbsp;&nbsp;Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/2039 | &nbsp;&nbsp; 2880000 | &nbsp;&nbsp;&nbsp;&nbsp; 2566129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2052 | &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp;&nbsp; 278505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/15/2035 | &nbsp;&nbsp; 266000 | &nbsp;&nbsp;&nbsp;&nbsp; 265382 |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 03/13/2028 | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp;&nbsp; 175040 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/15/2047 | &nbsp;&nbsp; 566000 | &nbsp;&nbsp;&nbsp;&nbsp; 466627 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2028\* | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2266496 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 04/01/2049\* | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1636756 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/15/2029# | &nbsp;&nbsp; 671000 | &nbsp;&nbsp;&nbsp;&nbsp; 691753 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2051 | &nbsp;&nbsp; 2124000 | &nbsp;&nbsp;&nbsp;&nbsp; 1403851 |
| &nbsp;&nbsp;&nbsp;Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2049 | &nbsp;&nbsp; 1493000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023918 |
| &nbsp;&nbsp;&nbsp;Interstate Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/30/2034 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 328444 |
| &nbsp;&nbsp;&nbsp;ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/09/2034\* | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 457965 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/15/2035 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 249548 |
| &nbsp;&nbsp;&nbsp;Kentucky Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/15/2033\* | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 992386 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 09/15/2030\* | &nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp;&nbsp; 395127 |
| &nbsp;&nbsp;&nbsp;LLPL Capital Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/04/2039 | &nbsp;&nbsp; 494496 | &nbsp;&nbsp;&nbsp;&nbsp; 491386 |
| &nbsp;&nbsp;&nbsp;Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 08/10/2030 | &nbsp;&nbsp; 513110 | &nbsp;&nbsp;&nbsp;&nbsp; 499251 |
| &nbsp;&nbsp;&nbsp;Narragansett Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/01/2034\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 412628 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 09/16/2027 | &nbsp;&nbsp; 736000 | &nbsp;&nbsp;&nbsp;&nbsp; 733673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/07/2028 | &nbsp;&nbsp; 502000 | &nbsp;&nbsp;&nbsp;&nbsp; 507042 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, (TSFR3M+3.17%), 04/30/2043 | &nbsp;&nbsp; 558000 | &nbsp;&nbsp;&nbsp;&nbsp; 555230 |
| &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2033\* | &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514017 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2032 | &nbsp;&nbsp; 708000 | &nbsp;&nbsp;&nbsp;&nbsp; 719952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/01/2025 | &nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 513328 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2055 | $582000 | &nbsp;&nbsp;$562820 |
| &nbsp;&nbsp;&nbsp;Niagara Energy SAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/03/2034\*# | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 530358 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2031\* | &nbsp;&nbsp; 889000 | &nbsp;&nbsp;&nbsp;&nbsp; 806153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2029\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 38541 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 05/15/2029 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 241998 |
| &nbsp;&nbsp;&nbsp;Oklahoma Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2053 | &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp;&nbsp; 309716 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 06/01/2032 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086233 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 12/01/2047 | &nbsp;&nbsp; 1837000 | &nbsp;&nbsp;&nbsp;&nbsp; 1270446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp; 2422000 | &nbsp;&nbsp;&nbsp;&nbsp; 1803314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/08/2025 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 714935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2035 | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1750141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2034 | &nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 125518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/15/2033 | &nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 161539 |
| &nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/15/2055 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 925861 |
| &nbsp;&nbsp;&nbsp;Pattern Energy Operations LP/Pattern Energy Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2028\* | &nbsp;&nbsp; 778000 | &nbsp;&nbsp;&nbsp;&nbsp; 746537 |
| &nbsp;&nbsp;&nbsp;Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/17/2049 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 712881 |
| &nbsp;&nbsp;&nbsp;PG&E Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 06/01/2042 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 06/01/2051 | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1324037 |
| &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2034 | &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 231653 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/15/2051 | &nbsp;&nbsp; 3296000 | &nbsp;&nbsp;&nbsp;&nbsp; 1900116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/15/2028 | &nbsp;&nbsp; 552000 | &nbsp;&nbsp;&nbsp;&nbsp; 542611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/2048 | &nbsp;&nbsp; 1412000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072887 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp; 1709000 | &nbsp;&nbsp;&nbsp;&nbsp; 1453492 |
| &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 08/01/2034 | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 214592 |
| &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 06/15/2054 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 366677 |
| &nbsp;&nbsp;&nbsp;RWE Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/16/2054\* | &nbsp;&nbsp; 596000 | &nbsp;&nbsp;&nbsp;&nbsp; 575943 |
| &nbsp;&nbsp;&nbsp;Saavi Energia SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/10/2035\* | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 419430 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 04/15/2054 | &nbsp;&nbsp; 392000 | &nbsp;&nbsp;&nbsp;&nbsp; 363715 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/01/2034 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1436549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2031 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1661786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/01/2055 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 390602 |
| &nbsp;&nbsp;&nbsp;Termocandelaria Power SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/17/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 398772 |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2031\* | &nbsp;&nbsp; 337000 | &nbsp;&nbsp;&nbsp;&nbsp; 339598 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2052 | &nbsp;&nbsp; 901000 | &nbsp;&nbsp;&nbsp;&nbsp; 664886 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2054 | &nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 175695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2055 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523302 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2027\* | &nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 379890 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034\* | $3000000 | &nbsp;&nbsp;$2988560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2034\* | &nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 102431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 169654 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/01/2032 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 330639 |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2029\*# | &nbsp;&nbsp; 398000 | &nbsp;&nbsp;&nbsp;&nbsp; 399953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2031\*# | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 762335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87047827 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/15/2027\* | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 222560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2032\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 163317 |
| &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2033\* | &nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp;&nbsp; 450205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836082 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| &nbsp;&nbsp;&nbsp;Allegion US Holding Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 07/01/2032 | &nbsp;&nbsp; 463000 | &nbsp;&nbsp;&nbsp;&nbsp; 469651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 05/29/2034 | &nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp; 441408 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/05/2034 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 389550 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/01/2031 | &nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp;&nbsp; 449515 |
| &nbsp;&nbsp;&nbsp;Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2029\* | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 555750 |
| &nbsp;&nbsp;&nbsp;TD Synnex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/12/2034 | &nbsp;&nbsp; 648000 | &nbsp;&nbsp;&nbsp;&nbsp; 664996 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 03/15/2033 | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 342399 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2029\* | &nbsp;&nbsp; 606000 | &nbsp;&nbsp;&nbsp;&nbsp; 575993 |
| &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/09/2035 | &nbsp;&nbsp; 544000 | &nbsp;&nbsp;&nbsp;&nbsp; 531718 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2031 | &nbsp;&nbsp; 916000 | &nbsp;&nbsp;&nbsp;&nbsp; 806706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5227686 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;India Green Power Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/22/2027 | &nbsp;&nbsp; 303310 | &nbsp;&nbsp;&nbsp;&nbsp; 291317 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;HTA Group, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/04/2029 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 305445 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2029 | &nbsp;&nbsp; 429000 | &nbsp;&nbsp;&nbsp;&nbsp; 440190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745635 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Banijay Entertainment SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/01/2029\* | &nbsp;&nbsp; 521000 | &nbsp;&nbsp;&nbsp;&nbsp; 540656 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/15/2029\*# | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 134475 |
| &nbsp;&nbsp;&nbsp;Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/04/2031\* | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 557775 |
| &nbsp;&nbsp;&nbsp;GENM Capital Labuan, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/19/2031 | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 271143 |
| &nbsp;&nbsp;&nbsp;Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2030\* | &nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 735439 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2029\*# | $648000 | &nbsp;&nbsp;$622884 |
| &nbsp;&nbsp;&nbsp;Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 07/01/2032\* | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 645696 |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | &nbsp;&nbsp; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 342822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp; 778000 | &nbsp;&nbsp;&nbsp;&nbsp; 559637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 46026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 03/15/2062 | &nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp;&nbsp; 253630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710183 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/15/2030 | &nbsp;&nbsp; 676000 | &nbsp;&nbsp;&nbsp;&nbsp; 682746 |
| &nbsp;&nbsp;&nbsp;Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2030 | &nbsp;&nbsp; 477000 | &nbsp;&nbsp;&nbsp;&nbsp; 444777 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 01/15/2032 | &nbsp;&nbsp; 886000 | &nbsp;&nbsp;&nbsp;&nbsp; 754601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2035 | &nbsp;&nbsp; 221000 | &nbsp;&nbsp;&nbsp;&nbsp; 222860 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/03/2027 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 669382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774366 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2028\* | &nbsp;&nbsp; 296000 | &nbsp;&nbsp;&nbsp;&nbsp; 295734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 421298 |
| &nbsp;&nbsp;&nbsp;Bimbo Bakeries USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/09/2036\* | &nbsp;&nbsp; 1167000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/09/2036 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 414372 |
| &nbsp;&nbsp;&nbsp;C&S Group Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2028\* | &nbsp;&nbsp; 849000 | &nbsp;&nbsp;&nbsp;&nbsp; 722490 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 11/01/2048 | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp;&nbsp; 462953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/01/2028 | &nbsp;&nbsp; 668000 | &nbsp;&nbsp;&nbsp;&nbsp; 712055 |
| &nbsp;&nbsp;&nbsp;Hershey Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/24/2028 | &nbsp;&nbsp; 374000 | &nbsp;&nbsp;&nbsp;&nbsp; 377875 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/30/2027 | &nbsp;&nbsp; 589000 | &nbsp;&nbsp;&nbsp;&nbsp; 593967 |
| &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur Tbk PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 04/27/2032 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 359949 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/15/2043 | &nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp;&nbsp; 411858 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/2032 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 734941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2031 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1394589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/2052 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 608054 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 04/01/2031 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114943 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2046 | &nbsp;&nbsp; 3018000 | &nbsp;&nbsp;&nbsp;&nbsp; 2382540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2049 | &nbsp;&nbsp; 332000 | &nbsp;&nbsp;&nbsp;&nbsp; 277662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 336018 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2046 | &nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 366283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | &nbsp;&nbsp; 608000 | &nbsp;&nbsp;&nbsp;&nbsp; 592175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp; 797000 | &nbsp;&nbsp;&nbsp;&nbsp; 736972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 09/15/2064 | &nbsp;&nbsp; 969000 | &nbsp;&nbsp;&nbsp;&nbsp; 894672 |
| &nbsp;&nbsp;&nbsp;Land O'Lakes Capital Trust I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 03/15/2028\* | &nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 122686 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031\* | $815000 | &nbsp;&nbsp;$817790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 1819000 | &nbsp;&nbsp;&nbsp;&nbsp; 1784498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/2055\* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 363787 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2029\* | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 362191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 198175 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2048 | &nbsp;&nbsp; 1003000 | &nbsp;&nbsp;&nbsp;&nbsp; 808666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2046 | &nbsp;&nbsp; 1922000 | &nbsp;&nbsp;&nbsp;&nbsp; 1559835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/23/2030 | &nbsp;&nbsp; 666000 | &nbsp;&nbsp;&nbsp;&nbsp; 675424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22029389 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| &nbsp;&nbsp;&nbsp;Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%, 05/05/2032\*# | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 366162 |
| &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 05/15/2026\* | &nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 06/30/2028\* | &nbsp;&nbsp; 221000 | &nbsp;&nbsp;&nbsp;&nbsp; 221223 |
| &nbsp;&nbsp;&nbsp;Inversiones CMPC SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/26/2034\*# | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 849165 |
| &nbsp;&nbsp;&nbsp;LD Celulose International GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 01/26/2032\*# | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206100 |
| &nbsp;&nbsp;&nbsp;Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029\* | &nbsp;&nbsp; 749000 | &nbsp;&nbsp;&nbsp;&nbsp; 634901 |
| &nbsp;&nbsp;&nbsp;Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2030 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 291645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957071 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;APA Infrastructure, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/16/2034\* | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114918 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2052 | &nbsp;&nbsp; 509000 | &nbsp;&nbsp;&nbsp;&nbsp; 499667 |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, 07/18/2054\* | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 330004 |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 1644000 | &nbsp;&nbsp;&nbsp;&nbsp; 1681677 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/01/2029 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 764130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/01/2055 | &nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 182568 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 576127 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2033\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 83556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 484401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5717048 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71%, 03/15/2060 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013395 |
| **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/12/2031 | &nbsp;&nbsp; 1036000 | &nbsp;&nbsp;&nbsp;&nbsp; 905559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/15/2029 | &nbsp;&nbsp; 816000 | &nbsp;&nbsp;&nbsp;&nbsp; 757416 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 723737 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2033\* | &nbsp;&nbsp; 391000 | &nbsp;&nbsp;&nbsp;&nbsp; 402048 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/01/2029\* | &nbsp;&nbsp; 396000 | &nbsp;&nbsp;&nbsp;&nbsp; 373217 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2029\* | $185000 | &nbsp;&nbsp;$188249 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 | &nbsp;&nbsp; 904000 | &nbsp;&nbsp;&nbsp;&nbsp; 911797 |
| &nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2031\* | &nbsp;&nbsp; 322000 | &nbsp;&nbsp;&nbsp;&nbsp; 334469 |
| &nbsp;&nbsp;&nbsp;STERIS PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/15/2051 | &nbsp;&nbsp; 597000 | &nbsp;&nbsp;&nbsp;&nbsp; 414430 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/08/2028 | &nbsp;&nbsp; 769000 | &nbsp;&nbsp;&nbsp;&nbsp; 779934 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2029# | &nbsp;&nbsp; 1034000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848328 |
| **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/15/2031 | &nbsp;&nbsp; 341000 | &nbsp;&nbsp;&nbsp;&nbsp; 298164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/15/2030 | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 505847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/15/2050 | &nbsp;&nbsp; 1022000 | &nbsp;&nbsp;&nbsp;&nbsp; 667100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2047 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 188677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 | &nbsp;&nbsp; 334000 | &nbsp;&nbsp;&nbsp;&nbsp; 332136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2029 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 492344 |
| &nbsp;&nbsp;&nbsp;Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | &nbsp;&nbsp; 641000 | &nbsp;&nbsp;&nbsp;&nbsp; 659478 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2033\* | &nbsp;&nbsp; 522000 | &nbsp;&nbsp;&nbsp;&nbsp; 527391 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 09/15/2029 | &nbsp;&nbsp; 877000 | &nbsp;&nbsp;&nbsp;&nbsp; 817481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2052 | &nbsp;&nbsp; 524000 | &nbsp;&nbsp;&nbsp;&nbsp; 519950 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/15/2029 | &nbsp;&nbsp; 788000 | &nbsp;&nbsp;&nbsp;&nbsp; 749472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2030 | &nbsp;&nbsp; 1579000 | &nbsp;&nbsp;&nbsp;&nbsp; 1472797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp; 1724000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2052 | &nbsp;&nbsp; 724000 | &nbsp;&nbsp;&nbsp;&nbsp; 566190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2049 | &nbsp;&nbsp; 1027000 | &nbsp;&nbsp;&nbsp;&nbsp; 888235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2031 | &nbsp;&nbsp; 1141000 | &nbsp;&nbsp;&nbsp;&nbsp; 1161610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2032 | &nbsp;&nbsp; 798000 | &nbsp;&nbsp;&nbsp;&nbsp; 807649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2035 | &nbsp;&nbsp; 727000 | &nbsp;&nbsp;&nbsp;&nbsp; 732734 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%, 02/03/2027 | &nbsp;&nbsp; 1084000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2030 | &nbsp;&nbsp; 729000 | &nbsp;&nbsp;&nbsp;&nbsp; 725830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2053 | &nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp;&nbsp; 269938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/15/2054 | &nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 370107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2033 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 650285 |
| &nbsp;&nbsp;&nbsp;LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/15/2029\*# | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 601630 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/15/2030\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 228574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 483000 | &nbsp;&nbsp;&nbsp;&nbsp; 482221 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2034 | &nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 737138 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49%, 11/13/2030\* | &nbsp;&nbsp; 2127000 | &nbsp;&nbsp;&nbsp;&nbsp; 2226454 |
| &nbsp;&nbsp;&nbsp;Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/2032\*# | &nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 440026 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 01/15/2026 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2052 | &nbsp;&nbsp; 1408000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2031# | &nbsp;&nbsp; 464000 | &nbsp;&nbsp;&nbsp;&nbsp; 464975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 598000 | &nbsp;&nbsp;&nbsp;&nbsp; 491648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23896731 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/30/2030 | $306000 | &nbsp;&nbsp;$308874 |
| &nbsp;&nbsp;&nbsp;Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030\* | &nbsp;&nbsp; 487000 | &nbsp;&nbsp;&nbsp;&nbsp; 458452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767326 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2031\* | &nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 516099 |
| &nbsp;&nbsp;&nbsp;Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2031 | &nbsp;&nbsp; 2141000 | &nbsp;&nbsp;&nbsp;&nbsp; 2193903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2054 | &nbsp;&nbsp; 1381000 | &nbsp;&nbsp;&nbsp;&nbsp; 1318544 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2054 | &nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp;&nbsp; 295723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2054 | &nbsp;&nbsp; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 435876 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 312419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2053 | &nbsp;&nbsp; 1164000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113932 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%, 10/02/2026\* | &nbsp;&nbsp; 2229000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 08/27/2026\* | &nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp; 595374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/13/2031\* | &nbsp;&nbsp; 952000 | &nbsp;&nbsp;&nbsp;&nbsp; 946669 |
| &nbsp;&nbsp;&nbsp;Athene Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 05/15/2052 | &nbsp;&nbsp; 214000 | &nbsp;&nbsp;&nbsp;&nbsp; 131455 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 05/15/2031\* | &nbsp;&nbsp; 432000 | &nbsp;&nbsp;&nbsp;&nbsp; 445360 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/15/2029 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 934086 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/04/2027\* | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1636299 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 07/12/2026\* | &nbsp;&nbsp; 2211000 | &nbsp;&nbsp;&nbsp;&nbsp; 2135236 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/04/2034 | &nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 175998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/04/2029 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 296423 |
| &nbsp;&nbsp;&nbsp;F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 04/11/2027\* | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp;&nbsp; 1644526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/10/2027\* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 713665 |
| &nbsp;&nbsp;&nbsp;Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2031\* | &nbsp;&nbsp; 599000 | &nbsp;&nbsp;&nbsp;&nbsp; 614974 |
| &nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/15/2030\* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 498828 |
| &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/01/2061\* | &nbsp;&nbsp; 1297000 | &nbsp;&nbsp;&nbsp;&nbsp; 801751 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/08/2027 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 492018 |
| &nbsp;&nbsp;&nbsp;Meiji Yasuda Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 09/11/2054\* | &nbsp;&nbsp; 703000 | &nbsp;&nbsp;&nbsp;&nbsp; 682614 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/09/2028\* | &nbsp;&nbsp; 336000 | &nbsp;&nbsp;&nbsp;&nbsp; 339836 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/15/2027\* | &nbsp;&nbsp; 439000 | &nbsp;&nbsp;&nbsp;&nbsp; 439393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 05/28/2031\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019259 |
| &nbsp;&nbsp;&nbsp;Panther Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 06/01/2031\* | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 512079 |
| &nbsp;&nbsp;&nbsp;Pricoa Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/27/2031\* | &nbsp;&nbsp; 298000 | &nbsp;&nbsp;&nbsp;&nbsp; 295289 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91%, 12/07/2047 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 340685 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2048 | $1087000 | &nbsp;&nbsp;$1087632 |
| &nbsp;&nbsp;&nbsp;Prudential Funding Asia PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 04/14/2030 | &nbsp;&nbsp; 396000 | &nbsp;&nbsp;&nbsp;&nbsp; 371859 |
| &nbsp;&nbsp;&nbsp;Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2027 | &nbsp;&nbsp; 818000 | &nbsp;&nbsp;&nbsp;&nbsp; 821211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/05/2054 | &nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp; 422416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26724021 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/26/2035 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 428903 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2055 | &nbsp;&nbsp; 389000 | &nbsp;&nbsp;&nbsp;&nbsp; 376182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2065 | &nbsp;&nbsp; 389000 | &nbsp;&nbsp;&nbsp;&nbsp; 372466 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 04/13/2027 | &nbsp;&nbsp; 552000 | &nbsp;&nbsp;&nbsp;&nbsp; 544509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/13/2032 | &nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 214857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/22/2037 | &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 208497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 08/22/2047 | &nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp;&nbsp; 281626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 12/01/2029# | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 427837 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2027\* | &nbsp;&nbsp; 549000 | &nbsp;&nbsp;&nbsp;&nbsp; 551955 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group, Inc./Cogent Communications Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2027\*# | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160989 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/15/2031 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 381725 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2033\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 99693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 09/30/2030\* | &nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 394296 |
| &nbsp;&nbsp;&nbsp;GrubHub Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2027\* | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 650362 |
| &nbsp;&nbsp;&nbsp;ION Trading Technologies SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 05/30/2029\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206211 |
| &nbsp;&nbsp;&nbsp;Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 10/01/2031\* | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 107575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/01/2030\* | &nbsp;&nbsp; 356000 | &nbsp;&nbsp;&nbsp;&nbsp; 328557 |
| &nbsp;&nbsp;&nbsp;Meituan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/28/2030 | &nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 572504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/02/2029\* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 323490 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2054 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 830642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp; 276000 | &nbsp;&nbsp;&nbsp;&nbsp; 264099 |
| &nbsp;&nbsp;&nbsp;Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 08/03/2050 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 526597 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2034 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 390815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710109 |
| **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Developmental Holding Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/02/2054\* | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 424164 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Allegheny Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144751 |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 405460 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/01/2027# | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2040 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 34892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2032\*# | &nbsp;&nbsp; 804000 | &nbsp;&nbsp;&nbsp;&nbsp; 693488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/01/2033\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 68706 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Iron/Steel (continued)** | **Iron/Steel (continued)** | **Iron/Steel (continued)** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2031 | $560000 | &nbsp;&nbsp;$507033 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/01/2027\* | &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 810620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/01/2030\*# | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028\* | &nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 288742 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/23/2027 | &nbsp;&nbsp; 552000 | &nbsp;&nbsp;&nbsp;&nbsp; 552190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2035 | &nbsp;&nbsp; 604000 | &nbsp;&nbsp;&nbsp;&nbsp; 592840 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/15/2034 | &nbsp;&nbsp; 314000 | &nbsp;&nbsp;&nbsp;&nbsp; 313765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2055 | &nbsp;&nbsp; 377000 | &nbsp;&nbsp;&nbsp;&nbsp; 354401 |
| &nbsp;&nbsp;&nbsp;Usiminas International Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/27/2032\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402975 |
| &nbsp;&nbsp;&nbsp;Vale Overseas, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/28/2054 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 411072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654943 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2027\* | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp;&nbsp; 174435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029\* | &nbsp;&nbsp; 874000 | &nbsp;&nbsp;&nbsp;&nbsp; 876304 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2026\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* | &nbsp;&nbsp; 1013000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 110398 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033\* | &nbsp;&nbsp; 882000 | &nbsp;&nbsp;&nbsp;&nbsp; 885166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083506 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &nbsp;&nbsp;&nbsp;Gohl Capital, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/24/2027 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 529193 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/01/2031\* | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 497656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2029\* | &nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 301153 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/2034 | &nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 212090 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 733896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/15/2032 | &nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp;&nbsp; 371504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp; 264000 | &nbsp;&nbsp;&nbsp;&nbsp; 257675 |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/04/2029\* | &nbsp;&nbsp; 691000 | &nbsp;&nbsp;&nbsp;&nbsp; 633223 |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 03/08/2029# | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 725495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/18/2030# | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1344700 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp; 628861 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2029\* | &nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp; 414288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2027 | &nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 200431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850165 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 01/08/2027 | &nbsp;&nbsp; 408000 | &nbsp;&nbsp;&nbsp;&nbsp; 392192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/16/2029# | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 275029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/03/2028 | &nbsp;&nbsp; 796000 | &nbsp;&nbsp;&nbsp;&nbsp; 799502 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/2029 | $693000 | &nbsp;&nbsp;$702260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/14/2027 | &nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 229192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398175 |
| **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/21/2027 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 801415 |
| &nbsp;&nbsp;&nbsp;Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 01/16/2035 | &nbsp;&nbsp; 373000 | &nbsp;&nbsp;&nbsp;&nbsp; 382149 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 09/08/2031 | &nbsp;&nbsp; 657000 | &nbsp;&nbsp;&nbsp;&nbsp; 650146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/10/2030 | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp;&nbsp; 530713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 06/11/2029 | &nbsp;&nbsp; 719000 | &nbsp;&nbsp;&nbsp;&nbsp; 732711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/14/2028 | &nbsp;&nbsp; 316000 | &nbsp;&nbsp;&nbsp;&nbsp; 322617 |
| &nbsp;&nbsp;&nbsp;nVent Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2031 | &nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 532784 |
| &nbsp;&nbsp;&nbsp;Weir Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/06/2030\* | &nbsp;&nbsp; 452000 | &nbsp;&nbsp;&nbsp;&nbsp; 453854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406389 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp;Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 09/15/2027 | &nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 221348 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2030\*# | &nbsp;&nbsp; 752000 | &nbsp;&nbsp;&nbsp;&nbsp; 582396 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2034\*# | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 366874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2029\* | &nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp; 361930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2029\* | &nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp; 636518 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 1503000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp; 1394000 | &nbsp;&nbsp;&nbsp;&nbsp; 859161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp; 2208000 | &nbsp;&nbsp;&nbsp;&nbsp; 1707359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/01/2029 | &nbsp;&nbsp; 431000 | &nbsp;&nbsp;&nbsp;&nbsp; 448671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp; 198000 | &nbsp;&nbsp;&nbsp;&nbsp; 203273 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 04/01/2030 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 508063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/15/2028 | &nbsp;&nbsp; 1431000 | &nbsp;&nbsp;&nbsp;&nbsp; 1421575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/15/2038 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2064 | &nbsp;&nbsp; 428000 | &nbsp;&nbsp;&nbsp;&nbsp; 389134 |
| &nbsp;&nbsp;&nbsp;Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2028\* | &nbsp;&nbsp; 453000 | &nbsp;&nbsp;&nbsp;&nbsp; 463748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 535155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/01/2054\*# | &nbsp;&nbsp; 267000 | &nbsp;&nbsp;&nbsp;&nbsp; 241818 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2030\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 171564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2031\* | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 307640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030\* | &nbsp;&nbsp; 462000 | &nbsp;&nbsp;&nbsp;&nbsp; 233208 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 285647 |
| &nbsp;&nbsp;&nbsp;Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 01/25/2049 | &nbsp;&nbsp; 559000 | &nbsp;&nbsp;&nbsp;&nbsp; 512895 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2045 | &nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 166326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 246745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 110518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/28/2057 | &nbsp;&nbsp; 513000 | &nbsp;&nbsp;&nbsp;&nbsp; 483799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/30/2062 | &nbsp;&nbsp; 181000 | &nbsp;&nbsp;&nbsp;&nbsp; 176927 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2031\*# | &nbsp;&nbsp; 856000 | &nbsp;&nbsp;&nbsp;&nbsp; 748576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 292272 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;Sunrise FinCo I BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2031\* | $611000 | &nbsp;&nbsp;$567436 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2028 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 402319 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp; 2133000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147181 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/30/2030\* | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 448738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031\* | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 100817 |
| &nbsp;&nbsp;&nbsp;Virgin Media Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2030\* | &nbsp;&nbsp; 511000 | &nbsp;&nbsp;&nbsp;&nbsp; 463251 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2029 | &nbsp;&nbsp; 661000 | &nbsp;&nbsp;&nbsp;&nbsp; 602773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20624325 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/05/2054 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189884 |
| &nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/01/2030 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 480352 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/14/2030 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 561293 |
| &nbsp;&nbsp;&nbsp;BHP Billiton Finance USA, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/21/2032 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 631965 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/31/2033\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 64988 |
| &nbsp;&nbsp;&nbsp;Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78%, 01/13/2055\* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 468145 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/28/2030\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198880 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/2031\* | &nbsp;&nbsp; 999000 | &nbsp;&nbsp;&nbsp;&nbsp; 917116 |
| &nbsp;&nbsp;&nbsp;Freeport Indonesia PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 04/14/2032 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 365160 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2029\* | &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 339852 |
| &nbsp;&nbsp;&nbsp;Minera Mexico SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/26/2050 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 241474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 02/12/2032\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 445072 |
| &nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 10/17/2028\* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 282851 |
| &nbsp;&nbsp;&nbsp;Navoi Mining & Metallurgical Combinat |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 10/17/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198570 |
| &nbsp;&nbsp;&nbsp;Nexa Resources SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 04/08/2037\*# | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 287672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/09/2034\*# | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 348881 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/30/2030\* | &nbsp;&nbsp; 422000 | &nbsp;&nbsp;&nbsp;&nbsp; 401168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/30/2030\*# | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51562 |
| &nbsp;&nbsp;&nbsp;South32 Treasury, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/14/2032\* | &nbsp;&nbsp; 781000 | &nbsp;&nbsp;&nbsp;&nbsp; 719206 |
| &nbsp;&nbsp;&nbsp;Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 05/13/2032\* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 204598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7398689 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Siemens Financieringsmaatschappij NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 03/11/2031\* | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 603334 |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/28/2032\* | &nbsp;&nbsp; 767000 | &nbsp;&nbsp;&nbsp;&nbsp; 769692 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/28/2055\* | $208000 | &nbsp;&nbsp;$210637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 05/28/2065\* | &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 208885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792548 |
| **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
| &nbsp;&nbsp;&nbsp;Africa Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/08/2029\* | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 746594 |
| &nbsp;&nbsp;&nbsp;African Export-Import Bank/The |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 05/17/2031 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 526944 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 07/20/2028 | &nbsp;&nbsp; 1599000 | &nbsp;&nbsp;&nbsp;&nbsp; 1467625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741163 |
| **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2034\* | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 365780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/2054\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 188170 |
| &nbsp;&nbsp;&nbsp;APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028\* | &nbsp;&nbsp; 707000 | &nbsp;&nbsp;&nbsp;&nbsp; 678836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/01/2049\* | &nbsp;&nbsp; 1781000 | &nbsp;&nbsp;&nbsp;&nbsp; 1365528 |
| &nbsp;&nbsp;&nbsp;Atlas Sand Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2026(3)(5) | &nbsp;&nbsp; 171432 | &nbsp;&nbsp;&nbsp;&nbsp; 165260 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2032\*# | &nbsp;&nbsp; 551000 | &nbsp;&nbsp;&nbsp;&nbsp; 500174 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 04/06/2027 | &nbsp;&nbsp; 1289000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272357 |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/2049 | &nbsp;&nbsp; 924000 | &nbsp;&nbsp;&nbsp;&nbsp; 718949 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/01/2030\* | &nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 279086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 06/15/2033\* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 280417 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2030\* | &nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 357431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2029\* | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 207967 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2055 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 779077 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 673940 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/15/2033\* | &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 405526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 04/01/2032\* | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 115020 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2054 | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 665001 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/24/2051# | &nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 289429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2053 | &nbsp;&nbsp; 798000 | &nbsp;&nbsp;&nbsp;&nbsp; 761784 |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp; 402000 | &nbsp;&nbsp;&nbsp;&nbsp; 382631 |
| &nbsp;&nbsp;&nbsp;Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/19/2035\* | &nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp;&nbsp; 394547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 05/15/2054\* | &nbsp;&nbsp; 894000 | &nbsp;&nbsp;&nbsp;&nbsp; 836606 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2040 | &nbsp;&nbsp; 736000 | &nbsp;&nbsp;&nbsp;&nbsp; 756399 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 417965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2035 | &nbsp;&nbsp; 371000 | &nbsp;&nbsp;&nbsp;&nbsp; 364318 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2031\* | &nbsp;&nbsp; 873000 | &nbsp;&nbsp;&nbsp;&nbsp; 801667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2035\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 129704 |
| &nbsp;&nbsp;&nbsp;KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/14/2033 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 209928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/24/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 395264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/24/2048 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177717 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2035 | $689000 | &nbsp;&nbsp;$681444 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/15/2027\* | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 427222 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/15/2046 | &nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 75144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/01/2031 | &nbsp;&nbsp; 621000 | &nbsp;&nbsp;&nbsp;&nbsp; 632222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2028 | &nbsp;&nbsp; 609000 | &nbsp;&nbsp;&nbsp;&nbsp; 628062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 09/15/2036 | &nbsp;&nbsp; 373000 | &nbsp;&nbsp;&nbsp;&nbsp; 366551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2031 | &nbsp;&nbsp; 812000 | &nbsp;&nbsp;&nbsp;&nbsp; 874019 |
| &nbsp;&nbsp;&nbsp;ORLEN SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/30/2035\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505710 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001346 |
| &nbsp;&nbsp;&nbsp;Pertamina Hulu Energi PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/21/2030\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 511162 |
| &nbsp;&nbsp;&nbsp;Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 07/30/2049 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187549 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/29/2026 | &nbsp;&nbsp; 347000 | &nbsp;&nbsp;&nbsp;&nbsp; 348658 |
| &nbsp;&nbsp;&nbsp;PTTEP Treasury Center Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, 06/10/2027 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 536612 |
| &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 03/05/2034\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 03/05/2034 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 247552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/05/2054 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 367180 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/16/2039 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 340800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/17/2064\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 380096 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032 | &nbsp;&nbsp; 664000 | &nbsp;&nbsp;&nbsp;&nbsp; 625969 |
| &nbsp;&nbsp;&nbsp;Strathcona Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/01/2026\* | &nbsp;&nbsp; 768000 | &nbsp;&nbsp;&nbsp;&nbsp; 770495 |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/01/2031\* | &nbsp;&nbsp; 518000 | &nbsp;&nbsp;&nbsp;&nbsp; 509294 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 596000 | &nbsp;&nbsp;&nbsp;&nbsp; 540652 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/30/2030\* | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 563181 |
| &nbsp;&nbsp;&nbsp;Var Energi ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/22/2035\* | &nbsp;&nbsp; 372000 | &nbsp;&nbsp;&nbsp;&nbsp; 375534 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2032\*# | &nbsp;&nbsp; 509000 | &nbsp;&nbsp;&nbsp;&nbsp; 412864 |
| &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/15/2029\* | &nbsp;&nbsp; 698000 | &nbsp;&nbsp;&nbsp;&nbsp; 675107 |
| &nbsp;&nbsp;&nbsp;Woodside Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 05/19/2030 | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1343937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30062882 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 09/01/2032\* | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 522735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/01/2027\* | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 38055 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2043 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 349990 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2029\* | &nbsp;&nbsp; 537000 | &nbsp;&nbsp;&nbsp;&nbsp; 550325 |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030\* | &nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp;&nbsp; 374817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835922 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 05/25/2031# | $120000 | &nbsp;&nbsp;$105885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/17/2030\* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 236535 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/01/2028\* | &nbsp;&nbsp; 838000 | &nbsp;&nbsp;&nbsp;&nbsp; 770658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2029\*# | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88714 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/15/2030\* | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 651416 |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2030 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 393514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/01/2033\* | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 153945 |
| &nbsp;&nbsp;&nbsp;Iris Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/15/2028\* | &nbsp;&nbsp; 603000 | &nbsp;&nbsp;&nbsp;&nbsp; 530539 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 08/15/2026\* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2027\* | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 326064 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2033 | &nbsp;&nbsp; 1664000 | &nbsp;&nbsp;&nbsp;&nbsp; 1704478 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/01/2028 | &nbsp;&nbsp; 173000 | &nbsp;&nbsp;&nbsp;&nbsp; 168026 |
| &nbsp;&nbsp;&nbsp;Smurfit Westrock Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42%, 01/15/2035 | &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 232995 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 09/01/2029 | &nbsp;&nbsp; 908000 | &nbsp;&nbsp;&nbsp;&nbsp; 896744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2034 | &nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 421936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753987 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 11/21/2039 | &nbsp;&nbsp; 3180000 | &nbsp;&nbsp;&nbsp;&nbsp; 2715235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/21/2049 | &nbsp;&nbsp; 879000 | &nbsp;&nbsp;&nbsp;&nbsp; 704229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 1347000 | &nbsp;&nbsp;&nbsp;&nbsp; 1368859 |
| &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/26/2029 | &nbsp;&nbsp; 796000 | &nbsp;&nbsp;&nbsp;&nbsp; 809396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/03/2028 | &nbsp;&nbsp; 701000 | &nbsp;&nbsp;&nbsp;&nbsp; 713781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/03/2030 | &nbsp;&nbsp; 759000 | &nbsp;&nbsp;&nbsp;&nbsp; 773766 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/22/2032 | &nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp;&nbsp; 721965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 02/13/2028 | &nbsp;&nbsp; 1864000 | &nbsp;&nbsp;&nbsp;&nbsp; 1872112 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/15/2032 | &nbsp;&nbsp; 658000 | &nbsp;&nbsp;&nbsp;&nbsp; 588265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/01/2042 | &nbsp;&nbsp; 654000 | &nbsp;&nbsp;&nbsp;&nbsp; 478016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/2031 | &nbsp;&nbsp; 699000 | &nbsp;&nbsp;&nbsp;&nbsp; 739560 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2044 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 561326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/15/2043 | &nbsp;&nbsp; 2899000 | &nbsp;&nbsp;&nbsp;&nbsp; 2395793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2029 | &nbsp;&nbsp; 822000 | &nbsp;&nbsp;&nbsp;&nbsp; 837453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2054 | &nbsp;&nbsp; 267000 | &nbsp;&nbsp;&nbsp;&nbsp; 254368 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 12/15/2047 | &nbsp;&nbsp; 1168000 | &nbsp;&nbsp;&nbsp;&nbsp; 919271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 2033000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022559 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 03/25/2038 | &nbsp;&nbsp; 347000 | &nbsp;&nbsp;&nbsp;&nbsp; 308389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/20/2045 | &nbsp;&nbsp; 2292000 | &nbsp;&nbsp;&nbsp;&nbsp; 1965769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/01/2031 | &nbsp;&nbsp; 592000 | &nbsp;&nbsp;&nbsp;&nbsp; 605051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/10/2055 | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 247788 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/15/2027 | &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 217863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 08/14/2034 | &nbsp;&nbsp; 453000 | &nbsp;&nbsp;&nbsp;&nbsp; 441612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/12/2030 | &nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 453244 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2030 | $461000 | &nbsp;&nbsp;$460718 |
| &nbsp;&nbsp;&nbsp;HLF Financing Sarl LLC/Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2029\* | &nbsp;&nbsp; 689000 | &nbsp;&nbsp;&nbsp;&nbsp; 564238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 04/15/2029\* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 703184 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/30/2032 | &nbsp;&nbsp; 813000 | &nbsp;&nbsp;&nbsp;&nbsp; 815313 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/18/2031 | &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 425372 |
| &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/30/2031\*# | &nbsp;&nbsp; 643000 | &nbsp;&nbsp;&nbsp;&nbsp; 540300 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/19/2033 | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1435632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 05/19/2043 | &nbsp;&nbsp; 1001000 | &nbsp;&nbsp;&nbsp;&nbsp; 933133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 1501000 | &nbsp;&nbsp;&nbsp;&nbsp; 1375770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 05/19/2063 | &nbsp;&nbsp; 249000 | &nbsp;&nbsp;&nbsp;&nbsp; 223911 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18%, 07/09/2050 | &nbsp;&nbsp; 538000 | &nbsp;&nbsp;&nbsp;&nbsp; 340996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 07/05/2044 | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 244618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 07/05/2064 | &nbsp;&nbsp; 282000 | &nbsp;&nbsp;&nbsp;&nbsp; 265154 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/09/2029# | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 163288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 277476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2029 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 302063 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands IV BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2030 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 277918 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/22/2040 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 369640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/22/2050 | &nbsp;&nbsp; 454000 | &nbsp;&nbsp;&nbsp;&nbsp; 290503 |
| &nbsp;&nbsp;&nbsp;Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/01/2037 | &nbsp;&nbsp; 351000 | &nbsp;&nbsp;&nbsp;&nbsp; 367759 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 336848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33429504 |
| **Pipelines — 1.3%** | **Pipelines — 1.3%** | **Pipelines — 1.3%** |
| &nbsp;&nbsp;&nbsp;Acu Petroleo Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/13/2035 | &nbsp;&nbsp; 276793 | &nbsp;&nbsp;&nbsp;&nbsp; 278363 |
| &nbsp;&nbsp;&nbsp;Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* | &nbsp;&nbsp; 169000 | &nbsp;&nbsp;&nbsp;&nbsp; 168348 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | &nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 272623 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 02/15/2035\* | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96%, 02/15/2055\* | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1293477 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 03/15/2029\* | &nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 561332 |
| &nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 01/15/2055 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 384757 |
| &nbsp;&nbsp;&nbsp;EIG Pearl Holdings Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 08/31/2036 | &nbsp;&nbsp; 595586 | &nbsp;&nbsp;&nbsp;&nbsp; 523071 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2035 | &nbsp;&nbsp; 798000 | &nbsp;&nbsp;&nbsp;&nbsp; 746796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2028 | &nbsp;&nbsp; 522000 | &nbsp;&nbsp;&nbsp;&nbsp; 526722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/01/2043 | &nbsp;&nbsp; 388000 | &nbsp;&nbsp;&nbsp;&nbsp; 331403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2030 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 333162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/15/2045 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 686074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/01/2047 | &nbsp;&nbsp; 1885000 | &nbsp;&nbsp;&nbsp;&nbsp; 1625253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2045 | &nbsp;&nbsp; 386000 | &nbsp;&nbsp;&nbsp;&nbsp; 367701 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2030\* | $572000 | &nbsp;&nbsp;$604885 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/31/2051 | &nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 131525 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2030\* | &nbsp;&nbsp; 441000 | &nbsp;&nbsp;&nbsp;&nbsp; 456537 |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16%, 03/31/2034 | &nbsp;&nbsp; 774007 | &nbsp;&nbsp;&nbsp;&nbsp; 677951 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 05/15/2032 | &nbsp;&nbsp; 712000 | &nbsp;&nbsp;&nbsp;&nbsp; 721038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2033 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 91319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2029 | &nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp;&nbsp; 146931 |
| &nbsp;&nbsp;&nbsp;GNL Quintero SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/31/2029 | &nbsp;&nbsp; 402496 | &nbsp;&nbsp;&nbsp;&nbsp; 398733 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2027\*# | &nbsp;&nbsp; 2995000 | &nbsp;&nbsp;&nbsp;&nbsp; 2910085 |
| &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.51%, 02/23/2042 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 366368 |
| &nbsp;&nbsp;&nbsp;Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 02/23/2036 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 |
| &nbsp;&nbsp;&nbsp;Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/01/2028\* | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 319851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2032\* | &nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp;&nbsp; 778789 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/15/2032\* | &nbsp;&nbsp; 592000 | &nbsp;&nbsp;&nbsp;&nbsp; 612652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 07/15/2028\* | &nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 142226 |
| &nbsp;&nbsp;&nbsp;ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2029\* | &nbsp;&nbsp; 991000 | &nbsp;&nbsp;&nbsp;&nbsp; 925247 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2044 | &nbsp;&nbsp; 1151000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053195 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/01/2030 | &nbsp;&nbsp; 649000 | &nbsp;&nbsp;&nbsp;&nbsp; 655098 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/01/2035 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/01/2055 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 350954 |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/15/2029\* | &nbsp;&nbsp; 518000 | &nbsp;&nbsp;&nbsp;&nbsp; 506335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/15/2032\* | &nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 167369 |
| &nbsp;&nbsp;&nbsp;NGPL PipeCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/15/2031\* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 480887 |
| &nbsp;&nbsp;&nbsp;Northern Natural Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 02/01/2054\* | &nbsp;&nbsp; 332000 | &nbsp;&nbsp;&nbsp;&nbsp; 308282 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/01/2030 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 391219 |
| &nbsp;&nbsp;&nbsp;ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 10/01/2036 | &nbsp;&nbsp; 3064000 | &nbsp;&nbsp;&nbsp;&nbsp; 3219877 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 141539 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 01/31/2043 | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 252458 |
| &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 09/15/2037 | &nbsp;&nbsp; 351000 | &nbsp;&nbsp;&nbsp;&nbsp; 358534 |
| &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 09/01/2027\* | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 10/01/2029\* | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 252856 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2030 | &nbsp;&nbsp; 393000 | &nbsp;&nbsp;&nbsp;&nbsp; 396053 |
| &nbsp;&nbsp;&nbsp;Transportadora de Gas del Peru SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/30/2028 | &nbsp;&nbsp; 636000 | &nbsp;&nbsp;&nbsp;&nbsp; 628349 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/01/2031\* | $860000 | &nbsp;&nbsp;$873022 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 176037 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/15/2035 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 545008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/24/2044 | &nbsp;&nbsp; 1318000 | &nbsp;&nbsp;&nbsp;&nbsp; 1254168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/15/2055 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 140821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34244809 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2026\* | &nbsp;&nbsp; 361000 | &nbsp;&nbsp;&nbsp;&nbsp; 351432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2027\* | &nbsp;&nbsp; 343000 | &nbsp;&nbsp;&nbsp;&nbsp; 353033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704465 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2028\* | &nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 544351 |
| &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/01/2030\* | &nbsp;&nbsp; 423000 | &nbsp;&nbsp;&nbsp;&nbsp; 448870 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2029 | &nbsp;&nbsp; 823000 | &nbsp;&nbsp;&nbsp;&nbsp; 756513 |
| &nbsp;&nbsp;&nbsp;Ontario Teachers' Cadillac Fairview Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/15/2031\* | &nbsp;&nbsp; 1061000 | &nbsp;&nbsp;&nbsp;&nbsp; 918363 |
| &nbsp;&nbsp;&nbsp;Sobha Sukuk, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 07/17/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 308634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976731 |
| **REITS — 0.6%** | **REITS — 0.6%** | **REITS — 0.6%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/15/2031 | &nbsp;&nbsp; 1756000 | &nbsp;&nbsp;&nbsp;&nbsp; 1503913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2027 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 477954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 02/15/2029 | &nbsp;&nbsp; 2021000 | &nbsp;&nbsp;&nbsp;&nbsp; 2056511 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2029\*# | &nbsp;&nbsp; 736000 | &nbsp;&nbsp;&nbsp;&nbsp; 687284 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/01/2029\* | &nbsp;&nbsp; 534000 | &nbsp;&nbsp;&nbsp;&nbsp; 562195 |
| &nbsp;&nbsp;&nbsp;Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/16/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 859905 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 462000 | &nbsp;&nbsp;&nbsp;&nbsp; 464870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/01/2029 | &nbsp;&nbsp; 1033000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061413 |
| &nbsp;&nbsp;&nbsp;ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2032 | &nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 126490 |
| &nbsp;&nbsp;&nbsp;Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 01/15/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 838357 |
| &nbsp;&nbsp;&nbsp;Goodman US Finance Six LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/07/2034\* | &nbsp;&nbsp; 261000 | &nbsp;&nbsp;&nbsp;&nbsp; 255923 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2030 | &nbsp;&nbsp; 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1562187 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2027\* | &nbsp;&nbsp; 201000 | &nbsp;&nbsp;&nbsp;&nbsp; 196646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2029\* | &nbsp;&nbsp; 493000 | &nbsp;&nbsp;&nbsp;&nbsp; 477580 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/01/2031 | &nbsp;&nbsp; 294000 | &nbsp;&nbsp;&nbsp;&nbsp; 244835 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2031 | &nbsp;&nbsp; 523000 | &nbsp;&nbsp;&nbsp;&nbsp; 456468 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2034 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 430515 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2029 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 212500 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 06/15/2032# | $822000 | &nbsp;&nbsp;$821845 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2030\* | &nbsp;&nbsp; 556000 | &nbsp;&nbsp;&nbsp;&nbsp; 563891 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2032 | &nbsp;&nbsp; 583000 | &nbsp;&nbsp;&nbsp;&nbsp; 472453 |
| &nbsp;&nbsp;&nbsp;Ventas Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 869308 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/09/2052 | &nbsp;&nbsp; 312000 | &nbsp;&nbsp;&nbsp;&nbsp; 227366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2026 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 661118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16091527 |
| **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89%, 03/15/2035 | &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 220772 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 07/15/2029 | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 222194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2028 | &nbsp;&nbsp; 319000 | &nbsp;&nbsp;&nbsp;&nbsp; 337280 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 07/15/2030\* | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp;&nbsp; 556614 |
| &nbsp;&nbsp;&nbsp;CEC Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2026\* | &nbsp;&nbsp; 823000 | &nbsp;&nbsp;&nbsp;&nbsp; 809621 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 10/15/2027 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 338913 |
| &nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/06/2026 | &nbsp;&nbsp; 284000 | &nbsp;&nbsp;&nbsp;&nbsp; 279959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 01/22/2032\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 551749 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 221145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 271081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66626 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/01/2028 | &nbsp;&nbsp; 1601000 | &nbsp;&nbsp;&nbsp;&nbsp; 1692982 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2029 | &nbsp;&nbsp; 391000 | &nbsp;&nbsp;&nbsp;&nbsp; 399613 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/01/2031# | &nbsp;&nbsp; 1157000 | &nbsp;&nbsp;&nbsp;&nbsp; 735937 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\*# | &nbsp;&nbsp; 567000 | &nbsp;&nbsp;&nbsp;&nbsp; 455374 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/15/2046 | &nbsp;&nbsp; 313000 | &nbsp;&nbsp;&nbsp;&nbsp; 227098 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2049 | &nbsp;&nbsp; 1744000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/01/2047 | &nbsp;&nbsp; 1407000 | &nbsp;&nbsp;&nbsp;&nbsp; 1163332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/14/2028 | &nbsp;&nbsp; 1187000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204749 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/15/2029 | &nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp;&nbsp; 452148 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/01/2027 | &nbsp;&nbsp; 747000 | &nbsp;&nbsp;&nbsp;&nbsp; 733126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/20/2026 | &nbsp;&nbsp; 389000 | &nbsp;&nbsp;&nbsp;&nbsp; 395590 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029\*# | &nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 533235 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/30/2032\* | &nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp;&nbsp; 269667 |
| &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 05/01/2029\* | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 223916 |
| &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/15/2029\* | &nbsp;&nbsp; 724000 | &nbsp;&nbsp;&nbsp;&nbsp; 323990 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC/SBP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2029\* | &nbsp;&nbsp; 581000 | &nbsp;&nbsp;&nbsp;&nbsp; 556674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14487282 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| &nbsp;&nbsp;&nbsp;Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 02/16/2028\* | $1605000 | &nbsp;&nbsp;$1560259 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 06/15/2029 | &nbsp;&nbsp; 309000 | &nbsp;&nbsp;&nbsp;&nbsp; 315126 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/15/2031\* | &nbsp;&nbsp; 1014000 | &nbsp;&nbsp;&nbsp;&nbsp; 896511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 1977000 | &nbsp;&nbsp;&nbsp;&nbsp; 1608023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/15/2032 | &nbsp;&nbsp; 646000 | &nbsp;&nbsp;&nbsp;&nbsp; 632537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1628653 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2030\* | &nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 387213 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 01/25/2033\* | &nbsp;&nbsp; 338000 | &nbsp;&nbsp;&nbsp;&nbsp; 344944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/25/2032\* | &nbsp;&nbsp; 762000 | &nbsp;&nbsp;&nbsp;&nbsp; 791251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/25/2035\* | &nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp; 489592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 01/25/2039\* | &nbsp;&nbsp; 554000 | &nbsp;&nbsp;&nbsp;&nbsp; 568792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 01/25/2038\* | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 305418 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 333479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 353638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047# | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 835909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032# | &nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 355226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 02/21/2054 | &nbsp;&nbsp; 376000 | &nbsp;&nbsp;&nbsp;&nbsp; 333916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 392000 | &nbsp;&nbsp;&nbsp;&nbsp; 351772 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/15/2031 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 983579 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/20/2032 | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 327744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/20/2053 | &nbsp;&nbsp; 464000 | &nbsp;&nbsp;&nbsp;&nbsp; 477457 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 01/19/2031 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 566106 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 02/15/2028 | &nbsp;&nbsp; 481000 | &nbsp;&nbsp;&nbsp;&nbsp; 486691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 05/18/2063 | &nbsp;&nbsp; 852000 | &nbsp;&nbsp;&nbsp;&nbsp; 752281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14125858 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/17/2028 | &nbsp;&nbsp; 736000 | &nbsp;&nbsp;&nbsp;&nbsp; 747464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/04/2027 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 278435 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2034 | &nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 182081 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/10/2034 | &nbsp;&nbsp; 1052000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022909 |
| &nbsp;&nbsp;&nbsp;Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2030\* | &nbsp;&nbsp; 533000 | &nbsp;&nbsp;&nbsp;&nbsp; 550470 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/31/2029\* | &nbsp;&nbsp; 683000 | &nbsp;&nbsp;&nbsp;&nbsp; 682232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/30/2032\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52574 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2049 | &nbsp;&nbsp; 811000 | &nbsp;&nbsp;&nbsp;&nbsp; 636597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/12/2034 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 426567 |
| &nbsp;&nbsp;&nbsp;Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/01/2028\* | &nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp; 598074 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/15/2033 | &nbsp;&nbsp; 559000 | &nbsp;&nbsp;&nbsp;&nbsp; 571793 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 335053 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 1016000 | &nbsp;&nbsp;&nbsp;&nbsp; 959749 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | $3091000 | &nbsp;&nbsp;$2578087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2047 | &nbsp;&nbsp; 969000 | &nbsp;&nbsp;&nbsp;&nbsp; 719321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/08/2034 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 362723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/06/2053 | &nbsp;&nbsp; 354000 | &nbsp;&nbsp;&nbsp;&nbsp; 324623 |
| &nbsp;&nbsp;&nbsp;Rackspace Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/15/2028\* | &nbsp;&nbsp; 884400 | &nbsp;&nbsp;&nbsp;&nbsp; 318384 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2032 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 420470 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 778058 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/12/2034 | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1532660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14078324 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| &nbsp;&nbsp;&nbsp;Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2028\* | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 869105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/2029\* | &nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp;&nbsp; 301151 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2060 | &nbsp;&nbsp; 747000 | &nbsp;&nbsp;&nbsp;&nbsp; 507272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp; 6696000 | &nbsp;&nbsp;&nbsp;&nbsp; 6298809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2046 | &nbsp;&nbsp; 312000 | &nbsp;&nbsp;&nbsp;&nbsp; 266094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/15/2037 | &nbsp;&nbsp; 2117000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2034 | &nbsp;&nbsp; 223000 | &nbsp;&nbsp;&nbsp;&nbsp; 226031 |
| &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 09/15/2055 | &nbsp;&nbsp; 357000 | &nbsp;&nbsp;&nbsp;&nbsp; 359308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/2055 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 270729 |
| &nbsp;&nbsp;&nbsp;C&W Senior Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 01/15/2033\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 506010 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/24/2035 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1217118 |
| &nbsp;&nbsp;&nbsp;Connect Finco SARL/Connect US Finco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/15/2029\* | &nbsp;&nbsp; 613000 | &nbsp;&nbsp;&nbsp;&nbsp; 584256 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/15/2049 | &nbsp;&nbsp; 393000 | &nbsp;&nbsp;&nbsp;&nbsp; 287686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 11/15/2079 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 244010 |
| &nbsp;&nbsp;&nbsp;Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2032\* | &nbsp;&nbsp; 672000 | &nbsp;&nbsp;&nbsp;&nbsp; 676320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/15/2031\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 422140 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2055 | &nbsp;&nbsp; 111000 | &nbsp;&nbsp;&nbsp;&nbsp; 111869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/15/2055 | &nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 446647 |
| &nbsp;&nbsp;&nbsp;Sable International Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 10/15/2032\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 500492 |
| &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/06/2048 | &nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 205978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 03/08/2047 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 431649 |
| &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2027\* | &nbsp;&nbsp; 483000 | &nbsp;&nbsp;&nbsp;&nbsp; 276090 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2041 | &nbsp;&nbsp; 2076000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2060 | &nbsp;&nbsp; 439000 | &nbsp;&nbsp;&nbsp;&nbsp; 285260 |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 01/24/2030\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 405000 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/2041 | &nbsp;&nbsp; 1251000 | &nbsp;&nbsp;&nbsp;&nbsp; 868322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2060 | &nbsp;&nbsp; 793000 | &nbsp;&nbsp;&nbsp;&nbsp; 453740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/22/2041 | &nbsp;&nbsp; 449000 | &nbsp;&nbsp;&nbsp;&nbsp; 339409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2052 | &nbsp;&nbsp; 309000 | &nbsp;&nbsp;&nbsp;&nbsp; 224257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/10/2033 | &nbsp;&nbsp; 774000 | &nbsp;&nbsp;&nbsp;&nbsp; 741731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/02/2035 | &nbsp;&nbsp; 796000 | &nbsp;&nbsp;&nbsp;&nbsp; 793037 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/30/2031\*# | &nbsp;&nbsp; 523000 | &nbsp;&nbsp;&nbsp;&nbsp; 417267 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/15/2032\* | $576000 | &nbsp;&nbsp;$593062 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/17/2050 | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 444079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/04/2081 | &nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 185774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/10/2063 | &nbsp;&nbsp; 1016000 | &nbsp;&nbsp;&nbsp;&nbsp; 924690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/28/2064 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1383509 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/01/2028\*# | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 599316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27149131 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/15/2048 | &nbsp;&nbsp; 1609000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2043 | &nbsp;&nbsp; 1368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1178395 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/01/2048 | &nbsp;&nbsp; 1104000 | &nbsp;&nbsp;&nbsp;&nbsp; 938888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/30/2035 | &nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 225222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2115 | &nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 207603 |
| &nbsp;&nbsp;&nbsp;CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2052 | &nbsp;&nbsp; 793000 | &nbsp;&nbsp;&nbsp;&nbsp; 652685 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 08/20/2035 | &nbsp;&nbsp; 1262078 | &nbsp;&nbsp;&nbsp;&nbsp; 1075349 |
| &nbsp;&nbsp;&nbsp;Rumo Luxembourg SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 01/18/2032 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 280352 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/2028 | &nbsp;&nbsp; 746000 | &nbsp;&nbsp;&nbsp;&nbsp; 760341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 12/01/2033 | &nbsp;&nbsp; 832000 | &nbsp;&nbsp;&nbsp;&nbsp; 898763 |
| &nbsp;&nbsp;&nbsp;Star Leasing Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 02/15/2030\* | &nbsp;&nbsp; 603000 | &nbsp;&nbsp;&nbsp;&nbsp; 567220 |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/15/2032\* | &nbsp;&nbsp; 606000 | &nbsp;&nbsp;&nbsp;&nbsp; 627634 |
| &nbsp;&nbsp;&nbsp;TTX Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/25/2026\* | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299304 |
| &nbsp;&nbsp;&nbsp;Yunda Holding Investment, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/19/2025 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 794596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10793779 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| &nbsp;&nbsp;&nbsp;AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2045\* | &nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 288301 |
| &nbsp;&nbsp;&nbsp;DAE Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/20/2028 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 478953 |
| &nbsp;&nbsp;&nbsp;GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/15/2026 | &nbsp;&nbsp; 589000 | &nbsp;&nbsp;&nbsp;&nbsp; 578062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2030 | &nbsp;&nbsp; 236000 | &nbsp;&nbsp;&nbsp;&nbsp; 226025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2035 | &nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp;&nbsp; 288680 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2030\* | &nbsp;&nbsp; 687000 | &nbsp;&nbsp;&nbsp;&nbsp; 697864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/30/2029\* | &nbsp;&nbsp; 753000 | &nbsp;&nbsp;&nbsp;&nbsp; 764925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028\* | &nbsp;&nbsp; 1308000 | &nbsp;&nbsp;&nbsp;&nbsp; 1356231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/15/2030\* | &nbsp;&nbsp; 1347000 | &nbsp;&nbsp;&nbsp;&nbsp; 1423796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102837 |
| **Total Corporate Bonds & Notes<br> (cost $859,372,244)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836328713 |
| **ASSET BACKED SECURITIES — 7.0%** | **ASSET BACKED SECURITIES — 7.0%** | **ASSET BACKED SECURITIES — 7.0%** |
| **Auto Loan Receivables — 2.7%** | **Auto Loan Receivables — 2.7%** | **Auto Loan Receivables — 2.7%** |
| &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3, Class D<br> 6.04%, 07/12/2030\* | &nbsp;&nbsp; 3037000 | &nbsp;&nbsp;&nbsp;&nbsp; 3093799 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A<br> 3.83%, 08/21/2028\* | $5000000 | &nbsp;&nbsp;$4924162 |
| &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3, Class C<br> 5.70%, 07/16/2029 | &nbsp;&nbsp; 5004000 | &nbsp;&nbsp;&nbsp;&nbsp; 5054871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3, Class D<br> 5.83%, 05/15/2030 | &nbsp;&nbsp; 2363000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400570 |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A3<br> 4.84%, 01/15/2030 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104793 |
| &nbsp;&nbsp;&nbsp;CarMax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A3<br> 4.75%, 10/15/2027 | &nbsp;&nbsp; 599159 | &nbsp;&nbsp;&nbsp;&nbsp; 599346 |
| &nbsp;&nbsp;&nbsp;Citizens Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A3<br> 5.11%, 04/17/2028\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004687 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class C<br> 5.71%, 07/16/2035\* | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2635175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class C<br> 6.70%, 10/16/2034\* | &nbsp;&nbsp; 4001000 | &nbsp;&nbsp;&nbsp;&nbsp; 4124677 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class D<br> 5.89%, 07/15/2031 | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4787040 |
| &nbsp;&nbsp;&nbsp;FHF Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class B<br> 5.97%, 06/15/2030\* | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1376982 |
| &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class A<br> 4.06%, 11/15/2030 | &nbsp;&nbsp; 3025000 | &nbsp;&nbsp;&nbsp;&nbsp; 2987449 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class C<br> 6.03%, 02/15/2030\* | &nbsp;&nbsp; 3290000 | &nbsp;&nbsp;&nbsp;&nbsp; 3344963 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust 2024-3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A, Class D<br> 5.53%, 02/18/2031\* | &nbsp;&nbsp; 3533000 | &nbsp;&nbsp;&nbsp;&nbsp; 3550652 |
| &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A, Class C<br> 5.92%, 08/15/2030\* | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2563050 |
| &nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4, Class A4<br> 4.88%, 08/16/2028 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1255353 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson Motorcycle Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A4<br> 5.29%, 12/15/2031 | &nbsp;&nbsp; 2158000 | &nbsp;&nbsp;&nbsp;&nbsp; 2199740 |
| &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2, Class A4<br> 4.91%, 09/17/2029 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4, Class A3<br> 5.67%, 06/21/2028 | &nbsp;&nbsp; 1193000 | &nbsp;&nbsp;&nbsp;&nbsp; 1206723 |
| &nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C, Class A4<br> 5.55%, 12/17/2029 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434126 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A4<br> 5.32%, 02/15/2030 | &nbsp;&nbsp; 1198000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216539 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A3<br> 4.51%, 11/15/2027 | &nbsp;&nbsp; 1142602 | &nbsp;&nbsp;&nbsp;&nbsp; 1142120 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3, Class D<br> 5.97%, 10/15/2031 | $3405000 | &nbsp;&nbsp;$3468248 |
| &nbsp;&nbsp;&nbsp;SBNA Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B, Class A4<br> 5.55%, 12/20/2028\* | &nbsp;&nbsp; 1633000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656371 |
| &nbsp;&nbsp;&nbsp;Tesla Electric Vehicle Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A3<br> 5.38%, 06/20/2028\* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176284 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B, Class A4<br> 4.66%, 09/15/2028 | &nbsp;&nbsp; 3970000 | &nbsp;&nbsp;&nbsp;&nbsp; 3983282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A4<br> 4.77%, 04/16/2029 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 927060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C, Class A3<br> 4.88%, 03/15/2029 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2821003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D, Class A3<br> 5.54%, 08/15/2028 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1819845 |
| &nbsp;&nbsp;&nbsp;Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class B<br> 6.60%, 06/15/2028\* | &nbsp;&nbsp; 2505000 | &nbsp;&nbsp;&nbsp;&nbsp; 2532545 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A4<br> 4.61%, 07/21/2031 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1462789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72036242 |
| **Credit Card Receivables — 0.5%** | **Credit Card Receivables — 0.5%** | **Credit Card Receivables — 0.5%** |
| &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A<br> 3.75%, 08/15/2027 | &nbsp;&nbsp; 1674000 | &nbsp;&nbsp;&nbsp;&nbsp; 1671308 |
| &nbsp;&nbsp;&nbsp;BA Credit Card Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A1, Class A1<br> 3.53%, 11/15/2027 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2798996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A2, Class A2<br> 4.98%, 11/15/2028 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1867286 |
| &nbsp;&nbsp;&nbsp;Chase Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A2, Class A<br> 4.63%, 01/15/2031 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1994841 |
| &nbsp;&nbsp;&nbsp;Citibank Credit Card Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-A7, Class A7<br> 3.96%, 10/13/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 321034 |
| &nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class A<br> 6.56%, 07/20/2029\* | &nbsp;&nbsp; 2735000 | &nbsp;&nbsp;&nbsp;&nbsp; 2757785 |
| &nbsp;&nbsp;&nbsp;WF Card Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A1, Class A<br> 4.94%, 02/15/2029 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 707256 |
| &nbsp;&nbsp;&nbsp;World Financial Network Credit Card Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A<br> 5.47%, 02/15/2031 | &nbsp;&nbsp; 2079000 | &nbsp;&nbsp;&nbsp;&nbsp; 2120304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14238810 |
| **Other Asset Backed Securities — 3.8%** | **Other Asset Backed Securities — 3.8%** | **Other Asset Backed Securities — 3.8%** |
| &nbsp;&nbsp;&nbsp;AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-SFR1, Class D<br> 3.25%, 01/19/2039\* | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6331463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class C<br> 4.29%, 07/17/2041\*(4) | &nbsp;&nbsp; 2523000 | &nbsp;&nbsp;&nbsp;&nbsp; 2414526 |
| &nbsp;&nbsp;&nbsp;Bridge Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class C<br> 4.30%, 08/17/2040\* | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007518 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class D<br> 4.30%, 08/17/2040\* | $2277000 | &nbsp;&nbsp;$2145192 |
| &nbsp;&nbsp;&nbsp;Cascade MH Asset Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-MH1, Class A1<br> 5.70%, 11/25/2056\*(1) | &nbsp;&nbsp; 2650651 | &nbsp;&nbsp;&nbsp;&nbsp; 2690378 |
| &nbsp;&nbsp;&nbsp;CFMT LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HB13, Class M1<br> 3.00%, 05/25/2034\*(1) | &nbsp;&nbsp; 2695000 | &nbsp;&nbsp;&nbsp;&nbsp; 2555473 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class E1<br> 2.39%, 08/17/2038\* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3362004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class E2<br> 2.49%, 08/17/2038\* | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3835617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR1, Class E<br> 2.79%, 08/17/2037\* | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4062541 |
| &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class A3<br> 5.00%, 09/15/2028\* | &nbsp;&nbsp; 1467000 | &nbsp;&nbsp;&nbsp;&nbsp; 1479268 |
| &nbsp;&nbsp;&nbsp;HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A, Class B<br> 5.45%, 03/15/2044\* | &nbsp;&nbsp; 3670021 | &nbsp;&nbsp;&nbsp;&nbsp; 3666825 |
| &nbsp;&nbsp;&nbsp;Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class E1<br> 2.85%, 12/17/2026\* | &nbsp;&nbsp; 2846150 | &nbsp;&nbsp;&nbsp;&nbsp; 2707888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class E2<br> 2.95%, 12/17/2026\* | &nbsp;&nbsp; 215981 | &nbsp;&nbsp;&nbsp;&nbsp; 205495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class E<br> 3.32%, 10/19/2039\* | &nbsp;&nbsp; 915851 | &nbsp;&nbsp;&nbsp;&nbsp; 867039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class D<br> 3.41%, 09/17/2039\* | &nbsp;&nbsp; 1524362 | &nbsp;&nbsp;&nbsp;&nbsp; 1445103 |
| &nbsp;&nbsp;&nbsp;Identity Digital Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 03/20/2065(5) | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;Jonah Energy ABS II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1<br> 6.50%, 08/10/2039\* | &nbsp;&nbsp; 2418249 | &nbsp;&nbsp;&nbsp;&nbsp; 2419700 |
| &nbsp;&nbsp;&nbsp;Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AA, Class C<br> 6.00%, 09/22/2036\* | &nbsp;&nbsp; 1314000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AA, Class D<br> 6.77%, 09/22/2036\* | &nbsp;&nbsp; 2678000 | &nbsp;&nbsp;&nbsp;&nbsp; 2735568 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A, Class A2A<br> 2.46%, 11/15/2068\* | &nbsp;&nbsp; 594368 | &nbsp;&nbsp;&nbsp;&nbsp; 569180 |
| &nbsp;&nbsp;&nbsp;OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A, Class B<br> 2.21%, 09/14/2035\* | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2648027 |
| &nbsp;&nbsp;&nbsp;Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C, Class A<br> 2.18%, 10/08/2031\* | &nbsp;&nbsp; 3114336 | &nbsp;&nbsp;&nbsp;&nbsp; 3036586 |
| &nbsp;&nbsp;&nbsp;PEAC Solutions Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A3<br> 5.64%, 11/20/2030\* | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4597892 |
| &nbsp;&nbsp;&nbsp;PRET Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2, Class A1<br> 4.08%, 06/25/2064\*(1) | &nbsp;&nbsp; 2591801 | &nbsp;&nbsp;&nbsp;&nbsp; 2454623 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR4, Class A<br> 1.56%, 05/17/2038\* | &nbsp;&nbsp; 665929 | &nbsp;&nbsp;&nbsp;&nbsp; 650169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR4, Class C<br> 3.33%, 07/17/2041\* | &nbsp;&nbsp; 1228000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR3, Class C<br> 3.50%, 06/17/2041\* | &nbsp;&nbsp; 1939000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802454 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR3, Class D<br> 3.50%, 06/17/2041\* | $2764000 | &nbsp;&nbsp;$2541228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR10, Class E1<br> 3.57%, 12/17/2040\* | &nbsp;&nbsp; 3007898 | &nbsp;&nbsp;&nbsp;&nbsp; 2837045 |
| &nbsp;&nbsp;&nbsp;Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class B<br> 5.84%, 07/15/2031\* | &nbsp;&nbsp; 2613000 | &nbsp;&nbsp;&nbsp;&nbsp; 2630701 |
| &nbsp;&nbsp;&nbsp;ReNew |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A<br> 5.90%, 11/20/2058\* | &nbsp;&nbsp; 4048234 | &nbsp;&nbsp;&nbsp;&nbsp; 3966659 |
| &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A<br> 5.91%, 08/20/2032\* | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2426833 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class C<br> 5.82%, 09/20/2032\* | &nbsp;&nbsp; 1728000 | &nbsp;&nbsp;&nbsp;&nbsp; 1774273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class D<br> 6.58%, 06/21/2033\* | &nbsp;&nbsp; 2094000 | &nbsp;&nbsp;&nbsp;&nbsp; 2153664 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class D<br> 5.88%, 11/20/2035\* | &nbsp;&nbsp; 623000 | &nbsp;&nbsp;&nbsp;&nbsp; 634818 |
| &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class C<br> 5.83%, 06/20/2041\* | &nbsp;&nbsp; 1679248 | &nbsp;&nbsp;&nbsp;&nbsp; 1682387 |
| &nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class B<br> 5.48%, 09/15/2045\* | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1604193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A<br> 6.27%, 07/15/2044\* | &nbsp;&nbsp; 2554205 | &nbsp;&nbsp;&nbsp;&nbsp; 2635766 |
| &nbsp;&nbsp;&nbsp;Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR2, Class A<br> 4.75%, 06/17/2040\* | &nbsp;&nbsp; 2696931 | &nbsp;&nbsp;&nbsp;&nbsp; 2685584 |
| &nbsp;&nbsp;&nbsp;Verdant Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.68%, 12/12/2031\* | &nbsp;&nbsp; 1254560 | &nbsp;&nbsp;&nbsp;&nbsp; 1271898 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6, Class A<br> 5.35%, 09/22/2031\* | &nbsp;&nbsp; 3340000 | &nbsp;&nbsp;&nbsp;&nbsp; 3438477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-7, Class A1A<br> 5.67%, 11/20/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203578 |
| &nbsp;&nbsp;&nbsp;Westgate Resorts LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class B<br> 6.56%, 01/20/2038\* | &nbsp;&nbsp; 1661653 | &nbsp;&nbsp;&nbsp;&nbsp; 1678029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class C<br> 7.06%, 01/20/2038\* | &nbsp;&nbsp; 1896734 | &nbsp;&nbsp;&nbsp;&nbsp; 1915966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102233427 |
| **Total Asset Backed Securities<br> (cost $185,364,361)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188508479 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.0%** |
| **Commercial and Residential — 2.3%** | **Commercial and Residential — 2.3%** | **Commercial and Residential — 2.3%** |
| &nbsp;&nbsp;&nbsp;Ajax Mtg. Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A, Class A1<br> 3.50%, 10/25/2061\*(4) | &nbsp;&nbsp; 4336865 | &nbsp;&nbsp;&nbsp;&nbsp; 4180008 |
| &nbsp;&nbsp;&nbsp;BAMLL Re-REMIC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-FRR3, Class B<br> 1.47%, 01/27/2050\*(1) | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4639218 |
| &nbsp;&nbsp;&nbsp;Brean Asset Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RM8, Class A1<br> 4.50%, 05/25/2064\* | &nbsp;&nbsp; 1979335 | &nbsp;&nbsp;&nbsp;&nbsp; 1927179 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;BX Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-IMC, Class A<br> 5.38%, (TSFR1M+1.05%), 04/15/2034\* | $1554232 | &nbsp;&nbsp;$1539661 |
| &nbsp;&nbsp;&nbsp;CAMB Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-LIFE, Class A<br> 5.70%, (TSFR1M+1.37%), 12/15/2037\* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 749531 |
| &nbsp;&nbsp;&nbsp;Center Street Lending Resi-Investor ABS Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1, Class A1<br> 6.89%, 10/25/2029\*(4) | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2970679 |
| &nbsp;&nbsp;&nbsp;Chase Mtg. Finance Corp. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SH2, Class M2<br> 3.75%, 12/25/2045\*(1) | &nbsp;&nbsp; 815503 | &nbsp;&nbsp;&nbsp;&nbsp; 749925 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C5, Class A4<br> 4.23%, 06/10/2051(1) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 982666 |
| &nbsp;&nbsp;&nbsp;COMM Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR22, Class XA<br> 0.37%, 03/10/2048(1)(6) | &nbsp;&nbsp; 420309 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-787S, Class B<br> 3.83%, 02/10/2036\*(1) | &nbsp;&nbsp; 1629000 | &nbsp;&nbsp;&nbsp;&nbsp; 1600696 |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C17, Class A2<br> 3.00%, 09/15/2052 | &nbsp;&nbsp; 33987 | &nbsp;&nbsp;&nbsp;&nbsp; 33274 |
| &nbsp;&nbsp;&nbsp;DBSG Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-ALTA, Class A<br> 5.95%, 06/10/2037\*(1) | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2943535 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL4, Class A1<br> 3.90%, 09/25/2061\*(4) | &nbsp;&nbsp; 3052366 | &nbsp;&nbsp;&nbsp;&nbsp; 2952911 |
| &nbsp;&nbsp;&nbsp;GS Mtg.-Backed Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SL1, Class A1<br> 5.85%, 11/25/2067\*(1) | &nbsp;&nbsp; 3520417 | &nbsp;&nbsp;&nbsp;&nbsp; 3528688 |
| &nbsp;&nbsp;&nbsp;LHOME Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL5, Class A1<br> 5.32%, 09/25/2039\*(4) | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2286422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RTL1, Class A1<br> 5.65%, 01/25/2040\*(4) | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100696 |
| &nbsp;&nbsp;&nbsp;MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL3, Class A1<br> 5.91%, 11/25/2039\*(4) | &nbsp;&nbsp; 3260000 | &nbsp;&nbsp;&nbsp;&nbsp; 3264915 |
| &nbsp;&nbsp;&nbsp;MSDB Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-712F, Class A<br> 3.32%, 07/11/2039\*(1) | &nbsp;&nbsp; 5310000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061906 |
| &nbsp;&nbsp;&nbsp;New Residential Mtg. Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL2, Class A1<br> 5.44%, 09/25/2039\*(4) | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3969317 |
| &nbsp;&nbsp;&nbsp;One Bryant Park Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-OBP, Class A<br> 2.52%, 09/15/2054\* | &nbsp;&nbsp; 11400000 | &nbsp;&nbsp;&nbsp;&nbsp; 10257076 |
| &nbsp;&nbsp;&nbsp;PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RCF3, Class A1<br> 4.00%, 05/25/2054\*(4) | &nbsp;&nbsp; 1508468 | &nbsp;&nbsp;&nbsp;&nbsp; 1472396 |
| &nbsp;&nbsp;&nbsp;Roc Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RTL1, Class A1<br> 5.63%, 02/25/2040\*(4) | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1595542 |
| &nbsp;&nbsp;&nbsp;ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR, Class A<br> 5.39%, 11/13/2041\* | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113882 |
| &nbsp;&nbsp;&nbsp;Shellpoint Co,-Originator Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A1<br> 3.50%, 10/25/2047\*(1) | &nbsp;&nbsp; 157160 | &nbsp;&nbsp;&nbsp;&nbsp; 142658 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;Toorak Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RRTL1, Class A1<br> 5.52%, 02/25/2040\*(4) | $2500000 | &nbsp;&nbsp;$2487585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62550370 |
| **U.S. Government Agency — 1.7%** | **U.S. Government Agency — 1.7%** | **U.S. Government Agency — 1.7%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-K105, Class C<br> 3.53%, 03/25/2053\*(1) | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4417668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-K49, Class B<br> 3.74%, 10/25/2048\*(1) | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2986300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-K70, Class C<br> 3.81%, 12/25/2049\*(1) | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4347653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K91, Class C<br> 4.26%, 04/25/2051\*(1) | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2875056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K83, Class B<br> 4.28%, 11/25/2051\*(1) | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2920555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K90, Class C<br> 4.32%, 02/25/2052\*(1) | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1446196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K88, Class C<br> 4.38%, 02/25/2052\*(1) | &nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1594063 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Structured Credit Risk FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-MN8, Class M1<br> 7.17%, (SOFR30A+2.85%), 05/25/2044\* | &nbsp;&nbsp; 1705925 | &nbsp;&nbsp;&nbsp;&nbsp; 1723640 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4740, Class BA<br> 3.00%, 09/15/2045 | &nbsp;&nbsp; 236886 | &nbsp;&nbsp;&nbsp;&nbsp; 232356 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3572, Class JS<br> 2.35%, (6.69%-SOFR30A), 09/15/2039(6)(7) | &nbsp;&nbsp; 165995 | &nbsp;&nbsp;&nbsp;&nbsp; 10754 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-95, Class GA<br> 1.88%, 03/25/2051 | &nbsp;&nbsp; 4598334 | &nbsp;&nbsp;&nbsp;&nbsp; 3814253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-100, Class NP<br> 3.00%, 12/25/2047 | &nbsp;&nbsp; 2195958 | &nbsp;&nbsp;&nbsp;&nbsp; 1941375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27, Class EA<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 2939443 | &nbsp;&nbsp;&nbsp;&nbsp; 2600427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-35, Class CD<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 3075148 | &nbsp;&nbsp;&nbsp;&nbsp; 2676126 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-M2, Class 3A2<br> 1.98%, 04/25/2032(1) | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4258290 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-6, Class A<br> 3.50%, 11/20/2050 | &nbsp;&nbsp; 4835115 | &nbsp;&nbsp;&nbsp;&nbsp; 4504760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-64, Class YH<br> 5.00%, 04/20/2054 | &nbsp;&nbsp; 2951058 | &nbsp;&nbsp;&nbsp;&nbsp; 2785154 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-118, Class B<br> 2.50%, 10/16/2043(1) | &nbsp;&nbsp; 1241317 | &nbsp;&nbsp;&nbsp;&nbsp; 1162473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46297099 |
| **Total Collateralized Mortgage Obligations<br> (cost $109,056,301)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108847469 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 53.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 53.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 53.3%** |
| **U.S. Government — 19.7%** | **U.S. Government — 19.7%** | **U.S. Government — 19.7%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp; 1219000 | &nbsp;&nbsp;&nbsp;&nbsp; 569454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp; 14960000 | &nbsp;&nbsp;&nbsp;&nbsp; 9717572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 to 11/15/2051 | &nbsp;&nbsp; 9801000 | &nbsp;&nbsp;&nbsp;&nbsp; 5339584 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 to 08/15/2051 | $13971000 | &nbsp;&nbsp;$9301154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp; 23835000 | &nbsp;&nbsp;&nbsp;&nbsp; 14192998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 to 05/15/2051 | &nbsp;&nbsp; 46721000 | &nbsp;&nbsp;&nbsp;&nbsp; 30545168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/2045 to 05/15/2047 | &nbsp;&nbsp; 10021000 | &nbsp;&nbsp;&nbsp;&nbsp; 7364194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/2048 | &nbsp;&nbsp; 22308000 | &nbsp;&nbsp;&nbsp;&nbsp; 17251229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2053# | &nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 163501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 to 08/15/2054 | &nbsp;&nbsp; 29347000 | &nbsp;&nbsp;&nbsp;&nbsp; 26217779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2044 to 11/15/2054 | &nbsp;&nbsp; 25339000 | &nbsp;&nbsp;&nbsp;&nbsp; 23944767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2044 to 02/15/2055 | &nbsp;&nbsp; 6022000 | &nbsp;&nbsp;&nbsp;&nbsp; 5787037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2043 to 11/15/2053 | &nbsp;&nbsp; 1778000 | &nbsp;&nbsp;&nbsp;&nbsp; 1733427 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 11/15/2031 to 02/15/2043 | &nbsp;&nbsp; 45419000 | &nbsp;&nbsp;&nbsp;&nbsp; 29825991 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 | &nbsp;&nbsp; 838000 | &nbsp;&nbsp;&nbsp;&nbsp; 803171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/31/2027 | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp;&nbsp;&nbsp; 2189869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/30/2026 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 618100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | &nbsp;&nbsp; 1279000 | &nbsp;&nbsp;&nbsp;&nbsp; 1167087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2027 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 222085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 472051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 02/15/2029 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 163519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/30/2029 | &nbsp;&nbsp; 35010000 | &nbsp;&nbsp;&nbsp;&nbsp; 33699860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2034 | &nbsp;&nbsp; 4130000 | &nbsp;&nbsp;&nbsp;&nbsp; 3978997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/2027 to 02/15/2034 | &nbsp;&nbsp; 86509000 | &nbsp;&nbsp;&nbsp;&nbsp; 86161047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/31/2029 to 10/31/2031 | &nbsp;&nbsp;113540000 | &nbsp;&nbsp;&nbsp;&nbsp; 114012987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2028 to 05/15/2035 | &nbsp;&nbsp; 68013000 | &nbsp;&nbsp;&nbsp;&nbsp; 68259238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/31/2029 to 01/31/2032 | &nbsp;&nbsp; 11404000 | &nbsp;&nbsp;&nbsp;&nbsp; 11563224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/31/2026 to 11/15/2033 | &nbsp;&nbsp; 13705000 | &nbsp;&nbsp;&nbsp;&nbsp; 13922659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/30/2029 to 04/30/2031 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14381484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533569233 |
| **U.S. Government Agency — 33.6%** | **U.S. Government Agency — 33.6%** | **U.S. Government Agency — 33.6%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/14/2029 | &nbsp;&nbsp; 7765000 | &nbsp;&nbsp;&nbsp;&nbsp; 7163454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/16/2028# | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 979668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2036 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 268548 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2037 | &nbsp;&nbsp; 8522864 | &nbsp;&nbsp;&nbsp;&nbsp; 7470981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2036 to 04/01/2052 | &nbsp;&nbsp; 59590477 | &nbsp;&nbsp;&nbsp;&nbsp; 49770054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2028 to 11/01/2051 | &nbsp;&nbsp; 28080114 | &nbsp;&nbsp;&nbsp;&nbsp; 23302974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2027 to 11/01/2046 | &nbsp;&nbsp; 10820416 | &nbsp;&nbsp;&nbsp;&nbsp; 9659736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2041 to 03/01/2053 | &nbsp;&nbsp; 38884191 | &nbsp;&nbsp;&nbsp;&nbsp; 35009768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 06/01/2052 | &nbsp;&nbsp; 18225110 | &nbsp;&nbsp;&nbsp;&nbsp; 16919725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2039 to 12/01/2048 | &nbsp;&nbsp; 7060649 | &nbsp;&nbsp;&nbsp;&nbsp; 6852908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2033 to 06/01/2055 | &nbsp;&nbsp; 21556235 | &nbsp;&nbsp;&nbsp;&nbsp; 20953456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2032 to 12/01/2054 | &nbsp;&nbsp; 38528112 | &nbsp;&nbsp;&nbsp;&nbsp; 38209471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2033 to 03/01/2055 | &nbsp;&nbsp; 4959166 | &nbsp;&nbsp;&nbsp;&nbsp; 5013070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2035 to 01/01/2054 | &nbsp;&nbsp; 6452982 | &nbsp;&nbsp;&nbsp;&nbsp; 6625589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2029 to 03/15/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 838644 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, (RFUCCT6M+1.49%), 02/01/2037 | &nbsp;&nbsp; 32234 | &nbsp;&nbsp;&nbsp;&nbsp; 32656 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2050 to 03/01/2051 | &nbsp;&nbsp; 8752826 | &nbsp;&nbsp;&nbsp;&nbsp; 6457732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2035 to 03/01/2052 | &nbsp;&nbsp;131395908 | &nbsp;&nbsp;&nbsp;&nbsp; 105116818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 06/01/2029 | &nbsp;&nbsp; 2986726 | &nbsp;&nbsp;&nbsp;&nbsp; 2766958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2026 to 05/01/2052 | &nbsp;&nbsp;149736776 | &nbsp;&nbsp;&nbsp;&nbsp; 124766792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2027 to 07/01/2052 | &nbsp;&nbsp; 87789155 | &nbsp;&nbsp;&nbsp;&nbsp; 76587742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2026 to 04/01/2052 | &nbsp;&nbsp; 55372077 | &nbsp;&nbsp;&nbsp;&nbsp; 49893455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2025 to 10/01/2052 | &nbsp;&nbsp; 45798177 | &nbsp;&nbsp;&nbsp;&nbsp; 42519905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 01/01/2032 | &nbsp;&nbsp; 7366327 | &nbsp;&nbsp;&nbsp;&nbsp; 7294801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 06/01/2032(5) | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6102926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48%, 05/01/2035 | &nbsp;&nbsp; 8634000 | &nbsp;&nbsp;&nbsp;&nbsp; 8431049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2040 to 09/01/2054 | &nbsp;&nbsp; 24505297 | &nbsp;&nbsp;&nbsp;&nbsp; 23339915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 07/01/2032 to 10/01/2032 | &nbsp;&nbsp; 13787000 | &nbsp;&nbsp;&nbsp;&nbsp; 13727255 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/01/2035 | $2735200 | &nbsp;&nbsp;$2703681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/01/2035 | &nbsp;&nbsp; 7892000 | &nbsp;&nbsp;&nbsp;&nbsp; 7911249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96%, 09/01/2032 | &nbsp;&nbsp; 5547000 | &nbsp;&nbsp;&nbsp;&nbsp; 5622433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2033 to 11/01/2054 | &nbsp;&nbsp; 37444934 | &nbsp;&nbsp;&nbsp;&nbsp; 36381855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 01/01/2033 | &nbsp;&nbsp; 1933000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 09/01/2031 | &nbsp;&nbsp; 836186 | &nbsp;&nbsp;&nbsp;&nbsp; 858511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 12/01/2033 | &nbsp;&nbsp; 2782000 | &nbsp;&nbsp;&nbsp;&nbsp; 2872050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/01/2033 to 04/01/2053 | &nbsp;&nbsp; 9131016 | &nbsp;&nbsp;&nbsp;&nbsp; 9083247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2032 to 11/01/2053 | &nbsp;&nbsp; 34943106 | &nbsp;&nbsp;&nbsp;&nbsp; 35350477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2037 to 12/01/2053 | &nbsp;&nbsp; 8145568 | &nbsp;&nbsp;&nbsp;&nbsp; 8364671 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87%, (RFUCCT1Y+1.83%), 10/01/2040 | &nbsp;&nbsp; 235454 | &nbsp;&nbsp;&nbsp;&nbsp; 243234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.89%, (RFUCCT1Y+1.57%), 05/01/2037 | &nbsp;&nbsp; 51777 | &nbsp;&nbsp;&nbsp;&nbsp; 53408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06%, (H15T1Y+2.27%), 11/01/2036 | &nbsp;&nbsp; 131561 | &nbsp;&nbsp;&nbsp;&nbsp; 136122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.33%, (RFUCCT1Y+1.82%), 10/01/2040 | &nbsp;&nbsp; 51552 | &nbsp;&nbsp;&nbsp;&nbsp; 53343 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%, 11/01/2032(1) | &nbsp;&nbsp; 5439543 | &nbsp;&nbsp;&nbsp;&nbsp; 4416092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 11/01/2032(1) | &nbsp;&nbsp; 9136068 | &nbsp;&nbsp;&nbsp;&nbsp; 7436427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 02/01/2032(1) | &nbsp;&nbsp; 7909634 | &nbsp;&nbsp;&nbsp;&nbsp; 6846495 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/20/2050 | &nbsp;&nbsp; 9586204 | &nbsp;&nbsp;&nbsp;&nbsp; 7702769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/20/2050 to 12/20/2051 | &nbsp;&nbsp; 25534525 | &nbsp;&nbsp;&nbsp;&nbsp; 21406457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2045 to 02/20/2052 | &nbsp;&nbsp; 29306561 | &nbsp;&nbsp;&nbsp;&nbsp; 25776942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/20/2045 to 10/20/2047 | &nbsp;&nbsp; 1569878 | &nbsp;&nbsp;&nbsp;&nbsp; 1420088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/2044 to 05/20/2048 | &nbsp;&nbsp; 1893829 | &nbsp;&nbsp;&nbsp;&nbsp; 1764083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2039 to 07/20/2052 | &nbsp;&nbsp; 10648378 | &nbsp;&nbsp;&nbsp;&nbsp; 10135381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2039 to 05/20/2053 | &nbsp;&nbsp; 13873086 | &nbsp;&nbsp;&nbsp;&nbsp; 13836175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2039 | &nbsp;&nbsp; 64626 | &nbsp;&nbsp;&nbsp;&nbsp; 66241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908486189 |
| **Total U.S. Government & Agency Obligations<br> (cost $1,581,628,279)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1442055422 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 1.1%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.1%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.1%** |
| **Regional(State/Province) — 0.0%** | **Regional(State/Province) — 0.0%** | **Regional(State/Province) — 0.0%** |
| &nbsp;&nbsp;&nbsp;Province of British Columbia Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 07/06/2033 | &nbsp;&nbsp; 1171000 | &nbsp;&nbsp;&nbsp;&nbsp; 1135175 |
| **Sovereign — 1.1%** | **Sovereign — 1.1%** | **Sovereign — 1.1%** |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 10/11/2047 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 321872 |
| &nbsp;&nbsp;&nbsp;Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/25/2027 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 603330 |
| &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 09/02/2070 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 419307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/15/2051 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 318230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/16/2050 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 303171 |
| &nbsp;&nbsp;&nbsp;Government of Bulgaria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/05/2037 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1207248 |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/25/2034 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 727350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/30/2034\* | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 257404 |
| &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 02/02/2061 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 419027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/04/2047 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 162528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/18/2053 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 414775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/16/2054\* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 745350 |
| &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/18/2050 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 89545 |
| &nbsp;&nbsp;&nbsp;Republic of Azerbaijan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2032 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138141 |
| &nbsp;&nbsp;&nbsp;Republic of Hungary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/26/2036\* | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1476540 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| &nbsp;&nbsp;&nbsp;Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/10/2029 | $1040000 | &nbsp;&nbsp;$1037825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/10/2034 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/10/2054 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 472268 |
| &nbsp;&nbsp;&nbsp;Republic of Italy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/06/2051 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 394290 |
| &nbsp;&nbsp;&nbsp;Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08%, 04/01/2036\* | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133206 |
| &nbsp;&nbsp;&nbsp;Republic of Kazakhstan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/21/2045 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 417508 |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/19/2033 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 753168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 02/14/2035 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/01/2031 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 627906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/2038 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 620250 |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84%, 06/20/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180740 |
| &nbsp;&nbsp;&nbsp;Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/18/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 396000 |
| &nbsp;&nbsp;&nbsp;Republic of Serbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/12/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 991039 |
| &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/26/2034 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 763960 |
| &nbsp;&nbsp;&nbsp;State of Qatar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/14/2029 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 316790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/16/2050 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 936600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/23/2048 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 185813 |
| &nbsp;&nbsp;&nbsp;Sultanate of Oman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/08/2047 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 293529 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 08/14/2041 | &nbsp;&nbsp; 3203000 | &nbsp;&nbsp;&nbsp;&nbsp; 2366056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 01/21/2045 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 257520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/13/2030 | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 602790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/07/2036 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 975987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.34%, 05/04/2053 | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 190935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 02/09/2035 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 796912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 05/07/2054 | &nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1813253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/27/2034 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 311250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/13/2037 | &nbsp;&nbsp; 1443000 | &nbsp;&nbsp;&nbsp;&nbsp; 1456781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28218174 |
| **Total Foreign Government Obligations<br> (cost $30,958,001)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29353349 |
| **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** |
| **Oil Field Machinery & Equipment — 0.0%** | **Oil Field Machinery & Equipment — 0.0%** | **Oil Field Machinery & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hi-Crush, Inc.(5)(8)<br> (cost $0) | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 700362 |
| **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
| **Sovereign — 0.0%** | **Sovereign — 0.0%** | **Sovereign — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp.<br> Series Z<br> 8.38%#†<br> (cost $48,513) | &nbsp;&nbsp; 3142 | &nbsp;&nbsp;&nbsp;&nbsp; 43108 |
| **Total Long-Term Investment Securities<br> (cost $2,766,427,699)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2605836902 |
| **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** |
| **Unaffiliated Investment Companies — 3.1%** | **Unaffiliated Investment Companies — 3.1%** | **Unaffiliated Investment Companies — 3.1%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional Liquid Reserves Government Money Market Fund, Premier Class<br> 4.24%(9) | &nbsp;&nbsp; 26812830 | &nbsp;&nbsp;&nbsp;&nbsp; 26812830 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |  |
| **Unaffiliated Investment Companies (continued)** | **Unaffiliated Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(9) | 39176379 | &nbsp;&nbsp;$39176380 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(9)(10) | 17482408 | &nbsp;&nbsp;&nbsp;&nbsp; 17482408 |
| **Total Short-Term Investments<br> (cost $83,471,617)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83471618 |
| **TOTAL INVESTMENTS<br> (cost $2,849,899,316)(11)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.4% | &nbsp;&nbsp;&nbsp;&nbsp;2689308520 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17507119 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2706815639 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Core Bond Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $500,738,341 representing 18.5% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (2) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (3) | &nbsp;&nbsp;PIK ("Payment-in-Kind") security -- Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed. |
| (4) | &nbsp;&nbsp;"Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of May 31, 2025. |
| (5) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (6) | &nbsp;&nbsp;Interest Only |

---

(7) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2025.

(8) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from
registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation
of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under
the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly
traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the
security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Hi-Crush, Inc. | 03/13/2024 | 123 | $0 | $700362 | $5694.00 | 0.0% |

---

(9) The rate shown is the 7-day yield as of May 31, 2025.

(10) At May 31, 2025, the Fund had loaned securities with a total value of $28,129,869. This was secured by collateral of $17,482,408, which was received in cash and
subsequently invested in short-term investments currently valued at $17,482,408 as reported in the Portfolio of Investments. Additional collateral of $11,334,953 was received in the form of fixed income pooled
securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Home Loan Mtg. Corp. | 1.50% to 9.50% | 06/01/2025 to 04/25/2055 | $61493 |
| Federal National Mtg. Assoc. | 1.50% to 9.00% | 06/01/2025 to 03/01/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38734 |
| Government National Mtg. Assoc. | 1.50% to 7.50% | 06/15/2025 to 01/16/2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73709 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;11161017 |

---

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

---

| |
|:---|
| DAC—Designated Activity Company |
| FRS—Floating Rate Security |
| H15T1Y—US Treasury Yield Curve Rate Note Constant Maturity 1 Year |
| REMIC—Real Estate Mortgage Investment Conduit |
| RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year |
| RFUCCT6M—Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Month |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| STRIPS—Separate Trading of Registered Interest and Principal |
| TSFR1M—Term Secured Overnight Financing Rate 1 Month |
| TSFR3M—Term Secured Overnight Financing Rate 3 Month |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 294 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$32202367 | &nbsp;&nbsp;&nbsp;&nbsp;$32560500 | &nbsp;&nbsp;&nbsp;&nbsp;$358133 |
| 402 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83289966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83389875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99909 |
| 116 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12851149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13082625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231476 |
| 337 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37552804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37928297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375493 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1065011 |

---

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;$— | &nbsp;&nbsp;$29897622 | &nbsp;&nbsp;$165260 | &nbsp;&nbsp;$30062882 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806265831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806265831 |
| Asset Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99233427 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102233427 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86275052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86275052 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108847469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108847469 |
| U.S. Government & Agency Obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403222586 | &nbsp;&nbsp;&nbsp;&nbsp;6102926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409325512 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1032729910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1032729910 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29353349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29353349 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700362 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43108 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;83471618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83471618 |
| **Total Investments at Value** | &nbsp;&nbsp;$83514726 | &nbsp;&nbsp;$2595825246 | &nbsp;&nbsp;$9968548 | &nbsp;&nbsp;$2689308520 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$1065011 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1065011 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Dividend Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.7%** | **COMMON STOCKS — 96.7%** | **COMMON STOCKS — 96.7%** |
| **Advertising — 0.5%** | **Advertising — 0.5%** | **Advertising — 0.5%** |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;448406 | &nbsp;&nbsp;$3621332 |
| **Aerospace/Defense — 4.6%** | **Aerospace/Defense — 4.6%** | **Aerospace/Defense — 4.6%** |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12332 | &nbsp;&nbsp;&nbsp;&nbsp; 2269504 |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18270 | &nbsp;&nbsp;&nbsp;&nbsp; 3787737 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53218 | &nbsp;&nbsp;&nbsp;&nbsp; 13003286 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10183 | &nbsp;&nbsp;&nbsp;&nbsp; 4936413 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53994 | &nbsp;&nbsp;&nbsp;&nbsp; 7369101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31366041 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97645 | &nbsp;&nbsp;&nbsp;&nbsp; 4413554 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87078 | &nbsp;&nbsp;&nbsp;&nbsp; 4319940 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Lear Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19367 | &nbsp;&nbsp;&nbsp;&nbsp; 1751164 |
| **Banks — 8.9%** | **Banks — 8.9%** | **Banks — 8.9%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107529 | &nbsp;&nbsp;&nbsp;&nbsp; 4745255 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186784 | &nbsp;&nbsp;&nbsp;&nbsp; 14068571 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637 | &nbsp;&nbsp;&nbsp;&nbsp; 12271017 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44076 | &nbsp;&nbsp;&nbsp;&nbsp; 11636064 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14972 | &nbsp;&nbsp;&nbsp;&nbsp; 2602283 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;206462 | &nbsp;&nbsp;&nbsp;&nbsp; 15439228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;60762418 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65018 | &nbsp;&nbsp;&nbsp;&nbsp; 4687798 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;127085 | &nbsp;&nbsp;&nbsp;&nbsp; 3453667 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65017 | &nbsp;&nbsp;&nbsp;&nbsp; 2189122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10330587 |
| **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27249 | &nbsp;&nbsp;&nbsp;&nbsp; 2762231 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16630 | &nbsp;&nbsp;&nbsp;&nbsp; 4408114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7170345 |
| **Chemicals — 2.7%** | **Chemicals — 2.7%** | **Chemicals — 2.7%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21399 | &nbsp;&nbsp;&nbsp;&nbsp; 5968395 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42451 | &nbsp;&nbsp;&nbsp;&nbsp; 3250049 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9694 | &nbsp;&nbsp;&nbsp;&nbsp; 4532721 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40583 | &nbsp;&nbsp;&nbsp;&nbsp; 4496596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18247761 |
| **Coal — 0.4%** | **Coal — 0.4%** | **Coal — 0.4%** |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65591 | &nbsp;&nbsp;&nbsp;&nbsp; 2430147 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;779530 | &nbsp;&nbsp;&nbsp;&nbsp; 3692852 |
| **Computers — 3.6%** | **Computers — 3.6%** | **Computers — 3.6%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17176 | &nbsp;&nbsp;&nbsp;&nbsp; 3449799 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79406 | &nbsp;&nbsp;&nbsp;&nbsp; 6431092 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;189488 | &nbsp;&nbsp;&nbsp;&nbsp; 3274353 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219721 | &nbsp;&nbsp;&nbsp;&nbsp; 5471053 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24569 | &nbsp;&nbsp;&nbsp;&nbsp; 3648988 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44312 | &nbsp;&nbsp;&nbsp;&nbsp; 2284284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24559569 |
| **Cosmetics/Personal Care — 1.9%** | **Cosmetics/Personal Care — 1.9%** | **Cosmetics/Personal Care — 1.9%** |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;893848 | &nbsp;&nbsp;&nbsp;&nbsp; 4984703 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14779 | &nbsp;&nbsp;&nbsp;&nbsp; 2510804 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88748 | &nbsp;&nbsp;&nbsp;&nbsp; 5628375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13123882 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155 | &nbsp;&nbsp;$865473 |
| **Diversified Financial Services — 4.4%** | **Diversified Financial Services — 4.4%** | **Diversified Financial Services — 4.4%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36336 | &nbsp;&nbsp;&nbsp;&nbsp; 4748752 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28921 | &nbsp;&nbsp;&nbsp;&nbsp; 5470407 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34083 | &nbsp;&nbsp;&nbsp;&nbsp; 3010892 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49562 | &nbsp;&nbsp;&nbsp;&nbsp; 8911248 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21182 | &nbsp;&nbsp;&nbsp;&nbsp; 7735454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29876753 |
| **Electric — 4.8%** | **Electric — 4.8%** | **Electric — 4.8%** |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21694 | &nbsp;&nbsp;&nbsp;&nbsp; 2245112 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64303 | &nbsp;&nbsp;&nbsp;&nbsp; 3644051 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19427 | &nbsp;&nbsp;&nbsp;&nbsp; 2654700 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28340 | &nbsp;&nbsp;&nbsp;&nbsp; 1577121 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108683 | &nbsp;&nbsp;&nbsp;&nbsp; 4762489 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;277105 | &nbsp;&nbsp;&nbsp;&nbsp; 4677532 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;167538 | &nbsp;&nbsp;&nbsp;&nbsp; 13166811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32727816 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535 | &nbsp;&nbsp;&nbsp;&nbsp; 918711 |
| **Electronics — 1.6%** | **Electronics — 1.6%** | **Electronics — 1.6%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8447 | &nbsp;&nbsp;&nbsp;&nbsp; 1205387 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40754 | &nbsp;&nbsp;&nbsp;&nbsp; 2860523 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14529 | &nbsp;&nbsp;&nbsp;&nbsp; 3293288 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21525 | &nbsp;&nbsp;&nbsp;&nbsp; 3445507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10804705 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17265 | &nbsp;&nbsp;&nbsp;&nbsp; 4160347 |
| **Food — 2.5%** | **Food — 2.5%** | **Food — 2.5%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;226540 | &nbsp;&nbsp;&nbsp;&nbsp; 6055414 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54328 | &nbsp;&nbsp;&nbsp;&nbsp; 3030416 |
| &nbsp;&nbsp;&nbsp;Nestle SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76315 | &nbsp;&nbsp;&nbsp;&nbsp; 8128311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17214141 |
| **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290271 | &nbsp;&nbsp;&nbsp;&nbsp; 8853265 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;126215 | &nbsp;&nbsp;&nbsp;&nbsp; 10473321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19326586 |
| **Healthcare-Services — 2.3%** | **Healthcare-Services — 2.3%** | **Healthcare-Services — 2.3%** |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051 | &nbsp;&nbsp;&nbsp;&nbsp; 2232629 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9809 | &nbsp;&nbsp;&nbsp;&nbsp; 3765086 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10090 | &nbsp;&nbsp;&nbsp;&nbsp; 43387 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27211 | &nbsp;&nbsp;&nbsp;&nbsp; 6774723 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10057 | &nbsp;&nbsp;&nbsp;&nbsp; 3036309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15852134 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;162200 | &nbsp;&nbsp;&nbsp;&nbsp; 4294673 |
| **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41487 | &nbsp;&nbsp;&nbsp;&nbsp; 3320060 |
| **Insurance — 5.0%** | **Insurance — 5.0%** | **Insurance — 5.0%** |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17379 | &nbsp;&nbsp;&nbsp;&nbsp; 5165039 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83152 | &nbsp;&nbsp;&nbsp;&nbsp; 4554235 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10460 | &nbsp;&nbsp;&nbsp;&nbsp; 1358126 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74349 | &nbsp;&nbsp;&nbsp;&nbsp; 5842344 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13292 | &nbsp;&nbsp;&nbsp;&nbsp; 1380906 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Dividend Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24581 | &nbsp;&nbsp;$6776982 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27444 | &nbsp;&nbsp;&nbsp;&nbsp; 8687398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33765030 |
| **Internet — 2.3%** | **Internet — 2.3%** | **Internet — 2.3%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23525 | &nbsp;&nbsp;&nbsp;&nbsp; 4040183 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23665 | &nbsp;&nbsp;&nbsp;&nbsp; 4851562 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13630 | &nbsp;&nbsp;&nbsp;&nbsp; 2458307 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6873 | &nbsp;&nbsp;&nbsp;&nbsp; 4450199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15800251 |
| **Machinery-Diversified — 0.9%** | **Machinery-Diversified — 0.9%** | **Machinery-Diversified — 0.9%** |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;236541 | &nbsp;&nbsp;&nbsp;&nbsp; 2959128 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15299 | &nbsp;&nbsp;&nbsp;&nbsp; 3095294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6054422 |
| **Media — 3.0%** | **Media — 3.0%** | **Media — 3.0%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;410448 | &nbsp;&nbsp;&nbsp;&nbsp; 14189188 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54382 | &nbsp;&nbsp;&nbsp;&nbsp; 6147341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20336529 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67638 | &nbsp;&nbsp;&nbsp;&nbsp; 2602710 |
| **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** |
| &nbsp;&nbsp;&nbsp;BP PLC | 1572129 | &nbsp;&nbsp;&nbsp;&nbsp; 7620250 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45654 | &nbsp;&nbsp;&nbsp;&nbsp; 2516905 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73603 | &nbsp;&nbsp;&nbsp;&nbsp; 7529587 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22635 | &nbsp;&nbsp;&nbsp;&nbsp; 2992120 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;211542 | &nbsp;&nbsp;&nbsp;&nbsp; 6981589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27640451 |
| **Packaging & Containers — 1.0%** | **Packaging & Containers — 1.0%** | **Packaging & Containers — 1.0%** |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20707 | &nbsp;&nbsp;&nbsp;&nbsp; 2039640 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136801 | &nbsp;&nbsp;&nbsp;&nbsp; 4404992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6444632 |
| **Pharmaceuticals — 8.5%** | **Pharmaceuticals — 8.5%** | **Pharmaceuticals — 8.5%** |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43575 | &nbsp;&nbsp;&nbsp;&nbsp; 6293792 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66700 | &nbsp;&nbsp;&nbsp;&nbsp; 11511753 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82642 | &nbsp;&nbsp;&nbsp;&nbsp; 12763230 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;224793 | &nbsp;&nbsp;&nbsp;&nbsp; 14395744 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722 | &nbsp;&nbsp;&nbsp;&nbsp; 2007938 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19932 | &nbsp;&nbsp;&nbsp;&nbsp; 3093646 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52515 | &nbsp;&nbsp;&nbsp;&nbsp; 4035252 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38826 | &nbsp;&nbsp;&nbsp;&nbsp; 3858318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;57959673 |
| **Pipelines — 2.7%** | **Pipelines — 2.7%** | **Pipelines — 2.7%** |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;175187 | &nbsp;&nbsp;&nbsp;&nbsp; 8142692 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;114907 | &nbsp;&nbsp;&nbsp;&nbsp; 3541434 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111203 | &nbsp;&nbsp;&nbsp;&nbsp; 6728893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18413019 |
| **Private Equity — 0.6%** | **Private Equity — 0.6%** | **Private Equity — 0.6%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92860 | &nbsp;&nbsp;&nbsp;&nbsp; 4197272 |
| **REITS — 3.5%** | **REITS — 3.5%** | **REITS — 3.5%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20262 | &nbsp;&nbsp;&nbsp;&nbsp; 4349238 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22779 | &nbsp;&nbsp;&nbsp;&nbsp; 4710014 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49611 | &nbsp;&nbsp;&nbsp;&nbsp; 4978464 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91769 | &nbsp;&nbsp;&nbsp;&nbsp; 1330651 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19576 | &nbsp;&nbsp;&nbsp;&nbsp; 3066580 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10196 | &nbsp;&nbsp;&nbsp;&nbsp; 3144548 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12507 | &nbsp;&nbsp;$440747 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50574 | &nbsp;&nbsp;&nbsp;&nbsp; 1799423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23819665 |
| **Retail — 1.9%** | **Retail — 1.9%** | **Retail — 1.9%** |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68961 | &nbsp;&nbsp;&nbsp;&nbsp; 6706457 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8992 | &nbsp;&nbsp;&nbsp;&nbsp; 3311664 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA ADR# | &nbsp;&nbsp;&nbsp;&nbsp;118483 | &nbsp;&nbsp;&nbsp;&nbsp; 3209704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13227825 |
| **Semiconductors — 3.9%** | **Semiconductors — 3.9%** | **Semiconductors — 3.9%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31002 | &nbsp;&nbsp;&nbsp;&nbsp; 7504654 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62717 | &nbsp;&nbsp;&nbsp;&nbsp; 1226117 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12598 | &nbsp;&nbsp;&nbsp;&nbsp; 1702368 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6661 | &nbsp;&nbsp;&nbsp;&nbsp; 6700966 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;136882 | &nbsp;&nbsp;&nbsp;&nbsp; 3435619 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15223 | &nbsp;&nbsp;&nbsp;&nbsp; 2942910 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16113 | &nbsp;&nbsp;&nbsp;&nbsp; 2946262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26458896 |
| **Software — 7.5%** | **Software — 7.5%** | **Software — 7.5%** |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36711 | &nbsp;&nbsp;&nbsp;&nbsp; 5278308 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92640 | &nbsp;&nbsp;&nbsp;&nbsp; 7375071 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47809 | &nbsp;&nbsp;&nbsp;&nbsp; 22009351 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24778 | &nbsp;&nbsp;&nbsp;&nbsp; 4101502 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149072 | &nbsp;&nbsp;&nbsp;&nbsp; 12046508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50810740 |
| **Telecommunications — 2.4%** | **Telecommunications — 2.4%** | **Telecommunications — 2.4%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83420 | &nbsp;&nbsp;&nbsp;&nbsp; 5258797 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25931 | &nbsp;&nbsp;&nbsp;&nbsp; 6280488 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111134 | &nbsp;&nbsp;&nbsp;&nbsp; 4885451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16424736 |
| **Toys/Games/Hobbies — 0.5%** | **Toys/Games/Hobbies — 0.5%** | **Toys/Games/Hobbies — 0.5%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53177 | &nbsp;&nbsp;&nbsp;&nbsp; 3547438 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75084 | &nbsp;&nbsp;&nbsp;&nbsp; 2371904 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15637 | &nbsp;&nbsp;&nbsp;&nbsp; 3466097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838001 |
| **Total Long-Term Investment Securities<br> (cost $582,553,360)** |  | &nbsp;&nbsp;&nbsp;&nbsp;658492281 |
| **SHORT-TERM INVESTMENTS — 3.0%** | **SHORT-TERM INVESTMENTS — 3.0%** | **SHORT-TERM INVESTMENTS — 3.0%** |
| **Unaffiliated Investment Companies — 3.0%** | **Unaffiliated Investment Companies — 3.0%** | **Unaffiliated Investment Companies — 3.0%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional Liquid Reserves Fund, Premier Class<br> 0.12%(1) | 14924206 | &nbsp;&nbsp;&nbsp;&nbsp; 14924206 |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(1) | 5354822 | &nbsp;&nbsp;&nbsp;&nbsp; 5354822 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Dividend Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |  |
| **Unaffiliated Investment Companies (continued)** | **Unaffiliated Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;105780 | &nbsp;&nbsp;$105780 |
| **Total Short-Term Investments<br> (cost $20,384,808)** |  | &nbsp;&nbsp;&nbsp;&nbsp;20384808 |
| **TOTAL INVESTMENTS<br> (cost $602,938,168)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;678877089 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830147 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$680707236 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (2) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $7,755,836. This was secured by collateral of $105,780, which was received in cash and subsequently invested in short-term investments currently valued at $105,780 as reported in the Portfolio of Investments. Additional collateral of $7,772,704 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $42879 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;277129 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21277 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;116707 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 07/15/2025 to 05/15/2054 | &nbsp;&nbsp;&nbsp;7314438 |

---

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

ADR—American Depositary Receipt <br> GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$658492281 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$658492281 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;20384808 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20384808 |
| **Total Investments at Value** | &nbsp;&nbsp;$678877089 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$678877089 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Dynamic Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 81.2%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 81.2%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 81.2%** |
| **Domestic Equity Investment Companies — 53.3%** | **Domestic Equity Investment Companies — 53.3%** | **Domestic Equity Investment Companies — 53.3%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Capital Appreciation Fund | &nbsp;&nbsp; 291951 | &nbsp;&nbsp;$5967478 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Dividend Value Fund | &nbsp;&nbsp; 674949 | &nbsp;&nbsp;&nbsp;&nbsp; 8308626 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Growth Fund | &nbsp;&nbsp; 294334 | &nbsp;&nbsp;&nbsp;&nbsp; 4974250 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Capital Growth Fund | &nbsp;&nbsp; 270461 | &nbsp;&nbsp;&nbsp;&nbsp; 4470716 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Mid Cap Index Fund | &nbsp;&nbsp; 54921 | &nbsp;&nbsp;&nbsp;&nbsp; 1282397 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Mid Cap Strategic Growth Fund | &nbsp;&nbsp; 78309 | &nbsp;&nbsp;&nbsp;&nbsp; 1655450 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Mid Cap Value Fund | &nbsp;&nbsp; 87794 | &nbsp;&nbsp;&nbsp;&nbsp; 1415232 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | &nbsp;&nbsp; 57717 | &nbsp;&nbsp;&nbsp;&nbsp; 907317 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Index Fund | &nbsp;&nbsp; 34198 | &nbsp;&nbsp;&nbsp;&nbsp; 497584 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Special Values Fund | &nbsp;&nbsp; 61018 | &nbsp;&nbsp;&nbsp;&nbsp; 627265 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | &nbsp;&nbsp; 19452 | &nbsp;&nbsp;&nbsp;&nbsp; 212800 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | &nbsp;&nbsp; 240473 | &nbsp;&nbsp;&nbsp;&nbsp; 14038828 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Core Fund | &nbsp;&nbsp; 242772 | &nbsp;&nbsp;&nbsp;&nbsp; 7873101 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | &nbsp;&nbsp; 203444 | &nbsp;&nbsp;&nbsp;&nbsp; 3688445 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | &nbsp;&nbsp; 566661 | &nbsp;&nbsp;&nbsp;&nbsp; 8380920 |
| &nbsp;&nbsp;&nbsp;VALIC Company I U.S. Socially Responsible Fund | &nbsp;&nbsp; 297024 | &nbsp;&nbsp;&nbsp;&nbsp; 5352369 |
| **Total Domestic Equity Investment Companies<br> (cost $61,544,220)** |  | &nbsp;&nbsp;&nbsp;&nbsp;69652778 |
| **Domestic Fixed Income Investment Companies — 18.3%** | **Domestic Fixed Income Investment Companies — 18.3%** | **Domestic Fixed Income Investment Companies — 18.3%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | &nbsp;&nbsp;1711334 | &nbsp;&nbsp;&nbsp;&nbsp; 16548595 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Government Securities Fund | &nbsp;&nbsp; 543515 | &nbsp;&nbsp;&nbsp;&nbsp; 5022076 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | &nbsp;&nbsp; 134276 | &nbsp;&nbsp;&nbsp;&nbsp; 933219 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Inflation Protected Fund | &nbsp;&nbsp; 167551 | &nbsp;&nbsp;&nbsp;&nbsp; 1439263 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $25,066,135)** |  | &nbsp;&nbsp;&nbsp;&nbsp;23943153 |
| **International Equity Investment Companies — 9.3%** | **International Equity Investment Companies — 9.3%** | **International Equity Investment Companies — 9.3%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Emerging Economies Fund | &nbsp;&nbsp; 45700 | &nbsp;&nbsp;&nbsp;&nbsp; 302075 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Global Real Estate Fund | &nbsp;&nbsp; 207789 | &nbsp;&nbsp;&nbsp;&nbsp; 1435824 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund | &nbsp;&nbsp; 257267 | &nbsp;&nbsp;&nbsp;&nbsp; 2323125 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Growth Fund† | &nbsp;&nbsp; 172008 | &nbsp;&nbsp;&nbsp;&nbsp; 2320384 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Opportunities Fund | &nbsp;&nbsp; 22075 | &nbsp;&nbsp;&nbsp;&nbsp; 356724 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Socially Responsible Fund | &nbsp;&nbsp; 66387 | &nbsp;&nbsp;&nbsp;&nbsp; 1798421 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Value Fund | &nbsp;&nbsp; 308037 | &nbsp;&nbsp;&nbsp;&nbsp; 3530108 |
| **Total International Equity Investment Companies<br> (cost $10,675,126)** |  | &nbsp;&nbsp;&nbsp;&nbsp;12066661 |
| **International Fixed Income Investment Companies — 0.3%** | **International Fixed Income Investment Companies — 0.3%** | **International Fixed Income Investment Companies — 0.3%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Government Bond Fund†<br> (cost $401,642) | &nbsp;&nbsp; 39081 | &nbsp;&nbsp;&nbsp;&nbsp; 404879 |
| **Total Affiliated Investment Companies<br> (cost $97,687,123)** |  | &nbsp;&nbsp;&nbsp;&nbsp;106067471 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 15.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 15.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 15.4%** |
| **U.S. Government — 15.4%** | **U.S. Government — 15.4%** | **U.S. Government — 15.4%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032 | $559000 | &nbsp;&nbsp;&nbsp;&nbsp; 509236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | &nbsp;&nbsp;1771000 | &nbsp;&nbsp;&nbsp;&nbsp; 1667161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2033 | &nbsp;&nbsp; 927200 | &nbsp;&nbsp;&nbsp;&nbsp; 882977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033 to 08/15/2034 | &nbsp;&nbsp;5707500 | &nbsp;&nbsp;&nbsp;&nbsp; 5528832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp;2657900 | &nbsp;&nbsp;&nbsp;&nbsp; 2596955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/15/2032(2) | &nbsp;&nbsp;1251900 | &nbsp;&nbsp;&nbsp;&nbsp; 1246374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;1151400 | &nbsp;&nbsp;&nbsp;&nbsp; 1140066 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government (continued)** | **U.S. Government (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2034 | $2576200 | &nbsp;&nbsp;$2583446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp;1957900 | &nbsp;&nbsp;&nbsp;&nbsp; 1987116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;1991300 | &nbsp;&nbsp;&nbsp;&nbsp; 2028637 |
| **Total U.S. Government & Agency Obligations<br> (cost $20,355,705)** |  | &nbsp;&nbsp;&nbsp;&nbsp;20170800 |
| **PURCHASED OPTIONS† — 0.7%** | **PURCHASED OPTIONS† — 0.7%** |  |
| **Purchased Options - Puts — 0.7%** | **Purchased Options - Puts — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 09/19/2025; Strike Price: $4,950.00; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 40758 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 10/17/2025; Strike Price: $4,600.00; Counterparty: Goldman Sachs International) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 32850 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 10/17/2025; Strike Price: $4,600.00; Counterparty: UBS AG) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 32850 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 11/21/2025; Strike Price: $4,700.00; Counterparty: Goldman Sachs International) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 248092 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 11/21/2025; Strike Price: $4,700.00; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 24809 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 11/21/2025; Strike Price: $5,250.00; Counterparty: Citibank, N.A.) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 516608 |
| **Total Purchased Options<br> (cost $1,421,105)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895967 |
| **Total Long-Term Investment Securities<br> (cost $119,463,933)** |  | &nbsp;&nbsp;&nbsp;&nbsp;127134238 |
| **SHORT-TERM INVESTMENTS — 3.6%** | **SHORT-TERM INVESTMENTS — 3.6%** |  |
| **Unaffiliated Investment Companies — 3.6%** | **Unaffiliated Investment Companies — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;AllianceBernstein Government STIF Portfolio, Class AB<br> 4.15%(3)<br> (cost $4,707,885) | &nbsp;&nbsp;4707885 | &nbsp;&nbsp;&nbsp;&nbsp; 4707885 |
| **TOTAL INVESTMENTS<br> (cost $124,171,818)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.9% | &nbsp;&nbsp;&nbsp;&nbsp;131842123 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1144083) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$130698040 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The VALIC Company I Dynamic Allocation Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds' prospectuses and shareholder reports are available at our website, www.corebridgefinancial.com/rs. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;See Note 8. |
| (2) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (3) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (4) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

STIF—Short Term Investment Fund

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 40 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$11811976 | &nbsp;&nbsp;&nbsp;&nbsp;$11832000 | &nbsp;&nbsp;&nbsp;&nbsp;$20024 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Dynamic Allocation Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

#### Futures Contracts — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Numberof<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**ExpirationMonth** | &nbsp;&nbsp;&nbsp;&nbsp;**NotionalBasis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**NotionalValue\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2567005 | &nbsp;&nbsp;&nbsp;&nbsp;$2958000 | &nbsp;&nbsp;&nbsp;&nbsp;$(390995) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(370971) |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$106067471 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$106067471 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20170800 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20170800 |
| Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895967 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895967 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707885 |
| **Total Investments at Value** | &nbsp;&nbsp;$110775356 | &nbsp;&nbsp;$21066767 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$131842123 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$20024 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20024 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$390995 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$390995 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
| **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90197 | &nbsp;&nbsp;$2208215 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| &nbsp;&nbsp;&nbsp;Credicorp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp; 112895 |
| **Brazil — 4.1%** | **Brazil — 4.1%** | **Brazil — 4.1%** |
| &nbsp;&nbsp;&nbsp;Alupar Investimento SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225 | &nbsp;&nbsp;&nbsp;&nbsp; 17303 |
| &nbsp;&nbsp;&nbsp;AMBEV SA | &nbsp;&nbsp;&nbsp;&nbsp;741946 | &nbsp;&nbsp;&nbsp;&nbsp; 1820002 |
| &nbsp;&nbsp;&nbsp;Ambev SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;335736 | &nbsp;&nbsp;&nbsp;&nbsp; 819196 |
| &nbsp;&nbsp;&nbsp;Atacadao SA | &nbsp;&nbsp;&nbsp;&nbsp;102602 | &nbsp;&nbsp;&nbsp;&nbsp; 152123 |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;273896 | &nbsp;&nbsp;&nbsp;&nbsp; 668039 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;833164 | &nbsp;&nbsp;&nbsp;&nbsp; 2359867 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;228829 | &nbsp;&nbsp;&nbsp;&nbsp; 659028 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;161744 | &nbsp;&nbsp;&nbsp;&nbsp; 662303 |
| &nbsp;&nbsp;&nbsp;BRF SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29289 | &nbsp;&nbsp;&nbsp;&nbsp; 103954 |
| &nbsp;&nbsp;&nbsp;C&A MODAS SA | &nbsp;&nbsp;&nbsp;&nbsp;108782 | &nbsp;&nbsp;&nbsp;&nbsp; 339118 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp;&nbsp;&nbsp;130379 | &nbsp;&nbsp;&nbsp;&nbsp; 544357 |
| &nbsp;&nbsp;&nbsp;Cia Siderurgica Nacional SA | &nbsp;&nbsp;&nbsp;&nbsp;558618 | &nbsp;&nbsp;&nbsp;&nbsp; 805769 |
| &nbsp;&nbsp;&nbsp;Cia Siderurgica Nacional SA ADR# | &nbsp;&nbsp;&nbsp;&nbsp;271034 | &nbsp;&nbsp;&nbsp;&nbsp; 392999 |
| &nbsp;&nbsp;&nbsp;Cosan SA | &nbsp;&nbsp;&nbsp;&nbsp;527211 | &nbsp;&nbsp;&nbsp;&nbsp; 758623 |
| &nbsp;&nbsp;&nbsp;CPFL Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77367 | &nbsp;&nbsp;&nbsp;&nbsp; 547703 |
| &nbsp;&nbsp;&nbsp;Fleury SA | &nbsp;&nbsp;&nbsp;&nbsp;147137 | &nbsp;&nbsp;&nbsp;&nbsp; 330573 |
| &nbsp;&nbsp;&nbsp;Grupo SBF SA | &nbsp;&nbsp;&nbsp;&nbsp;475077 | &nbsp;&nbsp;&nbsp;&nbsp; 1020840 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;687492 | &nbsp;&nbsp;&nbsp;&nbsp; 4499139 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91740 | &nbsp;&nbsp;&nbsp;&nbsp; 604567 |
| &nbsp;&nbsp;&nbsp;JBS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57797 | &nbsp;&nbsp;&nbsp;&nbsp; 405423 |
| &nbsp;&nbsp;&nbsp;Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp;641342 | &nbsp;&nbsp;&nbsp;&nbsp; 2036327 |
| &nbsp;&nbsp;&nbsp;Marcopolo SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;201451 | &nbsp;&nbsp;&nbsp;&nbsp; 255358 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;280755 | &nbsp;&nbsp;&nbsp;&nbsp; 3371868 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;371636 | &nbsp;&nbsp;&nbsp;&nbsp; 2007790 |
| &nbsp;&nbsp;&nbsp;Petroreconcavo S/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67382 | &nbsp;&nbsp;&nbsp;&nbsp; 170472 |
| &nbsp;&nbsp;&nbsp;Porto Seguro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15172 | &nbsp;&nbsp;&nbsp;&nbsp; 138263 |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;173040 | &nbsp;&nbsp;&nbsp;&nbsp; 867091 |
| &nbsp;&nbsp;&nbsp;Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;111424 | &nbsp;&nbsp;&nbsp;&nbsp; 1014982 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41958 | &nbsp;&nbsp;&nbsp;&nbsp; 812307 |
| &nbsp;&nbsp;&nbsp;YDUQS Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;168441 | &nbsp;&nbsp;&nbsp;&nbsp; 466787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28652171 |
| **Chile — 0.4%** | **Chile — 0.4%** | **Chile — 0.4%** |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 10500257 | &nbsp;&nbsp;&nbsp;&nbsp; 1544808 |
| &nbsp;&nbsp;&nbsp;Banco de Chile ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28472 | &nbsp;&nbsp;&nbsp;&nbsp; 860139 |
| &nbsp;&nbsp;&nbsp;Enel Americas SA | 5631926 | &nbsp;&nbsp;&nbsp;&nbsp; 525121 |
| &nbsp;&nbsp;&nbsp;Falabella SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35114 | &nbsp;&nbsp;&nbsp;&nbsp; 167539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097607 |
| **China — 26.5%** | **China — 26.5%** | **China — 26.5%** |
| &nbsp;&nbsp;&nbsp;3SBio, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp; 564041 |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Ltd. | 2353000 | &nbsp;&nbsp;&nbsp;&nbsp; 1512431 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | 1598400 | &nbsp;&nbsp;&nbsp;&nbsp; 23218395 |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65100 | &nbsp;&nbsp;&nbsp;&nbsp; 255759 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85950 | &nbsp;&nbsp;&nbsp;&nbsp; 895004 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. | 8322000 | &nbsp;&nbsp;&nbsp;&nbsp; 4839668 |
| &nbsp;&nbsp;&nbsp;Bilibili, Inc., Class Z† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25220 | &nbsp;&nbsp;&nbsp;&nbsp; 473130 |
| &nbsp;&nbsp;&nbsp;BOE Technology Group Co., Ltd., Class A | 1412900 | &nbsp;&nbsp;&nbsp;&nbsp; 746138 |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;137500 | &nbsp;&nbsp;&nbsp;&nbsp; 6888064 |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47500 | &nbsp;&nbsp;&nbsp;&nbsp; 2325574 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 8258000 | &nbsp;&nbsp;&nbsp;&nbsp; 7414307 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32200 | &nbsp;&nbsp;&nbsp;&nbsp; 148073 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 78418 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd. | 1517000 | &nbsp;&nbsp;&nbsp;&nbsp; 3091615 |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp; 768882 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;189500 | &nbsp;&nbsp;&nbsp;&nbsp; 1181792 |
| &nbsp;&nbsp;&nbsp;China Merchants Securities Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;106700 | &nbsp;&nbsp;&nbsp;&nbsp; 239920 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;411000 | &nbsp;&nbsp;&nbsp;&nbsp; 1284195 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp. | 2992000 | &nbsp;&nbsp;$1617895 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;108200 | &nbsp;&nbsp;&nbsp;&nbsp; 85408 |
| &nbsp;&nbsp;&nbsp;China Tower Corp., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;470500 | &nbsp;&nbsp;&nbsp;&nbsp; 698450 |
| &nbsp;&nbsp;&nbsp;CITIC Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;265500 | &nbsp;&nbsp;&nbsp;&nbsp; 673138 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Ltd. | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 840953 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp; 583678 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;113800 | &nbsp;&nbsp;&nbsp;&nbsp; 259206 |
| &nbsp;&nbsp;&nbsp;Country Garden Services Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp; 323730 |
| &nbsp;&nbsp;&nbsp;CSC Financial Co, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp; 71060 |
| &nbsp;&nbsp;&nbsp;Dongfeng Motor Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp; 146459 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47400 | &nbsp;&nbsp;&nbsp;&nbsp; 379026 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;240500 | &nbsp;&nbsp;&nbsp;&nbsp; 373581 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp;&nbsp;&nbsp;455100 | &nbsp;&nbsp;&nbsp;&nbsp; 2935864 |
| &nbsp;&nbsp;&nbsp;Guosen Securities Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;292500 | &nbsp;&nbsp;&nbsp;&nbsp; 456488 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;623400 | &nbsp;&nbsp;&nbsp;&nbsp; 1828595 |
| &nbsp;&nbsp;&nbsp;Huatai Securities Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61400 | &nbsp;&nbsp;&nbsp;&nbsp; 103520 |
| &nbsp;&nbsp;&nbsp;Huatai Securities Co., Ltd., Class A | 1859000 | &nbsp;&nbsp;&nbsp;&nbsp; 4329895 |
| &nbsp;&nbsp;&nbsp;IEIT Systems Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;192900 | &nbsp;&nbsp;&nbsp;&nbsp; 1312227 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Ltd. | 6243000 | &nbsp;&nbsp;&nbsp;&nbsp; 4546241 |
| &nbsp;&nbsp;&nbsp;Industrial Securities Co, Ltd., Class A | 1376300 | &nbsp;&nbsp;&nbsp;&nbsp; 1099778 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp; 647856 |
| &nbsp;&nbsp;&nbsp;JD Logistics, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;734400 | &nbsp;&nbsp;&nbsp;&nbsp; 1165134 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;349750 | &nbsp;&nbsp;&nbsp;&nbsp; 5749547 |
| &nbsp;&nbsp;&nbsp;KE Holdings, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69191 | &nbsp;&nbsp;&nbsp;&nbsp; 1277266 |
| &nbsp;&nbsp;&nbsp;KE Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 4455 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46300 | &nbsp;&nbsp;&nbsp;&nbsp; 315129 |
| &nbsp;&nbsp;&nbsp;Li Auto, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58800 | &nbsp;&nbsp;&nbsp;&nbsp; 842132 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 211230 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B\*† | &nbsp;&nbsp;&nbsp;&nbsp;525900 | &nbsp;&nbsp;&nbsp;&nbsp; 9255615 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190500 | &nbsp;&nbsp;&nbsp;&nbsp; 4633068 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87600 | &nbsp;&nbsp;&nbsp;&nbsp; 612345 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | 4204000 | &nbsp;&nbsp;&nbsp;&nbsp; 3533224 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp; 575414 |
| &nbsp;&nbsp;&nbsp;Ping An Bank Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;573900 | &nbsp;&nbsp;&nbsp;&nbsp; 921973 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;828500 | &nbsp;&nbsp;&nbsp;&nbsp; 4876264 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;411100 | &nbsp;&nbsp;&nbsp;&nbsp; 3043937 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp; 1382928 |
| &nbsp;&nbsp;&nbsp;SF Holding Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp; 370343 |
| &nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;420800 | &nbsp;&nbsp;&nbsp;&nbsp; 219296 |
| &nbsp;&nbsp;&nbsp;Sinolink Securities Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;232100 | &nbsp;&nbsp;&nbsp;&nbsp; 268685 |
| &nbsp;&nbsp;&nbsp;Sinopec Engineering Group Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;372000 | &nbsp;&nbsp;&nbsp;&nbsp; 264254 |
| &nbsp;&nbsp;&nbsp;SooChow Securities Co., Ltd., Class A | 2939700 | &nbsp;&nbsp;&nbsp;&nbsp; 3256006 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;584400 | &nbsp;&nbsp;&nbsp;&nbsp; 37131025 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;486000 | &nbsp;&nbsp;&nbsp;&nbsp; 798317 |
| &nbsp;&nbsp;&nbsp;Topsports International Holdings, Ltd.\* | 4385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1571444 |
| &nbsp;&nbsp;&nbsp;Uni-President China Holdings, Ltd. | 1477000 | &nbsp;&nbsp;&nbsp;&nbsp; 1921338 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61572 | &nbsp;&nbsp;&nbsp;&nbsp; 849078 |
| &nbsp;&nbsp;&nbsp;Weichai Power Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;115100 | &nbsp;&nbsp;&nbsp;&nbsp; 240573 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;251900 | &nbsp;&nbsp;&nbsp;&nbsp; 4426257 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B\*† | 1574600 | &nbsp;&nbsp;&nbsp;&nbsp; 10231456 |
| &nbsp;&nbsp;&nbsp;XPeng, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72900 | &nbsp;&nbsp;&nbsp;&nbsp; 709839 |
| &nbsp;&nbsp;&nbsp;Youngor Fashion Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;714400 | &nbsp;&nbsp;&nbsp;&nbsp; 745599 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;130400 | &nbsp;&nbsp;&nbsp;&nbsp; 1023520 |
| &nbsp;&nbsp;&nbsp;Zai Lab, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44600 | &nbsp;&nbsp;&nbsp;&nbsp; 15358 |
| &nbsp;&nbsp;&nbsp;Zhejiang NHU Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;774800 | &nbsp;&nbsp;&nbsp;&nbsp; 2361305 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp; 79275 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;992000 | &nbsp;&nbsp;&nbsp;&nbsp; 2213975 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp; 687875 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman, Inc. ADR# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;&nbsp; 72195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;187095128 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| &nbsp;&nbsp;&nbsp;Commercial International Bank Egypt SAE GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237 | &nbsp;&nbsp;&nbsp;&nbsp; 8379 |

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Greece — 0.6%** | **Greece — 0.6%** | **Greece — 0.6%** |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;328527 | &nbsp;&nbsp;$1012020 |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61847 | &nbsp;&nbsp;&nbsp;&nbsp; 1193109 |
| &nbsp;&nbsp;&nbsp;OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;107508 | &nbsp;&nbsp;&nbsp;&nbsp; 2312005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517134 |
| **Hong Kong — 1.0%** | **Hong Kong — 1.0%** | **Hong Kong — 1.0%** |
| &nbsp;&nbsp;&nbsp;China Nonferrous Mining Corp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp; 113127 |
| &nbsp;&nbsp;&nbsp;China Resources Land, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;448000 | &nbsp;&nbsp;&nbsp;&nbsp; 1462652 |
| &nbsp;&nbsp;&nbsp;CITIC, Ltd. | 1268000 | &nbsp;&nbsp;&nbsp;&nbsp; 1604183 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings, Ltd. | 1153000 | &nbsp;&nbsp;&nbsp;&nbsp; 2590945 |
| &nbsp;&nbsp;&nbsp;Lenovo Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp; 438102 |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp; 303624 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103500 | &nbsp;&nbsp;&nbsp;&nbsp; 261354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773987 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23885 | &nbsp;&nbsp;&nbsp;&nbsp; 1811484 |
| **India — 18.1%** | **India — 18.1%** | **India — 18.1%** |
| &nbsp;&nbsp;&nbsp;Adani Energy Solutions, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23646 | &nbsp;&nbsp;&nbsp;&nbsp; 239790 |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35773 | &nbsp;&nbsp;&nbsp;&nbsp; 598746 |
| &nbsp;&nbsp;&nbsp;Ajanta Pharma, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21967 | &nbsp;&nbsp;&nbsp;&nbsp; 644314 |
| &nbsp;&nbsp;&nbsp;APL Apollo Tubes, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8489 | &nbsp;&nbsp;&nbsp;&nbsp; 179720 |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157 | &nbsp;&nbsp;&nbsp;&nbsp; 334503 |
| &nbsp;&nbsp;&nbsp;Atul, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8038 | &nbsp;&nbsp;&nbsp;&nbsp; 668307 |
| &nbsp;&nbsp;&nbsp;AWL Agri Business, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;102994 | &nbsp;&nbsp;&nbsp;&nbsp; 322432 |
| &nbsp;&nbsp;&nbsp;Axis Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;190994 | &nbsp;&nbsp;&nbsp;&nbsp; 2660413 |
| &nbsp;&nbsp;&nbsp;Bajaj Auto, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp;&nbsp; 509459 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17716 | &nbsp;&nbsp;&nbsp;&nbsp; 1892605 |
| &nbsp;&nbsp;&nbsp;Berger Paints India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29097 | &nbsp;&nbsp;&nbsp;&nbsp; 193470 |
| &nbsp;&nbsp;&nbsp;Bharat Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147194 | &nbsp;&nbsp;&nbsp;&nbsp; 661534 |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113896 | &nbsp;&nbsp;&nbsp;&nbsp; 422576 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;311667 | &nbsp;&nbsp;&nbsp;&nbsp; 6773089 |
| &nbsp;&nbsp;&nbsp;Bharti Hexacom, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12462 | &nbsp;&nbsp;&nbsp;&nbsp; 265914 |
| &nbsp;&nbsp;&nbsp;Biocon, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74924 | &nbsp;&nbsp;&nbsp;&nbsp; 292823 |
| &nbsp;&nbsp;&nbsp;Blue Star, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25097 | &nbsp;&nbsp;&nbsp;&nbsp; 447977 |
| &nbsp;&nbsp;&nbsp;Brigade Enterprises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39761 | &nbsp;&nbsp;&nbsp;&nbsp; 509749 |
| &nbsp;&nbsp;&nbsp;Britannia Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316 | &nbsp;&nbsp;&nbsp;&nbsp; 405641 |
| &nbsp;&nbsp;&nbsp;Ceat, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;&nbsp; 222116 |
| &nbsp;&nbsp;&nbsp;Chambal Fertilisers and Chemicals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80142 | &nbsp;&nbsp;&nbsp;&nbsp; 514145 |
| &nbsp;&nbsp;&nbsp;Cholamandalam Investment & Finance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp; 59905 |
| &nbsp;&nbsp;&nbsp;Cipla, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30507 | &nbsp;&nbsp;&nbsp;&nbsp; 521872 |
| &nbsp;&nbsp;&nbsp;City Union Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;229164 | &nbsp;&nbsp;&nbsp;&nbsp; 522197 |
| &nbsp;&nbsp;&nbsp;Coromandel International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76164 | &nbsp;&nbsp;&nbsp;&nbsp; 2033710 |
| &nbsp;&nbsp;&nbsp;Dalmia Bharat, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36433 | &nbsp;&nbsp;&nbsp;&nbsp; 858640 |
| &nbsp;&nbsp;&nbsp;Divi's Laboratories, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8602 | &nbsp;&nbsp;&nbsp;&nbsp; 664437 |
| &nbsp;&nbsp;&nbsp;DLF, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50234 | &nbsp;&nbsp;&nbsp;&nbsp; 468352 |
| &nbsp;&nbsp;&nbsp;Dr Lal PathLabs, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46541 | &nbsp;&nbsp;&nbsp;&nbsp; 1509652 |
| &nbsp;&nbsp;&nbsp;Eicher Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp; 77221 |
| &nbsp;&nbsp;&nbsp;Elecon Engineering Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65755 | &nbsp;&nbsp;&nbsp;&nbsp; 509404 |
| &nbsp;&nbsp;&nbsp;Emami, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39725 | &nbsp;&nbsp;&nbsp;&nbsp; 272493 |
| &nbsp;&nbsp;&nbsp;Eternal, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;128985 | &nbsp;&nbsp;&nbsp;&nbsp; 361369 |
| &nbsp;&nbsp;&nbsp;Firstsource Solutions, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72661 | &nbsp;&nbsp;&nbsp;&nbsp; 315013 |
| &nbsp;&nbsp;&nbsp;Fortis Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101827 | &nbsp;&nbsp;&nbsp;&nbsp; 844721 |
| &nbsp;&nbsp;&nbsp;Garden Reach Shipbuilders & Engineers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp; 36252 |
| &nbsp;&nbsp;&nbsp;GE Vernova T&D India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23018 | &nbsp;&nbsp;&nbsp;&nbsp; 601117 |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Pharmaceuticals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976 | &nbsp;&nbsp;&nbsp;&nbsp; 153232 |
| &nbsp;&nbsp;&nbsp;Graphite India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65256 | &nbsp;&nbsp;&nbsp;&nbsp; 414565 |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86664 | &nbsp;&nbsp;&nbsp;&nbsp; 942848 |
| &nbsp;&nbsp;&nbsp;Havells India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33053 | &nbsp;&nbsp;&nbsp;&nbsp; 589257 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103574 | &nbsp;&nbsp;&nbsp;&nbsp; 1974654 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;469432 | &nbsp;&nbsp;&nbsp;&nbsp; 10650333 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7169 | &nbsp;&nbsp;&nbsp;&nbsp; 65080 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;$49908 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90393 | &nbsp;&nbsp;&nbsp;&nbsp; 669378 |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12723 | &nbsp;&nbsp;&nbsp;&nbsp; 738209 |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20521 | &nbsp;&nbsp;&nbsp;&nbsp; 98790 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21142 | &nbsp;&nbsp;&nbsp;&nbsp; 581262 |
| &nbsp;&nbsp;&nbsp;Hindustan Zinc, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124463 | &nbsp;&nbsp;&nbsp;&nbsp; 664966 |
| &nbsp;&nbsp;&nbsp;Hitachi Energy India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361 | &nbsp;&nbsp;&nbsp;&nbsp; 528318 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;485610 | &nbsp;&nbsp;&nbsp;&nbsp; 8206142 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27365 | &nbsp;&nbsp;&nbsp;&nbsp; 936978 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39657 | &nbsp;&nbsp;&nbsp;&nbsp; 1078837 |
| &nbsp;&nbsp;&nbsp;Indian Hotels Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59964 | &nbsp;&nbsp;&nbsp;&nbsp; 538748 |
| &nbsp;&nbsp;&nbsp;Indian Oil Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75137 | &nbsp;&nbsp;&nbsp;&nbsp; 125027 |
| &nbsp;&nbsp;&nbsp;Indraprastha Gas, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;206166 | &nbsp;&nbsp;&nbsp;&nbsp; 498460 |
| &nbsp;&nbsp;&nbsp;Indus Towers, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26707 | &nbsp;&nbsp;&nbsp;&nbsp; 119296 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;376159 | &nbsp;&nbsp;&nbsp;&nbsp; 6865589 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. ADR# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96007 | &nbsp;&nbsp;&nbsp;&nbsp; 1746367 |
| &nbsp;&nbsp;&nbsp;Intellect Design Arena, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35290 | &nbsp;&nbsp;&nbsp;&nbsp; 481998 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation, Ltd.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18375 | &nbsp;&nbsp;&nbsp;&nbsp; 1143405 |
| &nbsp;&nbsp;&nbsp;Ipca Laboratories, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15452 | &nbsp;&nbsp;&nbsp;&nbsp; 257831 |
| &nbsp;&nbsp;&nbsp;ITC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;405122 | &nbsp;&nbsp;&nbsp;&nbsp; 1982411 |
| &nbsp;&nbsp;&nbsp;Jindal Saw, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;258837 | &nbsp;&nbsp;&nbsp;&nbsp; 640627 |
| &nbsp;&nbsp;&nbsp;JK Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp; 303317 |
| &nbsp;&nbsp;&nbsp;Jubilant Pharmova, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8830 | &nbsp;&nbsp;&nbsp;&nbsp; 121118 |
| &nbsp;&nbsp;&nbsp;KEC International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53524 | &nbsp;&nbsp;&nbsp;&nbsp; 519603 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57908 | &nbsp;&nbsp;&nbsp;&nbsp; 1405694 |
| &nbsp;&nbsp;&nbsp;L&T Technology Services, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10655 | &nbsp;&nbsp;&nbsp;&nbsp; 543489 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88626 | &nbsp;&nbsp;&nbsp;&nbsp; 3802918 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro, Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13772 | &nbsp;&nbsp;&nbsp;&nbsp; 585999 |
| &nbsp;&nbsp;&nbsp;Lemon Tree Hotels, Ltd.\*† | &nbsp;&nbsp;&nbsp;&nbsp;125407 | &nbsp;&nbsp;&nbsp;&nbsp; 204579 |
| &nbsp;&nbsp;&nbsp;LIC Housing Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;104172 | &nbsp;&nbsp;&nbsp;&nbsp; 725217 |
| &nbsp;&nbsp;&nbsp;LTIMindtree, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254 | &nbsp;&nbsp;&nbsp;&nbsp; 310420 |
| &nbsp;&nbsp;&nbsp;Lupin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42321 | &nbsp;&nbsp;&nbsp;&nbsp; 966793 |
| &nbsp;&nbsp;&nbsp;Mahanagar Gas, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37110 | &nbsp;&nbsp;&nbsp;&nbsp; 574592 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69685 | &nbsp;&nbsp;&nbsp;&nbsp; 2419330 |
| &nbsp;&nbsp;&nbsp;Marico, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19155 | &nbsp;&nbsp;&nbsp;&nbsp; 160716 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188 | &nbsp;&nbsp;&nbsp;&nbsp; 1035089 |
| &nbsp;&nbsp;&nbsp;Max Financial Services, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp;&nbsp;&nbsp; 101227 |
| &nbsp;&nbsp;&nbsp;MOIL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89466 | &nbsp;&nbsp;&nbsp;&nbsp; 394142 |
| &nbsp;&nbsp;&nbsp;National Aluminium Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;276018 | &nbsp;&nbsp;&nbsp;&nbsp; 582323 |
| &nbsp;&nbsp;&nbsp;Navin Fluorine International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 | &nbsp;&nbsp;&nbsp;&nbsp; 196290 |
| &nbsp;&nbsp;&nbsp;NCC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91234 | &nbsp;&nbsp;&nbsp;&nbsp; 246478 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;220921 | &nbsp;&nbsp;&nbsp;&nbsp; 864247 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77177 | &nbsp;&nbsp;&nbsp;&nbsp; 215726 |
| &nbsp;&nbsp;&nbsp;One 97 Communications, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51858 | &nbsp;&nbsp;&nbsp;&nbsp; 538729 |
| &nbsp;&nbsp;&nbsp;Page Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 84007 |
| &nbsp;&nbsp;&nbsp;Paradeep Phosphates, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;354592 | &nbsp;&nbsp;&nbsp;&nbsp; 725137 |
| &nbsp;&nbsp;&nbsp;PB Fintech, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11833 | &nbsp;&nbsp;&nbsp;&nbsp; 243588 |
| &nbsp;&nbsp;&nbsp;Persistent Systems, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9733 | &nbsp;&nbsp;&nbsp;&nbsp; 639768 |
| &nbsp;&nbsp;&nbsp;Petronet LNG, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;234185 | &nbsp;&nbsp;&nbsp;&nbsp; 841643 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp. of India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;268134 | &nbsp;&nbsp;&nbsp;&nbsp; 907723 |
| &nbsp;&nbsp;&nbsp;PTC India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;447219 | &nbsp;&nbsp;&nbsp;&nbsp; 919523 |
| &nbsp;&nbsp;&nbsp;PVR Inox, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55019 | &nbsp;&nbsp;&nbsp;&nbsp; 635861 |
| &nbsp;&nbsp;&nbsp;Radico Khaitan, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13056 | &nbsp;&nbsp;&nbsp;&nbsp; 388591 |
| &nbsp;&nbsp;&nbsp;Reliance Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;581460 | &nbsp;&nbsp;&nbsp;&nbsp; 9634264 |
| &nbsp;&nbsp;&nbsp;Sagility India, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;658917 | &nbsp;&nbsp;&nbsp;&nbsp; 303298 |
| &nbsp;&nbsp;&nbsp;SBI Life Insurance Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20178 | &nbsp;&nbsp;&nbsp;&nbsp; 426550 |
| &nbsp;&nbsp;&nbsp;Shree Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp; 252231 |
| &nbsp;&nbsp;&nbsp;Solar Industries India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384 | &nbsp;&nbsp;&nbsp;&nbsp; 821984 |
| &nbsp;&nbsp;&nbsp;SRF, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10278 | &nbsp;&nbsp;&nbsp;&nbsp; 343741 |
| &nbsp;&nbsp;&nbsp;State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;229448 | &nbsp;&nbsp;&nbsp;&nbsp; 2182538 |
| &nbsp;&nbsp;&nbsp;Strides Pharma Science, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64704 | &nbsp;&nbsp;&nbsp;&nbsp; 616985 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;120520 | &nbsp;&nbsp;&nbsp;&nbsp; 2358854 |
| &nbsp;&nbsp;&nbsp;Suzlon Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;189641 | &nbsp;&nbsp;&nbsp;&nbsp; 158405 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106040 | &nbsp;&nbsp;$4287448 |
| &nbsp;&nbsp;&nbsp;Tata Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;161094 | &nbsp;&nbsp;&nbsp;&nbsp; 1352851 |
| &nbsp;&nbsp;&nbsp;Tata Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;292102 | &nbsp;&nbsp;&nbsp;&nbsp; 550638 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66452 | &nbsp;&nbsp;&nbsp;&nbsp; 1221490 |
| &nbsp;&nbsp;&nbsp;Titan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20312 | &nbsp;&nbsp;&nbsp;&nbsp; 842625 |
| &nbsp;&nbsp;&nbsp;Torrent Pharmaceuticals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 34984 |
| &nbsp;&nbsp;&nbsp;Trent, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18215 | &nbsp;&nbsp;&nbsp;&nbsp; 1197305 |
| &nbsp;&nbsp;&nbsp;TVS Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912 | &nbsp;&nbsp;&nbsp;&nbsp; 94873 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13560 | &nbsp;&nbsp;&nbsp;&nbsp; 1770921 |
| &nbsp;&nbsp;&nbsp;United Spirits, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14038 | &nbsp;&nbsp;&nbsp;&nbsp; 249362 |
| &nbsp;&nbsp;&nbsp;UNO Minda, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981 | &nbsp;&nbsp;&nbsp;&nbsp; 35067 |
| &nbsp;&nbsp;&nbsp;VA Tech Wabag, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 | &nbsp;&nbsp;&nbsp;&nbsp; 77243 |
| &nbsp;&nbsp;&nbsp;Vedanta, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;135555 | &nbsp;&nbsp;&nbsp;&nbsp; 691437 |
| &nbsp;&nbsp;&nbsp;Vishal Mega Mart, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;666855 | &nbsp;&nbsp;&nbsp;&nbsp; 976418 |
| &nbsp;&nbsp;&nbsp;Vodafone Idea, Ltd.† | 2425321 | &nbsp;&nbsp;&nbsp;&nbsp; 196123 |
| &nbsp;&nbsp;&nbsp;Welspun Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72717 | &nbsp;&nbsp;&nbsp;&nbsp; 792728 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;384890 | &nbsp;&nbsp;&nbsp;&nbsp; 1122624 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd. ADR# | &nbsp;&nbsp;&nbsp;&nbsp;203748 | &nbsp;&nbsp;&nbsp;&nbsp; 586794 |
| &nbsp;&nbsp;&nbsp;Zee Entertainment Enterprises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;568451 | &nbsp;&nbsp;&nbsp;&nbsp; 864883 |
| &nbsp;&nbsp;&nbsp;Zensar Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22282 | &nbsp;&nbsp;&nbsp;&nbsp; 216115 |
| &nbsp;&nbsp;&nbsp;Zydus Lifesciences, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31512 | &nbsp;&nbsp;&nbsp;&nbsp; 342462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;127965312 |
| **Indonesia — 1.6%** | **Indonesia — 1.6%** | **Indonesia — 1.6%** |
| &nbsp;&nbsp;&nbsp;Aneka Tambang Tbk | 15108200 | &nbsp;&nbsp;&nbsp;&nbsp; 2876364 |
| &nbsp;&nbsp;&nbsp;Astra International Tbk PT | 5123800 | &nbsp;&nbsp;&nbsp;&nbsp; 1525025 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 6079900 | &nbsp;&nbsp;&nbsp;&nbsp; 3499322 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 3771900 | &nbsp;&nbsp;&nbsp;&nbsp; 1225660 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 7676800 | &nbsp;&nbsp;&nbsp;&nbsp; 2089380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11215751 |
| **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56936 | &nbsp;&nbsp;&nbsp;&nbsp; 5494893 |
| **Luxembourg — 0.0%** | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |
| &nbsp;&nbsp;&nbsp;Allegro.eu SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33076 | &nbsp;&nbsp;&nbsp;&nbsp; 304378 |
| **Malaysia — 1.5%** | **Malaysia — 1.5%** | **Malaysia — 1.5%** |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd | &nbsp;&nbsp;&nbsp;&nbsp;252300 | &nbsp;&nbsp;&nbsp;&nbsp; 410769 |
| &nbsp;&nbsp;&nbsp;KPJ Healthcare Bhd | 2639100 | &nbsp;&nbsp;&nbsp;&nbsp; 1686445 |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd | 1907800 | &nbsp;&nbsp;&nbsp;&nbsp; 4383480 |
| &nbsp;&nbsp;&nbsp;Maxis Bhd | &nbsp;&nbsp;&nbsp;&nbsp;694500 | &nbsp;&nbsp;&nbsp;&nbsp; 575963 |
| &nbsp;&nbsp;&nbsp;My EG Services Bhd | &nbsp;&nbsp;&nbsp;&nbsp;291500 | &nbsp;&nbsp;&nbsp;&nbsp; 63005 |
| &nbsp;&nbsp;&nbsp;Public Bank Bhd | 2240800 | &nbsp;&nbsp;&nbsp;&nbsp; 2268965 |
| &nbsp;&nbsp;&nbsp;Sunway Construction Group BHD | &nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp; 231481 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd | &nbsp;&nbsp;&nbsp;&nbsp;386500 | &nbsp;&nbsp;&nbsp;&nbsp; 1271232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10891340 |
| **Marshall Islands — 0.0%** | **Marshall Islands — 0.0%** | **Marshall Islands — 0.0%** |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017 | &nbsp;&nbsp;&nbsp;&nbsp; 34426 |
| **Mexico — 2.1%** | **Mexico — 2.1%** | **Mexico — 2.1%** |
| &nbsp;&nbsp;&nbsp;Alsea SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;157706 | &nbsp;&nbsp;&nbsp;&nbsp; 395403 |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV | 3064301 | &nbsp;&nbsp;&nbsp;&nbsp; 2583075 |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV ADR# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73978 | &nbsp;&nbsp;&nbsp;&nbsp; 1250228 |
| &nbsp;&nbsp;&nbsp;Arca Continental SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;177526 | &nbsp;&nbsp;&nbsp;&nbsp; 1954104 |
| &nbsp;&nbsp;&nbsp;Banco del Bajio SA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60633 | &nbsp;&nbsp;&nbsp;&nbsp; 157366 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;139035 | &nbsp;&nbsp;&nbsp;&nbsp; 1314510 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535 | &nbsp;&nbsp;&nbsp;&nbsp; 905825 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;180125 | &nbsp;&nbsp;&nbsp;&nbsp; 1913526 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp; 324703 |
| &nbsp;&nbsp;&nbsp;GCC SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65618 | &nbsp;&nbsp;&nbsp;&nbsp; 612335 |
| &nbsp;&nbsp;&nbsp;Gentera SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;553249 | &nbsp;&nbsp;&nbsp;&nbsp; 1085619 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18225 | &nbsp;&nbsp;&nbsp;&nbsp; 225398 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;$119817 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4482 | &nbsp;&nbsp;&nbsp;&nbsp; 103047 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O# | &nbsp;&nbsp;&nbsp;&nbsp;227120 | &nbsp;&nbsp;&nbsp;&nbsp; 2014291 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19587 | &nbsp;&nbsp;&nbsp;&nbsp; 64327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15023574 |
| **Philippines — 0.5%** | **Philippines — 0.5%** | **Philippines — 0.5%** |
| &nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325693 | &nbsp;&nbsp;&nbsp;&nbsp; 939808 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223430 | &nbsp;&nbsp;&nbsp;&nbsp; 1641837 |
| &nbsp;&nbsp;&nbsp;Manila Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64260 | &nbsp;&nbsp;&nbsp;&nbsp; 633444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215089 |
| **Poland — 1.0%** | **Poland — 1.0%** | **Poland — 1.0%** |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12285 | &nbsp;&nbsp;&nbsp;&nbsp; 604888 |
| &nbsp;&nbsp;&nbsp;Dino Polska SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719 | &nbsp;&nbsp;&nbsp;&nbsp; 986565 |
| &nbsp;&nbsp;&nbsp;Orlen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62521 | &nbsp;&nbsp;&nbsp;&nbsp; 1229338 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85798 | &nbsp;&nbsp;&nbsp;&nbsp; 1725564 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;&nbsp;155515 | &nbsp;&nbsp;&nbsp;&nbsp; 2541886 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia SA† | &nbsp;&nbsp;&nbsp;&nbsp;157539 | &nbsp;&nbsp;&nbsp;&nbsp; 289316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7377557 |
| **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** |
| &nbsp;&nbsp;&nbsp;Barwa Real Estate Co. | &nbsp;&nbsp;&nbsp;&nbsp;308966 | &nbsp;&nbsp;&nbsp;&nbsp; 244238 |
| &nbsp;&nbsp;&nbsp;Ooredoo Q.P.S.C. | &nbsp;&nbsp;&nbsp;&nbsp;105979 | &nbsp;&nbsp;&nbsp;&nbsp; 358961 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank Q.P.S.C. | &nbsp;&nbsp;&nbsp;&nbsp;223247 | &nbsp;&nbsp;&nbsp;&nbsp; 1295660 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank Q.P.S.C. | &nbsp;&nbsp;&nbsp;&nbsp;723696 | &nbsp;&nbsp;&nbsp;&nbsp; 3361637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260496 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC†(1)(2) | 1262418 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Magnitogorsk Iron & Steel Works PJSC†(1)(2) | 2290683 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC†(1)(2) | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Severstal PAO GDR†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75082 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| **Saudi Arabia — 3.4%** | **Saudi Arabia — 3.4%** | **Saudi Arabia — 3.4%** |
| &nbsp;&nbsp;&nbsp;ACWA Power Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6942 | &nbsp;&nbsp;&nbsp;&nbsp; 478286 |
| &nbsp;&nbsp;&nbsp;Al Hammadi Holding | &nbsp;&nbsp;&nbsp;&nbsp;100214 | &nbsp;&nbsp;&nbsp;&nbsp; 996393 |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp;&nbsp;&nbsp;267746 | &nbsp;&nbsp;&nbsp;&nbsp; 6514663 |
| &nbsp;&nbsp;&nbsp;Aldrees Petroleum & Transport Services Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27813 | &nbsp;&nbsp;&nbsp;&nbsp; 904271 |
| &nbsp;&nbsp;&nbsp;Arab National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54119 | &nbsp;&nbsp;&nbsp;&nbsp; 311795 |
| &nbsp;&nbsp;&nbsp;Banque Saudi Fransi | &nbsp;&nbsp;&nbsp;&nbsp;235588 | &nbsp;&nbsp;&nbsp;&nbsp; 1082018 |
| &nbsp;&nbsp;&nbsp;Catrion Catering Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 | &nbsp;&nbsp;&nbsp;&nbsp; 84381 |
| &nbsp;&nbsp;&nbsp;Dr. Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087 | &nbsp;&nbsp;&nbsp;&nbsp; 284761 |
| &nbsp;&nbsp;&nbsp;MBC Group CJSC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5997 | &nbsp;&nbsp;&nbsp;&nbsp; 69354 |
| &nbsp;&nbsp;&nbsp;National Medical Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6265 | &nbsp;&nbsp;&nbsp;&nbsp; 274931 |
| &nbsp;&nbsp;&nbsp;Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp;&nbsp;&nbsp;110103 | &nbsp;&nbsp;&nbsp;&nbsp; 1185106 |
| &nbsp;&nbsp;&nbsp;Riyadh Cables Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18986 | &nbsp;&nbsp;&nbsp;&nbsp; 704238 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Mining Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26147 | &nbsp;&nbsp;&nbsp;&nbsp; 354592 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;159694 | &nbsp;&nbsp;&nbsp;&nbsp; 1064299 |
| &nbsp;&nbsp;&nbsp;Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;123971 | &nbsp;&nbsp;&nbsp;&nbsp; 1112823 |
| &nbsp;&nbsp;&nbsp;Saudi Ceramic Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598 | &nbsp;&nbsp;&nbsp;&nbsp; 28454 |
| &nbsp;&nbsp;&nbsp;Saudi Electricity Co. | &nbsp;&nbsp;&nbsp;&nbsp;317252 | &nbsp;&nbsp;&nbsp;&nbsp; 1196529 |
| &nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;484010 | &nbsp;&nbsp;&nbsp;&nbsp; 4488474 |
| &nbsp;&nbsp;&nbsp;Saudi Real Estate Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25416 | &nbsp;&nbsp;&nbsp;&nbsp; 140233 |
| &nbsp;&nbsp;&nbsp;Saudi Telecom Co. | &nbsp;&nbsp;&nbsp;&nbsp;159353 | &nbsp;&nbsp;&nbsp;&nbsp; 1777849 |
| &nbsp;&nbsp;&nbsp;United Electronics Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11818 | &nbsp;&nbsp;&nbsp;&nbsp; 273138 |
| &nbsp;&nbsp;&nbsp;Zamil Industrial Investment Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54158 | &nbsp;&nbsp;&nbsp;&nbsp; 592751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23919339 |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| &nbsp;&nbsp;&nbsp;Trip.com Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55200 | &nbsp;&nbsp;&nbsp;&nbsp; 3477675 |
| **South Africa — 3.0%** | **South Africa — 3.0%** | **South Africa — 3.0%** |
| &nbsp;&nbsp;&nbsp;AVI, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158080 | &nbsp;&nbsp;&nbsp;&nbsp; 830288 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19942 | &nbsp;&nbsp;$3821955 |
| &nbsp;&nbsp;&nbsp;Discovery, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35550 | &nbsp;&nbsp;&nbsp;&nbsp; 431127 |
| &nbsp;&nbsp;&nbsp;FirstRand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;690176 | &nbsp;&nbsp;&nbsp;&nbsp; 2859726 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82154 | &nbsp;&nbsp;&nbsp;&nbsp; 1851909 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12035 | &nbsp;&nbsp;&nbsp;&nbsp; 276805 |
| &nbsp;&nbsp;&nbsp;Growthpoint Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;139144 | &nbsp;&nbsp;&nbsp;&nbsp; 104382 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24974 | &nbsp;&nbsp;&nbsp;&nbsp; 355184 |
| &nbsp;&nbsp;&nbsp;Life Healthcare Group Holdings, Ltd. | 1546640 | &nbsp;&nbsp;&nbsp;&nbsp; 1230775 |
| &nbsp;&nbsp;&nbsp;Mr. Price Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43898 | &nbsp;&nbsp;&nbsp;&nbsp; 589074 |
| &nbsp;&nbsp;&nbsp;MTN Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;156209 | &nbsp;&nbsp;&nbsp;&nbsp; 1085840 |
| &nbsp;&nbsp;&nbsp;Naspers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13221 | &nbsp;&nbsp;&nbsp;&nbsp; 3796532 |
| &nbsp;&nbsp;&nbsp;Sanlam, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;271361 | &nbsp;&nbsp;&nbsp;&nbsp; 1337301 |
| &nbsp;&nbsp;&nbsp;Sasol, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;100931 | &nbsp;&nbsp;&nbsp;&nbsp; 455866 |
| &nbsp;&nbsp;&nbsp;Sasol, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20550 | &nbsp;&nbsp;&nbsp;&nbsp; 91242 |
| &nbsp;&nbsp;&nbsp;Shoprite Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20162 | &nbsp;&nbsp;&nbsp;&nbsp; 327402 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113059 | &nbsp;&nbsp;&nbsp;&nbsp; 1466419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20911827 |
| **South Korea — 9.9%** | **South Korea — 9.9%** | **South Korea — 9.9%** |
| &nbsp;&nbsp;&nbsp;Celltrion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369 | &nbsp;&nbsp;&nbsp;&nbsp; 626520 |
| &nbsp;&nbsp;&nbsp;CJ ENM Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6024 | &nbsp;&nbsp;&nbsp;&nbsp; 268519 |
| &nbsp;&nbsp;&nbsp;CJ Logistics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12167 | &nbsp;&nbsp;&nbsp;&nbsp; 709014 |
| &nbsp;&nbsp;&nbsp;DL E&C Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21005 | &nbsp;&nbsp;&nbsp;&nbsp; 735335 |
| &nbsp;&nbsp;&nbsp;Dongsung Finetec Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8563 | &nbsp;&nbsp;&nbsp;&nbsp; 161367 |
| &nbsp;&nbsp;&nbsp;E-MART, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp; 299172 |
| &nbsp;&nbsp;&nbsp;GS Engineering & Construction Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79534 | &nbsp;&nbsp;&nbsp;&nbsp; 1305679 |
| &nbsp;&nbsp;&nbsp;GS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14715 | &nbsp;&nbsp;&nbsp;&nbsp; 464476 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17503 | &nbsp;&nbsp;&nbsp;&nbsp; 922279 |
| &nbsp;&nbsp;&nbsp;Hanon Systems† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59551 | &nbsp;&nbsp;&nbsp;&nbsp; 130350 |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;&nbsp; 830574 |
| &nbsp;&nbsp;&nbsp;Hanwha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10035 | &nbsp;&nbsp;&nbsp;&nbsp; 549136 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263 | &nbsp;&nbsp;&nbsp;&nbsp; 588010 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Infracore Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55906 | &nbsp;&nbsp;&nbsp;&nbsp; 382918 |
| &nbsp;&nbsp;&nbsp;HL Mando Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27586 | &nbsp;&nbsp;&nbsp;&nbsp; 673805 |
| &nbsp;&nbsp;&nbsp;Hugel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp; 383567 |
| &nbsp;&nbsp;&nbsp;Hyosung TNC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | &nbsp;&nbsp;&nbsp;&nbsp; 343973 |
| &nbsp;&nbsp;&nbsp;Hyundai Engineering & Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31755 | &nbsp;&nbsp;&nbsp;&nbsp; 1468413 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8574 | &nbsp;&nbsp;&nbsp;&nbsp; 704712 |
| &nbsp;&nbsp;&nbsp;Hyundai Heavy Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp;&nbsp;&nbsp; 978114 |
| &nbsp;&nbsp;&nbsp;Hyundai Marine & Fire Insurance Co, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58033 | &nbsp;&nbsp;&nbsp;&nbsp; 1024211 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp; 492540 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9739 | &nbsp;&nbsp;&nbsp;&nbsp; 1307992 |
| &nbsp;&nbsp;&nbsp;Hyundai Steel Co. | &nbsp;&nbsp;&nbsp;&nbsp;138639 | &nbsp;&nbsp;&nbsp;&nbsp; 2833674 |
| &nbsp;&nbsp;&nbsp;Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;&nbsp;&nbsp; 100955 |
| &nbsp;&nbsp;&nbsp;Kakaopay Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978 | &nbsp;&nbsp;&nbsp;&nbsp; 218864 |
| &nbsp;&nbsp;&nbsp;Kangwon Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30296 | &nbsp;&nbsp;&nbsp;&nbsp; 374171 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37004 | &nbsp;&nbsp;&nbsp;&nbsp; 2797360 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 409256 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51605 | &nbsp;&nbsp;&nbsp;&nbsp; 3343833 |
| &nbsp;&nbsp;&nbsp;KIWOOM Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp; 219558 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24511 | &nbsp;&nbsp;&nbsp;&nbsp; 539182 |
| &nbsp;&nbsp;&nbsp;Korea Shipbuilding & Offshore Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6852 | &nbsp;&nbsp;&nbsp;&nbsp; 1571833 |
| &nbsp;&nbsp;&nbsp;KT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;KT Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44020 | &nbsp;&nbsp;&nbsp;&nbsp; 828016 |
| &nbsp;&nbsp;&nbsp;KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13795 | &nbsp;&nbsp;&nbsp;&nbsp; 1201826 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17199 | &nbsp;&nbsp;&nbsp;&nbsp; 2337329 |
| &nbsp;&nbsp;&nbsp;Pan Ocean Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;454605 | &nbsp;&nbsp;&nbsp;&nbsp; 1220781 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421 | &nbsp;&nbsp;&nbsp;&nbsp; 438682 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics Co., Ltd.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1159382 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8248 | &nbsp;&nbsp;&nbsp;&nbsp; 895521 |
| &nbsp;&nbsp;&nbsp;Samsung E&A Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;177932 | &nbsp;&nbsp;&nbsp;&nbsp; 2804973 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;437341 | &nbsp;&nbsp;&nbsp;&nbsp; 17814426 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;$1411418 |
| &nbsp;&nbsp;&nbsp;Samsung Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62812 | &nbsp;&nbsp;&nbsp;&nbsp; 2754313 |
| &nbsp;&nbsp;&nbsp;Seegene, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19314 | &nbsp;&nbsp;&nbsp;&nbsp; 468956 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21937 | &nbsp;&nbsp;&nbsp;&nbsp; 923780 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38430 | &nbsp;&nbsp;&nbsp;&nbsp; 5696119 |
| &nbsp;&nbsp;&nbsp;SK Telecom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35445 | &nbsp;&nbsp;&nbsp;&nbsp; 1323054 |
| &nbsp;&nbsp;&nbsp;SK Telecom Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46943 | &nbsp;&nbsp;&nbsp;&nbsp; 964209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;70002405 |
| **Taiwan — 17.7%** | **Taiwan — 17.7%** | **Taiwan — 17.7%** |
| &nbsp;&nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp; 2325558 |
| &nbsp;&nbsp;&nbsp;Advantech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1638448 |
| &nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 981951 |
| &nbsp;&nbsp;&nbsp;Arcadyan Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp; 2081133 |
| &nbsp;&nbsp;&nbsp;Ardentec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 75886 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;494000 | &nbsp;&nbsp;&nbsp;&nbsp; 2267819 |
| &nbsp;&nbsp;&nbsp;Asia Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp; 617828 |
| &nbsp;&nbsp;&nbsp;ASMedia Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 127860 |
| &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036653 |
| &nbsp;&nbsp;&nbsp;Asustek Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 412899 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501508 |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 395343 |
| &nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp; 2910078 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp; 697567 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co., Ltd. | 1908000 | &nbsp;&nbsp;&nbsp;&nbsp; 2577584 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp; 1773683 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding Co., Ltd. | 2367264 | &nbsp;&nbsp;&nbsp;&nbsp; 2333905 |
| &nbsp;&nbsp;&nbsp;Ennoconn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp; 881440 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;822500 | &nbsp;&nbsp;&nbsp;&nbsp; 2166141 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp; 4304667 |
| &nbsp;&nbsp;&nbsp;International Games System Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 416717 |
| &nbsp;&nbsp;&nbsp;ITEQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp; 459120 |
| &nbsp;&nbsp;&nbsp;King Slide Works Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 403373 |
| &nbsp;&nbsp;&nbsp;King Yuan Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;312000 | &nbsp;&nbsp;&nbsp;&nbsp; 997108 |
| &nbsp;&nbsp;&nbsp;Kinik Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp; 601456 |
| &nbsp;&nbsp;&nbsp;Largan Precision Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 76495 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp; 7214140 |
| &nbsp;&nbsp;&nbsp;Phison Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp; 1364722 |
| &nbsp;&nbsp;&nbsp;Pixart Imaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp; 320696 |
| &nbsp;&nbsp;&nbsp;Poya International Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 615936 |
| &nbsp;&nbsp;&nbsp;Primax Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp; 2173364 |
| &nbsp;&nbsp;&nbsp;Quanta Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp; 660861 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp; 1932208 |
| &nbsp;&nbsp;&nbsp;Sercomm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 186690 |
| &nbsp;&nbsp;&nbsp;Simplo Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp; 1267200 |
| &nbsp;&nbsp;&nbsp;TA Chen Stainless Pipe | 1401000 | &nbsp;&nbsp;&nbsp;&nbsp; 1648267 |
| &nbsp;&nbsp;&nbsp;Taishin Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;751000 | &nbsp;&nbsp;&nbsp;&nbsp; 427376 |
| &nbsp;&nbsp;&nbsp;Taiwan High Speed Rail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp; 100957 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2096000 | &nbsp;&nbsp;&nbsp;&nbsp; 66649251 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp; 707551 |
| &nbsp;&nbsp;&nbsp;Taiwan Surface Mounting Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp; 709780 |
| &nbsp;&nbsp;&nbsp;Tong Yang Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001438 |
| &nbsp;&nbsp;&nbsp;Tripod Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 600970 |
| &nbsp;&nbsp;&nbsp;United Integrated Services Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 460156 |
| &nbsp;&nbsp;&nbsp;Wistron NeWeb Corp. | &nbsp;&nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp; 2266206 |
| &nbsp;&nbsp;&nbsp;WNC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp; 317906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;124687895 |
| **Thailand — 1.9%** | **Thailand — 1.9%** | **Thailand — 1.9%** |
| &nbsp;&nbsp;&nbsp;Advanced Info Service PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;503800 | &nbsp;&nbsp;&nbsp;&nbsp; 4389210 |
| &nbsp;&nbsp;&nbsp;Bangkok Bank PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;458500 | &nbsp;&nbsp;&nbsp;&nbsp; 1976323 |
| &nbsp;&nbsp;&nbsp;Carabao Group PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;328900 | &nbsp;&nbsp;&nbsp;&nbsp; 588619 |
| &nbsp;&nbsp;&nbsp;CP ALL PCL NVDR | 3240200 | &nbsp;&nbsp;&nbsp;&nbsp; 4639080 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Thailand (continued)** | **Thailand (continued)** |  |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;218200 | &nbsp;&nbsp;$651393 |
| &nbsp;&nbsp;&nbsp;Thai Oil PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;589300 | &nbsp;&nbsp;&nbsp;&nbsp; 534055 |
| &nbsp;&nbsp;&nbsp;Thai Union Group PCL NVDR | 1280100 | &nbsp;&nbsp;&nbsp;&nbsp; 389947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13168627 |
| **Turkey — 0.5%** | **Turkey — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;Arcelik AS† | &nbsp;&nbsp;&nbsp;&nbsp;231179 | &nbsp;&nbsp;&nbsp;&nbsp; 621367 |
| &nbsp;&nbsp;&nbsp;Aselsan Elektronik Sanayi Ve Ticaret AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88003 | &nbsp;&nbsp;&nbsp;&nbsp; 290845 |
| &nbsp;&nbsp;&nbsp;KOC Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;142800 | &nbsp;&nbsp;&nbsp;&nbsp; 516009 |
| &nbsp;&nbsp;&nbsp;Mavi Giyim Sanayi Ve Ticaret AS, Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;437757 | &nbsp;&nbsp;&nbsp;&nbsp; 341373 |
| &nbsp;&nbsp;&nbsp;Migros Ticaret AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63530 | &nbsp;&nbsp;&nbsp;&nbsp; 772780 |
| &nbsp;&nbsp;&nbsp;Turk Telekomunikasyon AS† | &nbsp;&nbsp;&nbsp;&nbsp;225395 | &nbsp;&nbsp;&nbsp;&nbsp; 316992 |
| &nbsp;&nbsp;&nbsp;Turkiye Garanti Bankasi AS | &nbsp;&nbsp;&nbsp;&nbsp;217531 | &nbsp;&nbsp;&nbsp;&nbsp; 587457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446823 |
| **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;379549 | &nbsp;&nbsp;&nbsp;&nbsp; 1248285 |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22079 | &nbsp;&nbsp;&nbsp;&nbsp; 115294 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;220556 | &nbsp;&nbsp;&nbsp;&nbsp; 804642 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;866263 | &nbsp;&nbsp;&nbsp;&nbsp; 3101377 |
| &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;262744 | &nbsp;&nbsp;&nbsp;&nbsp; 1228953 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;617155 | &nbsp;&nbsp;&nbsp;&nbsp; 2705199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9203750 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24181 | &nbsp;&nbsp;&nbsp;&nbsp; 1035416 |
| **United States — 0.8%** | **United States — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;BeOneMedicines, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;117800 | &nbsp;&nbsp;&nbsp;&nbsp; 2261022 |
| &nbsp;&nbsp;&nbsp;BeOneMedicines, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703 | &nbsp;&nbsp;&nbsp;&nbsp; 909383 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10212 | &nbsp;&nbsp;&nbsp;&nbsp; 286447 |
| &nbsp;&nbsp;&nbsp;Parade Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 800150 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 518187 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14408 | &nbsp;&nbsp;&nbsp;&nbsp; 628909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404098 |
| **Total Common Stocks<br> (cost $644,121,637)** |  | &nbsp;&nbsp;&nbsp;&nbsp;696317671 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |  |
| **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co, Ltd.†<br> Expires 07/02/2025<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 9389 |
| **Total Long-Term Investment Securities<br> (cost $644,121,637)** |  | &nbsp;&nbsp;&nbsp;&nbsp;696327060 |
| **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |  |
| **Unaffiliated Investment Companies — 2.1%** | **Unaffiliated Investment Companies — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 4.27%(3) | 13792816 | &nbsp;&nbsp;&nbsp;&nbsp; 13792816 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.32%(3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;730032 | &nbsp;&nbsp;&nbsp;&nbsp; 730032 |
| **Total Short-Term Investments<br> (cost $14,522,848)** |  | &nbsp;&nbsp;&nbsp;&nbsp;14522848 |
| **TOTAL INVESTMENTS<br> (cost $658,644,485)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.8% | &nbsp;&nbsp;&nbsp;&nbsp;710849908 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5633325) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$705216583 |

---

# The security or a portion thereof is out on loan (see Note 2). <br> † Non-income producing security

\* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Emerging Economies Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $36,105,563 representing 5.1% of net assets.

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Gazprom PJSC | 06/10/2021 | 1262418 | $4856005 | $0 | $0.00 | 0.0% |
| Magnitogorsk Iron & Steel Works PJSC |  |  |  |  |  |  |
|  | 12/14/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 |  |  |  |
|  | 12/16/2020 | &nbsp;&nbsp;&nbsp;187873 | &nbsp;&nbsp;&nbsp;&nbsp;134493 |  |  |  |
|  | 02/10/2021 | 2096108 | &nbsp;&nbsp;1468240 |  |  |  |
|  |  | 2290683 | &nbsp;&nbsp;1607263 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.0 |
| Sberbank Of Russia PJSC |  |  |  |  |  |  |
|  | 11/12/2020 | &nbsp;&nbsp;&nbsp;664800 | &nbsp;&nbsp;2189656 |  |  |  |
|  | 11/20/2020 | &nbsp;&nbsp;&nbsp;136860 | &nbsp;&nbsp;&nbsp;&nbsp;443444 |  |  |  |
|  | 12/14/2020 | &nbsp;&nbsp;&nbsp;&nbsp;29992 | &nbsp;&nbsp;&nbsp;&nbsp;120624 |  |  |  |
|  | 12/16/2020 | &nbsp;&nbsp;&nbsp;137196 | &nbsp;&nbsp;&nbsp;&nbsp;538640 |  |  |  |
|  | 11/24/2021 | &nbsp;&nbsp;&nbsp;331152 | &nbsp;&nbsp;1424053 |  |  |  |
|  |  | 1300000 | &nbsp;&nbsp;4716417 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.0 |
| Severstal PAO GDR |  |  |  |  |  |  |
|  | 10/30/2020 | &nbsp;&nbsp;&nbsp;&nbsp;51320 | &nbsp;&nbsp;&nbsp;&nbsp;695308 |  |  |  |
|  | 11/20/2020 | &nbsp;&nbsp;&nbsp;&nbsp;10696 | &nbsp;&nbsp;&nbsp;&nbsp;154403 |  |  |  |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** |
|  | 12/14/2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp;$39368 |  |  |  |
|  | 12/16/2020 | &nbsp;&nbsp;&nbsp;&nbsp;10722 | &nbsp;&nbsp;&nbsp;&nbsp;184609 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;75082 | &nbsp;&nbsp;1073688 | $0 | $0.00 | 0.0% |
|  |  |  |  | $0 |  | 0.0%\*\* |

---

\*\* Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.

(3) The rate shown is the 7-day yield as of May 31, 2025.

(4) At May 31, 2025, the Fund had loaned securities with a total value of $18,781,530. This was secured by collateral of $730,032, which was received in cash and
subsequently invested in short-term investments currently valued at $730,032 as reported in the Portfolio of Investments. Additional collateral of $19,159,991 was received in the form of fixed income pooled
securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $3360 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21718 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9146 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 06/30/2025 to 11/15/2054 | &nbsp;&nbsp;&nbsp;19124079 |

---

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

ADR—American Depositary Receipt <br> GDR—Global Depositary Receipt <br> NVDR—Non-Voting Depositary Receipt

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 155 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$9014060 | &nbsp;&nbsp;&nbsp;&nbsp;$8907075 | &nbsp;&nbsp;&nbsp;&nbsp;$(106985) |

---

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

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;16.4% |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;15.1 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;13.6 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.9% |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Holding Companies-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;100.8% |

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11215751 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11215751 |
| &nbsp;&nbsp;&nbsp;Qatar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260496 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260496 |
| &nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23919339 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23919339 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707551 | &nbsp;&nbsp;&nbsp;&nbsp;123980344 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;124687895 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800150 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404098 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;525830092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;525830092 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;14522848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14522848 |
| **Total Investments at Value** | &nbsp;&nbsp;$545673828 | &nbsp;&nbsp;$165176080 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$710849908 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$106985 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$106985 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Real Estate Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Australia — 6.7%** | **Australia — 6.7%** | **Australia — 6.7%** |
| &nbsp;&nbsp;&nbsp;Charter Hall Group | &nbsp;&nbsp;&nbsp;&nbsp;88424 | &nbsp;&nbsp;$1035655 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;296475 | &nbsp;&nbsp;&nbsp;&nbsp; 6291267 |
| &nbsp;&nbsp;&nbsp;National Storage REIT# | 1498303 | &nbsp;&nbsp;&nbsp;&nbsp; 2231012 |
| &nbsp;&nbsp;&nbsp;NEXTDC, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;127023 | &nbsp;&nbsp;&nbsp;&nbsp; 1073434 |
| &nbsp;&nbsp;&nbsp;Scentre Group | 2463955 | &nbsp;&nbsp;&nbsp;&nbsp; 5828933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16460301 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| &nbsp;&nbsp;&nbsp;Aedifica SA | &nbsp;&nbsp;&nbsp;&nbsp;20605 | &nbsp;&nbsp;&nbsp;&nbsp; 1555831 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;47797 | &nbsp;&nbsp;&nbsp;&nbsp; 1164658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720489 |
| **Canada — 2.8%** | **Canada — 2.8%** | **Canada — 2.8%** |
| &nbsp;&nbsp;&nbsp;Canadian Apartment Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;112004 | &nbsp;&nbsp;&nbsp;&nbsp; 3653076 |
| &nbsp;&nbsp;&nbsp;Chartwell Retirement Residences(1) | &nbsp;&nbsp;&nbsp;&nbsp;112300 | &nbsp;&nbsp;&nbsp;&nbsp; 1522864 |
| &nbsp;&nbsp;&nbsp;First Capital Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;131270 | &nbsp;&nbsp;&nbsp;&nbsp; 1697849 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6873789 |
| **France — 0.9%** | **France — 0.9%** | **France — 0.9%** |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;59185 | &nbsp;&nbsp;&nbsp;&nbsp; 2315768 |
| **Germany — 2.2%** | **Germany — 2.2%** | **Germany — 2.2%** |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;161959 | &nbsp;&nbsp;&nbsp;&nbsp; 5301732 |
| **Guernsey — 0.7%** | **Guernsey — 0.7%** | **Guernsey — 0.7%** |
| &nbsp;&nbsp;&nbsp;Shurgard Self Storage, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40430 | &nbsp;&nbsp;&nbsp;&nbsp; 1645739 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 2071584 |
| &nbsp;&nbsp;&nbsp;Swire Properties, Ltd. | 1164101 | &nbsp;&nbsp;&nbsp;&nbsp; 2553537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4625121 |
| **Japan — 7.7%** | **Japan — 7.7%** | **Japan — 7.7%** |
| &nbsp;&nbsp;&nbsp;Comforia Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp; 912196 |
| &nbsp;&nbsp;&nbsp;Japan Hotel REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp; 2216679 |
| &nbsp;&nbsp;&nbsp;Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1113485 |
| &nbsp;&nbsp;&nbsp;KDX Realty Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp; 825471 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;236337 | &nbsp;&nbsp;&nbsp;&nbsp; 4337649 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;797435 | &nbsp;&nbsp;&nbsp;&nbsp; 7703080 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp; 1350007 |
| &nbsp;&nbsp;&nbsp;Star Asia Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp; 568106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19026673 |
| **Singapore — 2.1%** | **Singapore — 2.1%** | **Singapore — 2.1%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | 1271600 | &nbsp;&nbsp;&nbsp;&nbsp; 2612708 |
| &nbsp;&nbsp;&nbsp;CapitaLand India Trust(1) | 2436958 | &nbsp;&nbsp;&nbsp;&nbsp; 1861139 |
| &nbsp;&nbsp;&nbsp;Parkway Life Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp; 593262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067109 |
| **Spain — 2.4%** | **Spain — 2.4%** | **Spain — 2.4%** |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;42414 | &nbsp;&nbsp;&nbsp;&nbsp; 1623921 |
| &nbsp;&nbsp;&nbsp;Merlin Properties Socimi SA | &nbsp;&nbsp;&nbsp;&nbsp;353293 | &nbsp;&nbsp;&nbsp;&nbsp; 4372497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5996418 |
| **SupraNational — 0.6%** | **SupraNational — 0.6%** | **SupraNational — 0.6%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;16831 | &nbsp;&nbsp;&nbsp;&nbsp; 1594984 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| &nbsp;&nbsp;&nbsp;Catena AB | &nbsp;&nbsp;&nbsp;&nbsp;20185 | &nbsp;&nbsp;&nbsp;&nbsp; 992938 |
| **United Kingdom — 7.1%** | **United Kingdom — 7.1%** | **United Kingdom — 7.1%** |
| &nbsp;&nbsp;&nbsp;Big Yellow Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;98302 | &nbsp;&nbsp;&nbsp;&nbsp; 1319173 |
| &nbsp;&nbsp;&nbsp;British Land Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;228930 | &nbsp;&nbsp;&nbsp;&nbsp; 1204184 |
| &nbsp;&nbsp;&nbsp;Derwent London PLC | &nbsp;&nbsp;&nbsp;&nbsp;76168 | &nbsp;&nbsp;&nbsp;&nbsp; 2024789 |
| &nbsp;&nbsp;&nbsp;Grainger PLC | &nbsp;&nbsp;&nbsp;&nbsp;465365 | &nbsp;&nbsp;&nbsp;&nbsp; 1395096 |
| &nbsp;&nbsp;&nbsp;Helios Towers PLC† | &nbsp;&nbsp;&nbsp;&nbsp;553651 | &nbsp;&nbsp;&nbsp;&nbsp; 893662 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;Safestore Holdings PLC# | &nbsp;&nbsp; 108605 | &nbsp;&nbsp;$961381 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp; 148560 | &nbsp;&nbsp;&nbsp;&nbsp; 1395131 |
| &nbsp;&nbsp;&nbsp;Shaftesbury Capital PLC | &nbsp;&nbsp; 555462 | &nbsp;&nbsp;&nbsp;&nbsp; 1100898 |
| &nbsp;&nbsp;&nbsp;Tritax Big Box REIT PLC | &nbsp;&nbsp;1416450 | &nbsp;&nbsp;&nbsp;&nbsp; 2803517 |
| &nbsp;&nbsp;&nbsp;UNITE Group PLC | &nbsp;&nbsp; 390194 | &nbsp;&nbsp;&nbsp;&nbsp; 4526515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17624346 |
| **United States — 62.0%** | **United States — 62.0%** | **United States — 62.0%** |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp; 185636 | &nbsp;&nbsp;&nbsp;&nbsp; 7026323 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp; 16890 | &nbsp;&nbsp;&nbsp;&nbsp; 3625439 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp; 128430 | &nbsp;&nbsp;&nbsp;&nbsp; 2128085 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp; 27269 | &nbsp;&nbsp;&nbsp;&nbsp; 5638411 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp; 113801 | &nbsp;&nbsp;&nbsp;&nbsp; 2891683 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp; 55626 | &nbsp;&nbsp;&nbsp;&nbsp; 3745299 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp; 54900 | &nbsp;&nbsp;&nbsp;&nbsp; 1541043 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp; 64270 | &nbsp;&nbsp;&nbsp;&nbsp; 2748185 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp; 60659 | &nbsp;&nbsp;&nbsp;&nbsp; 10404232 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp; 30356 | &nbsp;&nbsp;&nbsp;&nbsp; 335737 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp; 40630 | &nbsp;&nbsp;&nbsp;&nbsp; 578165 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp; 15185 | &nbsp;&nbsp;&nbsp;&nbsp; 13496732 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 72951 | &nbsp;&nbsp;&nbsp;&nbsp; 4637495 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp; 63200 | &nbsp;&nbsp;&nbsp;&nbsp; 2054000 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp; 18298 | &nbsp;&nbsp;&nbsp;&nbsp; 5194802 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp; 19009 | &nbsp;&nbsp;&nbsp;&nbsp; 2873210 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp; 21120 | &nbsp;&nbsp;&nbsp;&nbsp; 2016538 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp; 93774 | &nbsp;&nbsp;&nbsp;&nbsp; 1359723 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp; 54299 | &nbsp;&nbsp;&nbsp;&nbsp; 1612680 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 60380 | &nbsp;&nbsp;&nbsp;&nbsp; 935286 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp; 33015 | &nbsp;&nbsp;&nbsp;&nbsp; 3258911 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp; 109922 | &nbsp;&nbsp;&nbsp;&nbsp; 2336942 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp; 11121 | &nbsp;&nbsp;&nbsp;&nbsp; 1340525 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; 32663 | &nbsp;&nbsp;&nbsp;&nbsp; 5116659 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp; 40137 | &nbsp;&nbsp;&nbsp;&nbsp; 1676121 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp; 53575 | &nbsp;&nbsp;&nbsp;&nbsp; 1899770 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp; 150807 | &nbsp;&nbsp;&nbsp;&nbsp; 16377640 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp; 11165 | &nbsp;&nbsp;&nbsp;&nbsp; 3443398 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc.# | &nbsp;&nbsp; 104410 | &nbsp;&nbsp;&nbsp;&nbsp; 3679408 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; 32916 | &nbsp;&nbsp;&nbsp;&nbsp; 3196473 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp; 3826 | &nbsp;&nbsp;&nbsp;&nbsp; 887211 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp; 42134 | &nbsp;&nbsp;&nbsp;&nbsp; 6870791 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp; 41256 | &nbsp;&nbsp;&nbsp;&nbsp; 1507494 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp; 16175 | &nbsp;&nbsp;&nbsp;&nbsp; 1996642 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp; 67416 | &nbsp;&nbsp;&nbsp;&nbsp; 604047 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp; 128065 | &nbsp;&nbsp;&nbsp;&nbsp; 8232018 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp; 44505 | &nbsp;&nbsp;&nbsp;&nbsp; 1676503 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp; 79675 | &nbsp;&nbsp;&nbsp;&nbsp; 12292259 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp; 63360 | &nbsp;&nbsp;&nbsp;&nbsp; 1641658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;152877538 |
| **Total Long-Term Investment Securities<br> (cost $235,188,770)** |  | &nbsp;&nbsp;&nbsp;&nbsp;243122945 |
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |
| **U.S. Government Agency — 0.9%** | **U.S. Government Agency — 0.9%** | **U.S. Government Agency — 0.9%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank<br> 4.12%, 06/02/2025 | $2267000 | &nbsp;&nbsp;&nbsp;&nbsp; 2266206 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Real Estate Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |  |
| **Unaffiliated Investment Companies — 0.0%** | **Unaffiliated Investment Companies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;13884 | &nbsp;&nbsp;$13884 |
| **Total Short-Term Investments<br> (cost $2,280,625)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280090 |
| **TOTAL INVESTMENTS<br> (cost $237,469,395)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.5% | &nbsp;&nbsp;&nbsp;&nbsp;245403035 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159337 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$246562372 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Global Real Estate Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $1,623,921 representing 0.7% of net assets. |

---

(1) Consists of more than one type of securities traded together as a unit.

(2) The rate shown is the 7-day yield as of May 31, 2025.

(3) At May 31, 2025, the Fund had loaned securities with a total value of $4,437,607. This was secured by collateral of $13,884, which was received in cash and
subsequently invested in short-term investments currently valued at $13,884 as reported in the Portfolio of Investments. Additional collateral of $4,688,190 was received in the form of fixed income pooled securities,
which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $52970 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;342344 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26284 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;144171 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 |
| United States Treasury Notes/Bonds | 0.00% to 4.88% | 02/15/2026 to 11/15/2053 | &nbsp;&nbsp;&nbsp;4122083 |

---

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

CVA—Certification Van Aandelen (Dutch Cert.)

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Diversified REITS | &nbsp;&nbsp;19.0% |
| Warehouse/Industrial REITS | &nbsp;&nbsp;13.3 |
| Apartment REITS | &nbsp;&nbsp;13.0 |
| Real Estate | &nbsp;&nbsp;10.6 |
| Health Care REITS | &nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| Shopping Centers REITS | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| Storage REITS | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| Office Property REITS | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Regional Malls REITS | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Hotel REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Manufactured Homes REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Single Tenant REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
|  | &nbsp;&nbsp;99.5% |

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$243122945 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$243122945 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2266206 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266206 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13884 |
| **Total Investments at Value** | &nbsp;&nbsp;$243136829 | &nbsp;&nbsp;$2266206 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$245403035 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 59.5%** | **COMMON STOCKS — 59.5%** | **COMMON STOCKS — 59.5%** |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342 | &nbsp;&nbsp;$214871 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (ASX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9652 | &nbsp;&nbsp;&nbsp;&nbsp; 237979 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14236 | &nbsp;&nbsp;&nbsp;&nbsp; 212804 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28479 | &nbsp;&nbsp;&nbsp;&nbsp; 282523 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp; 159242 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12460 | &nbsp;&nbsp;&nbsp;&nbsp; 85217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192811 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 53256 |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp; 26561 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 25091 |
| **Brazil — 0.8%** | **Brazil — 0.8%** | **Brazil — 0.8%** |
| &nbsp;&nbsp;&nbsp;AMBEV SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp; 114801 |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 34390 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 80011 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 96457 |
| &nbsp;&nbsp;&nbsp;Itausa SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67959 | &nbsp;&nbsp;&nbsp;&nbsp; 131534 |
| &nbsp;&nbsp;&nbsp;JBS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 87682 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63500 | &nbsp;&nbsp;&nbsp;&nbsp; 365379 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp;&nbsp;&nbsp; 336040 |
| &nbsp;&nbsp;&nbsp;Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 546551 |
| &nbsp;&nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp; 101442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894287 |
| **Canada — 1.1%** | **Canada — 1.1%** | **Canada — 1.1%** |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 176817 |
| &nbsp;&nbsp;&nbsp;ARC Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 181817 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 26850 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 27232 |
| &nbsp;&nbsp;&nbsp;CGI, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 129002 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 180056 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 510456 |
| &nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 163214 |
| &nbsp;&nbsp;&nbsp;iA Financial Corp., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 142535 |
| &nbsp;&nbsp;&nbsp;Imperial Oil, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 28558 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 310023 |
| &nbsp;&nbsp;&nbsp;Loblaw Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 219324 |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 41396 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 139421 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 131543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408244 |
| **China — 2.5%** | **China — 2.5%** | **China — 2.5%** |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp; 227539 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;&nbsp;&nbsp; 187386 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550 | &nbsp;&nbsp;&nbsp;&nbsp; 130684 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp; 209940 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp; 130425 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 1432000 | &nbsp;&nbsp;&nbsp;&nbsp; 1285697 |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp; 83143 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp; 136545 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 24945 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 125074 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Ltd. | 1083000 | &nbsp;&nbsp;&nbsp;&nbsp; 788656 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11550 | &nbsp;&nbsp;&nbsp;&nbsp; 189871 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp; 277339 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 105757 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500 | &nbsp;&nbsp;$693136 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp; 297517 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp; 163860 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76500 | &nbsp;&nbsp;&nbsp;&nbsp; 450252 |
| &nbsp;&nbsp;&nbsp;Qifu Technology, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 78090 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp; 75431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661287 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 218207 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483 | &nbsp;&nbsp;&nbsp;&nbsp; 243444 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp; 131051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592702 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37477 | &nbsp;&nbsp;&nbsp;&nbsp; 194724 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8961 | &nbsp;&nbsp;&nbsp;&nbsp; 179381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374105 |
| **France — 1.2%** | **France — 1.2%** | **France — 1.2%** |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp; 178940 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 | &nbsp;&nbsp;&nbsp;&nbsp; 161514 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp; 123490 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp; 227037 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809 | &nbsp;&nbsp;&nbsp;&nbsp; 145664 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10576 | &nbsp;&nbsp;&nbsp;&nbsp; 193397 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31455 | &nbsp;&nbsp;&nbsp;&nbsp; 678060 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp; 186434 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 179197 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 128121 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10362 | &nbsp;&nbsp;&nbsp;&nbsp; 154540 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 26672 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp; 118951 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 106062 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp; 115731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723810 |
| **Germany — 1.2%** | **Germany — 1.2%** | **Germany — 1.2%** |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp; 222909 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp; 132872 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 19864 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11579 | &nbsp;&nbsp;&nbsp;&nbsp; 320270 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp; 211810 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 133214 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854 | &nbsp;&nbsp;&nbsp;&nbsp; 221210 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp; 175822 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547 | &nbsp;&nbsp;&nbsp;&nbsp; 498724 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 31042 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 134950 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10293 | &nbsp;&nbsp;&nbsp;&nbsp; 387197 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp; 271438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761322 |
| **Greece — 0.0%** | **Greece — 0.0%** | **Greece — 0.0%** |
| &nbsp;&nbsp;&nbsp;OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp;&nbsp;&nbsp; 64065 |
| **Hong Kong — 0.4%** | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| &nbsp;&nbsp;&nbsp;China Resources Land, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp; 132226 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp; 134707 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 123873 |
| &nbsp;&nbsp;&nbsp;CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 25462 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp; 166288 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;$150425 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp; 126498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859479 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146 | &nbsp;&nbsp;&nbsp;&nbsp; 238599 |
| **India — 0.7%** | **India — 0.7%** | **India — 0.7%** |
| &nbsp;&nbsp;&nbsp;Cipla, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp; 23505 |
| &nbsp;&nbsp;&nbsp;Coal India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25986 | &nbsp;&nbsp;&nbsp;&nbsp; 120676 |
| &nbsp;&nbsp;&nbsp;Dr. Reddy's Laboratories, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp; 9634 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7836 | &nbsp;&nbsp;&nbsp;&nbsp; 149394 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17150 | &nbsp;&nbsp;&nbsp;&nbsp; 126999 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6219 | &nbsp;&nbsp;&nbsp;&nbsp; 113508 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30946 | &nbsp;&nbsp;&nbsp;&nbsp; 121054 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56812 | &nbsp;&nbsp;&nbsp;&nbsp; 158801 |
| &nbsp;&nbsp;&nbsp;Power Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25562 | &nbsp;&nbsp;&nbsp;&nbsp; 121470 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp. of India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81135 | &nbsp;&nbsp;&nbsp;&nbsp; 274669 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp; 26463 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp; 23252 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573 | &nbsp;&nbsp;&nbsp;&nbsp; 184897 |
| &nbsp;&nbsp;&nbsp;Tata Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp; 28704 |
| &nbsp;&nbsp;&nbsp;Trent, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp; 30368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513394 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| &nbsp;&nbsp;&nbsp;Astra International Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp; 100898 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55200 | &nbsp;&nbsp;&nbsp;&nbsp; 26648 |
| &nbsp;&nbsp;&nbsp;United Tractors Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp; 36290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163836 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 128080 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 140274 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 248940 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 395691 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp; 112209 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 129081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154275 |
| **Israel — 0.3%** | **Israel — 0.3%** | **Israel — 0.3%** |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12372 | &nbsp;&nbsp;&nbsp;&nbsp; 199787 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp; 346295 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp; 132850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678932 |
| **Italy — 1.1%** | **Italy — 1.1%** | **Italy — 1.1%** |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12498 | &nbsp;&nbsp;&nbsp;&nbsp; 143470 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19638 | &nbsp;&nbsp;&nbsp;&nbsp; 180279 |
| &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp;&nbsp;&nbsp; 196949 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31991 | &nbsp;&nbsp;&nbsp;&nbsp; 178352 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp; 339280 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp; 30398 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21395 | &nbsp;&nbsp;&nbsp;&nbsp; 1374009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442737 |
| **Japan — 3.1%** | **Japan — 3.1%** | **Japan — 3.1%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 122873 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp; 131133 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp; 136910 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 200903 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 210804 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 182329 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 184444 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;$145156 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 172640 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 124796 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 154067 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 149880 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 142729 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp; 120702 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 142316 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 115195 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 150581 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 232207 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; 165777 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp; 254285 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 37272 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 153712 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 539230 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 133381 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 229812 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp; 158035 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 38674 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 173668 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp; 168081 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 718573 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 145137 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 140569 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 195120 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 130324 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 174944 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 120023 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 26686 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 31968 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 158251 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 160229 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 140811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014227 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 191560 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 | &nbsp;&nbsp;&nbsp;&nbsp; 113956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305516 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp; 39750 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp; 156560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196310 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 144778 |
| **Netherlands — 0.6%** | **Netherlands — 0.6%** | **Netherlands — 0.6%** |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 167808 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 | &nbsp;&nbsp;&nbsp;&nbsp; 164553 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14459 | &nbsp;&nbsp;&nbsp;&nbsp; 610402 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36296 | &nbsp;&nbsp;&nbsp;&nbsp; 170536 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp; 148011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261310 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp; 46217 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13256 | &nbsp;&nbsp;&nbsp;&nbsp; 311031 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 31706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342737 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| &nbsp;&nbsp;&nbsp;Orlen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303 | &nbsp;&nbsp;$182777 |
| **Qatar — 0.0%** | **Qatar — 0.0%** | **Qatar — 0.0%** |
| &nbsp;&nbsp;&nbsp;Qatar National Bank Q.P.S.C. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5542 | &nbsp;&nbsp;&nbsp;&nbsp; 25743 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| &nbsp;&nbsp;&nbsp;MMC Norilsk Nickel PJSC†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56300 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17824 | &nbsp;&nbsp;&nbsp;&nbsp; 118790 |
| &nbsp;&nbsp;&nbsp;Saudi Telecom Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12113 | &nbsp;&nbsp;&nbsp;&nbsp; 135141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253931 |
| **Singapore — 0.2%** | **Singapore — 0.2%** | **Singapore — 0.2%** |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp; 160881 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp; 161887 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp; 70023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392791 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| &nbsp;&nbsp;&nbsp;FirstRand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 | &nbsp;&nbsp;&nbsp;&nbsp; 25889 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14761 | &nbsp;&nbsp;&nbsp;&nbsp; 332741 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9504 | &nbsp;&nbsp;&nbsp;&nbsp; 135167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493797 |
| **South Korea — 1.7%** | **South Korea — 1.7%** | **South Korea — 1.7%** |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5452 | &nbsp;&nbsp;&nbsp;&nbsp; 287280 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp; 219314 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp; 188310 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;&nbsp;&nbsp; 259835 |
| &nbsp;&nbsp;&nbsp;Korea Shipbuilding & Offshore Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp; 149567 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17991 | &nbsp;&nbsp;&nbsp;&nbsp; 732836 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13511 | &nbsp;&nbsp;&nbsp;&nbsp; 451444 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 244242 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8623 | &nbsp;&nbsp;&nbsp;&nbsp; 1278107 |
| &nbsp;&nbsp;&nbsp;SK Square Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 122646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933581 |
| **Spain — 0.8%** | **Spain — 0.8%** | **Spain — 0.8%** |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 202312 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp; 233849 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13293 | &nbsp;&nbsp;&nbsp;&nbsp; 199386 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22924 | &nbsp;&nbsp;&nbsp;&nbsp; 194906 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157 | &nbsp;&nbsp;&nbsp;&nbsp; 157396 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10822 | &nbsp;&nbsp;&nbsp;&nbsp; 197588 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10652 | &nbsp;&nbsp;&nbsp;&nbsp; 577165 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10973 | &nbsp;&nbsp;&nbsp;&nbsp; 147705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910307 |
| **Sweden — 0.2%** | **Sweden — 0.2%** | **Sweden — 0.2%** |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp; 23231 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 24755 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759 | &nbsp;&nbsp;&nbsp;&nbsp; 142436 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp;&nbsp;&nbsp; 176704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367126 |
| **Switzerland — 1.8%** | **Switzerland — 1.8%** | **Switzerland — 1.8%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153 | &nbsp;&nbsp;&nbsp;&nbsp; 178300 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 116053 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp; 180300 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 150807 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 162374 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 25079 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | &nbsp;&nbsp;&nbsp;&nbsp; 188676 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8388 | &nbsp;&nbsp;&nbsp;&nbsp; 958352 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751 | &nbsp;&nbsp;$1532674 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 142211 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp; 205355 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp; 25979 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 197075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063235 |
| **Taiwan — 2.0%** | **Taiwan — 2.0%** | **Taiwan — 2.0%** |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp; 128540 |
| &nbsp;&nbsp;&nbsp;Asustek Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 20645 |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 29651 |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Corp. Taiwan, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 137713 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 26336 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp; 778940 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 870672 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 102328 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp; 2353075 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 27737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475637 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| &nbsp;&nbsp;&nbsp;Advanced Info Service PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp; 144878 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9103 | &nbsp;&nbsp;&nbsp;&nbsp; 63431 |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17751 | &nbsp;&nbsp;&nbsp;&nbsp; 42936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106367 |
| **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61701 | &nbsp;&nbsp;&nbsp;&nbsp; 139596 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15358 | &nbsp;&nbsp;&nbsp;&nbsp; 56030 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;109592 | &nbsp;&nbsp;&nbsp;&nbsp; 392359 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24165 | &nbsp;&nbsp;&nbsp;&nbsp; 147371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735356 |
| **United Kingdom — 2.7%** | **United Kingdom — 2.7%** | **United Kingdom — 2.7%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16139 | &nbsp;&nbsp;&nbsp;&nbsp; 885451 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351 | &nbsp;&nbsp;&nbsp;&nbsp; 229127 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp; 23350 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523 | &nbsp;&nbsp;&nbsp;&nbsp; 26991 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp; 27259 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62992 | &nbsp;&nbsp;&nbsp;&nbsp; 277957 |
| &nbsp;&nbsp;&nbsp;BT Group PLC# | &nbsp;&nbsp;&nbsp;&nbsp;121566 | &nbsp;&nbsp;&nbsp;&nbsp; 293924 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;109550 | &nbsp;&nbsp;&nbsp;&nbsp; 233728 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 | &nbsp;&nbsp;&nbsp;&nbsp; 140148 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276 | &nbsp;&nbsp;&nbsp;&nbsp; 147736 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15337 | &nbsp;&nbsp;&nbsp;&nbsp; 180441 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9978 | &nbsp;&nbsp;&nbsp;&nbsp; 377772 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 27466 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32144 | &nbsp;&nbsp;&nbsp;&nbsp; 162150 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;120797 | &nbsp;&nbsp;&nbsp;&nbsp; 853817 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp; 284272 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp; 94227 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21115 | &nbsp;&nbsp;&nbsp;&nbsp; 246428 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5136 | &nbsp;&nbsp;&nbsp;&nbsp; 168872 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207 | &nbsp;&nbsp;&nbsp;&nbsp; 134793 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp; 26408 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15261 | &nbsp;&nbsp;&nbsp;&nbsp; 238107 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148 | &nbsp;&nbsp;&nbsp;&nbsp; 26912 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12915 | &nbsp;&nbsp;&nbsp;&nbsp; 819066 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;134231 | &nbsp;&nbsp;&nbsp;&nbsp; 139042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6065444 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States — 34.2%** | **United States — 34.2%** | **United States — 34.2%** |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$129 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5173 | &nbsp;&nbsp;&nbsp;&nbsp; 691009 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10016 | &nbsp;&nbsp;&nbsp;&nbsp; 1864078 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606 | &nbsp;&nbsp;&nbsp;&nbsp; 1496815 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 135016 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp; 22931 |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp;&nbsp;&nbsp; 125155 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11724 | &nbsp;&nbsp;&nbsp;&nbsp; 2013480 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13619 | &nbsp;&nbsp;&nbsp;&nbsp; 2354044 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22794 | &nbsp;&nbsp;&nbsp;&nbsp; 1381544 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12679 | &nbsp;&nbsp;&nbsp;&nbsp; 2599322 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp; 230241 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 263277 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp;&nbsp;&nbsp; 825636 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 36961 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21719 | &nbsp;&nbsp;&nbsp;&nbsp; 4362261 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp; 119443 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3433 | &nbsp;&nbsp;&nbsp;&nbsp; 1349169 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp; 28418 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7738 | &nbsp;&nbsp;&nbsp;&nbsp; 215116 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp; 148442 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 164254 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 149908 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11329 | &nbsp;&nbsp;&nbsp;&nbsp; 1003863 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 120446 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp; 111549 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp; 1694311 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371 | &nbsp;&nbsp;&nbsp;&nbsp; 144311 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12206 | &nbsp;&nbsp;&nbsp;&nbsp; 589306 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4582 | &nbsp;&nbsp;&nbsp;&nbsp; 1109165 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp; 159782 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 20136 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp; 105637 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 134964 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 153829 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 49719 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp; 179695 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 | &nbsp;&nbsp;&nbsp;&nbsp; 119427 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 | &nbsp;&nbsp;&nbsp;&nbsp; 236844 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347 | &nbsp;&nbsp;&nbsp;&nbsp; 1211095 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp; 128791 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 | &nbsp;&nbsp;&nbsp;&nbsp; 173886 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11519 | &nbsp;&nbsp;&nbsp;&nbsp; 1070576 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 127909 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 167432 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241 | &nbsp;&nbsp;&nbsp;&nbsp; 236470 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp; 88995 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp; 119799 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747 | &nbsp;&nbsp;&nbsp;&nbsp; 332022 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 153991 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 39185 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp; 95340 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp; 26024 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 132121 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp; 143075 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765 | &nbsp;&nbsp;&nbsp;&nbsp; 300196 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 144878 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741 | &nbsp;&nbsp;&nbsp;&nbsp; 110675 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 20077 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 72870 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 107303 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 122355 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;$655986 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354 | &nbsp;&nbsp;&nbsp;&nbsp; 262674 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 114939 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 179642 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855 | &nbsp;&nbsp;&nbsp;&nbsp; 211794 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp; 120766 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp; 23567 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp; 162792 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp; 208040 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18628 | &nbsp;&nbsp;&nbsp;&nbsp; 924135 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15738 | &nbsp;&nbsp;&nbsp;&nbsp; 1732439 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp; 190711 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 156117 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 124127 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 | &nbsp;&nbsp;&nbsp;&nbsp; 438980 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293 | &nbsp;&nbsp;&nbsp;&nbsp; 126023 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 133689 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp; 197412 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 71683 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp; 127313 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 140186 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp; 173311 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 155968 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 144713 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 122771 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 84365 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp; 130678 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp; 160459 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11568 | &nbsp;&nbsp;&nbsp;&nbsp; 789285 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 120377 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 141985 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp; 300287 |
| &nbsp;&nbsp;&nbsp;LKQ Corp.(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp; 107088 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 136792 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp; 98339 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 128251 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 28883 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 167301 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861 | &nbsp;&nbsp;&nbsp;&nbsp; 241004 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp; 1521974 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp; 202500 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 92362 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636 | &nbsp;&nbsp;&nbsp;&nbsp; 3649254 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp; 405587 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685 | &nbsp;&nbsp;&nbsp;&nbsp; 537005 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11533 | &nbsp;&nbsp;&nbsp;&nbsp; 5309332 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp; 145528 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp; 123236 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 | &nbsp;&nbsp;&nbsp;&nbsp; 123954 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 | &nbsp;&nbsp;&nbsp;&nbsp; 142033 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp; 1171937 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 137248 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp; 24092 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp; 104515 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp; 328367 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 28172 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8697 | &nbsp;&nbsp;&nbsp;&nbsp; 21656 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp; 133105 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323 | &nbsp;&nbsp;&nbsp;&nbsp; 518056 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47153 | &nbsp;&nbsp;&nbsp;&nbsp; 6371785 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 21348 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp; 129257 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;$162716 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp; 149057 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027 | &nbsp;&nbsp;&nbsp;&nbsp; 108427 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 66837 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3972 | &nbsp;&nbsp;&nbsp;&nbsp; 523430 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 29247 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp; 170543 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 110418 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 98612 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp; 140499 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp; 189763 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 199850 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 23233 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;&nbsp; 869022 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 25481 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 146703 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 141733 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp; 190184 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 24516 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 173455 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp; 154026 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 43128 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp; 162591 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181996 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp; 336923 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp;&nbsp;&nbsp; 308691 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 156205 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp; 100718 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp; 40140 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp; 436533 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 165300 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6743 | &nbsp;&nbsp;&nbsp;&nbsp; 388734 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708 | &nbsp;&nbsp;&nbsp;&nbsp; 347032 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp; 213837 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711 | &nbsp;&nbsp;&nbsp;&nbsp; 939253 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 190499 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 195426 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 111654 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 147785 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 128341 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 183658 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp; 177597 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp; 168100 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp; 337590 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp; 176547 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;&nbsp; 166476 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 36049 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234 | &nbsp;&nbsp;&nbsp;&nbsp; 28427 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17222 | &nbsp;&nbsp;&nbsp;&nbsp; 546110 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | &nbsp;&nbsp;&nbsp;&nbsp; 1511887 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;&nbsp; 530042 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14738 | &nbsp;&nbsp;&nbsp;&nbsp; 1454935 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 153666 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp; 150114 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126 | &nbsp;&nbsp;&nbsp;&nbsp; 343902 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp; 24727 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 184885 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp; 1014 | &nbsp;&nbsp;$145955 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp; 4314 | &nbsp;&nbsp;&nbsp;&nbsp; 350512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;77375711 |
| **Total Common Stocks<br> (cost $106,056,561)** |  | &nbsp;&nbsp;&nbsp;&nbsp;134666569 |
| **CORPORATE BONDS & NOTES — 19.6%** | **CORPORATE BONDS & NOTES — 19.6%** | **CORPORATE BONDS & NOTES — 19.6%** |
| **Argentina — 0.4%** | **Argentina — 0.4%** | **Argentina — 0.4%** |
| &nbsp;&nbsp;&nbsp;YPF SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 07/21/2027\* | $320000 | &nbsp;&nbsp;&nbsp;&nbsp; 318636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/17/2034\* | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 364645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/12/2026(3) | &nbsp;&nbsp; 223846 | &nbsp;&nbsp;&nbsp;&nbsp; 226246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909527 |
| **Australia — 0.2%** | **Australia — 0.2%** | **Australia — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/01/2027\* | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028\* | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 260174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380266 |
| **Bermuda — 0.3%** | **Bermuda — 0.3%** | **Bermuda — 0.3%** |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2026\*(4) | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 466720 |
| &nbsp;&nbsp;&nbsp;Geopark, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 01/31/2030\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 246016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712736 |
| **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** |
| &nbsp;&nbsp;&nbsp;Air Canada Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/15/2028\* | &nbsp;&nbsp; 198046 | &nbsp;&nbsp;&nbsp;&nbsp; 191839 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/04/2025(4) | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 594616 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/30/2030\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 445718 |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2030\* | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 348146 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/2027\* | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 337669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/2033\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198469 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/01/2030\* | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 446932 |
| &nbsp;&nbsp;&nbsp;Teine Energy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2029\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 432548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995937 |
| **Cayman Islands — 1.1%** | **Cayman Islands — 1.1%** | **Cayman Islands — 1.1%** |
| &nbsp;&nbsp;&nbsp;AS Mileage Plan IP, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/20/2029\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 406350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, 10/20/2031\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 403723 |
| &nbsp;&nbsp;&nbsp;Vale Overseas, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/28/2054 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 258115 |
| &nbsp;&nbsp;&nbsp;Weibo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 07/08/2030# | &nbsp;&nbsp; 1603000 | &nbsp;&nbsp;&nbsp;&nbsp; 1483333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551521 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/2032 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 310246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514374 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **France — 0.4%** | **France — 0.4%** | **France — 0.4%** | **France — 0.4%** |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 01/19/2055\* |  | $605000 | &nbsp;&nbsp;$599425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37%, 01/10/2053\* |  | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 235411 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834836 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Energean Israel Finance, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 09/30/2033\* |  | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 417488 |
| **Luxembourg — 0.6%** | **Luxembourg — 0.6%** | **Luxembourg — 0.6%** | **Luxembourg — 0.6%** |
| &nbsp;&nbsp;&nbsp;Connect Finco SARL/Connect US Finco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/15/2029\* |  | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 681473 |
| &nbsp;&nbsp;&nbsp;CSN Resources SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 12/05/2030\* |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 391166 |
| &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 01/17/2035\* |  | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 203736 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276375 |
| **Mexico — 1.4%** | **Mexico — 1.4%** | **Mexico — 1.4%** | **Mexico — 1.4%** |
| &nbsp;&nbsp;&nbsp;Banco Mercantil del Norte SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/24/2027\*(4) |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 390612 |
| &nbsp;&nbsp;&nbsp;FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/31/2041\* |  | &nbsp;&nbsp; 198850 | &nbsp;&nbsp;&nbsp;&nbsp; 196215 |
| &nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 11/15/2029\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188700 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/2028 |  | &nbsp;&nbsp; 2257000 | &nbsp;&nbsp;&nbsp;&nbsp; 2121384 |
| &nbsp;&nbsp;&nbsp;Trust Fibra Uno |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70%, 01/23/2032\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204427 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101338 |
| **Netherlands — 0.4%** | **Netherlands — 0.4%** | **Netherlands — 0.4%** | **Netherlands — 0.4%** |
| &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/15/2034\* |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 223050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 01/12/2031\* |  | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 393543 |
| &nbsp;&nbsp;&nbsp;Yinson Boronia Production BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 07/31/2042\* |  | &nbsp;&nbsp; 376648 | &nbsp;&nbsp;&nbsp;&nbsp; 392098 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008691 |
| **Panama — 0.6%** | **Panama — 0.6%** | **Panama — 0.6%** | **Panama — 0.6%** |
| &nbsp;&nbsp;&nbsp;AES Panama Generation Holdings SRL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/31/2030 |  | &nbsp;&nbsp; 1480879 | &nbsp;&nbsp;&nbsp;&nbsp; 1305913 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| &nbsp;&nbsp;&nbsp;Petroleos del Peru SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/19/2047\* |  | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 188011 |
| **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54%, 08/12/2033\* |  | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 912513 |
| **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |
| &nbsp;&nbsp;&nbsp;Anglian Water Osprey Financing PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/31/2028 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 318020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/08/2026 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 479000 | &nbsp;&nbsp;&nbsp;&nbsp; 634523 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952543 |
| **United States — 11.6%** | **United States — 11.6%** | **United States — 11.6%** | **United States — 11.6%** |
| &nbsp;&nbsp;&nbsp;Affinity Interactive |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/2027\* |  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 564908 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/15/2031 |  | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 222580 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/15/2027\*# |  | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 424674 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Antares Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/15/2027\* | $1547000 | &nbsp;&nbsp;$1471172 |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 06/15/2028 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 915020 |
| &nbsp;&nbsp;&nbsp;ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/03/2030\* | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 270192 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 142041 |
| &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/10/2026 | &nbsp;&nbsp; 607000 | &nbsp;&nbsp;&nbsp;&nbsp; 596698 |
| &nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/30/2028 | &nbsp;&nbsp; 983000 | &nbsp;&nbsp;&nbsp;&nbsp; 907515 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 01/15/2027 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046851 |
| &nbsp;&nbsp;&nbsp;Blue Owl Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 06/10/2031 | &nbsp;&nbsp; 1027000 | &nbsp;&nbsp;&nbsp;&nbsp; 896433 |
| &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/15/2025\*# | &nbsp;&nbsp; 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264628 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 814694 |
| &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031\* | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 306837 |
| &nbsp;&nbsp;&nbsp;Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2029\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 223938 |
| &nbsp;&nbsp;&nbsp;Central Parent, Inc./CDK Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2029\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176605 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2026(4) | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 844951 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2048 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 280806 |
| &nbsp;&nbsp;&nbsp;Citadel Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/10/2030\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995233 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 10/06/2025(4) | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 503802 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | &nbsp;&nbsp; 383000 | &nbsp;&nbsp;&nbsp;&nbsp; 405271 |
| &nbsp;&nbsp;&nbsp;DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75%, 11/15/2027\* | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 856320 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/28/2029 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 924054 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 08/01/2029\* | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 226009 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 09/06/2029 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 319264 |
| &nbsp;&nbsp;&nbsp;Freedom Mtg. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/01/2032\* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 177781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 02/01/2029\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 474269 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2033 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 157272 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/24/2026# | &nbsp;&nbsp; 934000 | &nbsp;&nbsp;&nbsp;&nbsp; 903842 |
| &nbsp;&nbsp;&nbsp;Golub Capital Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/01/2030\* | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 376726 |
| &nbsp;&nbsp;&nbsp;Hercules Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 09/16/2026 | &nbsp;&nbsp; 484000 | &nbsp;&nbsp;&nbsp;&nbsp; 464911 |
| &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 02/01/2030 | &nbsp;&nbsp; 449000 | &nbsp;&nbsp;&nbsp;&nbsp; 74085 |
| &nbsp;&nbsp;&nbsp;Main Street Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/14/2026 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 660510 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2028\* | $303000 | &nbsp;&nbsp;$297477 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/01/2029\*# | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 196220 |
| &nbsp;&nbsp;&nbsp;Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/20/2027\* | &nbsp;&nbsp; 538650 | &nbsp;&nbsp;&nbsp;&nbsp; 539886 |
| &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 04/15/2030\* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 305291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88%, 04/15/2031\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103789 |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2028\*# | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 250143 |
| &nbsp;&nbsp;&nbsp;NFE Financial Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 11/15/2029\* | &nbsp;&nbsp; 1362400 | &nbsp;&nbsp;&nbsp;&nbsp; 584509 |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/15/2029\* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 87973 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 405970 |
| &nbsp;&nbsp;&nbsp;PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 03/15/2030\* | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 114730 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 396966 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2026#(4) | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 178692 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 02/15/2030 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 114048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 04/15/2033 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 113826 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/01/2030\* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 570630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/01/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198748 |
| &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/15/2029\* | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 192425 |
| &nbsp;&nbsp;&nbsp;Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/23/2027 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 385131 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/13/2025 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 310046 |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/01/2029\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74489 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/2034 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 326149 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/15/2027(4) | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 371687 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\*(4) | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 273519 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/15/2026\*(4) | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 223163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/15/2026\*(4) | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 189868 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/01/2026\* | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 487931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26183198 |
| **Total Corporate Bonds & Notes<br> (cost $46,275,507)** |  | &nbsp;&nbsp;&nbsp;&nbsp;44245267 |
| **CONVERTIBLE BONDS & NOTES — 0.2%** | **CONVERTIBLE BONDS & NOTES — 0.2%** | **CONVERTIBLE BONDS & NOTES — 0.2%** |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 03/01/2031<br> (cost $347,163) | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 319558 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **LOANS(5)(6)(7) — 0.5%** | **LOANS(5)(6)(7) — 0.5%** | **LOANS(5)(6)(7) — 0.5%** |
| **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** |
| &nbsp;&nbsp;&nbsp;AS Mileage Plan IP, Ltd. BTL-B FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57%, (SOFR+2.00%), 10/15/2031 | $139300 | &nbsp;&nbsp;$139517 |
| &nbsp;&nbsp;&nbsp;FNZ Group Services LLC BTL-B FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29%, (SOFR+5.00%), 11/05/2031 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 129094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268611 |
| **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc. BTL-B FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42%, (SOFR+5.00%), 06/30/2028 | &nbsp;&nbsp; 970392 | &nbsp;&nbsp;&nbsp;&nbsp; 950176 |
| **Total Loans<br> (cost $1,217,422)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218787 |
| **ASSET BACKED SECURITIES — 2.3%** | **ASSET BACKED SECURITIES — 2.3%** | **ASSET BACKED SECURITIES — 2.3%** |
| **Cayman Islands — 1.3%** | **Cayman Islands — 1.3%** | **Cayman Islands — 1.3%** |
| &nbsp;&nbsp;&nbsp;Ares LXV CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-65A, Class C<br> 6.73%, (TSFR3M+2.45%), 07/25/2034\* | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 421021 |
| &nbsp;&nbsp;&nbsp;BlueMountain CLO XXVIII, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-28A, Class D<br> 7.42%, (TSFR3M+3.16%), 04/15/2034\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248642 |
| &nbsp;&nbsp;&nbsp;Dryden 60 CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-60A, Class D<br> 7.52%, (TSFR3M+3.26%), 07/15/2031\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 838857 |
| &nbsp;&nbsp;&nbsp;Magnetite XII, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-12A, Class DR<br> 7.52%, (TSFR3M+3.26%), 10/15/2031\* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 801048 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 34, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-34A, Class CR<br> 6.37%, (TSFR3M+2.10%), 01/20/2035\* | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 489995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799563 |
| **Jersey — 0.3%** | **Jersey — 0.3%** | **Jersey — 0.3%** |
| &nbsp;&nbsp;&nbsp;GoldenTree Loan Management US, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-20A, Class C 6.47%, (TSFR3M+2.20%), 07/20/2037\* | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 733505 |
| **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** |
| &nbsp;&nbsp;&nbsp;Cogent Ipv4 LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2<br> 6.65%, 04/25/2055\* | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 477070 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class B<br> 6.51%, 05/20/2055\* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 812500 |
| &nbsp;&nbsp;&nbsp;Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91%, 07/30/2054\* | &nbsp;&nbsp; 383075 | &nbsp;&nbsp;&nbsp;&nbsp; 374513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664083 |
| **Total Asset Backed Securities<br> (cost $5,186,282)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197151 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.1%** |
| **United States — 3.1%** | **United States — 3.1%** | **United States — 3.1%** |
| &nbsp;&nbsp;&nbsp;BX Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class D<br> 6.09%, (TSFR1M+1.76%), 09/15/2036\* | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 258375 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01, Class 1M2<br> 6.12%, (SOFR30A+1.80%), 01/25/2044\* | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 715772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SBT1, Class 2M2<br> 8.09%, (SOFR30A+3.76%), 02/25/2040\* | &nbsp;&nbsp; 345264 | &nbsp;&nbsp;&nbsp;&nbsp; 359075 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA2, Class M1B<br> 7.67%, (SOFR30A+3.35%), 06/25/2043\* |  | $1180000 | &nbsp;&nbsp;$1231259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B<br> 7.87%, (SOFR30A+3.55%), 08/25/2042\* |  | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 859675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M2<br> 9.57%, (SOFR30A+5.25%), 05/25/2042\* |  | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 836391 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. Connecticut Avenue Securities Trust FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R07, Class 2M2<br> 7.57%, (SOFR30A+3.25%), 09/25/2043\* |  | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 343906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R02, Class 1M2<br> 7.67%, (SOFR30A+3.35%), 01/25/2043\* |  | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R06, Class 1M2<br> 8.17%, (SOFR30A+3.85%), 05/25/2042\* |  | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 898383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R03, Class 2M2<br> 8.22%, (SOFR30A+3.90%), 04/25/2043\* |  | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 446437 |
| **Total Collateralized Mortgage Obligations<br> (cost $7,113,270)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076523 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.7%** |
| **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/20/2055 to 03/20/2055<br> (cost $1,665,505) |  | &nbsp;&nbsp; 1638873 | &nbsp;&nbsp;&nbsp;&nbsp; 1656104 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 5.4%** | **FOREIGN GOVERNMENT OBLIGATIONS — 5.4%** | **FOREIGN GOVERNMENT OBLIGATIONS — 5.4%** | **FOREIGN GOVERNMENT OBLIGATIONS — 5.4%** |
| **Argentina — 0.4%** | **Argentina — 0.4%** | **Argentina — 0.4%** | **Argentina — 0.4%** |
| &nbsp;&nbsp;&nbsp;Republic of Argentina |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 07/09/2030(3) |  | &nbsp;&nbsp; 1025200 | &nbsp;&nbsp;&nbsp;&nbsp; 802732 |
| **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** |
| &nbsp;&nbsp;&nbsp;Federative Republic of Brazil |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/2027 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 5240000 | &nbsp;&nbsp;&nbsp;&nbsp; 903942 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| &nbsp;&nbsp;&nbsp;Arab Republic of Egypt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/29/2032\* |  | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 234229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45%, 02/04/2033\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193580 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427809 |
| **Mexico — 2.1%** | **Mexico — 2.1%** | **Mexico — 2.1%** | **Mexico — 2.1%** |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/26/2033 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;52300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2435795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/31/2053 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;22100000 | &nbsp;&nbsp;&nbsp;&nbsp; 923071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/01/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;28600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466922 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825788 |
| **Panama — 0.7%** | **Panama — 0.7%** | **Panama — 0.7%** | **Panama — 0.7%** |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87%, 07/23/2060 |  | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 714957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/19/2063 |  | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 850910 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565867 |
| **United Kingdom — 1.4%** | **United Kingdom — 1.4%** | **United Kingdom — 1.4%** | **United Kingdom — 1.4%** |
| &nbsp;&nbsp;&nbsp;United Kingdom Gilt Treasury |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/22/2053 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp;&nbsp; 3275668 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Uruguay — 0.2%** | **Uruguay — 0.2%** | **Uruguay — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/15/2028 | &nbsp;&nbsp;UYU | 11840000 | &nbsp;&nbsp;$277595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 07/20/2033 | &nbsp;&nbsp;UYU | 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 63954 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341549 |
| **Total Foreign Government Obligations<br> (cost $12,629,561)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12143355 |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |  |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc.†(1)<br> Expires 03/31/2040<br> (cost $0) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $180,491,271)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;206523314 |
| **SHORT-TERM INVESTMENTS — 8.7%** | **SHORT-TERM INVESTMENTS — 8.7%** | **SHORT-TERM INVESTMENTS — 8.7%** |  |
| **Sovereign — 2.6%** | **Sovereign — 2.6%** | **Sovereign — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;Canadian Treasury Bill<br> 2.55%, 11/19/2025 | &nbsp;&nbsp;CAD | 4670000 | &nbsp;&nbsp;&nbsp;&nbsp; 3361270 |
| &nbsp;&nbsp;&nbsp;Egypt Treasury Bills<br> 25.67%, 06/10/2025 | &nbsp;&nbsp;EGP | 32875000 | &nbsp;&nbsp;&nbsp;&nbsp; 656694 |
| &nbsp;&nbsp;&nbsp;Egypt Treasury Bills<br> 25.81%, 06/17/2025 | &nbsp;&nbsp;EGP | 59850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189288 |
| &nbsp;&nbsp;&nbsp;Egypt Treasury Bills<br> 26.33%, 06/17/2025 | &nbsp;&nbsp;EGP | 35450000 | &nbsp;&nbsp;&nbsp;&nbsp; 704432 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911684 |
| **Unaffiliated Investment Companies — 6.1%** | **Unaffiliated Investment Companies — 6.1%** | **Unaffiliated Investment Companies — 6.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 4.27%(8) |  | 11185046 | &nbsp;&nbsp;&nbsp;&nbsp; 11185046 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.32%(8)(9) |  | 2549423 | &nbsp;&nbsp;&nbsp;&nbsp; 2549423 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13734469 |
| **Total Short-Term Investments<br> (cost $19,561,357)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19646153 |
| **TOTAL INVESTMENTS<br> (cost $200,052,628)(10)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;226169467 |
| Other assets less liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106598) |
| **NET ASSETS** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$226062869 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Global Strategy Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $37,137,890 representing 16.4% of net assets. |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from
registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation
of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under
the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly
traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the
security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| LKQ Corp. | 07/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;$136 | $121 | $40.47 | 0.0% |
| MMC Norilsk Nickel PJSC |  |  |  |  |  |  |
|  | 01/30/2020 | &nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;9349 |  |  |  |
|  | 04/24/2020 | 45700 | 123804 |  |  |  |
|  | 12/11/2020 | &nbsp;&nbsp;7800 | &nbsp;&nbsp;25736 |  |  |  |
|  |  | 56300 | 158889 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.0 |
|  |  |  |  | $121 |  | 0.0%\*\* |

---

\*\* Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.

(3) "Step-down" security where the rate decreases ("steps-down") at a predetermined rate. The rate reflected is as of May 31, 2025.

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

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

(6) The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. The
rate shown represents the rate at the end of the period. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank
and/or borrower prior to the disposition of a senior loan.

(7) Senior loans in the Fund are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic
incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(8) The rate shown is the 7-day yield as of May 31, 2025.

(9) At May 31, 2025, the Fund had loaned securities with a total value of $4,881,476. This was secured by collateral of $2,549,423, which was received in cash and
subsequently invested in short-term investments currently valued at $2,549,423 as reported in the Portfolio of Investments. Additional collateral of $2,490,600 was received in the form of fixed income pooled
securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| United States Treasury Bills | 0.00% | 06/24/2025 to 11/28/2025 | $8993 |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 06/30/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;2481607 |

---

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

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASX—Australian Stock Exchange |
| BR—Bearer Shares |
| CLO—Collateralized Loan Obligation |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR—Secured Overnight Financing Rate |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| TSFR1M—Term Secured Overnight Financing Rate 1 Month |
| TSFR3M—Term Secured Overnight Financing Rate 3 Month |

---

---

| |
|:---|
| BRL—Brazilian Real |
| CAD—Canadian Dollar |
| EGP—Egyptian Pound |
| GBP—British Pound |
| MXN—Mexican Peso |
| UYU—Uruguayan Peso |

---

The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** | **Credit Default Swaps - Seller(1)** |
| **Counterparty (OTC)/<br> Centrally cleared** | **Reference<br> obligation** | &nbsp;&nbsp;**Implied<br> credit<br> spread(2)** | **Notional<br> amount(3)** | **Currency** | **USD<br> notional<br> amount(3)** | **Received<br> fixed<br> rate** | **Fixed<br> payment<br> frequency** | **Maturity<br> date** | **Upfront<br> payment paid<br> (received)** | **Unrealized<br> appreciation<br> (depreciation)** | **Value(4)** |
| JPMorgan Chase Bank, N.A. | Republic of Panama | &nbsp;&nbsp;1.56 | 490000 | USD | 490000 | 1.000% | Quarterly | Dec 2028 | $(9610) | $656 | $(8954) |

---

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

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

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

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 26 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2870403 | &nbsp;&nbsp;&nbsp;&nbsp;$2879500 | &nbsp;&nbsp;&nbsp;&nbsp;$9097 |
| 49 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5495536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19261 |
| 70 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122908 |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$152187 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Citibank, N.A. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;95000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785025 | &nbsp;&nbsp;07/29/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(79590) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1410135 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940000 | &nbsp;&nbsp;07/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7475 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6326557 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;911000000 | &nbsp;&nbsp;06/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;11515 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2505899 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;3420000000 | &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14909) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94499) |
| HSBC Bank PLC | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116527 | &nbsp;&nbsp;06/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(127796) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198575 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;06/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3535 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60503 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;07/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;&nbsp;(127796) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1440000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633584 | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8232) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1648217 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440000 | &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6402) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14634) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$23470 | &nbsp;&nbsp;$(236929) |

---

---

| |
|:---|
| CAD—Canadian Dollar |
| EUR—Euro Currency |
| GBP—British Pound |
| JPY—Japanese Yen |
| KRW—South Korean Won |
| MXN—Mexican Peso |
| USD—United States Dollar |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;8.7% |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Other Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;100.0% |

---

\* Calculated as a percentage of net assets

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;$— | &nbsp;&nbsp;$592702 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$592702 |
| &nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163836 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163836 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332637 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678932 |
| &nbsp;&nbsp;&nbsp;Qatar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25743 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25743 |
| &nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253931 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253931 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4475637 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475637 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;128475788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;128475788 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44245267 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44245267 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319558 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319558 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1218787 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218787 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5197151 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197151 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7076523 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076523 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1656104 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656104 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12143355 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12143355 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sovereign | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5911684 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911684 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;13734469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13734469 |
| **Total Investments at Value** | &nbsp;&nbsp;$142556552 | &nbsp;&nbsp;$83612915 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$226169467 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$656 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$656 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152187 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23470 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23470 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$152187 | &nbsp;&nbsp;$24126 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$176313 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$236929 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$236929 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Government Securities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 4.8%** | **CORPORATE BONDS & NOTES — 4.8%** | **CORPORATE BONDS & NOTES — 4.8%** |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/15/2030 | $447522 | &nbsp;&nbsp;$420677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/15/2031 | &nbsp;&nbsp; 203114 | &nbsp;&nbsp;&nbsp;&nbsp; 189676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610353 |
| **Banks — 1.4%** | **Banks — 1.4%** | **Banks — 1.4%** |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 01/18/2028\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012506 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76%, 09/13/2026 | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 212320 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/28/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185844 |
| **Electric — 1.9%** | **Electric — 1.9%** | **Electric — 1.9%** |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 972440 |
| &nbsp;&nbsp;&nbsp;Fells Point Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 01/31/2027\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 972482 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/28/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955042 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/25/2028 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 169104 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 02/01/2028 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 539781 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554662 |
| **Total Corporate Bonds & Notes<br> (cost $7,629,629)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7475005 |
| **ASSET BACKED SECURITIES — 5.5%** | **ASSET BACKED SECURITIES — 5.5%** | **ASSET BACKED SECURITIES — 5.5%** |
| **Auto Loan Receivables — 1.9%** | **Auto Loan Receivables — 1.9%** | **Auto Loan Receivables — 1.9%** |
| &nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A3<br> 4.69%, 04/15/2030 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 910787 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A3<br> 4.75%, 01/16/2029\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001156 |
| &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class A3<br> 4.15%, 10/15/2029 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 424470 |
| &nbsp;&nbsp;&nbsp;Stellantis Financial Underwritten Enhanced Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-AA, Class A3<br> 4.47%, 07/20/2028\* | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 614862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951275 |
| **Other Asset Backed Securities — 3.6%** | **Other Asset Backed Securities — 3.6%** | **Other Asset Backed Securities — 3.6%** |
| &nbsp;&nbsp;&nbsp;AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR3, Class A<br> 1.36%, 09/17/2037\* | &nbsp;&nbsp; 568738 | &nbsp;&nbsp;&nbsp;&nbsp; 562969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2, Class A<br> 1.53%, 08/17/2038\* | &nbsp;&nbsp; 999770 | &nbsp;&nbsp;&nbsp;&nbsp; 960399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class A<br> 1.95%, 06/17/2038\* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 279578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR1, Class A<br> 3.66%, 06/17/2042\* | &nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 999228 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;Aqua Finance Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A, Class A<br> 5.25%, 12/19/2050\* | $1459650 | &nbsp;&nbsp;$1455933 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class A<br> 1.54%, 08/17/2038\* | &nbsp;&nbsp; 1230898 | &nbsp;&nbsp;&nbsp;&nbsp; 1183274 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A, Class A<br> 4.30%, 01/25/2037\* | &nbsp;&nbsp; 260892 | &nbsp;&nbsp;&nbsp;&nbsp; 257827 |
| &nbsp;&nbsp;&nbsp;Sofi Professional Loan Program Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B, Class A2FX<br> 3.34%, 08/25/2047\* | &nbsp;&nbsp; 36638 | &nbsp;&nbsp;&nbsp;&nbsp; 36432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735640 |
| **Total Asset Backed Securities<br> (cost $8,798,823)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686915 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 24.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 24.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 24.9%** |
| **Commercial and Residential — 3.8%** | **Commercial and Residential — 3.8%** | **Commercial and Residential — 3.8%** |
| &nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN26, Class A4<br> 2.40%, 03/15/2063 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 445734 |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK41, Class A4<br> 3.79%, 04/15/2065(1) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 464320 |
| &nbsp;&nbsp;&nbsp;BBCMS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-VFM, Class A1<br> 2.47%, 03/10/2036\* | &nbsp;&nbsp; 44841 | &nbsp;&nbsp;&nbsp;&nbsp; 44147 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC46, Class A5<br> 2.72%, 02/15/2053 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122216 |
| &nbsp;&nbsp;&nbsp;Eleven Madison Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-11MD, Class A<br> 3.55%, 09/10/2035\*(1) | &nbsp;&nbsp; 398000 | &nbsp;&nbsp;&nbsp;&nbsp; 391630 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-GS7, Class A4<br> 3.43%, 08/10/2050 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059098 |
| &nbsp;&nbsp;&nbsp;IRV Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-200P, Class A<br> 5.29%, 03/14/2047\*(1) | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 744415 |
| &nbsp;&nbsp;&nbsp;PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL2, Class A1<br> 3.75%, 04/25/2055\* | &nbsp;&nbsp; 792023 | &nbsp;&nbsp;&nbsp;&nbsp; 761483 |
| &nbsp;&nbsp;&nbsp;SLG Office Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-OVA, Class A<br> 2.59%, 07/15/2041\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 865514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5898557 |
| **U.S. Government Agency — 21.1%** | **U.S. Government Agency — 21.1%** | **U.S. Government Agency — 21.1%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K130, Class A2<br> 1.72%, 06/25/2031 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 575852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K145, Class A2<br> 2.58%, 05/25/2032 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 380416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KW10, Class A2<br> 2.69%, 09/25/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1866772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K146, Class A2<br> 2.92%, 06/25/2032 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 636699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K149, Class A2<br> 3.53%, 08/25/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1873867 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Government Securities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K-150, Class A2<br> 3.71%, 09/25/2032(1) | $1070000 | &nbsp;&nbsp;$1012766 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4994, Class GV<br> 2.00%, 06/25/2046 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1564697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4594, Class GN<br> 2.50%, 02/15/2045 | &nbsp;&nbsp; 271041 | &nbsp;&nbsp;&nbsp;&nbsp; 250590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4097, Class YK<br> 3.00%, 08/15/2032 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1672104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4150, Class IG<br> 3.00%, 01/15/2033(2) | &nbsp;&nbsp; 659875 | &nbsp;&nbsp;&nbsp;&nbsp; 34496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4838, Class CY<br> 3.00%, 01/15/2038 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 918479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4365, Class HZ<br> 3.00%, 01/15/2040 | &nbsp;&nbsp; 352587 | &nbsp;&nbsp;&nbsp;&nbsp; 328456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4057, Class WY<br> 3.50%, 06/15/2027 | &nbsp;&nbsp; 273326 | &nbsp;&nbsp;&nbsp;&nbsp; 270466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3927, Class AY<br> 4.50%, 09/15/2026 | &nbsp;&nbsp; 28326 | &nbsp;&nbsp;&nbsp;&nbsp; 28248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3786, Class PB<br> 4.50%, 07/15/2040 | &nbsp;&nbsp; 121374 | &nbsp;&nbsp;&nbsp;&nbsp; 121204 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4039, Class SA<br> 2.05%, (6.39-SOFR30A), 05/15/2042(2)(3) | &nbsp;&nbsp; 125292 | &nbsp;&nbsp;&nbsp;&nbsp; 14179 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. SCRT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class MT<br> 3.50%, 05/25/2064 | &nbsp;&nbsp; 422207 | &nbsp;&nbsp;&nbsp;&nbsp; 362871 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 264, Class 30<br> 3.00%, 07/15/2042 | &nbsp;&nbsp; 218647 | &nbsp;&nbsp;&nbsp;&nbsp; 198293 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. Grantor Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-T1, Class A<br> 2.90%, 06/25/2027 | &nbsp;&nbsp; 1114190 | &nbsp;&nbsp;&nbsp;&nbsp; 1079158 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-34, Class AO<br> Zero Coupon, 05/18/2032(4) | &nbsp;&nbsp; 27788 | &nbsp;&nbsp;&nbsp;&nbsp; 26487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M20, Class A2<br> 1.44%, 10/25/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-12, Class JC<br> 2.00%, 03/25/2050 | &nbsp;&nbsp; 616935 | &nbsp;&nbsp;&nbsp;&nbsp; 511539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-23, Class KJ<br> 2.25%, 05/25/2042 | &nbsp;&nbsp; 468627 | &nbsp;&nbsp;&nbsp;&nbsp; 433949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class ME<br> 2.50%, 01/25/2042 | &nbsp;&nbsp; 398914 | &nbsp;&nbsp;&nbsp;&nbsp; 376278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-73, Class TD<br> 2.50%, 09/25/2042 | &nbsp;&nbsp; 155980 | &nbsp;&nbsp;&nbsp;&nbsp; 148453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M22, Class A2<br> 2.52%, 08/25/2029 | &nbsp;&nbsp; 307887 | &nbsp;&nbsp;&nbsp;&nbsp; 287235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M31, Class A2<br> 2.85%, 04/25/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 865969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-87, Class CZ<br> 3.00%, 08/25/2042 | &nbsp;&nbsp; 1788573 | &nbsp;&nbsp;&nbsp;&nbsp; 1627367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-30, Class PA<br> 3.00%, 04/25/2045 | &nbsp;&nbsp; 251781 | &nbsp;&nbsp;&nbsp;&nbsp; 237559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-25, Class LA<br> 3.00%, 07/25/2045 | &nbsp;&nbsp; 192679 | &nbsp;&nbsp;&nbsp;&nbsp; 181106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-33, Class JA<br> 3.00%, 07/25/2045 | &nbsp;&nbsp; 182588 | &nbsp;&nbsp;&nbsp;&nbsp; 172067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-97, Class N<br> 3.00%, 11/25/2045 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1718465 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-38, Class NA<br> 3.00%, 01/25/2046 | $355457 | &nbsp;&nbsp;$329071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-30, Class LY<br> 3.50%, 05/25/2036 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 762771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-117, Class DY<br> 4.50%, 10/25/2025 | &nbsp;&nbsp; 1079 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-134, Class MB<br> 4.50%, 12/25/2040 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 234694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-116, Class PB<br> 5.50%, 08/25/2035 | &nbsp;&nbsp; 17702 | &nbsp;&nbsp;&nbsp;&nbsp; 18338 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M3, Class A2<br> 1.71%, 11/25/2031(1) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 840298 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 384, Class 23<br> 6.00%, 08/25/2037(2) | &nbsp;&nbsp; 54370 | &nbsp;&nbsp;&nbsp;&nbsp; 9316 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-94, Class AO<br> Zero Coupon, 05/20/2052(4) | &nbsp;&nbsp; 1747058 | &nbsp;&nbsp;&nbsp;&nbsp; 1228199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-119, Class AZ<br> 3.50%, 07/20/2052 | &nbsp;&nbsp; 1670555 | &nbsp;&nbsp;&nbsp;&nbsp; 1409778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-58, Class EP<br> 4.00%, 04/20/2044 | &nbsp;&nbsp; 432000 | &nbsp;&nbsp;&nbsp;&nbsp; 378697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-120, Class LN<br> 4.00%, 07/20/2052 | &nbsp;&nbsp; 1431540 | &nbsp;&nbsp;&nbsp;&nbsp; 1227839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-18, Class Z<br> 4.50%, 03/16/2034 | &nbsp;&nbsp; 71155 | &nbsp;&nbsp;&nbsp;&nbsp; 70785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-6, Class GL<br> 4.50%, 02/20/2038 | &nbsp;&nbsp; 312119 | &nbsp;&nbsp;&nbsp;&nbsp; 308711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-159, Class PA<br> 4.50%, 10/20/2054 | &nbsp;&nbsp; 3923980 | &nbsp;&nbsp;&nbsp;&nbsp; 3793636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-21, Class Z<br> 5.00%, 03/20/2035 | &nbsp;&nbsp; 143062 | &nbsp;&nbsp;&nbsp;&nbsp; 143322 |
| &nbsp;&nbsp;&nbsp;Seasoned Credit Risk Transfer Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class MAU<br> 3.25%, 11/25/2064 | &nbsp;&nbsp; 1375103 | &nbsp;&nbsp;&nbsp;&nbsp; 1241507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class MTU<br> 3.25%, 11/25/2064 | &nbsp;&nbsp; 1415861 | &nbsp;&nbsp;&nbsp;&nbsp; 1211960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33163104 |
| **Total Collateralized Mortgage Obligations<br> (cost $41,555,403)** |  | &nbsp;&nbsp;&nbsp;&nbsp;39061661 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 61.8%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 61.8%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 61.8%** |
| **U.S. Government — 34.9%** | **U.S. Government — 34.9%** | **U.S. Government — 34.9%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 to 02/15/2050 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2391914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2045 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 731055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2048 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 544717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1576328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/15/2042 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 405586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/2041 to 11/15/2043 | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8228536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2040 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1352988 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 08/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 842734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 04/30/2026 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3878250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 06/30/2028 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3235996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2032 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3902695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2025 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1496104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/30/2030 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3915312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/31/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1969766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/30/2032 to 02/15/2034 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3934453 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Government Securities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |
| **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 10/31/2027 to 02/29/2032 | $11000000 | &nbsp;&nbsp;$11045429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/31/2031 to 02/15/2035 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4084727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;54748918 |
| **U.S. Government Agency — 26.9%** | **U.S. Government Agency — 26.9%** | **U.S. Government Agency — 26.9%** |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33%, 04/28/2037 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 430756 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2051 | &nbsp;&nbsp; 1352293 | &nbsp;&nbsp;&nbsp;&nbsp; 1067273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/01/2034 | &nbsp;&nbsp; 591815 | &nbsp;&nbsp;&nbsp;&nbsp; 532665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2033 | &nbsp;&nbsp; 316356 | &nbsp;&nbsp;&nbsp;&nbsp; 309157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/01/2037 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2698944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2052 to 08/01/2052 | &nbsp;&nbsp; 3878261 | &nbsp;&nbsp;&nbsp;&nbsp; 3579856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2039 to 06/01/2041 | &nbsp;&nbsp; 764411 | &nbsp;&nbsp;&nbsp;&nbsp; 748253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2034 to 10/01/2052 | &nbsp;&nbsp; 607248 | &nbsp;&nbsp;&nbsp;&nbsp; 600462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2036 to 06/01/2054 | &nbsp;&nbsp; 3762974 | &nbsp;&nbsp;&nbsp;&nbsp; 3739547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2033 to 02/01/2055 | &nbsp;&nbsp; 2010960 | &nbsp;&nbsp;&nbsp;&nbsp; 2040805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2032 | &nbsp;&nbsp; 6039 | &nbsp;&nbsp;&nbsp;&nbsp; 6239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2030 | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%, 08/01/2031 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 552602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 06/01/2037 | &nbsp;&nbsp; 239452 | &nbsp;&nbsp;&nbsp;&nbsp; 182785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14%, 10/01/2029 | &nbsp;&nbsp; 988562 | &nbsp;&nbsp;&nbsp;&nbsp; 906430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%, 05/01/2037 | &nbsp;&nbsp; 945731 | &nbsp;&nbsp;&nbsp;&nbsp; 747109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp; 1955820 | &nbsp;&nbsp;&nbsp;&nbsp; 1620954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 04/01/2034 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2109051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 09/01/2034 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 593003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2043 to 03/01/2052 | &nbsp;&nbsp; 3921482 | &nbsp;&nbsp;&nbsp;&nbsp; 3403473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/01/2030 | &nbsp;&nbsp; 2676142 | &nbsp;&nbsp;&nbsp;&nbsp; 2532776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43%, 05/01/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1861327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 06/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 928073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69%, 05/01/2030 | &nbsp;&nbsp; 1353980 | &nbsp;&nbsp;&nbsp;&nbsp; 1316076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 03/01/2043 | &nbsp;&nbsp; 1874066 | &nbsp;&nbsp;&nbsp;&nbsp; 1790676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 10/01/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 942725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2036 | &nbsp;&nbsp; 3245 | &nbsp;&nbsp;&nbsp;&nbsp; 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2033 | &nbsp;&nbsp; 5426 | &nbsp;&nbsp;&nbsp;&nbsp; 5430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2032 | &nbsp;&nbsp; 1374 | &nbsp;&nbsp;&nbsp;&nbsp; 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/01/2031 | &nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp;&nbsp; 1794 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2051 to 08/20/2053 | &nbsp;&nbsp; 1850706 | &nbsp;&nbsp;&nbsp;&nbsp; 1554925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2048 to 09/20/2051 | &nbsp;&nbsp; 3977902 | &nbsp;&nbsp;&nbsp;&nbsp; 3567313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/20/2053 | &nbsp;&nbsp; 1545006 | &nbsp;&nbsp;&nbsp;&nbsp; 1400001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2038 to 08/15/2040 | &nbsp;&nbsp; 267012 | &nbsp;&nbsp;&nbsp;&nbsp; 258121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2035 to 05/15/2036 | &nbsp;&nbsp; 22083 | &nbsp;&nbsp;&nbsp;&nbsp; 21854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2032 | &nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031 | &nbsp;&nbsp; 1811 | &nbsp;&nbsp;&nbsp;&nbsp; 1854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42059435 |
| **Total U.S. Government & Agency Obligations<br> (cost $105,932,665)** |  | &nbsp;&nbsp;&nbsp;&nbsp;96808353 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MUNICIPAL SECURITIES — 0.2%** | **MUNICIPAL SECURITIES — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Oklahoma Development Finance Authority<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/01/2045<br> (cost $275,000) | $275000 | &nbsp;&nbsp;$248629 |
| **Total Long-Term Investment Securities<br> (cost $164,191,520)** |  | &nbsp;&nbsp;&nbsp;&nbsp;152280563 |
| **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $3,489,925 and collateralized by $3,506,300 of United States Treasury Notes bearing interest at 4.13% due 01/31/2027 and having an approximate value of $3,559,329<br> (cost $3,489,529) | &nbsp;&nbsp; 3489529 | &nbsp;&nbsp;&nbsp;&nbsp; 3489529 |
| **TOTAL INVESTMENTS<br> (cost $167,681,049)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.4% | &nbsp;&nbsp;&nbsp;&nbsp;155770092 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979708 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$156749800 |

---

\* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Government Securities Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $12,143,835 representing 7.7% of net assets.

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

(2) Interest Only

(3) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2025.

(4) Principal Only

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

---

| |
|:---|
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SCRT—Structured Credit Risk Transfer |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| STRIPS—Separate Trading of Registered Interest and Principal |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Government Securities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7475005 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7475005 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686915 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686915 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39061661 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39061661 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96808353 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96808353 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248629 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248629 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489529 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489529 |
| **Total Investments at Value** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$155770092 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$155770092 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6538 | &nbsp;&nbsp;$491788 |
| **Aerospace/Defense — 1.6%** | **Aerospace/Defense — 1.6%** | **Aerospace/Defense — 1.6%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 374213 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354 | &nbsp;&nbsp;&nbsp;&nbsp; 824782 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 194167 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp; 281593 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 61670 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 40740 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp; 479003 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 12335 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 14518 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17598 | &nbsp;&nbsp;&nbsp;&nbsp; 25841431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28124452 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp; 15402 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp; 235309 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;10747 | &nbsp;&nbsp;&nbsp;&nbsp; 651161 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 14952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916824 |
| **Auto Manufacturers — 3.9%** | **Auto Manufacturers — 3.9%** | **Auto Manufacturers — 3.9%** |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;44430 | &nbsp;&nbsp;&nbsp;&nbsp; 21271307 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;131115 | &nbsp;&nbsp;&nbsp;&nbsp; 45426103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66697410 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp; 704328 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 127390 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;47717 | &nbsp;&nbsp;&nbsp;&nbsp; 573081 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 12424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417223 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589 | &nbsp;&nbsp;&nbsp;&nbsp; 98071 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;32415 | &nbsp;&nbsp;&nbsp;&nbsp; 2337122 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125 | &nbsp;&nbsp;&nbsp;&nbsp; 519594 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15803 | &nbsp;&nbsp;&nbsp;&nbsp; 2077304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5032091 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp; 499478 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103 | &nbsp;&nbsp;&nbsp;&nbsp; 1758762 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 26665 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441 | &nbsp;&nbsp;&nbsp;&nbsp; 148101 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 12687 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;&nbsp;&nbsp; 71678 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 63246 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 50610 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp; 44443 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp; 828844 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp; 41888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546402 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp; 95424 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 33460 |
| &nbsp;&nbsp;&nbsp;AZEK Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp; 72235 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 16367 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 74818 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;$265856 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 57825 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 27377 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 11678 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;51196 | &nbsp;&nbsp;&nbsp;&nbsp; 22028103 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 | &nbsp;&nbsp;&nbsp;&nbsp; 87772 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp; 133065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22903980 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp; 21607 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;&nbsp;&nbsp; 834312 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 48041 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;31769 | &nbsp;&nbsp;&nbsp;&nbsp; 11399035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12302995 |
| **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5573 | &nbsp;&nbsp;&nbsp;&nbsp; 1814179 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 14980 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447 | &nbsp;&nbsp;&nbsp;&nbsp; 212852 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854 | &nbsp;&nbsp;&nbsp;&nbsp; 196987 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 16408 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772 | &nbsp;&nbsp;&nbsp;&nbsp; 1080858 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp; 322509 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 95901 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 26907 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 22267 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp; 1101957 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp; 120901 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 121794 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp; 224034 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109 | &nbsp;&nbsp;&nbsp;&nbsp; 235240 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30135 | &nbsp;&nbsp;&nbsp;&nbsp; 15455036 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp; 85406 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6806 | &nbsp;&nbsp;&nbsp;&nbsp; 287077 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 13958 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 36392 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 165053 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp; 64995 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072 | &nbsp;&nbsp;&nbsp;&nbsp; 650898 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 20859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22387448 |
| **Computers — 7.1%** | **Computers — 7.1%** | **Computers — 7.1%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;583717 | &nbsp;&nbsp;&nbsp;&nbsp; 117239559 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354 | &nbsp;&nbsp;&nbsp;&nbsp; 1580975 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp; 71102 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 12738 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7456 | &nbsp;&nbsp;&nbsp;&nbsp; 758872 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp; 483553 |
| &nbsp;&nbsp;&nbsp;Globant SA#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 45612 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336 | &nbsp;&nbsp;&nbsp;&nbsp; 83066 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 11325 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;&nbsp;&nbsp; 132577 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp; 109773 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936 | &nbsp;&nbsp;&nbsp;&nbsp; 210930 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7285 | &nbsp;&nbsp;&nbsp;&nbsp; 291546 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 377709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121409337 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6575 | &nbsp;&nbsp;&nbsp;&nbsp; 611081 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 88867 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Cosmetics/Personal Care (continued)** | **Cosmetics/Personal Care (continued)** | **Cosmetics/Personal Care (continued)** |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224 | &nbsp;&nbsp;$81935 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7669 | &nbsp;&nbsp;&nbsp;&nbsp; 1302886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084769 |
| **Distribution/Wholesale — 1.1%** | **Distribution/Wholesale — 1.1%** | **Distribution/Wholesale — 1.1%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;326288 | &nbsp;&nbsp;&nbsp;&nbsp; 16797306 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp; 100522 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;14192 | &nbsp;&nbsp;&nbsp;&nbsp; 586697 |
| &nbsp;&nbsp;&nbsp;Pool Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 164723 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 28268 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp; 604684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18282200 |
| **Diversified Financial Services — 4.5%** | **Diversified Financial Services — 4.5%** | **Diversified Financial Services — 4.5%** |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 19180 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp;&nbsp;&nbsp; 886267 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 654373 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp; 747024 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709 | &nbsp;&nbsp;&nbsp;&nbsp; 448339 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707 | &nbsp;&nbsp;&nbsp;&nbsp; 143967 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp; 215285 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 | &nbsp;&nbsp;&nbsp;&nbsp; 617290 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 34366 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 12752 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 35186 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp; 65360 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp; 448331 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11887 | &nbsp;&nbsp;&nbsp;&nbsp; 6961027 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp; 33011 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 14920 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp; 97359 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;181487 | &nbsp;&nbsp;&nbsp;&nbsp; 66277238 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp; 13959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77725234 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 225326 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp; 189107 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4909 | &nbsp;&nbsp;&nbsp;&nbsp; 788238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202671 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 51051 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 49599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100650 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9987 | &nbsp;&nbsp;&nbsp;&nbsp; 898131 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp; 336832 |
| &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 708 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 21673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257344 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp;&nbsp;&nbsp; 80172 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 247245 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 124571 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 11033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382849 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp; 97761 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658 | &nbsp;&nbsp;$238889 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp; 117336 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322 | &nbsp;&nbsp;&nbsp;&nbsp; 318555 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 25092 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp; 74159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871792 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp; 29419 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp; 165083 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5873 | &nbsp;&nbsp;&nbsp;&nbsp; 1415217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609719 |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 47886 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp; 37428 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 28749 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489 | &nbsp;&nbsp;&nbsp;&nbsp; 327697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441760 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 43751 |
| **Healthcare-Products — 3.8%** | **Healthcare-Products — 3.8%** | **Healthcare-Products — 3.8%** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 | &nbsp;&nbsp;&nbsp;&nbsp; 13218 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp; 116887 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;165008 | &nbsp;&nbsp;&nbsp;&nbsp; 17368742 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp; 37361 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84753 | &nbsp;&nbsp;&nbsp;&nbsp; 16094595 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 | &nbsp;&nbsp;&nbsp;&nbsp; 128594 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp; 59600 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 44370 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp; 613465 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 59564 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp; 333806 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;52765 | &nbsp;&nbsp;&nbsp;&nbsp; 29144220 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp; 53950 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684 | &nbsp;&nbsp;&nbsp;&nbsp; 265617 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 144698 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 13814 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 142957 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp; 604954 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 184748 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 136631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65561791 |
| **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 12647 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 113990 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp; 94428 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 209961 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp; 254387 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 42099 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 110293 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 160451 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 277757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276013 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 17742 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | &nbsp;&nbsp;&nbsp;&nbsp; 176443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194185 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 78912 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Household Products/Wares (continued)** | **Household Products/Wares (continued)** | **Household Products/Wares (continued)** |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;$240681 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 | &nbsp;&nbsp;&nbsp;&nbsp; 287951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607544 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 126552 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 86513 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp; 174430 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 35413 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 152925 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 85435 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 232258 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7168 | &nbsp;&nbsp;&nbsp;&nbsp; 2042378 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp; 107641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3043545 |
| **Internet — 24.8%** | **Internet — 24.8%** | **Internet — 24.8%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp; 799800 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;304470 | &nbsp;&nbsp;&nbsp;&nbsp; 52289678 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;67792 | &nbsp;&nbsp;&nbsp;&nbsp; 11717847 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;758150 | &nbsp;&nbsp;&nbsp;&nbsp; 155428332 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp; 2494556 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 179278 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17031 | &nbsp;&nbsp;&nbsp;&nbsp; 477720 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478 | &nbsp;&nbsp;&nbsp;&nbsp; 934335 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp; 59169 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 | &nbsp;&nbsp;&nbsp;&nbsp; 299983 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 | &nbsp;&nbsp;&nbsp;&nbsp; 374500 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp;&nbsp; 57379 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;164962 | &nbsp;&nbsp;&nbsp;&nbsp; 106811245 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47690 | &nbsp;&nbsp;&nbsp;&nbsp; 57572799 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9454 | &nbsp;&nbsp;&nbsp;&nbsp; 1819139 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691 | &nbsp;&nbsp;&nbsp;&nbsp; 270377 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp; 20216 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;44016 | &nbsp;&nbsp;&nbsp;&nbsp; 4719396 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;42623 | &nbsp;&nbsp;&nbsp;&nbsp; 28350262 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 15848 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29628 | &nbsp;&nbsp;&nbsp;&nbsp; 2493492 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 21798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427207932 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317 | &nbsp;&nbsp;&nbsp;&nbsp; 13508 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp; 113843 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 69410 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 310934 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 12193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506380 |
| **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 43198 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47508 | &nbsp;&nbsp;&nbsp;&nbsp; 11802887 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 13599 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123 | &nbsp;&nbsp;&nbsp;&nbsp; 210863 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 11258 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 12766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12094571 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 34289 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;$350814 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 | &nbsp;&nbsp;&nbsp;&nbsp; 555408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940511 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 48279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49328 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;38643 | &nbsp;&nbsp;&nbsp;&nbsp; 15313062 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp; 90735 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 836 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp; 37239 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 12777 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp; 105990 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp; 28801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15589440 |
| **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 42994 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 118547 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp; 220745 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 787878 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 34216 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 395804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438643 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp; 46653 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 10702 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp; 29605 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 | &nbsp;&nbsp;&nbsp;&nbsp; 351361 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049 | &nbsp;&nbsp;&nbsp;&nbsp; 25838 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 307472 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 21710 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp; 46260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792948 |
| **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11134 | &nbsp;&nbsp;&nbsp;&nbsp; 2072149 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp; 328648 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | &nbsp;&nbsp;&nbsp;&nbsp; 730139 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713 | &nbsp;&nbsp;&nbsp;&nbsp; 490175 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;64249 | &nbsp;&nbsp;&nbsp;&nbsp; 47394560 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp; 579925 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36964 | &nbsp;&nbsp;&nbsp;&nbsp; 2840314 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp; 180347 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407 | &nbsp;&nbsp;&nbsp;&nbsp; 911783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55528040 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904 | &nbsp;&nbsp;&nbsp;&nbsp; 35757 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;&nbsp;&nbsp; 397906 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 5192 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3168 | &nbsp;&nbsp;&nbsp;&nbsp; 500322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939177 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Private Equity — 1.5%** | **Private Equity — 1.5%** | **Private Equity — 1.5%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10570 | &nbsp;&nbsp;$1466693 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192817 | &nbsp;&nbsp;&nbsp;&nbsp; 23419553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24886246 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38481 | &nbsp;&nbsp;&nbsp;&nbsp; 2830662 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 47881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878543 |
| **REITS — 0.1%** | **REITS — 0.1%** | **REITS — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6805 | &nbsp;&nbsp;&nbsp;&nbsp; 1460693 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp; 68439 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp; 241346 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 38935 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 109177 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp; 198619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117209 |
| **Retail — 1.1%** | **Retail — 1.1%** | **Retail — 1.1%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 832468 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp; 212748 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp; 11409 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp; 182228 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp; 41149 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp; 90128 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19850 | &nbsp;&nbsp;&nbsp;&nbsp; 994088 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463 | &nbsp;&nbsp;&nbsp;&nbsp; 6722683 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 194931 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 13451 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp; 84340 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 45847 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 35921 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp; 74139 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp; 40361 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 17475 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11538 | &nbsp;&nbsp;&nbsp;&nbsp; 4249330 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp; 529156 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp; 212790 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp; 114807 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 1059812 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp; 11410 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp; 154940 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12880 | &nbsp;&nbsp;&nbsp;&nbsp; 1081276 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 191306 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9810 | &nbsp;&nbsp;&nbsp;&nbsp; 1244889 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7851 | &nbsp;&nbsp;&nbsp;&nbsp; 379988 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 277690 |
| &nbsp;&nbsp;&nbsp;Wendy's Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp; 14227 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp; 171627 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 147273 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591 | &nbsp;&nbsp;&nbsp;&nbsp; 229009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19662896 |
| **Semiconductors — 19.1%** | **Semiconductors — 19.1%** | **Semiconductors — 19.1%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15518 | &nbsp;&nbsp;&nbsp;&nbsp; 1718308 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10879 | &nbsp;&nbsp;&nbsp;&nbsp; 1705283 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;13961 | &nbsp;&nbsp;&nbsp;&nbsp; 10286046 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp; 3810 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;390072 | &nbsp;&nbsp;&nbsp;&nbsp; 94424729 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp; 152190 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp; 1466834 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18737 | &nbsp;&nbsp;&nbsp;&nbsp; 1513762 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; 77926 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;$60672 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp; 457373 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1463611 | &nbsp;&nbsp;&nbsp;&nbsp; 197777754 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 17009 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15263 | &nbsp;&nbsp;&nbsp;&nbsp; 2216188 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;83088 | &nbsp;&nbsp;&nbsp;&nbsp; 16062572 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp; 164431 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 296217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328402419 |
| **Software — 19.1%** | **Software — 19.1%** | **Software — 19.1%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345 | &nbsp;&nbsp;&nbsp;&nbsp; 2633746 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 70320 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;78711 | &nbsp;&nbsp;&nbsp;&nbsp; 30933423 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp; 491253 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp; 925967 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp; 98324 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp; 16118 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572 | &nbsp;&nbsp;&nbsp;&nbsp; 381729 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;123444 | &nbsp;&nbsp;&nbsp;&nbsp; 35437069 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478 | &nbsp;&nbsp;&nbsp;&nbsp; 742855 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp; 83829 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp; 524566 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 13884 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp; 261134 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp; 16268 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 10626 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp; 28773 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp; 287344 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385 | &nbsp;&nbsp;&nbsp;&nbsp; 236834 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 103514 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938 | &nbsp;&nbsp;&nbsp;&nbsp; 13703211 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638 | &nbsp;&nbsp;&nbsp;&nbsp; 429440 |
| &nbsp;&nbsp;&nbsp;Five9, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp; 28896 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856 | &nbsp;&nbsp;&nbsp;&nbsp; 84467 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 117831 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp; 418239 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51192 | &nbsp;&nbsp;&nbsp;&nbsp; 38571636 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp; 168203 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;395654 | &nbsp;&nbsp;&nbsp;&nbsp; 182143275 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 78979 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp; 198838 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp; 364921 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp; 19962 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp; 80141 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp; 3856849 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;30008 | &nbsp;&nbsp;&nbsp;&nbsp; 3954454 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp; 268131 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 122290 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 64288 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp; 105658 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp; 177914 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 30442 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723 | &nbsp;&nbsp;&nbsp;&nbsp; 671747 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11423 | &nbsp;&nbsp;&nbsp;&nbsp; 3031322 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 11799 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993 | &nbsp;&nbsp;&nbsp;&nbsp; 3026192 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524 | &nbsp;&nbsp;&nbsp;&nbsp; 930451 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 | &nbsp;&nbsp;&nbsp;&nbsp; 1040707 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp; 30832 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 52376 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 305805 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp;UiPath, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5388 | &nbsp;&nbsp;$71714 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp; 52212 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 604152 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067 | &nbsp;&nbsp;&nbsp;&nbsp; 759727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328874677 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14959 | &nbsp;&nbsp;&nbsp;&nbsp; 1296048 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp; 479348 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 14626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790301 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787 | &nbsp;&nbsp;&nbsp;&nbsp; 119211 |
| **Transportation — 0.1%** | **Transportation — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 37652 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp; 641641 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp; 60021 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244 | &nbsp;&nbsp;&nbsp;&nbsp; 940725 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp; 191348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871387 |
| **Total Common Stocks<br> (cost $1,128,051,869)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1685908493 |
| **CONVERTIBLE PREFERRED STOCKS — 1.8%** | **CONVERTIBLE PREFERRED STOCKS — 1.8%** |  |
| **Internet — 0.6%** | **Internet — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;ByteDance, Ltd.<br> Series E-1†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;47885 | &nbsp;&nbsp;&nbsp;&nbsp; 11111235 |
| **Software — 1.2%** | **Software — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series D †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;163280 | &nbsp;&nbsp;&nbsp;&nbsp; 15519764 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series J†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;48194 | &nbsp;&nbsp;&nbsp;&nbsp; 4580840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20100604 |
| **Total Convertible Preferred Stocks<br> (cost $24,808,305)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31211839 |
| **Total Long-Term Investment Securities<br> (cost $1,152,860,174)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1717120332 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class<br> 4.22%(3) | &nbsp;&nbsp;&nbsp;&nbsp;929203 | &nbsp;&nbsp;&nbsp;&nbsp; 929203 |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(3) | 2897028 | &nbsp;&nbsp;&nbsp;&nbsp; 2897028 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;100151 | &nbsp;&nbsp;&nbsp;&nbsp; 100151 |
| **Total Short-Term Investments<br> (cost $3,926,382)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926382 |
| **TOTAL INVESTMENTS<br> (cost $1,156,786,556)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1721046714 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570969) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1720475745 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan (see Note 2).

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from
registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation
of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under
the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly
traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the
security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** |
| ByteDance, Ltd.<br> Series E-1 | 12/10/2020 | &nbsp;&nbsp;47885 | $5246960 | $11111235 | $232.04 | 0.6% |
| Databricks, Inc.<br> Series D | 03/27/2025 | 163280 | 15103400 | &nbsp;&nbsp;15519764 | &nbsp;&nbsp;&nbsp;&nbsp;95.05 | 0.9 |
| Databricks, Inc.<br> Series J | 01/21/2025 | &nbsp;&nbsp;48194 | &nbsp;&nbsp;4457945 | &nbsp;&nbsp;&nbsp;&nbsp;4580840 | &nbsp;&nbsp;&nbsp;&nbsp;95.05 | 0.3 |
|  |  |  |  | $31211839 |  | 1.8%\*\* |

---

\*\* Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.

(3) The rate shown is the 7-day yield as of May 31, 2025.

(4) At May 31, 2025, the Fund had loaned securities with a total value of $3,540,788. This was secured by collateral of $100,151, which was received in cash and
subsequently invested in short-term investments currently valued at $100,151 as reported in the Portfolio of Investments. Additional collateral of $3,520,608 was received in the form of fixed income pooled securities,
which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $5406 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34938 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14713 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;3462835 |

---

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

ADR—American Depositary Receipt

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 1000 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1394637 | &nbsp;&nbsp;&nbsp;&nbsp;$1408925 | &nbsp;&nbsp;&nbsp;&nbsp;$14288 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 6.0 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1796905 | &nbsp;&nbsp;&nbsp;&nbsp;$1774800 | &nbsp;&nbsp;&nbsp;&nbsp;$(22105) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(7817) |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$1685908493 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1685908493 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31211839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31211839 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926382 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926382 |
| **Total Investments at Value** | &nbsp;&nbsp;$1689834875 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$31211839 | &nbsp;&nbsp;$1721046714 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$14288 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14288 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$22105 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$22105 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Convertible<br> Preferred Securities** |
| Balance as of May 31, 2024 | &nbsp;&nbsp;$8322413 |
| Accrued Discounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accrued Premiums | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Realized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized appreciation(1) | &nbsp;&nbsp;&nbsp;&nbsp;3328081 |
| Change in unrealized depreciation(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net purchases | &nbsp;&nbsp;&nbsp;&nbsp;19561345 |
| Net sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Balance as of May 31, 2025 | &nbsp;&nbsp;$31211839 |

---

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2025 includes:

---

| |
|:---|
| &nbsp;&nbsp;**Convertible<br> Preferred Securities** |
| &nbsp;&nbsp;$3328081 |

---

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2025.

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Fair Value at<br> May 31, 2025** | &nbsp;&nbsp;&nbsp;**Valuation<br> Technique(s)** | &nbsp;&nbsp;&nbsp;**Unobservable<br> Input (1)** | &nbsp;&nbsp;**Range<br> (weighted<br> average)** |
| Convertible Preferred Securities | &nbsp;&nbsp;$20100604 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Series J Capital Raise Price\* | &nbsp;&nbsp;$92.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;2025 Current Year Revenue Multiple\* | &nbsp;&nbsp;17.0x |
|  | &nbsp;&nbsp;$11111235 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Last Twelve Months Revenue Multiple\* | &nbsp;&nbsp;1.50x |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 88.4%** | **CORPORATE BONDS & NOTES — 88.4%** | **CORPORATE BONDS & NOTES — 88.4%** |
| **Advertising — 1.4%** | **Advertising — 1.4%** | **Advertising — 1.4%** |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2029\*# | $1050000 | &nbsp;&nbsp;$928253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2030\* | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 987812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/15/2028\* | &nbsp;&nbsp; 2690000 | &nbsp;&nbsp;&nbsp;&nbsp; 2817339 |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2028 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 919044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652448 |
| **Aerospace/Defense — 1.5%** | **Aerospace/Defense — 1.5%** | **Aerospace/Defense — 1.5%** |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/30/2029\* | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2315944 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 121025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2027 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 679468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2033\* | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 603602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/31/2033\* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 592801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/01/2032\* | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 709946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/15/2028\* | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 803708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 12/01/2031\* | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 501709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328203 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2030\* | &nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp;&nbsp; 1347258 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 09/20/2031\*# | &nbsp;&nbsp; 1044000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032689 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Adient Global Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2028\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408814 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| &nbsp;&nbsp;&nbsp;Freedom Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/01/2026\* | &nbsp;&nbsp; 753000 | &nbsp;&nbsp;&nbsp;&nbsp; 751669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 10/01/2028\* | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1153134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 10/01/2030\* | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 138151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042954 |
| **Building Materials — 2.3%** | **Building Materials — 2.3%** | **Building Materials — 2.3%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2032\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 362922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2030\* | &nbsp;&nbsp; 2935000 | &nbsp;&nbsp;&nbsp;&nbsp; 2841902 |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2028\* | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 464927 |
| &nbsp;&nbsp;&nbsp;EMRLD Borrower LP/Emerald Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 12/15/2030\* | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2252553 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2032\* | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 574129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2033\*# | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 679880 |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2032\* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 914019 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2028\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 392776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750103 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2031\* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2030\* | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1741545 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Dutch Holding B BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2031\* | &nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009394 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/01/2029\*# |  | $1750000 | &nbsp;&nbsp;$1492976 |
| &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2031\* |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 11/15/2028\* |  | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3040551 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7859711 |
| **Commercial Services — 5.3%** | **Commercial Services — 5.3%** | **Commercial Services — 5.3%** | **Commercial Services — 5.3%** |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/15/2031\*# |  | &nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3990021 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 07/15/2027\* |  | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 579725 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2028 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1709365 |
| &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2032\* |  | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2266947 |
| &nbsp;&nbsp;&nbsp;Belron UK Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2029\* |  | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 873258 |
| &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031\* |  | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 994576 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/15/2032\*# |  | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211755 |
| &nbsp;&nbsp;&nbsp;Garda World Security Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 08/01/2032\* |  | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/15/2032\* |  | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1630445 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63%, 07/15/2029\*# |  | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 778948 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 |  | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1972654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2032 |  | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 635993 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/15/2032\* |  | &nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1663084 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/15/2028 |  | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 826140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2034\* |  | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 790615 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21949729 |
| **Computers — 2.9%** | **Computers — 2.9%** | **Computers — 2.9%** | **Computers — 2.9%** |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/01/2032\* |  | &nbsp;&nbsp; 2515000 | &nbsp;&nbsp;&nbsp;&nbsp; 2565511 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/15/2033\* |  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 713608 |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2031\* |  | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1162744 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032\* |  | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1910503 |
| &nbsp;&nbsp;&nbsp;McAfee Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2030\*# |  | &nbsp;&nbsp; 6230000 | &nbsp;&nbsp;&nbsp;&nbsp; 5760800 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12113166 |
| **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** |
| &nbsp;&nbsp;&nbsp;Velocity Vehicle Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 240361 |
| &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/15/2030\* |  | &nbsp;&nbsp; 2025000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142687 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383048 |
| **Diversified Financial Services — 5.3%** | **Diversified Financial Services — 5.3%** | **Diversified Financial Services — 5.3%** | **Diversified Financial Services — 5.3%** |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2030\* |  | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125587 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* |  | $1240000 | &nbsp;&nbsp;$1312104 |
| &nbsp;&nbsp;&nbsp;Freedom Mtg. Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/01/2032\* |  | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 02/01/2029\* |  | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443428 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2030\*# |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 789985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* |  | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060789 |
| &nbsp;&nbsp;&nbsp;Hightower Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 01/31/2030\* |  | &nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410423 |
| &nbsp;&nbsp;&nbsp;Nationstar Mtg. Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/01/2032\*# |  | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 598743 |
| &nbsp;&nbsp;&nbsp;Nationstar Mtg. Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/15/2030\* |  | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 921016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2029\* |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 254631 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 |  | &nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp;&nbsp; 2625651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 03/15/2030 |  | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 172425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 01/15/2029 |  | &nbsp;&nbsp; 401000 | &nbsp;&nbsp;&nbsp;&nbsp; 420276 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2031\* |  | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 548962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/15/2033\* |  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 542900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2030\* |  | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1430920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/15/2029\* |  | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169142 |
| &nbsp;&nbsp;&nbsp;Planet Financial Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2029\* |  | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1665156 |
| &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 03/01/2030\* |  | &nbsp;&nbsp; 1860000 | &nbsp;&nbsp;&nbsp;&nbsp; 1928891 |
| &nbsp;&nbsp;&nbsp;United Wholesale Mtg. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2029\* |  | &nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1546045 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21999192 |
| **Electric — 0.8%** | **Electric — 0.8%** | **Electric — 0.8%** | **Electric — 0.8%** |
| &nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031\* |  | &nbsp;&nbsp; 2105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1899757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032\* |  | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 483106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2028\* |  | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113941 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496804 |
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| &nbsp;&nbsp;&nbsp;Imola Merger Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2029\* |  | &nbsp;&nbsp; 1885000 | &nbsp;&nbsp;&nbsp;&nbsp; 1806187 |
| **Entertainment — 4.3%** | **Entertainment — 4.3%** | **Entertainment — 4.3%** | **Entertainment — 4.3%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/15/2029\*# |  | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 607003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2032\*# |  | &nbsp;&nbsp; 3420000 | &nbsp;&nbsp;&nbsp;&nbsp; 3280765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2032\* |  | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 488902 |
| &nbsp;&nbsp;&nbsp;Cinemark USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2028\*# |  | &nbsp;&nbsp; 1774000 | &nbsp;&nbsp;&nbsp;&nbsp; 1750114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2032\* |  | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 174884 |
| &nbsp;&nbsp;&nbsp;Cirsa Finance International Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2029\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 303728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 07/31/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236959 |
| &nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2029\* |  | &nbsp;&nbsp; 1973000 | &nbsp;&nbsp;&nbsp;&nbsp; 1915801 |
| &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2027\* |  | &nbsp;&nbsp; 2633000 | &nbsp;&nbsp;&nbsp;&nbsp; 2587044 |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 |  | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134452 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | $1130000 | &nbsp;&nbsp;$1117618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2031\* | &nbsp;&nbsp; 3235000 | &nbsp;&nbsp;&nbsp;&nbsp; 3393052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17990322 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| &nbsp;&nbsp;&nbsp;Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/01/2029\* | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 724328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2030 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922522 |
| **Food — 1.7%** | **Food — 1.7%** | **Food — 1.7%** |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/2027# | &nbsp;&nbsp; 889000 | &nbsp;&nbsp;&nbsp;&nbsp; 779558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 09/15/2028\* | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 867047 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2029\* | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1382043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 537760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2032\* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 806437 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2030\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 378552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2034\* | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2033\* | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1290499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261803 |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 06/01/2030\* | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2272607 |
| **Healthcare-Products — 1.7%** | **Healthcare-Products — 1.7%** | **Healthcare-Products — 1.7%** |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2028\* | &nbsp;&nbsp; 2855000 | &nbsp;&nbsp;&nbsp;&nbsp; 2782534 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/01/2029\* | &nbsp;&nbsp; 2705000 | &nbsp;&nbsp;&nbsp;&nbsp; 2549372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2029\*# | &nbsp;&nbsp; 1964000 | &nbsp;&nbsp;&nbsp;&nbsp; 1919328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7251234 |
| **Healthcare-Services — 2.2%** | **Healthcare-Services — 2.2%** | **Healthcare-Services — 2.2%** |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2031\*# | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2030\* | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 607868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032\* | &nbsp;&nbsp; 1217000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297163 |
| &nbsp;&nbsp;&nbsp;Star Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 10/01/2030\* | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1731228 |
| &nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 04/15/2032\*# | &nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2435291 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2030 | &nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1590432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9189862 |
| **Home Builders — 2.7%** | **Home Builders — 2.7%** | **Home Builders — 2.7%** |
| &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 08/01/2029\* | &nbsp;&nbsp; 997000 | &nbsp;&nbsp;&nbsp;&nbsp; 939802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/01/2030\* | &nbsp;&nbsp; 607000 | &nbsp;&nbsp;&nbsp;&nbsp; 569106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2028\* | &nbsp;&nbsp; 1556000 | &nbsp;&nbsp;&nbsp;&nbsp; 1562521 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2029\* | &nbsp;&nbsp; 2115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1917170 |
| &nbsp;&nbsp;&nbsp;KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 496369 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 02/15/2030 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505241 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/01/2028 |  | $720000 | &nbsp;&nbsp;$710306 |
| &nbsp;&nbsp;&nbsp;STL Holding Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2029\* |  | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1702051 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030\* |  | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 151127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* |  | &nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463607 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11017300 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/06/2030\* |  | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2140983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/15/2029\* |  | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1593732 |
| &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/01/2032\*# |  | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3392021 |
| &nbsp;&nbsp;&nbsp;Ardonagh Finco, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2031\* |  | &nbsp;&nbsp; 2510000 | &nbsp;&nbsp;&nbsp;&nbsp; 2595280 |
| &nbsp;&nbsp;&nbsp;HUB International, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2030\* |  | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 963315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/31/2032\* |  | &nbsp;&nbsp; 2525000 | &nbsp;&nbsp;&nbsp;&nbsp; 2635087 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13320418 |
| **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 09/30/2030\* |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309657 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 12/15/2029\*(1) |  | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 04/15/2029\* |  | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 990360 |
| &nbsp;&nbsp;&nbsp;United Group BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083997 |
| &nbsp;&nbsp;&nbsp;United Group BV FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, (3 ME+4.25%), 02/15/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025736 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512712 |
| **Iron/Steel — 0.3%** | **Iron/Steel — 0.3%** | **Iron/Steel — 0.3%** | **Iron/Steel — 0.3%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 |  | &nbsp;&nbsp; 1314000 | &nbsp;&nbsp;&nbsp;&nbsp; 1274579 |
| **Leisure Time — 1.5%** | **Leisure Time — 1.5%** | **Leisure Time — 1.5%** | **Leisure Time — 1.5%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029\* |  | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 516357 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2027\*# |  | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 765179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* |  | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1690315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 01/15/2029\* |  | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 279019 |
| &nbsp;&nbsp;&nbsp;Viking Cruises, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 09/15/2027\* |  | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 724638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2029\* |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 07/15/2031\* |  | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1717878 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096174 |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\*# |  | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017763 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;TK Elevator Holdco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/15/2028\*# |  | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 826148 |
| &nbsp;&nbsp;&nbsp;TK Elevator US Newco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2027\* |  | &nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 985579 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811727 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media — 7.4%** | **Media — 7.4%** | **Media — 7.4%** | **Media — 7.4%** |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2031\* |  | $3245000 | &nbsp;&nbsp;$2972117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2034\*# |  | &nbsp;&nbsp; 1342000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* |  | &nbsp;&nbsp; 2155000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2032 |  | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2030\* |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 572753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032\*# |  | &nbsp;&nbsp; 893000 | &nbsp;&nbsp;&nbsp;&nbsp; 826669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/01/2031\* |  | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1681875 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030\* |  | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 752120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75%, 01/31/2029\* |  | &nbsp;&nbsp; 3595000 | &nbsp;&nbsp;&nbsp;&nbsp; 3370119 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/01/2030\* |  | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1526849 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co.-Obligor, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/15/2031\* |  | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 876017 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/30/2036 |  | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2439610 |
| &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/2027\*# |  | &nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp;&nbsp; 1343863 |
| &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/15/2033\* |  | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 975517 |
| &nbsp;&nbsp;&nbsp;Sunrise FinCo I BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2031\* |  | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019922 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031\* |  | &nbsp;&nbsp; 3325000 | &nbsp;&nbsp;&nbsp;&nbsp; 3192539 |
| &nbsp;&nbsp;&nbsp;Virgin Media Secured Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2030 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 954134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* |  | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 886426 |
| &nbsp;&nbsp;&nbsp;Ziggo BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/15/2030\* |  | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1984995 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;30683199 |
| **Mining — 1.7%** | **Mining — 1.7%** | **Mining — 1.7%** | **Mining — 1.7%** |
| &nbsp;&nbsp;&nbsp;Constellium SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/2029\*# |  | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 844594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2028\* |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 491052 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/2031\* |  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 68853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2027\* |  | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 989586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/15/2030\* |  | &nbsp;&nbsp; 2235000 | &nbsp;&nbsp;&nbsp;&nbsp; 2233465 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2026\* |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 980880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/30/2030\* |  | &nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1549534 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7157964 |
| **Oil & Gas — 6.1%** | **Oil & Gas — 6.1%** | **Oil & Gas — 6.1%** | **Oil & Gas — 6.1%** |
| &nbsp;&nbsp;&nbsp;Diamond Foreign Asset Co. / Diamond Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 10/01/2030\* |  | &nbsp;&nbsp; 2620000 | &nbsp;&nbsp;&nbsp;&nbsp; 2624564 |
| &nbsp;&nbsp;&nbsp;EQT Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2031\* |  | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 759403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2030\* |  | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 157402 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032\* |  | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 778414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2028\* |  | &nbsp;&nbsp; 1745000 | &nbsp;&nbsp;&nbsp;&nbsp; 1768983 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 01/31/2030\* |  | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097969 |
| &nbsp;&nbsp;&nbsp;Noble Finance II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/15/2030\* |  | &nbsp;&nbsp; 2120000 | &nbsp;&nbsp;&nbsp;&nbsp; 2112463 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 06/15/2031\* |  | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033171 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/01/2029\* |  | $100000 | &nbsp;&nbsp;$98771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/15/2027\* |  | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 890835 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2028 |  | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 164084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029\* |  | &nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1788289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2032\*# |  | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp;&nbsp; 1363212 |
| &nbsp;&nbsp;&nbsp;Sunoco LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2033\* |  | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 844993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/01/2029\* |  | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 737925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/01/2032\* |  | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1263302 |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/01/2029\* |  | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 918697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/01/2031\* |  | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523949 |
| &nbsp;&nbsp;&nbsp;Transocean, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2031\* |  | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 988408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2030\* |  | &nbsp;&nbsp; 2804000 | &nbsp;&nbsp;&nbsp;&nbsp; 2842569 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 07/31/2029\*# |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 505533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2032\*# |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 243338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 10/15/2030 |  | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 727031 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;25233305 |
| **Oil & Gas Services — 1.7%** | **Oil & Gas Services — 1.7%** | **Oil & Gas Services — 1.7%** | **Oil & Gas Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;Enerflex, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 10/15/2027\* |  | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070280 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2029\* |  | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1904467 |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030\* |  | &nbsp;&nbsp; 3225000 | &nbsp;&nbsp;&nbsp;&nbsp; 3275839 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250586 |
| **Packaging & Containers — 3.3%** | **Packaging & Containers — 3.3%** | **Packaging & Containers — 3.3%** | **Packaging & Containers — 3.3%** |
| &nbsp;&nbsp;&nbsp;Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2026\*# |  | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1590873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2027\*# |  | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2027\*# |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 91000 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/15/2029\* |  | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 791726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2032\* |  | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 116216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/15/2030\* |  | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 536881 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2030\* |  | &nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 889578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2032\* |  | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1627400 |
| &nbsp;&nbsp;&nbsp;LABL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 10/01/2031\*# |  | &nbsp;&nbsp; 2395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1982921 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2027\* |  | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/15/2027\* |  | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1206736 |
| &nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/15/2031\*# |  | &nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp;&nbsp; 1993399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2032\*# |  | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 592138 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13525401 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| &nbsp;&nbsp;&nbsp;1261229 BC, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 04/15/2032\* |  | &nbsp;&nbsp; 3140000 | &nbsp;&nbsp;&nbsp;&nbsp; 3108653 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2031 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 410568 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2028 |  | $1100000 | &nbsp;&nbsp;$1137541 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656762 |
| **Pipelines — 2.5%** | **Pipelines — 2.5%** | **Pipelines — 2.5%** | **Pipelines — 2.5%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 498072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/01/2032\* |  | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2196339 |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 12/01/2026 |  | &nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 736349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2027 |  | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 744328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028\* |  | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1328587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2044 |  | &nbsp;&nbsp; 1308000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2030\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/01/2029\* |  | &nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp;&nbsp; 1382909 |
| &nbsp;&nbsp;&nbsp;Rockies Express Pipeline LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2033\* |  | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008397 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10177327 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &nbsp;&nbsp;&nbsp;Canary Wharf Group Investment Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/23/2028 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2735844 |
| **REITS — 3.2%** | **REITS — 3.2%** | **REITS — 3.2%** | **REITS — 3.2%** |
| &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 10/01/2029# |  | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 638771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30%, 03/15/2028 |  | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 83872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 04/12/2029 |  | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038256 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/01/2029# |  | &nbsp;&nbsp; 2785000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/15/2028# |  | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 322408 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2031\*# |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 374800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2030\* |  | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1244160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* |  | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 373475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2029\* |  | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1368948 |
| &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 02/15/2032\* |  | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353058 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel LP / PEB Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/15/2029\*# |  | &nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp;&nbsp; 2043395 |
| &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2033\* |  | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 340700 |
| &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2029\* |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 289635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2032\* |  | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 466314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2028\* |  | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1288761 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13242022 |
| **Retail — 6.3%** | **Retail — 6.3%** | **Retail — 6.3%** | **Retail — 6.3%** |
| &nbsp;&nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2028\* |  | &nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp;&nbsp; 1805235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030\* |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 919668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/15/2028\* |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 487308 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2029\* |  | &nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2032\* |  | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 821734 |
| &nbsp;&nbsp;&nbsp;Cougar JV Subsidiary LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2032\* |  | &nbsp;&nbsp; 2140000 | &nbsp;&nbsp;&nbsp;&nbsp; 2247807 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* |  | &nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp;&nbsp; 1154435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* |  | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 124121 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\*# |  | $4702000 | &nbsp;&nbsp;$3776315 |
| &nbsp;&nbsp;&nbsp;Michaels Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/2028\* |  | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 637383 |
| &nbsp;&nbsp;&nbsp;PetSmart, Inc./PetSmart Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2028\* |  | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1244942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* |  | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1679247 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC/SBP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2029\* |  | &nbsp;&nbsp; 2411000 | &nbsp;&nbsp;&nbsp;&nbsp; 2310056 |
| &nbsp;&nbsp;&nbsp;Staples, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 09/01/2029\* |  | &nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp;&nbsp; 4028503 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2029\*# |  | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 956959 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 08/15/2029# |  | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1231124 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/31/2032 |  | &nbsp;&nbsp; 993000 | &nbsp;&nbsp;&nbsp;&nbsp; 941647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/01/2032# |  | &nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 616776 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26233352 |
| **Software — 4.5%** | **Software — 4.5%** | **Software — 4.5%** | **Software — 4.5%** |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2030\* |  | &nbsp;&nbsp; 4455000 | &nbsp;&nbsp;&nbsp;&nbsp; 4292493 |
| &nbsp;&nbsp;&nbsp;Central Parent, Inc./CDK Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2029\* |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 883024 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/30/2032\* |  | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 946325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\* |  | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1714495 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2028\* |  | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* |  | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 642185 |
| &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/15/2030\* |  | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2031\* |  | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 276345 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/01/2030\* |  | &nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp;&nbsp; 2539157 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2029\*# |  | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2233075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/28/2028\* |  | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 490080 |
| &nbsp;&nbsp;&nbsp;UKG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/2031\* |  | &nbsp;&nbsp; 1755000 | &nbsp;&nbsp;&nbsp;&nbsp; 1808343 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18530347 |
| **Telecommunications — 5.6%** | **Telecommunications — 5.6%** | **Telecommunications — 5.6%** | **Telecommunications — 5.6%** |
| &nbsp;&nbsp;&nbsp;Altice France Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 05/15/2027\*†(2) |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 286000 |
| &nbsp;&nbsp;&nbsp;Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2028\* |  | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 538008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2029\* |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 339836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/01/2027\* |  | &nbsp;&nbsp; 2840000 | &nbsp;&nbsp;&nbsp;&nbsp; 2606465 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/30/2030(3) |  | &nbsp;&nbsp; 1866825 | &nbsp;&nbsp;&nbsp;&nbsp; 1605469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029† |  | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp;&nbsp;&nbsp; 3190557 |
| &nbsp;&nbsp;&nbsp;Iliad Holding SASU |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1691545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/2028\* |  | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 894005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2032\* |  | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1217779 |
| &nbsp;&nbsp;&nbsp;Kaixo Bondco Telecom SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/30/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 921985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/30/2029\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048759 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/15/2029\* | $1725000 | &nbsp;&nbsp;$1415656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2030\* | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 564475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/15/2031\*# | &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1762575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/15/2029\* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 726587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 04/15/2029\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 562500 |
| &nbsp;&nbsp;&nbsp;Optics Bidco SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/2033\* | &nbsp;&nbsp; 1377000 | &nbsp;&nbsp;&nbsp;&nbsp; 1328805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 07/18/2036\* | &nbsp;&nbsp; 848000 | &nbsp;&nbsp;&nbsp;&nbsp; 816200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/04/2038\* | &nbsp;&nbsp; 353000 | &nbsp;&nbsp;&nbsp;&nbsp; 351703 |
| &nbsp;&nbsp;&nbsp;Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 07/18/2036 | &nbsp;&nbsp; 717000 | &nbsp;&nbsp;&nbsp;&nbsp; 745451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/04/2038 | &nbsp;&nbsp; 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 253481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23069455 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/15/2032\*# | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 983915 |
| **Total Corporate Bonds & Notes<br> (cost $368,136,180)** |  | &nbsp;&nbsp;&nbsp;&nbsp;367588808 |
| **CONVERTIBLE BONDS & NOTES — 2.8%** | **CONVERTIBLE BONDS & NOTES — 2.8%** | **CONVERTIBLE BONDS & NOTES — 2.8%** |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2028 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1324500 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;QIAGEN NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/10/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040342 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 05/15/2028 | &nbsp;&nbsp; 1022000 | &nbsp;&nbsp;&nbsp;&nbsp; 986744 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 12/01/2028 | &nbsp;&nbsp; 692000 | &nbsp;&nbsp;&nbsp;&nbsp; 921744 |
| **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2027 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 988575 |
| &nbsp;&nbsp;&nbsp;NCL Corp, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2027 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993587 |
| **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/15/2029 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 702800 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| &nbsp;&nbsp;&nbsp;Jazz Investments I, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/15/2026 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 228825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 09/15/2030\* | &nbsp;&nbsp; 792000 | &nbsp;&nbsp;&nbsp;&nbsp; 844668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073493 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/15/2029\* | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2027\* | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 518962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544287 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 12/01/2031\* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 817650 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE BONDS & NOTES (continued)** | **CONVERTIBLE BONDS & NOTES (continued)** | **CONVERTIBLE BONDS & NOTES (continued)** |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 03/15/2030\*# | $1097000 | &nbsp;&nbsp;$1140332 |
| **Total Convertible Bonds & Notes<br> (cost $11,130,991)** |  | &nbsp;&nbsp;&nbsp;&nbsp;11545479 |
| **LOANS(4)(5)(6) — 2.2%** |  |  |
| **Building Materials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 8.18%, (SOFR12+3.75%), 11/23/2027 | &nbsp;&nbsp; 1819803 | &nbsp;&nbsp;&nbsp;&nbsp; 1726538 |
| **Computers — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 7.83%, (SOFR12+ 3.50%), 06/27/2031 | &nbsp;&nbsp; 970125 | &nbsp;&nbsp;&nbsp;&nbsp; 960424 |
| **Healthcare-Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Star Parent, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 8.30%, (SOFR4+4.00%), 09/27/2030 | &nbsp;&nbsp; 598488 | &nbsp;&nbsp;&nbsp;&nbsp; 586444 |
| **Insurance — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;HUB International, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 6.77%, (SOFR4+ 2.50%), 06/20/2030 | &nbsp;&nbsp; 1639046 | &nbsp;&nbsp;&nbsp;&nbsp; 1638487 |
| **Packaging & Containers — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 7.50%, (SOFR12+ 3.18%), 04/13/2029 | &nbsp;&nbsp; 1586000 | &nbsp;&nbsp;&nbsp;&nbsp; 1578636 |
| **Retail — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Great Outdoors Group LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 7.58% , (SOFR12+3.25%), 01/23/2032 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1384250 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 8.18% , (SOFR12+3.75%), 10/15/2028 | &nbsp;&nbsp; 1124205 | &nbsp;&nbsp;&nbsp;&nbsp; 1056753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441003 |
| **Total Loans<br> (cost $9,095,881)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8931532 |
| **Total Long-Term Investment Securities<br> (cost $388,363,052)** |  | &nbsp;&nbsp;&nbsp;&nbsp;388065819 |
| **SHORT-TERM INVESTMENTS — 11.3%** | **SHORT-TERM INVESTMENTS — 11.3%** | **SHORT-TERM INVESTMENTS — 11.3%** |
| **Unaffiliated Investment Companies — 11.3%** | **Unaffiliated Investment Companies — 11.3%** | **Unaffiliated Investment Companies — 11.3%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(7)(8)<br> (cost $46,769,203) | &nbsp;&nbsp;46769203 | &nbsp;&nbsp;&nbsp;&nbsp; 46769203 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 5.0%** | **REPURCHASE AGREEMENTS — 5.0%** | **REPURCHASE AGREEMENTS — 5.0%** |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $20,985,029 and collateralized by $21,083,500 of United States Treasury Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $21,402,370<br> (cost $20,982,650) | $20982650 | &nbsp;&nbsp;$20982650 |
| **TOTAL INVESTMENTS<br> (cost $456,114,905)(9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.7% | &nbsp;&nbsp;&nbsp;&nbsp;455817672 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.7) | &nbsp;&nbsp;&nbsp;&nbsp;(40219579) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$415598093 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The High Yield Bond Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $327,103,722 representing 78.7% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (2) | &nbsp;&nbsp;Security in default of interest. |
| (3) | &nbsp;&nbsp;PIK ("Payment-in-Kind") security -- Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in the form of additional securities at the coupon rate listed. |
| (4) | &nbsp;&nbsp;All loans in the Fund were purchased through assignment agreements unless otherwise indicated. |
| (5) | &nbsp;&nbsp;The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. The rate shown represents the rate at the end of the period. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan. |
| (6) | &nbsp;&nbsp;Senior loans in the Fund are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. |
| (7) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (8) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $47,289,279. This was secured by collateral of $46,769,203, which was received in cash and subsequently invested in short-term investments currently valued at $46,769,203 as reported in the Portfolio of Investments. Additional collateral of $1,488,162 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| United States Treasury Notes/Bonds | 0.13% to 4.88% | 02/28/2026 to 02/15/2055 | $1488162 |

---

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

---

| |
|:---|
| 3 ME—3 Month Euribor |
| DAC—Designated Activity Company |
| FRS—Floating Rate Security |
| SOFR12—Secured Overnight Financing Rate 1 month |
| SOFR4—Secured Overnight Financing Rate 3 month |

---

EUR—Euro Currency <br> GBP—British Pound

The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Deutsche Bank AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;7204331 | &nbsp;&nbsp;USD | &nbsp;&nbsp;8180331 | &nbsp;&nbsp;06/30/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(14005) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;4051000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;5440010 | &nbsp;&nbsp;06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(18793) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(32798) |

---

EUR—Euro Currency <br> GBP—British Pound <br> USD—United States Dollar

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$367588808 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$367588808 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11545479 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11545479 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8931532 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8931532 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;46769203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46769203 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20982650 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20982650 |
| **Total Investments at Value** | &nbsp;&nbsp;$46769203 | &nbsp;&nbsp;$409048469 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$455817672 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$32798 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$32798 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 2.8%** | **CORPORATE BONDS & NOTES — 2.8%** | **CORPORATE BONDS & NOTES — 2.8%** | **CORPORATE BONDS & NOTES — 2.8%** |
| **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
| &nbsp;&nbsp;&nbsp;Banca Comerciala Romana SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/19/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;$235974 |
| &nbsp;&nbsp;&nbsp;Banca Transilvania SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 04/27/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 472102 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 06/09/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1720233 |
| &nbsp;&nbsp;&nbsp;mBank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%, 09/21/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 440597 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/25/2027 |  | $660000 | &nbsp;&nbsp;&nbsp;&nbsp; 675437 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/2034 |  | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174432 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718775 |
| **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/15/2033 |  | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001652 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| &nbsp;&nbsp;&nbsp;NBM US Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/14/2026 |  | &nbsp;&nbsp; 483000 | &nbsp;&nbsp;&nbsp;&nbsp; 483508 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/01/2034 |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975344 |
| **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/2031 |  | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 762754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/2030 |  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1401704 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164458 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2038 |  | &nbsp;&nbsp; 1159000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134796 |
| **Total Corporate Bonds & Notes<br> (cost $10,098,862)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10478533 |
| **ASSET BACKED SECURITIES — 1.0%** | **ASSET BACKED SECURITIES — 1.0%** | **ASSET BACKED SECURITIES — 1.0%** | **ASSET BACKED SECURITIES — 1.0%** |
| **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class A<br> 5.44%, 02/22/2028\* |  | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294541 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class D<br> 1.39%, 03/15/2029 |  | &nbsp;&nbsp; 646297 | &nbsp;&nbsp;&nbsp;&nbsp; 640795 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935336 |
| **Other Asset Backed Securities — 0.5%** | **Other Asset Backed Securities — 0.5%** | **Other Asset Backed Securities — 0.5%** | **Other Asset Backed Securities — 0.5%** |
| &nbsp;&nbsp;&nbsp;Wendy's Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I<br> 2.37%, 06/15/2051\* |  | &nbsp;&nbsp; 1668988 | &nbsp;&nbsp;&nbsp;&nbsp; 1521210 |
| &nbsp;&nbsp;&nbsp;Wingstop Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A2<br> 2.84%, 12/05/2050\* |  | &nbsp;&nbsp; 310275 | &nbsp;&nbsp;&nbsp;&nbsp; 292802 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814012 |
| **Total Asset Backed Securities<br> (cost $3,871,380)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749348 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3%** |
| **Commercial and Residential — 2.1%** | **Commercial and Residential — 2.1%** | **Commercial and Residential — 2.1%** | **Commercial and Residential — 2.1%** |
| &nbsp;&nbsp;&nbsp;Ajax Mtg. Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C, Class A<br> 5.12%, 01/25/2061\*(1) |  | &nbsp;&nbsp; 209028 | &nbsp;&nbsp;&nbsp;&nbsp; 208939 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 0.94%, 02/25/2049\*(2) | $166534 | &nbsp;&nbsp;$154932 |
| &nbsp;&nbsp;&nbsp;CSMC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4, Class A1<br> 1.10%, 05/25/2066\*(2) | &nbsp;&nbsp; 765852 | &nbsp;&nbsp;&nbsp;&nbsp; 660153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL2, Class M3<br> 3.60%, 01/25/2060\*(2) | &nbsp;&nbsp; 376575 | &nbsp;&nbsp;&nbsp;&nbsp; 245613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4, Class A1<br> 4.12%, 12/27/2060\*(2) | &nbsp;&nbsp; 341029 | &nbsp;&nbsp;&nbsp;&nbsp; 339465 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 0.93%, 06/25/2066\*(2) | &nbsp;&nbsp; 224059 | &nbsp;&nbsp;&nbsp;&nbsp; 184956 |
| &nbsp;&nbsp;&nbsp;GCAT Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A1<br> 1.09%, 05/25/2066\*(2) | &nbsp;&nbsp; 563829 | &nbsp;&nbsp;&nbsp;&nbsp; 483847 |
| &nbsp;&nbsp;&nbsp;HIH Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-61P, Class B<br> 6.67%, (TSFR1M2.34%), 10/15/2041\* | &nbsp;&nbsp; 167493 | &nbsp;&nbsp;&nbsp;&nbsp; 167389 |
| &nbsp;&nbsp;&nbsp;Legacy Mtg. Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2, Class A1<br> 5.75%, 04/25/2061\*(1) | &nbsp;&nbsp; 323012 | &nbsp;&nbsp;&nbsp;&nbsp; 322921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS3, Class A1<br> 5.75%, 07/25/2061\*(1) | &nbsp;&nbsp; 443738 | &nbsp;&nbsp;&nbsp;&nbsp; 441954 |
| &nbsp;&nbsp;&nbsp;MFA Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 1.15%, 04/25/2065\*(2) | &nbsp;&nbsp; 199191 | &nbsp;&nbsp;&nbsp;&nbsp; 187939 |
| &nbsp;&nbsp;&nbsp;New Residential Mtg. Loan Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQ2R, Class A1<br> 0.94%, 10/25/2058\*(2) | &nbsp;&nbsp; 139648 | &nbsp;&nbsp;&nbsp;&nbsp; 132640 |
| &nbsp;&nbsp;&nbsp;NMLT Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1<br> 1.19%, 05/25/2056\*(2) | &nbsp;&nbsp; 922644 | &nbsp;&nbsp;&nbsp;&nbsp; 797317 |
| &nbsp;&nbsp;&nbsp;SG Residential Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A1<br> 1.16%, 07/25/2061\*(2) | &nbsp;&nbsp; 877528 | &nbsp;&nbsp;&nbsp;&nbsp; 719898 |
| &nbsp;&nbsp;&nbsp;SHR Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78%, (TSFR1M+2.45%), 10/15/2041\* | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1254215 |
| &nbsp;&nbsp;&nbsp;Starwood Mtg. Residential Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 0.94%, 05/25/2065\*(2) | &nbsp;&nbsp; 126148 | &nbsp;&nbsp;&nbsp;&nbsp; 117670 |
| &nbsp;&nbsp;&nbsp;Towd Point Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R1, Class A1<br> 2.92%, 11/30/2060\*(2) | &nbsp;&nbsp; 1620318 | &nbsp;&nbsp;&nbsp;&nbsp; 1391470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7811318 |
| **U.S. Government Agency — 0.2%** | **U.S. Government Agency — 0.2%** | **U.S. Government Agency — 0.2%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3925, Class FL<br> 4.90%, (SOFR30A+0.56%), 01/15/2041 | &nbsp;&nbsp; 62553 | &nbsp;&nbsp;&nbsp;&nbsp; 62434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4001, Class FM<br> 4.95%, (SOFR30A+0.61%), 02/15/2042 | &nbsp;&nbsp; 119716 | &nbsp;&nbsp;&nbsp;&nbsp; 117646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3355, Class BF<br> 5.15%, (SOFR30A+0.81%), 08/15/2037 | &nbsp;&nbsp; 139745 | &nbsp;&nbsp;&nbsp;&nbsp; 139227 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class BF<br> 4.84%, (SOFR30A+0.51%), 09/25/2042 | &nbsp;&nbsp; 173945 | &nbsp;&nbsp;&nbsp;&nbsp; 170303 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-14, Class FN<br> 4.99%, (TSFR1M+0.66%), 02/16/2040 |  | $83690 | &nbsp;&nbsp;$83427 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573037 |
| **Total Collateralized Mortgage Obligations<br> (cost $9,341,059)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384355 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 60.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 60.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 60.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 60.4%** |
| **U.S. Government — 52.0%** | **U.S. Government — 52.0%** | **U.S. Government — 52.0%** | **U.S. Government — 52.0%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(3) |  | &nbsp;&nbsp; 9235215 | &nbsp;&nbsp;&nbsp;&nbsp; 5261287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(3) |  | &nbsp;&nbsp; 9562231 | &nbsp;&nbsp;&nbsp;&nbsp; 7010355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042(3) |  | &nbsp;&nbsp; 8866103 | &nbsp;&nbsp;&nbsp;&nbsp; 6793654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2045(3)(4) |  | &nbsp;&nbsp; 34680109 | &nbsp;&nbsp;&nbsp;&nbsp; 25046271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 02/15/2047(3) |  | &nbsp;&nbsp; 5596900 | &nbsp;&nbsp;&nbsp;&nbsp; 4003571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046(3) |  | &nbsp;&nbsp; 12024218 | &nbsp;&nbsp;&nbsp;&nbsp; 9008778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(3) |  | &nbsp;&nbsp; 6503659 | &nbsp;&nbsp;&nbsp;&nbsp; 5399834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2053(3) |  | &nbsp;&nbsp; 1000466 | &nbsp;&nbsp;&nbsp;&nbsp; 779340 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 01/15/2030 to 07/15/2031(3) |  | &nbsp;&nbsp; 45704186 | &nbsp;&nbsp;&nbsp;&nbsp; 42210553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/15/2032(3) |  | &nbsp;&nbsp; 7038273 | &nbsp;&nbsp;&nbsp;&nbsp; 6510001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/15/2029(3) |  | &nbsp;&nbsp; 14880553 | &nbsp;&nbsp;&nbsp;&nbsp; 14600279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 07/15/2033(3)(5) |  | &nbsp;&nbsp; 18541745 | &nbsp;&nbsp;&nbsp;&nbsp; 17839002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 04/15/2030(3) |  | &nbsp;&nbsp; 3480731 | &nbsp;&nbsp;&nbsp;&nbsp; 3490822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(3) |  | &nbsp;&nbsp; 30012367 | &nbsp;&nbsp;&nbsp;&nbsp; 29492248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2034(3) |  | &nbsp;&nbsp; 4147737 | &nbsp;&nbsp;&nbsp;&nbsp; 4114967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 01/15/2035(3) |  | &nbsp;&nbsp; 8866113 | &nbsp;&nbsp;&nbsp;&nbsp; 8928083 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;190489045 |
| **U.S. Government Agency — 8.4%** | **U.S. Government Agency — 8.4%** | **U.S. Government Agency — 8.4%** | **U.S. Government Agency — 8.4%** |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2055 |  | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3791687 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, June 30 TBA |  | &nbsp;&nbsp; 26800000 | &nbsp;&nbsp;&nbsp;&nbsp; 27061608 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;30853295 |
| **Total U.S. Government & Agency Obligations<br> (cost $255,505,208)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;221342340 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 37.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 37.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 37.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 37.2%** |
| **Regional(State/Province) — 1.8%** | **Regional(State/Province) — 1.8%** | **Regional(State/Province) — 1.8%** | **Regional(State/Province) — 1.8%** |
| &nbsp;&nbsp;&nbsp;Province of Ontario, Canada TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2036(3) | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 7626350 | &nbsp;&nbsp;&nbsp;&nbsp; 5403547 |
| &nbsp;&nbsp;&nbsp;Queensland Treasury Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/21/2036\* | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300893 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6704440 |
| **Sovereign — 35.4%** | **Sovereign — 35.4%** | **Sovereign — 35.4%** | **Sovereign — 35.4%** |
| &nbsp;&nbsp;&nbsp;Commonwealth of Australia TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 11/21/2027(3) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 15785251 | &nbsp;&nbsp;&nbsp;&nbsp; 10083631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 08/21/2040(3) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 8529590 | &nbsp;&nbsp;&nbsp;&nbsp; 4633520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/21/2035(3) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 22584435 | &nbsp;&nbsp;&nbsp;&nbsp; 14327488 |
| &nbsp;&nbsp;&nbsp;Federative Republic of Brazil TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/15/2035(3) | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 10467000 | &nbsp;&nbsp;&nbsp;&nbsp; 7581333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.98%, 05/15/2027(3) | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 11416000 | &nbsp;&nbsp;&nbsp;&nbsp; 8673803 |
| &nbsp;&nbsp;&nbsp;French Republic Government Bond OAT TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%, 07/25/2031\*(3) | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 16555686 | &nbsp;&nbsp;&nbsp;&nbsp; 17988877 |
| &nbsp;&nbsp;&nbsp;Government of New Zealand TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28%, 09/20/2040(3) | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 15976649 | &nbsp;&nbsp;&nbsp;&nbsp; 8668167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%, 09/20/2035(3) | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 22745671 | &nbsp;&nbsp;&nbsp;&nbsp; 13124174 |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/03/2049 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1546183 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| &nbsp;&nbsp;&nbsp;Government of Spain TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 11/30/2033\*(3) | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 9134679 | &nbsp;&nbsp;$10002357 |
| &nbsp;&nbsp;&nbsp;Republic of Italy TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%, 05/21/2026\*(3) | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 15202152 | &nbsp;&nbsp;&nbsp;&nbsp; 17163190 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/07/2036 |  | $500000 | &nbsp;&nbsp;&nbsp;&nbsp; 478425 |
| &nbsp;&nbsp;&nbsp;United Mexican States TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/27/2031(3) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;275693980 | &nbsp;&nbsp;&nbsp;&nbsp; 12444180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/29/2054(3) | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 68699490 | &nbsp;&nbsp;&nbsp;&nbsp; 3012173 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;129727501 |
| **Total Foreign Government Obligations<br> (cost $137,321,200)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;136431941 |
| **MUNICIPAL SECURITIES — 0.9%** | **MUNICIPAL SECURITIES — 0.9%** | **MUNICIPAL SECURITIES — 0.9%** | **MUNICIPAL SECURITIES — 0.9%** |
| &nbsp;&nbsp;&nbsp;City of New York, NY<br> General Obligation Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 12/01/2036 |  | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1619919 |
| &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority<br> Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/2034 |  | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1559684 |
| **Total Municipal Securities<br> (cost $3,615,484)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179603 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lehman Brothers Holdings, Inc.<br> Escrow Notes<br> 1.00%, 12/31/2049†(6)<br> (cost $0) |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 971 |
| **Total Long-Term Investment Securities<br> (cost $419,753,193)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;383567091 |
| **REPURCHASE AGREEMENTS — 3.7%** | **REPURCHASE AGREEMENTS — 3.7%** | **REPURCHASE AGREEMENTS — 3.7%** | **REPURCHASE AGREEMENTS — 3.7%** |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $13,482,248 and collateralized by $13,545,500 of United States Treasury Inflation Indexed Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $13,750,351<br> (cost $13,480,721) |  | &nbsp;&nbsp; 13480721 | &nbsp;&nbsp;&nbsp;&nbsp; 13480721 |
| **TOTAL INVESTMENTS<br> (cost $433,233,914)(7)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.3% | &nbsp;&nbsp;&nbsp;&nbsp;397047812 |
| Other assets less liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.3) | &nbsp;&nbsp;&nbsp;&nbsp;(30371124) |
| **NET ASSETS** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$366676688 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Inflation Protected Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $57,375,188 representing 15.6% of net assets. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;"Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of May 31, 2025. |
| (2) | &nbsp;&nbsp;Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (3) | &nbsp;&nbsp;Principal amount of security is adjusted for inflation. |
| (4) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open swap contracts. |
| (5) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

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

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

---

| |
|:---|
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date. |
| TIPS—Treasury Inflation Protected Securities |
| TSFR1M—Term Secured Overnight Financing Rate 1 Month |
| VRS—Variable Rate Security |

---

---

| |
|:---|
| AUD—Australian Dollar |
| BRL—Brazilian Real |
| CAD—Canadian Dollar |
| EUR—Euro Currency |
| MXN—Mexican Peso |
| NZD—New Zealand Dollar |

---

The rates shown on FRS and/or VRS are the current interest rates at May 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** |
| **Counterparty (OTC)/<br> Centrally cleared** | **Notional<br> amount** | &nbsp;&nbsp;&nbsp;**Currency** | **Payments<br> made** | **Payments<br> received** | **Fixed<br> payment<br> frequency** | **Floating<br> payment<br> frequency** | **Maturity<br> date** | **Upfront<br> payment paid<br> (received)** | **Unrealized<br> appreciation<br> (depreciation)** | **Value** |
| Bank of America, N.A. | 24590000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.430% | 12-Month USA CPI | Maturity | Maturity | Apr 2027 | $— | $150206 | $150206 |
| Centrally Cleared | 13805000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.545 | 12-Month USA CPI | Maturity | Maturity | Mar 2028 | &nbsp;&nbsp;&nbsp;&nbsp;8581 | &nbsp;&nbsp;&nbsp;&nbsp; 38704 | &nbsp;&nbsp;&nbsp;&nbsp; 47285 |
|  |  |  |  |  |  |  |  | $8581 | $188910 | $197491 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| **Counterparty (OTC)/<br> Centrally cleared** | **Notional<br> amount** | &nbsp;&nbsp;&nbsp;**Currency** | **Payments<br> made** | **Payments<br> received** | **Fixed<br> payment<br> frequency** | **Floating<br> payment<br> frequency** | **Maturity<br> date** | **Upfront<br> payment paid<br> (received)** | **Unrealized<br> appreciation<br> (depreciation)** | **Value** |
| Centrally Cleared | 2445000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.750% | 12-Month SOFR | Annual | Annual | Mar 2055 | $100480 | $16887 | $117367 |
| SOFR—Secured Overnight Financing Rate |  |  |  |  |  |  |  |  |  |  |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 205 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$14822495 | &nbsp;&nbsp;&nbsp;&nbsp;$15082323 | &nbsp;&nbsp;&nbsp;&nbsp;$259828 |
| 175 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18839074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18932813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93739 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$353567 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 36 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3180363 | &nbsp;&nbsp;&nbsp;&nbsp;$3208482 | &nbsp;&nbsp;&nbsp;&nbsp;$(28119) |
| &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro Buxl 30 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28166) |
| 156 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BTP | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21254615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21459301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204686) |
| 66 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9706337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9832839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126502) |
| 152 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21511968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21702993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191025) |
| 47 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5183886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5205250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21364) |
| 63 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7069661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7090454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20793) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(620655) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(267088) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Australia & New Zealand Banking Group | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;49567000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;31191026 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(766652) |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491950 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4246) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1932980 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;3264000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18327 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(770898) |
| Bank of America, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785336 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39665 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Barclays Bank PLC | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708812 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (398) |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2519230 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;3964000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;$36508 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1796082 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;36146000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 63891 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;100399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398) |
| BNP Paribas SA | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570682 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2423 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;7134000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4974020 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (228515) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423652 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;2415000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2914) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231429) |
| Credit Agricole SA | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434037 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2377 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;44929000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;49205387 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1857238) |
| Goldman Sachs International | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724139 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4414) |
|  | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;95386000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;16029477 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (588570) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1292300 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 61648 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(592984) |
| HSBC Bank PLC | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286231 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1930) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748615 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24399) |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493022 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3175) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27574) |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701488 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27065) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615064 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4806 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27065) |
| Natwest Markets PLC | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;40418000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;23082437 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1080528) |
| Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1818934 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1596000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5051) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338883 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21318 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wells Fargo & Co. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;342691000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;16690645 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (943287) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$250963 | &nbsp;&nbsp;$(5538382) |

---

---

| |
|:---|
| AUD—Australian Dollar |
| BRL—Brazilian Real |
| CAD—Canadian Dollar |
| EUR—Euro Currency |
| MXN—Mexican Peso |
| NZD—New Zealand Dollar |
| USD—United States Dollar |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10478533 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10478533 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749348 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749348 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384355 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384355 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;221342340 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;221342340 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;136431941 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;136431941 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179603 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179603 |
| Escrows and Litigation Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13480721 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13480721 |
| **Total Investments at Value** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$397046841 | &nbsp;&nbsp;$971 | &nbsp;&nbsp;$397047812 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$205797 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$205797 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;353567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353567 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250963 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250963 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$353567 | &nbsp;&nbsp;$456760 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$810327 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$620655 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$620655 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538382 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538382 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$620655 | &nbsp;&nbsp;$5538382 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6159037 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** |
| **Australia — 6.6%** | **Australia — 6.6%** | **Australia — 6.6%** |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;272974 | &nbsp;&nbsp;$5109849 |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;124270 | &nbsp;&nbsp;&nbsp;&nbsp; 664066 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51337 | &nbsp;&nbsp;&nbsp;&nbsp; 2064930 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17909 | &nbsp;&nbsp;&nbsp;&nbsp; 823097 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;466322 | &nbsp;&nbsp;&nbsp;&nbsp; 11497610 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41325 | &nbsp;&nbsp;&nbsp;&nbsp; 606017 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;126112 | &nbsp;&nbsp;&nbsp;&nbsp; 1885156 |
| &nbsp;&nbsp;&nbsp;CAR Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33174 | &nbsp;&nbsp;&nbsp;&nbsp; 760414 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6166 | &nbsp;&nbsp;&nbsp;&nbsp; 1079105 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;119720 | &nbsp;&nbsp;&nbsp;&nbsp; 1666904 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;153738 | &nbsp;&nbsp;&nbsp;&nbsp; 17436556 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50337 | &nbsp;&nbsp;&nbsp;&nbsp; 1305027 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44769 | &nbsp;&nbsp;&nbsp;&nbsp; 7127660 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;184562 | &nbsp;&nbsp;&nbsp;&nbsp; 1052999 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;156194 | &nbsp;&nbsp;&nbsp;&nbsp; 1549506 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;186598 | &nbsp;&nbsp;&nbsp;&nbsp; 3959652 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;219719 | &nbsp;&nbsp;&nbsp;&nbsp; 1223690 |
| &nbsp;&nbsp;&nbsp;Lottery Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;205793 | &nbsp;&nbsp;&nbsp;&nbsp; 676536 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33264 | &nbsp;&nbsp;&nbsp;&nbsp; 4593084 |
| &nbsp;&nbsp;&nbsp;Medibank Private, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;262281 | &nbsp;&nbsp;&nbsp;&nbsp; 806446 |
| &nbsp;&nbsp;&nbsp;National Australia Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;281348 | &nbsp;&nbsp;&nbsp;&nbsp; 6891562 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;125579 | &nbsp;&nbsp;&nbsp;&nbsp; 1698293 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;160515 | &nbsp;&nbsp;&nbsp;&nbsp; 1119523 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383 | &nbsp;&nbsp;&nbsp;&nbsp; 978541 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71265 | &nbsp;&nbsp;&nbsp;&nbsp; 487396 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;138865 | &nbsp;&nbsp;&nbsp;&nbsp; 2073106 |
| &nbsp;&nbsp;&nbsp;REA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989 | &nbsp;&nbsp;&nbsp;&nbsp; 770886 |
| &nbsp;&nbsp;&nbsp;Reece, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19452 | &nbsp;&nbsp;&nbsp;&nbsp; 196357 |
| &nbsp;&nbsp;&nbsp;Rio Tinto, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34322 | &nbsp;&nbsp;&nbsp;&nbsp; 2492485 |
| &nbsp;&nbsp;&nbsp;Santos, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;300286 | &nbsp;&nbsp;&nbsp;&nbsp; 1275589 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;480949 | &nbsp;&nbsp;&nbsp;&nbsp; 1137772 |
| &nbsp;&nbsp;&nbsp;SGH, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19466 | &nbsp;&nbsp;&nbsp;&nbsp; 636800 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;425599 | &nbsp;&nbsp;&nbsp;&nbsp; 856115 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38727 | &nbsp;&nbsp;&nbsp;&nbsp; 665774 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;419489 | &nbsp;&nbsp;&nbsp;&nbsp; 824728 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;220716 | &nbsp;&nbsp;&nbsp;&nbsp; 776813 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106474 | &nbsp;&nbsp;&nbsp;&nbsp; 1415901 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;373909 | &nbsp;&nbsp;&nbsp;&nbsp; 1152084 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;286996 | &nbsp;&nbsp;&nbsp;&nbsp; 2623266 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;357764 | &nbsp;&nbsp;&nbsp;&nbsp; 567312 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21959 | &nbsp;&nbsp;&nbsp;&nbsp; 522736 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103177 | &nbsp;&nbsp;&nbsp;&nbsp; 5521484 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;314483 | &nbsp;&nbsp;&nbsp;&nbsp; 6600423 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16935 | &nbsp;&nbsp;&nbsp;&nbsp; 1169681 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;175557 | &nbsp;&nbsp;&nbsp;&nbsp; 2517899 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110206 | &nbsp;&nbsp;&nbsp;&nbsp; 2262585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113123415 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28467 | &nbsp;&nbsp;&nbsp;&nbsp; 2290075 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13617 | &nbsp;&nbsp;&nbsp;&nbsp; 728233 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823 | &nbsp;&nbsp;&nbsp;&nbsp; 454556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472864 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13795 | &nbsp;&nbsp;&nbsp;&nbsp; 899870 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91108 | &nbsp;&nbsp;&nbsp;&nbsp; 6417951 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp; 407930 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524 | &nbsp;&nbsp;&nbsp;&nbsp; 479348 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7678 | &nbsp;&nbsp;&nbsp;&nbsp; 627259 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21233 | &nbsp;&nbsp;&nbsp;&nbsp; 2096520 |
| &nbsp;&nbsp;&nbsp;Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp; 372382 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;$397805 |
| &nbsp;&nbsp;&nbsp;Syensqo SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6426 | &nbsp;&nbsp;&nbsp;&nbsp; 492507 |
| &nbsp;&nbsp;&nbsp;UCB SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11689 | &nbsp;&nbsp;&nbsp;&nbsp; 2122237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14313809 |
| **Bermuda — 0.2%** | **Bermuda — 0.2%** | **Bermuda — 0.2%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;122253 | &nbsp;&nbsp;&nbsp;&nbsp; 875349 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 375394 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp; 527340 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp; 658600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436683 |
| **Denmark — 2.3%** | **Denmark — 2.3%** | **Denmark — 2.3%** |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 486291 |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 746788 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8833 | &nbsp;&nbsp;&nbsp;&nbsp; 1263730 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661 | &nbsp;&nbsp;&nbsp;&nbsp; 1133182 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63773 | &nbsp;&nbsp;&nbsp;&nbsp; 2446582 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177 | &nbsp;&nbsp;&nbsp;&nbsp; 320692 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18897 | &nbsp;&nbsp;&nbsp;&nbsp; 4474621 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814 | &nbsp;&nbsp;&nbsp;&nbsp; 1219860 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;297776 | &nbsp;&nbsp;&nbsp;&nbsp; 20813023 |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32580 | &nbsp;&nbsp;&nbsp;&nbsp; 2294426 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15158 | &nbsp;&nbsp;&nbsp;&nbsp; 620854 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7582 | &nbsp;&nbsp;&nbsp;&nbsp; 1385822 |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476 | &nbsp;&nbsp;&nbsp;&nbsp; 403392 |
| &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31345 | &nbsp;&nbsp;&nbsp;&nbsp; 805168 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93371 | &nbsp;&nbsp;&nbsp;&nbsp; 1477926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39892357 |
| **Finland — 1.0%** | **Finland — 1.0%** | **Finland — 1.0%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13151 | &nbsp;&nbsp;&nbsp;&nbsp; 692859 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40441 | &nbsp;&nbsp;&nbsp;&nbsp; 697965 |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25253 | &nbsp;&nbsp;&nbsp;&nbsp; 610746 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31426 | &nbsp;&nbsp;&nbsp;&nbsp; 1956837 |
| &nbsp;&nbsp;&nbsp;Metso Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56045 | &nbsp;&nbsp;&nbsp;&nbsp; 676454 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38137 | &nbsp;&nbsp;&nbsp;&nbsp; 409210 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;492396 | &nbsp;&nbsp;&nbsp;&nbsp; 2558401 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;288631 | &nbsp;&nbsp;&nbsp;&nbsp; 4183423 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10021 | &nbsp;&nbsp;&nbsp;&nbsp; 679856 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;223863 | &nbsp;&nbsp;&nbsp;&nbsp; 2388325 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52491 | &nbsp;&nbsp;&nbsp;&nbsp; 530806 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49349 | &nbsp;&nbsp;&nbsp;&nbsp; 1366653 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45339 | &nbsp;&nbsp;&nbsp;&nbsp; 907595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17659130 |
| **France — 10.1%** | **France — 10.1%** | **France — 10.1%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18023 | &nbsp;&nbsp;&nbsp;&nbsp; 956702 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp; 429378 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53138 | &nbsp;&nbsp;&nbsp;&nbsp; 11005204 |
| &nbsp;&nbsp;&nbsp;Alstom SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31465 | &nbsp;&nbsp;&nbsp;&nbsp; 711145 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602 | &nbsp;&nbsp;&nbsp;&nbsp; 457023 |
| &nbsp;&nbsp;&nbsp;Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154 | &nbsp;&nbsp;&nbsp;&nbsp; 368098 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;162776 | &nbsp;&nbsp;&nbsp;&nbsp; 7672045 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp; 513590 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93497 | &nbsp;&nbsp;&nbsp;&nbsp; 8189273 |
| &nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65927 | &nbsp;&nbsp;&nbsp;&nbsp; 419198 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17519 | &nbsp;&nbsp;&nbsp;&nbsp; 763652 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28648 | &nbsp;&nbsp;&nbsp;&nbsp; 978454 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14258 | &nbsp;&nbsp;&nbsp;&nbsp; 2367677 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50148 | &nbsp;&nbsp;&nbsp;&nbsp; 749622 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41262 | &nbsp;&nbsp;&nbsp;&nbsp; 4630747 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61990 | &nbsp;&nbsp;&nbsp;&nbsp; 2370619 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160 | &nbsp;&nbsp;&nbsp;&nbsp; 309351 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97294 | &nbsp;&nbsp;$1779159 |
| &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59689 | &nbsp;&nbsp;&nbsp;&nbsp; 5099307 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp; 641069 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61875 | &nbsp;&nbsp;&nbsp;&nbsp; 2318447 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21764 | &nbsp;&nbsp;&nbsp;&nbsp; 679578 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6343 | &nbsp;&nbsp;&nbsp;&nbsp; 872182 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;167794 | &nbsp;&nbsp;&nbsp;&nbsp; 3617055 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27320 | &nbsp;&nbsp;&nbsp;&nbsp; 7590716 |
| &nbsp;&nbsp;&nbsp;Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365 | &nbsp;&nbsp;&nbsp;&nbsp; 235170 |
| &nbsp;&nbsp;&nbsp;FDJ United \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9421 | &nbsp;&nbsp;&nbsp;&nbsp; 345943 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257 | &nbsp;&nbsp;&nbsp;&nbsp; 468377 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27969 | &nbsp;&nbsp;&nbsp;&nbsp; 535112 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp;&nbsp;&nbsp; 8022500 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp; 403281 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6883 | &nbsp;&nbsp;&nbsp;&nbsp; 1347046 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19892 | &nbsp;&nbsp;&nbsp;&nbsp; 778326 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24247 | &nbsp;&nbsp;&nbsp;&nbsp; 2944468 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22089 | &nbsp;&nbsp;&nbsp;&nbsp; 9340149 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25271 | &nbsp;&nbsp;&nbsp;&nbsp; 13722886 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;172162 | &nbsp;&nbsp;&nbsp;&nbsp; 2567648 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18660 | &nbsp;&nbsp;&nbsp;&nbsp; 1928486 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21162 | &nbsp;&nbsp;&nbsp;&nbsp; 2303843 |
| &nbsp;&nbsp;&nbsp;Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17772 | &nbsp;&nbsp;&nbsp;&nbsp; 915733 |
| &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20681 | &nbsp;&nbsp;&nbsp;&nbsp; 580716 |
| &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33081 | &nbsp;&nbsp;&nbsp;&nbsp; 9818661 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;102329 | &nbsp;&nbsp;&nbsp;&nbsp; 10168903 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp; 567434 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50238 | &nbsp;&nbsp;&nbsp;&nbsp; 12626411 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66171 | &nbsp;&nbsp;&nbsp;&nbsp; 3595156 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 565174 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4826 | &nbsp;&nbsp;&nbsp;&nbsp; 487911 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8569 | &nbsp;&nbsp;&nbsp;&nbsp; 2601714 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;187691 | &nbsp;&nbsp;&nbsp;&nbsp; 11009457 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58027 | &nbsp;&nbsp;&nbsp;&nbsp; 1995051 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45725 | &nbsp;&nbsp;&nbsp;&nbsp; 6533938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171898785 |
| **Germany — 10.2%** | **Germany — 10.2%** | **Germany — 10.2%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15811 | &nbsp;&nbsp;&nbsp;&nbsp; 3940596 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35705 | &nbsp;&nbsp;&nbsp;&nbsp; 14136733 |
| &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82522 | &nbsp;&nbsp;&nbsp;&nbsp; 3972864 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90834 | &nbsp;&nbsp;&nbsp;&nbsp; 2551105 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26804 | &nbsp;&nbsp;&nbsp;&nbsp; 2376943 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175 | &nbsp;&nbsp;&nbsp;&nbsp; 428651 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9172 | &nbsp;&nbsp;&nbsp;&nbsp; 1256491 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11347 | &nbsp;&nbsp;&nbsp;&nbsp; 768399 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81894 | &nbsp;&nbsp;&nbsp;&nbsp; 2491110 |
| &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10171 | &nbsp;&nbsp;&nbsp;&nbsp; 892712 |
| &nbsp;&nbsp;&nbsp;Covestro AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16601 | &nbsp;&nbsp;&nbsp;&nbsp; 1140401 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 | &nbsp;&nbsp;&nbsp;&nbsp; 681483 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43929 | &nbsp;&nbsp;&nbsp;&nbsp; 1905884 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16981 | &nbsp;&nbsp;&nbsp;&nbsp; 470073 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;171127 | &nbsp;&nbsp;&nbsp;&nbsp; 4733298 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17410 | &nbsp;&nbsp;&nbsp;&nbsp; 5604281 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54087 | &nbsp;&nbsp;&nbsp;&nbsp; 432717 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88761 | &nbsp;&nbsp;&nbsp;&nbsp; 3967854 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;322730 | &nbsp;&nbsp;&nbsp;&nbsp; 12195250 |
| &nbsp;&nbsp;&nbsp;Dr. Ing. h.c. F. Porsche AG (Preference Shares)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10265 | &nbsp;&nbsp;&nbsp;&nbsp; 494888 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;207582 | &nbsp;&nbsp;&nbsp;&nbsp; 3636836 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23697 | &nbsp;&nbsp;&nbsp;&nbsp; 512843 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18990 | &nbsp;&nbsp;&nbsp;&nbsp; 1078541 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39057 | &nbsp;&nbsp;&nbsp;&nbsp; 1914915 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14340 | &nbsp;&nbsp;$959031 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp; 1762309 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12294 | &nbsp;&nbsp;&nbsp;&nbsp; 2407268 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9608 | &nbsp;&nbsp;&nbsp;&nbsp; 704747 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15649 | &nbsp;&nbsp;&nbsp;&nbsp; 1252335 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;120744 | &nbsp;&nbsp;&nbsp;&nbsp; 4699061 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6539 | &nbsp;&nbsp;&nbsp;&nbsp; 660799 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885 | &nbsp;&nbsp;&nbsp;&nbsp; 584364 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66772 | &nbsp;&nbsp;&nbsp;&nbsp; 3987178 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11950 | &nbsp;&nbsp;&nbsp;&nbsp; 1567177 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977 | &nbsp;&nbsp;&nbsp;&nbsp; 1980723 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12367 | &nbsp;&nbsp;&nbsp;&nbsp; 8023662 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 | &nbsp;&nbsp;&nbsp;&nbsp; 723212 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14158 | &nbsp;&nbsp;&nbsp;&nbsp; 564257 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 378711 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027 | &nbsp;&nbsp;&nbsp;&nbsp; 8619083 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58459 | &nbsp;&nbsp;&nbsp;&nbsp; 2199079 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95931 | &nbsp;&nbsp;&nbsp;&nbsp; 28963121 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;&nbsp;&nbsp; 580502 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934 | &nbsp;&nbsp;&nbsp;&nbsp; 943998 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69820 | &nbsp;&nbsp;&nbsp;&nbsp; 16790895 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59123 | &nbsp;&nbsp;&nbsp;&nbsp; 5739719 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26073 | &nbsp;&nbsp;&nbsp;&nbsp; 1378982 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12277 | &nbsp;&nbsp;&nbsp;&nbsp; 1464389 |
| &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969 | &nbsp;&nbsp;&nbsp;&nbsp; 774668 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19066 | &nbsp;&nbsp;&nbsp;&nbsp; 2064400 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68472 | &nbsp;&nbsp;&nbsp;&nbsp; 2241433 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20743 | &nbsp;&nbsp;&nbsp;&nbsp; 740730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174340701 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;981800 | &nbsp;&nbsp;&nbsp;&nbsp; 8220169 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443701 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;177500 | &nbsp;&nbsp;&nbsp;&nbsp; 735707 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp; 1396386 |
| &nbsp;&nbsp;&nbsp;CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp; 1290074 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5116 | &nbsp;&nbsp;&nbsp;&nbsp; 521474 |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;&nbsp; 860441 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69700 | &nbsp;&nbsp;&nbsp;&nbsp; 976019 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp; 419546 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;349000 | &nbsp;&nbsp;&nbsp;&nbsp; 502952 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd.# | 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 908138 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106400 | &nbsp;&nbsp;&nbsp;&nbsp; 5370818 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;236500 | &nbsp;&nbsp;&nbsp;&nbsp; 1256230 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp; 503195 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127500 | &nbsp;&nbsp;&nbsp;&nbsp; 807333 |
| &nbsp;&nbsp;&nbsp;Sino Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp; 379783 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp; 396143 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp; 1439785 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 315447 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400473 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp; 867939 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp; 257929 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp; 386124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30655806 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;193756 | &nbsp;&nbsp;&nbsp;&nbsp; 1522402 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92774 | &nbsp;&nbsp;&nbsp;&nbsp; 1272510 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;&nbsp;&nbsp; 571538 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC CDI† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40359 | &nbsp;&nbsp;&nbsp;&nbsp; 921986 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13830 | &nbsp;&nbsp;&nbsp;&nbsp; 1510655 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13935 | &nbsp;&nbsp;$1194599 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78364 | &nbsp;&nbsp;&nbsp;&nbsp; 2079425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9073115 |
| **Isle of Man — 0.0%** | **Isle of Man — 0.0%** | **Isle of Man — 0.0%** |
| &nbsp;&nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56154 | &nbsp;&nbsp;&nbsp;&nbsp; 567897 |
| **Israel — 0.9%** | **Israel — 0.9%** | **Israel — 0.9%** |
| &nbsp;&nbsp;&nbsp;Azrieli Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924 | &nbsp;&nbsp;&nbsp;&nbsp; 299974 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;116388 | &nbsp;&nbsp;&nbsp;&nbsp; 1949782 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;138925 | &nbsp;&nbsp;&nbsp;&nbsp; 2243402 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7964 | &nbsp;&nbsp;&nbsp;&nbsp; 1822800 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330 | &nbsp;&nbsp;&nbsp;&nbsp; 1657437 |
| &nbsp;&nbsp;&nbsp;Elbit Systems, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456 | &nbsp;&nbsp;&nbsp;&nbsp; 985640 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73202 | &nbsp;&nbsp;&nbsp;&nbsp; 482990 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;113984 | &nbsp;&nbsp;&nbsp;&nbsp; 971440 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14355 | &nbsp;&nbsp;&nbsp;&nbsp; 821707 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457 | &nbsp;&nbsp;&nbsp;&nbsp; 1028423 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp;&nbsp;&nbsp; 962619 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;103589 | &nbsp;&nbsp;&nbsp;&nbsp; 1738223 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 | &nbsp;&nbsp;&nbsp;&nbsp; 709747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15674184 |
| **Italy — 2.6%** | **Italy — 2.6%** | **Italy — 2.6%** |
| &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20611 | &nbsp;&nbsp;&nbsp;&nbsp; 342793 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;104742 | &nbsp;&nbsp;&nbsp;&nbsp; 1202375 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92009 | &nbsp;&nbsp;&nbsp;&nbsp; 816132 |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 | &nbsp;&nbsp;&nbsp;&nbsp; 209233 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;752001 | &nbsp;&nbsp;&nbsp;&nbsp; 6903455 |
| &nbsp;&nbsp;&nbsp;Eni SpA# | &nbsp;&nbsp;&nbsp;&nbsp;197393 | &nbsp;&nbsp;&nbsp;&nbsp; 2907413 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56492 | &nbsp;&nbsp;&nbsp;&nbsp; 1220016 |
| &nbsp;&nbsp;&nbsp;Generali# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79561 | &nbsp;&nbsp;&nbsp;&nbsp; 2895318 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27787 | &nbsp;&nbsp;&nbsp;&nbsp; 325919 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 1390253 | &nbsp;&nbsp;&nbsp;&nbsp; 7750744 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37418 | &nbsp;&nbsp;&nbsp;&nbsp; 2303606 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46227 | &nbsp;&nbsp;&nbsp;&nbsp; 1098059 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21597 | &nbsp;&nbsp;&nbsp;&nbsp; 1350199 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44320 | &nbsp;&nbsp;&nbsp;&nbsp; 266511 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42267 | &nbsp;&nbsp;&nbsp;&nbsp; 917129 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25981 | &nbsp;&nbsp;&nbsp;&nbsp; 1669707 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10635 | &nbsp;&nbsp;&nbsp;&nbsp; 637587 |
| &nbsp;&nbsp;&nbsp;Snam SpA# | &nbsp;&nbsp;&nbsp;&nbsp;186445 | &nbsp;&nbsp;&nbsp;&nbsp; 1114807 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA#† | &nbsp;&nbsp;&nbsp;&nbsp;898204 | &nbsp;&nbsp;&nbsp;&nbsp; 383878 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale# | &nbsp;&nbsp;&nbsp;&nbsp;130089 | &nbsp;&nbsp;&nbsp;&nbsp; 1323182 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;129099 | &nbsp;&nbsp;&nbsp;&nbsp; 8290875 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33168 | &nbsp;&nbsp;&nbsp;&nbsp; 648892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44577830 |
| **Japan — 21.8%** | **Japan — 21.8%** | **Japan — 21.8%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70400 | &nbsp;&nbsp;&nbsp;&nbsp; 3604273 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60500 | &nbsp;&nbsp;&nbsp;&nbsp; 1864676 |
| &nbsp;&nbsp;&nbsp;AGC, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 538616 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47100 | &nbsp;&nbsp;&nbsp;&nbsp; 603254 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83100 | &nbsp;&nbsp;&nbsp;&nbsp; 2085946 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp; 319662 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133600 | &nbsp;&nbsp;&nbsp;&nbsp; 1769635 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp; 818639 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 | &nbsp;&nbsp;&nbsp;&nbsp; 1457150 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167300 | &nbsp;&nbsp;&nbsp;&nbsp; 1661432 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54400 | &nbsp;&nbsp;&nbsp;&nbsp; 1737534 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp; 2267539 |
| &nbsp;&nbsp;&nbsp;Canon, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86300 | &nbsp;&nbsp;&nbsp;&nbsp; 2658060 |
| &nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp; 977171 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71400 | &nbsp;&nbsp;$1568473 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53600 | &nbsp;&nbsp;&nbsp;&nbsp; 489457 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59600 | &nbsp;&nbsp;&nbsp;&nbsp; 732289 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61700 | &nbsp;&nbsp;&nbsp;&nbsp; 3251476 |
| &nbsp;&nbsp;&nbsp;Concordia Financial Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94700 | &nbsp;&nbsp;&nbsp;&nbsp; 610076 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34900 | &nbsp;&nbsp;&nbsp;&nbsp; 516970 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 806421 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp; 2540978 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158300 | &nbsp;&nbsp;&nbsp;&nbsp; 4226614 |
| &nbsp;&nbsp;&nbsp;Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp;&nbsp;&nbsp; 2789235 |
| &nbsp;&nbsp;&nbsp;Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 609444 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51800 | &nbsp;&nbsp;&nbsp;&nbsp; 1753486 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp; 836925 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;173800 | &nbsp;&nbsp;&nbsp;&nbsp; 2369149 |
| &nbsp;&nbsp;&nbsp;Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 390535 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 1941659 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83900 | &nbsp;&nbsp;&nbsp;&nbsp; 1766684 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp; 713693 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252400 | &nbsp;&nbsp;&nbsp;&nbsp; 1202230 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86900 | &nbsp;&nbsp;&nbsp;&nbsp; 2335934 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 5913757 |
| &nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp; 567416 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;102800 | &nbsp;&nbsp;&nbsp;&nbsp; 2346122 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 1078466 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;161700 | &nbsp;&nbsp;&nbsp;&nbsp; 3728556 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp; 569676 |
| &nbsp;&nbsp;&nbsp;Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 464769 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;420800 | &nbsp;&nbsp;&nbsp;&nbsp; 11831939 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;389300 | &nbsp;&nbsp;&nbsp;&nbsp; 3971593 |
| &nbsp;&nbsp;&nbsp;Hoshizaki Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp; 378675 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900 | &nbsp;&nbsp;&nbsp;&nbsp; 3794214 |
| &nbsp;&nbsp;&nbsp;Hulic Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp; 432824 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp; 493143 |
| &nbsp;&nbsp;&nbsp;IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp; 1312050 |
| &nbsp;&nbsp;&nbsp;Inpex Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81500 | &nbsp;&nbsp;&nbsp;&nbsp; 1105301 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp; 669984 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109200 | &nbsp;&nbsp;&nbsp;&nbsp; 5873783 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp; 270169 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91800 | &nbsp;&nbsp;&nbsp;&nbsp; 1020106 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;165600 | &nbsp;&nbsp;&nbsp;&nbsp; 1790130 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;164400 | &nbsp;&nbsp;&nbsp;&nbsp; 1617208 |
| &nbsp;&nbsp;&nbsp;Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 386254 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110200 | &nbsp;&nbsp;&nbsp;&nbsp; 3398781 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp; 585189 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp; 876789 |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85100 | &nbsp;&nbsp;&nbsp;&nbsp; 970493 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42300 | &nbsp;&nbsp;&nbsp;&nbsp; 1941928 |
| &nbsp;&nbsp;&nbsp;Kawasaki Kisen Kaisha, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32400 | &nbsp;&nbsp;&nbsp;&nbsp; 490182 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;281900 | &nbsp;&nbsp;&nbsp;&nbsp; 4895709 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp; 7555829 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63900 | &nbsp;&nbsp;&nbsp;&nbsp; 587288 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71800 | &nbsp;&nbsp;&nbsp;&nbsp; 1033876 |
| &nbsp;&nbsp;&nbsp;Kobe Bussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp; 452170 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp; 2538359 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp; 1270312 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90400 | &nbsp;&nbsp;&nbsp;&nbsp; 1045070 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117800 | &nbsp;&nbsp;&nbsp;&nbsp; 1442056 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp; 353283 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 751082 |
| &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;270100 | &nbsp;&nbsp;&nbsp;&nbsp; 979827 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41300 | &nbsp;&nbsp;&nbsp;&nbsp; 584793 |
| &nbsp;&nbsp;&nbsp;Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp;&nbsp; 676656 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129500 | &nbsp;&nbsp;&nbsp;&nbsp; 2650387 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30900 | &nbsp;&nbsp;$626182 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp;&nbsp; 490827 |
| &nbsp;&nbsp;&nbsp;Minebea Mitsumi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;&nbsp; 470590 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125300 | &nbsp;&nbsp;&nbsp;&nbsp; 671018 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;314100 | &nbsp;&nbsp;&nbsp;&nbsp; 6406640 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175800 | &nbsp;&nbsp;&nbsp;&nbsp; 3547887 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98300 | &nbsp;&nbsp;&nbsp;&nbsp; 1804165 |
| &nbsp;&nbsp;&nbsp;Mitsubishi HC Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81100 | &nbsp;&nbsp;&nbsp;&nbsp; 596576 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp; 6871955 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 1053200 | &nbsp;&nbsp;&nbsp;&nbsp; 14825092 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;227600 | &nbsp;&nbsp;&nbsp;&nbsp; 4790996 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;242800 | &nbsp;&nbsp;&nbsp;&nbsp; 2345405 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp; 1118350 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220100 | &nbsp;&nbsp;&nbsp;&nbsp; 6121409 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp; 482856 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118400 | &nbsp;&nbsp;&nbsp;&nbsp; 2843673 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;153300 | &nbsp;&nbsp;&nbsp;&nbsp; 2271348 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113600 | &nbsp;&nbsp;&nbsp;&nbsp; 2988123 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30200 | &nbsp;&nbsp;&nbsp;&nbsp; 548194 |
| &nbsp;&nbsp;&nbsp;NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76700 | &nbsp;&nbsp;&nbsp;&nbsp; 1497807 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101400 | &nbsp;&nbsp;&nbsp;&nbsp; 8339894 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp; 647505 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90800 | &nbsp;&nbsp;&nbsp;&nbsp; 687492 |
| &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp; 571934 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89400 | &nbsp;&nbsp;&nbsp;&nbsp; 1806701 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | 2745200 | &nbsp;&nbsp;&nbsp;&nbsp; 3060079 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp;&nbsp; 1487214 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;203500 | &nbsp;&nbsp;&nbsp;&nbsp; 521708 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 395797 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 738997 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp; 1213406 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274100 | &nbsp;&nbsp;&nbsp;&nbsp; 1692088 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp; 1333495 |
| &nbsp;&nbsp;&nbsp;NTT Data Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58400 | &nbsp;&nbsp;&nbsp;&nbsp; 1619347 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 909205 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp;&nbsp;&nbsp; 1076130 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104200 | &nbsp;&nbsp;&nbsp;&nbsp; 1343278 |
| &nbsp;&nbsp;&nbsp;Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp; 445043 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200 | &nbsp;&nbsp;&nbsp;&nbsp; 361198 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 410942 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99200 | &nbsp;&nbsp;&nbsp;&nbsp; 2215015 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106700 | &nbsp;&nbsp;&nbsp;&nbsp; 2273479 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp;&nbsp; 857659 |
| &nbsp;&nbsp;&nbsp;Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20100 | &nbsp;&nbsp;&nbsp;&nbsp; 414236 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp; 2084020 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp; 1162561 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;215600 | &nbsp;&nbsp;&nbsp;&nbsp; 2499189 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;139500 | &nbsp;&nbsp;&nbsp;&nbsp; 774208 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129700 | &nbsp;&nbsp;&nbsp;&nbsp; 7831845 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153900 | &nbsp;&nbsp;&nbsp;&nbsp; 1906972 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190100 | &nbsp;&nbsp;&nbsp;&nbsp; 1690350 |
| &nbsp;&nbsp;&nbsp;Ricoh Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;&nbsp;&nbsp; 421401 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 727337 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp; 765585 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 561034 |
| &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 427214 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38800 | &nbsp;&nbsp;&nbsp;&nbsp; 1420469 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34900 | &nbsp;&nbsp;&nbsp;&nbsp; 608770 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55200 | &nbsp;&nbsp;&nbsp;&nbsp; 1259402 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;204700 | &nbsp;&nbsp;&nbsp;&nbsp; 3095502 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp; 285212 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp; 538897 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Shimano, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;$986125 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;165300 | &nbsp;&nbsp;&nbsp;&nbsp; 5331369 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68200 | &nbsp;&nbsp;&nbsp;&nbsp; 1141288 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp; 615310 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 1956844 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | 2630000 | &nbsp;&nbsp;&nbsp;&nbsp; 4046576 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87800 | &nbsp;&nbsp;&nbsp;&nbsp; 4645813 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81800 | &nbsp;&nbsp;&nbsp;&nbsp; 2493878 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp; 14959867 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54800 | &nbsp;&nbsp;&nbsp;&nbsp; 1020252 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100100 | &nbsp;&nbsp;&nbsp;&nbsp; 2575282 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64800 | &nbsp;&nbsp;&nbsp;&nbsp; 1367197 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | &nbsp;&nbsp;&nbsp;&nbsp; 558183 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp; 8716773 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 1635776 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27900 | &nbsp;&nbsp;&nbsp;&nbsp; 1077067 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 391202 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144900 | &nbsp;&nbsp;&nbsp;&nbsp; 1865438 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 760711 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44300 | &nbsp;&nbsp;&nbsp;&nbsp; 1020259 |
| &nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp; 800291 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;146200 | &nbsp;&nbsp;&nbsp;&nbsp; 4383104 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179100 | &nbsp;&nbsp;&nbsp;&nbsp; 1991452 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123200 | &nbsp;&nbsp;&nbsp;&nbsp; 2278295 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp; 653326 |
| &nbsp;&nbsp;&nbsp;Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 550374 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164600 | &nbsp;&nbsp;&nbsp;&nbsp; 6991453 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp; 6585357 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp; 1023580 |
| &nbsp;&nbsp;&nbsp;Tokyo Metro Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 341218 |
| &nbsp;&nbsp;&nbsp;Tokyu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45900 | &nbsp;&nbsp;&nbsp;&nbsp; 558857 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp; 572570 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125800 | &nbsp;&nbsp;&nbsp;&nbsp; 872587 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 1888356 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;870600 | &nbsp;&nbsp;&nbsp;&nbsp; 16753128 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58900 | &nbsp;&nbsp;&nbsp;&nbsp; 1256632 |
| &nbsp;&nbsp;&nbsp;Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp; 872650 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;102700 | &nbsp;&nbsp;&nbsp;&nbsp; 818988 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400 | &nbsp;&nbsp;&nbsp;&nbsp; 897367 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp; 478741 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85700 | &nbsp;&nbsp;&nbsp;&nbsp; 661086 |
| &nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 517940 |
| &nbsp;&nbsp;&nbsp;Zensho Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 494048 |
| &nbsp;&nbsp;&nbsp;ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp; 366287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372085309 |
| **Jersey — 0.5%** | **Jersey — 0.5%** | **Jersey — 0.5%** |
| &nbsp;&nbsp;&nbsp;CVC Capital Partners PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19164 | &nbsp;&nbsp;&nbsp;&nbsp; 356208 |
| &nbsp;&nbsp;&nbsp;Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84352 | &nbsp;&nbsp;&nbsp;&nbsp; 4197154 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;945080 | &nbsp;&nbsp;&nbsp;&nbsp; 3608682 |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99745 | &nbsp;&nbsp;&nbsp;&nbsp; 805542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8967586 |
| **Luxembourg — 0.7%** | **Luxembourg — 0.7%** | **Luxembourg — 0.7%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43368 | &nbsp;&nbsp;&nbsp;&nbsp; 1315752 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10914 | &nbsp;&nbsp;&nbsp;&nbsp; 727924 |
| &nbsp;&nbsp;&nbsp;InPost SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19130 | &nbsp;&nbsp;&nbsp;&nbsp; 314522 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14105 | &nbsp;&nbsp;&nbsp;&nbsp; 9381800 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36603 | &nbsp;&nbsp;&nbsp;&nbsp; 613854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12353852 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;224400 | &nbsp;&nbsp;&nbsp;&nbsp; 441296 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Netherlands — 5.9%** | **Netherlands — 5.9%** | **Netherlands — 5.9%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42363 | &nbsp;&nbsp;$1095261 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322 | &nbsp;&nbsp;&nbsp;&nbsp; 4454656 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16968 | &nbsp;&nbsp;&nbsp;&nbsp; 1963707 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54589 | &nbsp;&nbsp;&nbsp;&nbsp; 10046219 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15395 | &nbsp;&nbsp;&nbsp;&nbsp; 1048116 |
| &nbsp;&nbsp;&nbsp;Argenx SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5582 | &nbsp;&nbsp;&nbsp;&nbsp; 3209605 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333 | &nbsp;&nbsp;&nbsp;&nbsp; 2359587 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36181 | &nbsp;&nbsp;&nbsp;&nbsp; 26863337 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13590 | &nbsp;&nbsp;&nbsp;&nbsp; 871530 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7315 | &nbsp;&nbsp;&nbsp;&nbsp; 884985 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55495 | &nbsp;&nbsp;&nbsp;&nbsp; 361940 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp; 1169399 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737 | &nbsp;&nbsp;&nbsp;&nbsp; 841252 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11654 | &nbsp;&nbsp;&nbsp;&nbsp; 5576190 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43845 | &nbsp;&nbsp;&nbsp;&nbsp; 2232306 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11984 | &nbsp;&nbsp;&nbsp;&nbsp; 933456 |
| &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26628 | &nbsp;&nbsp;&nbsp;&nbsp; 2371010 |
| &nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465 | &nbsp;&nbsp;&nbsp;&nbsp; 741526 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;291005 | &nbsp;&nbsp;&nbsp;&nbsp; 6172277 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15402 | &nbsp;&nbsp;&nbsp;&nbsp; 423564 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83870 | &nbsp;&nbsp;&nbsp;&nbsp; 3540659 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;359567 | &nbsp;&nbsp;&nbsp;&nbsp; 1689423 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76940 | &nbsp;&nbsp;&nbsp;&nbsp; 1769071 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24871 | &nbsp;&nbsp;&nbsp;&nbsp; 1565049 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;120599 | &nbsp;&nbsp;&nbsp;&nbsp; 6189423 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19942 | &nbsp;&nbsp;&nbsp;&nbsp; 900065 |
| &nbsp;&nbsp;&nbsp;Randstad NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9474 | &nbsp;&nbsp;&nbsp;&nbsp; 397588 |
| &nbsp;&nbsp;&nbsp;Stellantis NV# | &nbsp;&nbsp;&nbsp;&nbsp;185238 | &nbsp;&nbsp;&nbsp;&nbsp; 1885595 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62602 | &nbsp;&nbsp;&nbsp;&nbsp; 1571255 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV# | &nbsp;&nbsp;&nbsp;&nbsp;101409 | &nbsp;&nbsp;&nbsp;&nbsp; 3242479 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22053 | &nbsp;&nbsp;&nbsp;&nbsp; 3913765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100284295 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| &nbsp;&nbsp;&nbsp;Contact Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84766 | &nbsp;&nbsp;&nbsp;&nbsp; 463972 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56436 | &nbsp;&nbsp;&nbsp;&nbsp; 1230902 |
| &nbsp;&nbsp;&nbsp;Infratil, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;105323 | &nbsp;&nbsp;&nbsp;&nbsp; 663657 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127784 | &nbsp;&nbsp;&nbsp;&nbsp; 419202 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13363 | &nbsp;&nbsp;&nbsp;&nbsp; 1587435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365168 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29218 | &nbsp;&nbsp;&nbsp;&nbsp; 672672 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82799 | &nbsp;&nbsp;&nbsp;&nbsp; 2216918 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77465 | &nbsp;&nbsp;&nbsp;&nbsp; 1817590 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18492 | &nbsp;&nbsp;&nbsp;&nbsp; 468124 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8133 | &nbsp;&nbsp;&nbsp;&nbsp; 1432601 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41656 | &nbsp;&nbsp;&nbsp;&nbsp; 777831 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;130026 | &nbsp;&nbsp;&nbsp;&nbsp; 712841 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62507 | &nbsp;&nbsp;&nbsp;&nbsp; 707899 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605 | &nbsp;&nbsp;&nbsp;&nbsp; 249846 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55507 | &nbsp;&nbsp;&nbsp;&nbsp; 851578 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14925 | &nbsp;&nbsp;&nbsp;&nbsp; 535156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10443056 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| &nbsp;&nbsp;&nbsp;EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;282872 | &nbsp;&nbsp;&nbsp;&nbsp; 1127367 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37612 | &nbsp;&nbsp;&nbsp;&nbsp; 599813 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26183 | &nbsp;&nbsp;&nbsp;&nbsp; 658806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385986 |
| **Singapore — 1.7%** | **Singapore — 1.7%** | **Singapore — 1.7%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;360900 | &nbsp;&nbsp;&nbsp;&nbsp; 741527 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;539882 | &nbsp;&nbsp;$874862 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;215100 | &nbsp;&nbsp;&nbsp;&nbsp; 420277 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;196300 | &nbsp;&nbsp;&nbsp;&nbsp; 6806386 |
| &nbsp;&nbsp;&nbsp;Genting Singapore, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;660900 | &nbsp;&nbsp;&nbsp;&nbsp; 353573 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;209553 | &nbsp;&nbsp;&nbsp;&nbsp; 1020523 |
| &nbsp;&nbsp;&nbsp;Keppel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;144100 | &nbsp;&nbsp;&nbsp;&nbsp; 758627 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;311100 | &nbsp;&nbsp;&nbsp;&nbsp; 3914831 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33295 | &nbsp;&nbsp;&nbsp;&nbsp; 5339519 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92800 | &nbsp;&nbsp;&nbsp;&nbsp; 476322 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;137700 | &nbsp;&nbsp;&nbsp;&nbsp; 761234 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;143900 | &nbsp;&nbsp;&nbsp;&nbsp; 872493 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;687100 | &nbsp;&nbsp;&nbsp;&nbsp; 2029735 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115300 | &nbsp;&nbsp;&nbsp;&nbsp; 3165554 |
| &nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;190900 | &nbsp;&nbsp;&nbsp;&nbsp; 451440 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;284000 | &nbsp;&nbsp;&nbsp;&nbsp; 466819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28453722 |
| **Spain — 3.1%** | **Spain — 3.1%** | **Spain — 3.1%** |
| &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp; 359713 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16484 | &nbsp;&nbsp;&nbsp;&nbsp; 1082765 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183 | &nbsp;&nbsp;&nbsp;&nbsp; 1932957 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41653 | &nbsp;&nbsp;&nbsp;&nbsp; 3470500 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;532868 | &nbsp;&nbsp;&nbsp;&nbsp; 7992645 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;502998 | &nbsp;&nbsp;&nbsp;&nbsp; 1602017 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | 1392032 | &nbsp;&nbsp;&nbsp;&nbsp; 11113078 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62137 | &nbsp;&nbsp;&nbsp;&nbsp; 800076 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;364863 | &nbsp;&nbsp;&nbsp;&nbsp; 3102157 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45582 | &nbsp;&nbsp;&nbsp;&nbsp; 1745215 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28433 | &nbsp;&nbsp;&nbsp;&nbsp; 285393 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31858 | &nbsp;&nbsp;&nbsp;&nbsp; 972335 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA # | &nbsp;&nbsp;&nbsp;&nbsp;534271 | &nbsp;&nbsp;&nbsp;&nbsp; 9754740 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA# | &nbsp;&nbsp;&nbsp;&nbsp;100857 | &nbsp;&nbsp;&nbsp;&nbsp; 5464804 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;114557 | &nbsp;&nbsp;&nbsp;&nbsp; 504036 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;107012 | &nbsp;&nbsp;&nbsp;&nbsp; 1440463 |
| &nbsp;&nbsp;&nbsp;Telefonica SA# | &nbsp;&nbsp;&nbsp;&nbsp;339707 | &nbsp;&nbsp;&nbsp;&nbsp; 1817514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53440408 |
| **SupraNational — 0.1%** | **SupraNational — 0.1%** | **SupraNational — 0.1%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11209 | &nbsp;&nbsp;&nbsp;&nbsp; 1062217 |
| **Sweden — 3.1%** | **Sweden — 3.1%** | **Sweden — 3.1%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24031 | &nbsp;&nbsp;&nbsp;&nbsp; 825686 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26751 | &nbsp;&nbsp;&nbsp;&nbsp; 1137628 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92672 | &nbsp;&nbsp;&nbsp;&nbsp; 2937641 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;251329 | &nbsp;&nbsp;&nbsp;&nbsp; 4034603 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;144317 | &nbsp;&nbsp;&nbsp;&nbsp; 2055553 |
| &nbsp;&nbsp;&nbsp;Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35588 | &nbsp;&nbsp;&nbsp;&nbsp; 525266 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24655 | &nbsp;&nbsp;&nbsp;&nbsp; 771260 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60932 | &nbsp;&nbsp;&nbsp;&nbsp; 1363303 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36057 | &nbsp;&nbsp;&nbsp;&nbsp; 705197 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34426 | &nbsp;&nbsp;&nbsp;&nbsp; 1007613 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56423 | &nbsp;&nbsp;&nbsp;&nbsp; 1649677 |
| &nbsp;&nbsp;&nbsp;Evolution AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13623 | &nbsp;&nbsp;&nbsp;&nbsp; 935014 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64034 | &nbsp;&nbsp;&nbsp;&nbsp; 448715 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52374 | &nbsp;&nbsp;&nbsp;&nbsp; 750077 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;191962 | &nbsp;&nbsp;&nbsp;&nbsp; 1934247 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526 | &nbsp;&nbsp;&nbsp;&nbsp; 310870 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020 | &nbsp;&nbsp;&nbsp;&nbsp; 399329 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13956 | &nbsp;&nbsp;&nbsp;&nbsp; 504119 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25264 | &nbsp;&nbsp;&nbsp;&nbsp; 684638 |
| &nbsp;&nbsp;&nbsp;Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13690 | &nbsp;&nbsp;&nbsp;&nbsp; 360994 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;159009 | &nbsp;&nbsp;&nbsp;&nbsp; 4680565 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6853 | &nbsp;&nbsp;&nbsp;&nbsp; 349979 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21553 | &nbsp;&nbsp;&nbsp;&nbsp; 877682 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;143552 | &nbsp;&nbsp;$588017 |
| &nbsp;&nbsp;&nbsp;Saab AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29615 | &nbsp;&nbsp;&nbsp;&nbsp; 1496821 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18685 | &nbsp;&nbsp;&nbsp;&nbsp; 408901 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98582 | &nbsp;&nbsp;&nbsp;&nbsp; 2153247 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45472 | &nbsp;&nbsp;&nbsp;&nbsp; 672336 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;145783 | &nbsp;&nbsp;&nbsp;&nbsp; 2432264 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31464 | &nbsp;&nbsp;&nbsp;&nbsp; 747959 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30747 | &nbsp;&nbsp;&nbsp;&nbsp; 676072 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54691 | &nbsp;&nbsp;&nbsp;&nbsp; 739619 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;134859 | &nbsp;&nbsp;&nbsp;&nbsp; 1801271 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77997 | &nbsp;&nbsp;&nbsp;&nbsp; 2111226 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18103 | &nbsp;&nbsp;&nbsp;&nbsp; 553648 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49275 | &nbsp;&nbsp;&nbsp;&nbsp; 737304 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;256837 | &nbsp;&nbsp;&nbsp;&nbsp; 2182871 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;212672 | &nbsp;&nbsp;&nbsp;&nbsp; 821676 |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19698 | &nbsp;&nbsp;&nbsp;&nbsp; 721599 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;145931 | &nbsp;&nbsp;&nbsp;&nbsp; 4047487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52141974 |
| **Switzerland — 9.7%** | **Switzerland — 9.7%** | **Switzerland — 9.7%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;146226 | &nbsp;&nbsp;&nbsp;&nbsp; 8268965 |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46202 | &nbsp;&nbsp;&nbsp;&nbsp; 3968993 |
| &nbsp;&nbsp;&nbsp;Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8128 | &nbsp;&nbsp;&nbsp;&nbsp; 435337 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3811 | &nbsp;&nbsp;&nbsp;&nbsp; 903897 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785 | &nbsp;&nbsp;&nbsp;&nbsp; 322153 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 337195 |
| &nbsp;&nbsp;&nbsp;BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 | &nbsp;&nbsp;&nbsp;&nbsp; 386136 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 1569866 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 1398554 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49387 | &nbsp;&nbsp;&nbsp;&nbsp; 9292317 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20093 | &nbsp;&nbsp;&nbsp;&nbsp; 1045532 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17195 | &nbsp;&nbsp;&nbsp;&nbsp; 1913749 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 492861 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8798 | &nbsp;&nbsp;&nbsp;&nbsp; 1151330 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091 | &nbsp;&nbsp;&nbsp;&nbsp; 2302288 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp; 4268442 |
| &nbsp;&nbsp;&nbsp;Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346 | &nbsp;&nbsp;&nbsp;&nbsp; 791982 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47883 | &nbsp;&nbsp;&nbsp;&nbsp; 5295639 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19047 | &nbsp;&nbsp;&nbsp;&nbsp; 1252520 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp;&nbsp; 1004172 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14063 | &nbsp;&nbsp;&nbsp;&nbsp; 1169467 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6678 | &nbsp;&nbsp;&nbsp;&nbsp; 4618612 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;240695 | &nbsp;&nbsp;&nbsp;&nbsp; 25648787 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;174658 | &nbsp;&nbsp;&nbsp;&nbsp; 19955154 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098 | &nbsp;&nbsp;&nbsp;&nbsp; 2809230 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64543 | &nbsp;&nbsp;&nbsp;&nbsp; 20821588 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959 | &nbsp;&nbsp;&nbsp;&nbsp; 1006707 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38648 | &nbsp;&nbsp;&nbsp;&nbsp; 1959637 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171 | &nbsp;&nbsp;&nbsp;&nbsp; 743891 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765 | &nbsp;&nbsp;&nbsp;&nbsp; 1337650 |
| &nbsp;&nbsp;&nbsp;SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14017 | &nbsp;&nbsp;&nbsp;&nbsp; 1460970 |
| &nbsp;&nbsp;&nbsp;SIG Group AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29279 | &nbsp;&nbsp;&nbsp;&nbsp; 597676 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14096 | &nbsp;&nbsp;&nbsp;&nbsp; 3762930 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686 | &nbsp;&nbsp;&nbsp;&nbsp; 1466724 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 | &nbsp;&nbsp;&nbsp;&nbsp; 1323543 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp; 439050 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp; 2650836 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7148 | &nbsp;&nbsp;&nbsp;&nbsp; 1015311 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27710 | &nbsp;&nbsp;&nbsp;&nbsp; 4890495 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp; 1645653 |
| &nbsp;&nbsp;&nbsp;Temenos AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4884 | &nbsp;&nbsp;&nbsp;&nbsp; 362294 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;302153 | &nbsp;&nbsp;$9615294 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434 | &nbsp;&nbsp;&nbsp;&nbsp; 924802 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13445 | &nbsp;&nbsp;&nbsp;&nbsp; 9429470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166057699 |
| **United Kingdom — 14.1%** | **United Kingdom — 14.1%** | **United Kingdom — 14.1%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89424 | &nbsp;&nbsp;&nbsp;&nbsp; 4906164 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24073 | &nbsp;&nbsp;&nbsp;&nbsp; 1086564 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;116737 | &nbsp;&nbsp;&nbsp;&nbsp; 3468146 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36461 | &nbsp;&nbsp;&nbsp;&nbsp; 869771 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39685 | &nbsp;&nbsp;&nbsp;&nbsp; 2317905 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29563 | &nbsp;&nbsp;&nbsp;&nbsp; 829694 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;142453 | &nbsp;&nbsp;&nbsp;&nbsp; 20575320 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82132 | &nbsp;&nbsp;&nbsp;&nbsp; 878644 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;246020 | &nbsp;&nbsp;&nbsp;&nbsp; 2023986 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;276744 | &nbsp;&nbsp;&nbsp;&nbsp; 7090139 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | 1313852 | &nbsp;&nbsp;&nbsp;&nbsp; 5797463 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;124785 | &nbsp;&nbsp;&nbsp;&nbsp; 774738 |
| &nbsp;&nbsp;&nbsp;BP PLC | 1476329 | &nbsp;&nbsp;&nbsp;&nbsp; 7155899 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;181988 | &nbsp;&nbsp;&nbsp;&nbsp; 8175015 |
| &nbsp;&nbsp;&nbsp;BT Group PLC# | &nbsp;&nbsp;&nbsp;&nbsp;550641 | &nbsp;&nbsp;&nbsp;&nbsp; 1331350 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30578 | &nbsp;&nbsp;&nbsp;&nbsp; 978894 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;469479 | &nbsp;&nbsp;&nbsp;&nbsp; 1001646 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19154 | &nbsp;&nbsp;&nbsp;&nbsp; 1758146 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;156943 | &nbsp;&nbsp;&nbsp;&nbsp; 5508456 |
| &nbsp;&nbsp;&nbsp;Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12265 | &nbsp;&nbsp;&nbsp;&nbsp; 506994 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;205736 | &nbsp;&nbsp;&nbsp;&nbsp; 5591089 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;379401 | &nbsp;&nbsp;&nbsp;&nbsp; 7703568 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;829076 | &nbsp;&nbsp;&nbsp;&nbsp; 4623491 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35102 | &nbsp;&nbsp;&nbsp;&nbsp; 1374383 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15387 | &nbsp;&nbsp;&nbsp;&nbsp; 443658 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 1623597 | &nbsp;&nbsp;&nbsp;&nbsp; 19101707 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71865 | &nbsp;&nbsp;&nbsp;&nbsp; 2720846 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;122993 | &nbsp;&nbsp;&nbsp;&nbsp; 1301522 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13667 | &nbsp;&nbsp;&nbsp;&nbsp; 1564104 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14922 | &nbsp;&nbsp;&nbsp;&nbsp; 962232 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;162199 | &nbsp;&nbsp;&nbsp;&nbsp; 623710 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;234481 | &nbsp;&nbsp;&nbsp;&nbsp; 265758 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;167637 | &nbsp;&nbsp;&nbsp;&nbsp; 627003 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65432 | &nbsp;&nbsp;&nbsp;&nbsp; 558051 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;539479 | &nbsp;&nbsp;&nbsp;&nbsp; 1807717 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 5525627 | &nbsp;&nbsp;&nbsp;&nbsp; 5747501 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44224 | &nbsp;&nbsp;&nbsp;&nbsp; 6718229 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;211136 | &nbsp;&nbsp;&nbsp;&nbsp; 673350 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;189681 | &nbsp;&nbsp;&nbsp;&nbsp; 956841 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;115188 | &nbsp;&nbsp;&nbsp;&nbsp; 726484 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39790 | &nbsp;&nbsp;&nbsp;&nbsp; 646281 |
| &nbsp;&nbsp;&nbsp;National Grid PLC# | &nbsp;&nbsp;&nbsp;&nbsp;452326 | &nbsp;&nbsp;&nbsp;&nbsp; 6377802 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;707468 | &nbsp;&nbsp;&nbsp;&nbsp; 5000522 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10723 | &nbsp;&nbsp;&nbsp;&nbsp; 1858687 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55442 | &nbsp;&nbsp;&nbsp;&nbsp; 870252 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64923 | &nbsp;&nbsp;&nbsp;&nbsp; 554585 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;239708 | &nbsp;&nbsp;&nbsp;&nbsp; 2728454 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62642 | &nbsp;&nbsp;&nbsp;&nbsp; 4247041 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;169709 | &nbsp;&nbsp;&nbsp;&nbsp; 9132573 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;233417 | &nbsp;&nbsp;&nbsp;&nbsp; 1105762 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;104260 | &nbsp;&nbsp;&nbsp;&nbsp; 6183694 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;778844 | &nbsp;&nbsp;&nbsp;&nbsp; 9089686 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92689 | &nbsp;&nbsp;&nbsp;&nbsp; 1522342 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72982 | &nbsp;&nbsp;&nbsp;&nbsp; 349473 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;118830 | &nbsp;&nbsp;&nbsp;&nbsp; 1115936 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24981 | &nbsp;&nbsp;&nbsp;&nbsp; 909779 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;549922 | &nbsp;&nbsp;&nbsp;&nbsp; 18149253 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76803 | &nbsp;&nbsp;$1111898 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31696 | &nbsp;&nbsp;&nbsp;&nbsp; 919878 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6636 | &nbsp;&nbsp;&nbsp;&nbsp; 510979 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;102029 | &nbsp;&nbsp;&nbsp;&nbsp; 2420824 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;186068 | &nbsp;&nbsp;&nbsp;&nbsp; 2903090 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;618130 | &nbsp;&nbsp;&nbsp;&nbsp; 3231408 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;229109 | &nbsp;&nbsp;&nbsp;&nbsp; 14530032 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63047 | &nbsp;&nbsp;&nbsp;&nbsp; 994722 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 1838476 | &nbsp;&nbsp;&nbsp;&nbsp; 1904371 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16312 | &nbsp;&nbsp;&nbsp;&nbsp; 636042 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61601 | &nbsp;&nbsp;&nbsp;&nbsp; 912149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241043693 |
| **Total Long-Term Investment Securities<br> (cost $1,204,244,071)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1691212837 |
| **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** |  |
| **Unaffiliated Investment Companies — 3.1%** | **Unaffiliated Investment Companies — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 4.27%(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3150 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.32%(1)(2) | 53352381 | &nbsp;&nbsp;&nbsp;&nbsp; 53352381 |
| **Total Short-Term Investments<br> (cost $53,355,531)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53355531 |
| **TOTAL INVESTMENTS<br> (cost $1,257,599,602)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.2% | &nbsp;&nbsp;&nbsp;&nbsp;1744568368 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37961697) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1706606671 |

---

# The security or a portion thereof is out on loan (see Note 2). <br> † Non-income producing security

\* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Equities Index Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $21,322,145 representing 1.2% of net assets.

(1) The rate shown is the 7-day yield as of May 31, 2025.

(2) At May 31, 2025, the Fund had loaned securities with a total value of $63,781,440. This was secured by collateral of $53,352,381, which was received in cash and subsequently invested in short-term investments currently valued at $53,352,381 as reported in the Portfolio of Investments. Additional collateral of $13,762,557 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Government National Mtg. Assoc. | 2.30% to 5.50% | 11/16/2050 to 12/16/2057 | $341961 |
| United States Treasury Bills | 0.00% | 06/24/2025 to 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166868 |
| United States Treasury Notes/Bonds | 0.13% to 4.88% | 06/30/2025 to 11/15/2054 | &nbsp;&nbsp;&nbsp;13253728 |

---

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

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASX—Australian Stock Exchange |
| BR—Bearer Shares |
| CDI—CHESS Depositary Interest |
| CVA—Certification Van Aandelen (Dutch Cert.) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Spain** |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Redeia Corporation SA | &nbsp;&nbsp;37521 | &nbsp;&nbsp;2.42% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/19/2026 | &nbsp;&nbsp;$783887 | &nbsp;&nbsp;$(13791) | &nbsp;&nbsp;$(13791) |
| **Singapore** |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;79300 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/10/2028 | &nbsp;&nbsp;&nbsp;850011 | &nbsp;&nbsp;&nbsp; 10292 | &nbsp;&nbsp;&nbsp; 10292 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(3499) | &nbsp;&nbsp;$(3499) |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 12 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SGX Nikkei 225 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1571686 | &nbsp;&nbsp;&nbsp;&nbsp;$1582613 | &nbsp;&nbsp;&nbsp;&nbsp;$10927 |
| 6 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SPI 200 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3336 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$14263 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 51.0 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Euro STOXX 50 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3114007 | &nbsp;&nbsp;&nbsp;&nbsp;$3108499 | &nbsp;&nbsp;&nbsp;&nbsp;$(5508) |
| 13.0 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (796) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(6304) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$7959 |

---

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;14.5% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Holding Companies-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;102.2% |

---

\* Calculated as a percentage of net assets

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;$— | &nbsp;&nbsp;$39892357 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$39892357 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956630 | &nbsp;&nbsp;&nbsp;&nbsp;8717554 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15674184 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;1635646296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1635646296 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53355531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53355531 |
| **Total Investments at Value** | &nbsp;&nbsp;$1695958457 | &nbsp;&nbsp;$48609911 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1744568368 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10292 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10292 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14263 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$14263 | &nbsp;&nbsp;$10292 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$24555 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13791 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$13791 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$6304 | &nbsp;&nbsp;$13791 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20095 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Government Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 4.6%** | **CORPORATE BONDS & NOTES — 4.6%** | **CORPORATE BONDS & NOTES — 4.6%** |
| **Cayman Islands — 0.5%** | **Cayman Islands — 0.5%** | **Cayman Islands — 0.5%** |
| &nbsp;&nbsp;&nbsp;Gaci First Investment Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/14/2035 | $300000 | &nbsp;&nbsp;$289345 |
| **Mexico — 1.1%** | **Mexico — 1.1%** | **Mexico — 1.1%** |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/2032 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 419501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607483 |
| **Morocco — 0.5%** | **Morocco — 0.5%** | **Morocco — 0.5%** |
| &nbsp;&nbsp;&nbsp;OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 03/01/2036\* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 275100 |
| **Peru — 0.5%** | **Peru — 0.5%** | **Peru — 0.5%** |
| &nbsp;&nbsp;&nbsp;Orazul Energy Peru SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/28/2027 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 294450 |
| **Serbia — 0.4%** | **Serbia — 0.4%** | **Serbia — 0.4%** |
| &nbsp;&nbsp;&nbsp;Telecommunications co Telekom Srbija AD Belgrade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/28/2029\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198192 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| &nbsp;&nbsp;&nbsp;LLPL Capital Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/04/2039 | &nbsp;&nbsp; 218160 | &nbsp;&nbsp;&nbsp;&nbsp; 216788 |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 01/24/2030\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253125 |
| **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** |
| &nbsp;&nbsp;&nbsp;DP World, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/25/2048 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 228125 |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| &nbsp;&nbsp;&nbsp;Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/03/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196644 |
| **Total Corporate Bonds & Notes<br> (cost $2,573,107)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2559252 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 28.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 28.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 28.3%** |
| **United States — 28.3%** | **United States — 28.3%** | **United States — 28.3%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 633105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/15/2046 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 236387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2043 to 05/15/2049 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 712632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2047 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 367480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/2041 to 11/15/2043 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 798256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 223291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 373375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 476875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2041 to 02/15/2045 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 736631 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 06/30/2027 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 466387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 847070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 08/31/2028 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 934934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 09/30/2028 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 413209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 337781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2031# | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 435625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 929961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2027 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032# | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 637684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2028 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 486230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/31/2029# | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 889172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 385375 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 |  | $600000 | &nbsp;&nbsp;$586242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/30/2030 to 05/15/2034 |  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1520953 |
| **Total U.S. Government & Agency Obligations<br> (cost $16,856,542)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15703661 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 64.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 64.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 64.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 64.7%** |
| **Angola — 1.0%** | **Angola — 1.0%** | **Angola — 1.0%** | **Angola — 1.0%** |
| &nbsp;&nbsp;&nbsp;Republic of Angola |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/26/2029 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 255844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/14/2032 |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 286929 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542773 |
| **Argentina — 1.0%** | **Argentina — 1.0%** | **Argentina — 1.0%** | **Argentina — 1.0%** |
| &nbsp;&nbsp;&nbsp;Republic of Argentina |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 07/09/2030(1) |  | &nbsp;&nbsp; 193600 | &nbsp;&nbsp;&nbsp;&nbsp; 151589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/09/2035(1) |  | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 389470 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541059 |
| **Australia — 2.5%** | **Australia — 2.5%** | **Australia — 2.5%** | **Australia — 2.5%** |
| &nbsp;&nbsp;&nbsp;Commonwealth of Australia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/21/2032 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 324627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/21/2027 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 413505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/21/2047 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 559000 | &nbsp;&nbsp;&nbsp;&nbsp; 271459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/21/2034 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 375049 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1384640 |
| **Azerbaijan — 0.5%** | **Azerbaijan — 0.5%** | **Azerbaijan — 0.5%** | **Azerbaijan — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Azerbaijan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2032 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 262648 |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Belgium |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 06/22/2040\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 439283 |
| **Benin — 0.5%** | **Benin — 0.5%** | **Benin — 0.5%** | **Benin — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Benin |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 02/13/2038 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 274927 |
| **Bulgaria — 1.2%** | **Bulgaria — 1.2%** | **Bulgaria — 1.2%** | **Bulgaria — 1.2%** |
| &nbsp;&nbsp;&nbsp;Government of Bulgaria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/13/2036 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 253068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/05/2037 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 386320 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639388 |
| **Dominican Republic — 0.9%** | **Dominican Republic — 0.9%** | **Dominican Republic — 0.9%** | **Dominican Republic — 0.9%** |
| &nbsp;&nbsp;&nbsp;Dominican Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2060 |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 287052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/25/2027 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201110 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488162 |
| **Ecuador — 0.6%** | **Ecuador — 0.6%** | **Ecuador — 0.6%** | **Ecuador — 0.6%** |
| &nbsp;&nbsp;&nbsp;Republic of Ecuador |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2040(1) |  | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 192305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/31/2035(1) |  | &nbsp;&nbsp; 225164 | &nbsp;&nbsp;&nbsp;&nbsp; 140164 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332469 |
| **Egypt — 1.1%** | **Egypt — 1.1%** | **Egypt — 1.1%** | **Egypt — 1.1%** |
| &nbsp;&nbsp;&nbsp;Arab Republic of Egypt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/29/2032 |  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 405362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/30/2051 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 233440 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638802 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Finland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 04/15/2052\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 294491 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Government Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **France — 3.6%** | **France — 3.6%** | **France — 3.6%** | **France — 3.6%** |
| &nbsp;&nbsp;&nbsp;Government of France |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 05/25/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;$436233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/25/2034\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 585964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 05/25/2066\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 148196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/25/2054\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 335287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/25/2033\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 471369 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1977049 |
| **Germany — 5.4%** | **Germany — 5.4%** | **Germany — 5.4%** | **Germany — 5.4%** |
| &nbsp;&nbsp;&nbsp;Federal Republic of Germany |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 08/15/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/15/2033 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 453038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/15/2054 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 08/15/2034 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 573570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/04/2037 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 128704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/04/2040 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 364952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/04/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 248912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3001762 |
| **Indonesia — 0.6%** | **Indonesia — 0.6%** | **Indonesia — 0.6%** | **Indonesia — 0.6%** |
| &nbsp;&nbsp;&nbsp;Republic of Indonesia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 07/28/2031 |  | $400000 | &nbsp;&nbsp;&nbsp;&nbsp; 343322 |
| **Italy — 5.4%** | **Italy — 5.4%** | **Italy — 5.4%** | **Italy — 5.4%** |
| &nbsp;&nbsp;&nbsp;Republic of Italy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2028 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 527538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 656622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2047\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 429405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 209536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2030\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 356372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 11/01/2033 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 369262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 171634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2031 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 267353 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2987722 |
| **Ivory Coast — 0.8%** | **Ivory Coast — 0.8%** | **Ivory Coast — 0.8%** | **Ivory Coast — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Ivory Coast |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08%, 04/01/2036\* |  | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 259693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/30/2037 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449153 |
| **Japan — 8.3%** | **Japan — 8.3%** | **Japan — 8.3%** | **Japan — 8.3%** |
| &nbsp;&nbsp;&nbsp;Government of Japan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%, 03/20/2028 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 681414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%, 03/20/2031 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; 459895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%, 06/20/2028 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 340992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 12/20/2041 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 529511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%, 09/20/2029 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp; 547182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 03/20/2061 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;185000000 | &nbsp;&nbsp;&nbsp;&nbsp; 645170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 03/20/2047 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp; 395855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 09/20/2032 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp;&nbsp;&nbsp; 431648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 12/20/2036 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 221301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/20/2039 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 361430 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4614398 |
| **Jordan — 1.2%** | **Jordan — 1.2%** | **Jordan — 1.2%** | **Jordan — 1.2%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Jordan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 07/07/2030 |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 328206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/10/2047 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 344312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672518 |
| **Kazakhstan — 0.6%** | **Kazakhstan — 0.6%** | **Kazakhstan — 0.6%** | **Kazakhstan — 0.6%** |
| &nbsp;&nbsp;&nbsp;Republic of Kazakhstan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/21/2045 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 313131 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mexico — 2.1%** | **Mexico — 2.1%** | **Mexico — 2.1%** | **Mexico — 2.1%** |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66%, 05/24/2031 |  | $200000 | &nbsp;&nbsp;$169680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 05/07/2054 |  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 396099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 02/28/2030 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 305955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/18/2038 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 281003 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1152737 |
| **Morocco — 0.6%** | **Morocco — 0.6%** | **Morocco — 0.6%** | **Morocco — 0.6%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Morocco |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/2032 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 330541 |
| **Nigeria — 0.5%** | **Nigeria — 0.5%** | **Nigeria — 0.5%** | **Nigeria — 0.5%** |
| &nbsp;&nbsp;&nbsp;Federal Republic of Nigeria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/28/2028 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 278925 |
| **Oman — 0.5%** | **Oman — 0.5%** | **Oman — 0.5%** | **Oman — 0.5%** |
| &nbsp;&nbsp;&nbsp;Sultanate of Oman |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/08/2047 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 293529 |
| **Pakistan — 0.5%** | **Pakistan — 0.5%** | **Pakistan — 0.5%** | **Pakistan — 0.5%** |
| &nbsp;&nbsp;&nbsp;Islamic Republic of Pakistan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/08/2031 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 |
| **Panama — 0.3%** | **Panama — 0.3%** | **Panama — 0.3%** | **Panama — 0.3%** |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 02/14/2035 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188060 |
| **Peru — 0.8%** | **Peru — 0.8%** | **Peru — 0.8%** | **Peru — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 11/17/2036 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 272758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84%, 06/20/2030 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180740 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453498 |
| **Poland — 1.5%** | **Poland — 1.5%** | **Poland — 1.5%** | **Poland — 1.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Poland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/25/2026 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 260495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/18/2034 |  | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 376200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/18/2054 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 181252 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817947 |
| **Qatar — 0.3%** | **Qatar — 0.3%** | **Qatar — 0.3%** | **Qatar — 0.3%** |
| &nbsp;&nbsp;&nbsp;State of Qatar |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/23/2048 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 185813 |
| **Romania — 0.3%** | **Romania — 0.3%** | **Romania — 0.3%** | **Romania — 0.3%** |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/25/2034 |  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 139875 |
| **Saudi Arabia — 2.6%** | **Saudi Arabia — 2.6%** | **Saudi Arabia — 2.6%** | **Saudi Arabia — 2.6%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/22/2030 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 279069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/05/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 226415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 02/02/2061 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 179583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/13/2031\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/16/2054\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 186337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/16/2054 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 372750 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1450130 |
| **Serbia — 1.2%** | **Serbia — 1.2%** | **Serbia — 1.2%** | **Serbia — 1.2%** |
| &nbsp;&nbsp;&nbsp;Republic of Serbia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 03/03/2033 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 274261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/12/2034 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 396416 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670677 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Government Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **South Africa — 1.0%** | **South Africa — 1.0%** | **South Africa — 1.0%** | **South Africa — 1.0%** |
| &nbsp;&nbsp;&nbsp;Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 11/19/2036\* |  | $200000 | &nbsp;&nbsp;$193857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 04/20/2052 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 346000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539857 |
| **Spain — 5.7%** | **Spain — 5.7%** | **Spain — 5.7%** | **Spain — 5.7%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Spain |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 10/31/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 397519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/31/2050\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 292640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 10/31/2026\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 738027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/31/2034\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/30/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 542847 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3143168 |
| **Sri Lanka — 0.8%** | **Sri Lanka — 0.8%** | **Sri Lanka — 0.8%** | **Sri Lanka — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Sri Lanka |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/15/2033(1) |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 155250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/15/2036(1) |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/15/2038\*(1) |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 155772 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466022 |
| **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Sweden |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 05/11/2035 | &nbsp;&nbsp;SEK | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 414714 |
| **Trinidad and Tobago — 0.6%** | **Trinidad and Tobago — 0.6%** | **Trinidad and Tobago — 0.6%** | **Trinidad and Tobago — 0.6%** |
| &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/26/2034 |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 334233 |
| **Turkey — 1.1%** | **Turkey — 1.1%** | **Turkey — 1.1%** | **Turkey — 1.1%** |
| &nbsp;&nbsp;&nbsp;Republic of Turkey |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/29/2032 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 393106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 01/19/2033 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 220267 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613373 |
| **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** |
| &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 06/02/2028 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 370078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 09/02/2070 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 104827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/16/2050 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 227378 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702283 |
| **United Kingdom — 5.0%** | **United Kingdom — 5.0%** | **United Kingdom — 5.0%** | **United Kingdom — 5.0%** |
| &nbsp;&nbsp;&nbsp;United Kingdom Gilt Treasury |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/31/2046 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 468000 | &nbsp;&nbsp;&nbsp;&nbsp; 285202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 01/31/2039 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 420946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/2033 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 373314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/07/2027 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 804279 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/31/2034 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;$459195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/31/2054 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 458749 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2801685 |
| **Uruguay — 0.2%** | **Uruguay — 0.2%** | **Uruguay — 0.2%** | **Uruguay — 0.2%** |
| &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/18/2050 |  | $100000 | &nbsp;&nbsp;&nbsp;&nbsp; 89545 |
| **Zambia — 0.6%** | **Zambia — 0.6%** | **Zambia — 0.6%** | **Zambia — 0.6%** |
| &nbsp;&nbsp;&nbsp;Repubic of Zambia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/30/2033(1) |  | &nbsp;&nbsp; 399705 | &nbsp;&nbsp;&nbsp;&nbsp; 358935 |
| **Total Foreign Government Obligations<br> (cost $37,072,687)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;35878244 |
| **TOTAL INVESTMENTS<br> (cost $56,502,336)(2)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.6% | &nbsp;&nbsp;&nbsp;&nbsp;54141157 |
| Other assets less liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;&nbsp;1344943 |
| **NET ASSETS** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$55486100 |

---

\* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Government Bond Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $7,996,607 representing 14.4% of net assets.

# The security or a portion thereof is out on loan. At May 31, 2025, the Fund had loaned securities with a total value of $1,977,129. This was secured by collateral of $2,072,598 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Home Loan Mtg. Corp. | 1.50% to 9.50% | 06/01/2025 to 04/25/2055 | $732741 |
| Federal National Mtg. Assoc. | 1.50% to 9.00% | 06/01/2025 to 03/01/2062 | &nbsp;&nbsp;&nbsp;461557 |
| Government National Mtg. Assoc. | 1.50% to 7.50% | 06/15/2025 to 01/16/2067 | &nbsp;&nbsp;&nbsp;878300 |

---

(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of May 31, 2025.

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

---

| |
|:---|
| AUD—Australian Dollar |
| EUR—Euro Currency |
| GBP—British Pound |
| JPY—Japanese Yen |
| MXN—Mexican Peso |
| PLN—Polish Zloty |
| SEK—Swedish Krona |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Foreign Government Obligations | &nbsp;&nbsp;64.7% |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;28.3 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
|  | &nbsp;&nbsp;97.6% |

---

\* Calculated as a percentage of net assets

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Government Bond Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2559252 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2559252 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15703661 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15703661 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35878244 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35878244 |
| **Total Investments at Value** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$54141157 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$54141157 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** |
| **Brazil — 1.6%** | **Brazil — 1.6%** | **Brazil — 1.6%** |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;503604 | &nbsp;&nbsp;$6048284 |
| **Canada — 8.7%** | **Canada — 8.7%** | **Canada — 8.7%** |
| &nbsp;&nbsp;&nbsp;Brookfield Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;148168 | &nbsp;&nbsp;&nbsp;&nbsp; 8552257 |
| &nbsp;&nbsp;&nbsp;Canada Goose Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;384121 | &nbsp;&nbsp;&nbsp;&nbsp; 4636341 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;161398 | &nbsp;&nbsp;&nbsp;&nbsp; 13182571 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;63559 | &nbsp;&nbsp;&nbsp;&nbsp; 6814796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33185965 |
| **Denmark — 8.3%** | **Denmark — 8.3%** | **Denmark — 8.3%** |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;133204 | &nbsp;&nbsp;&nbsp;&nbsp; 31541381 |
| **France — 21.4%** | **France — 21.4%** | **France — 21.4%** |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;21687 | &nbsp;&nbsp;&nbsp;&nbsp; 6025617 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;12546 | &nbsp;&nbsp;&nbsp;&nbsp; 34587727 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;36907 | &nbsp;&nbsp;&nbsp;&nbsp; 15605816 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;13548 | &nbsp;&nbsp;&nbsp;&nbsp; 7356957 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;71941 | &nbsp;&nbsp;&nbsp;&nbsp; 18081067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;81657184 |
| **Hong Kong — 2.7%** | **Hong Kong — 2.7%** | **Hong Kong — 2.7%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | 1235518 | &nbsp;&nbsp;&nbsp;&nbsp; 10344436 |
| **India — 8.2%** | **India — 8.2%** | **India — 8.2%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;536825 | &nbsp;&nbsp;&nbsp;&nbsp; 12179325 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;404350 | &nbsp;&nbsp;&nbsp;&nbsp; 13844944 |
| &nbsp;&nbsp;&nbsp;Titan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;125639 | &nbsp;&nbsp;&nbsp;&nbsp; 5212018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31236287 |
| **Italy — 5.8%** | **Italy — 5.8%** | **Italy — 5.8%** |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;351878 | &nbsp;&nbsp;&nbsp;&nbsp; 21998668 |
| **Japan — 5.2%** | **Japan — 5.2%** | **Japan — 5.2%** |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp; 14520699 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;118900 | &nbsp;&nbsp;&nbsp;&nbsp; 5240375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19761074 |
| **Luxembourg — 8.1%** | **Luxembourg — 8.1%** | **Luxembourg — 8.1%** |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;46244 | &nbsp;&nbsp;&nbsp;&nbsp; 30758734 |
| **Netherlands — 5.4%** | **Netherlands — 5.4%** | **Netherlands — 5.4%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3693 | &nbsp;&nbsp;&nbsp;&nbsp; 7084860 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;18462 | &nbsp;&nbsp;&nbsp;&nbsp; 13707496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20792356 |
| **Switzerland — 5.9%** | **Switzerland — 5.9%** | **Switzerland — 5.9%** |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 6122479 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;33741 | &nbsp;&nbsp;&nbsp;&nbsp; 6348473 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;78280 | &nbsp;&nbsp;&nbsp;&nbsp; 10039434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22510386 |
| **Taiwan — 4.9%** | **Taiwan — 4.9%** | **Taiwan — 4.9%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;583000 | &nbsp;&nbsp;&nbsp;&nbsp; 18538413 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom — 5.5%** | **United Kingdom — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;86144 | &nbsp;&nbsp;$4632825 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;80002 | &nbsp;&nbsp;&nbsp;&nbsp; 12153395 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | &nbsp;&nbsp;&nbsp;&nbsp;426314 | &nbsp;&nbsp;&nbsp;&nbsp; 4280383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21066603 |
| **United States — 7.3%** | **United States — 7.3%** |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;93800 | &nbsp;&nbsp;&nbsp;&nbsp; 9054514 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255 | &nbsp;&nbsp;&nbsp;&nbsp; 18596669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27651183 |
| **Total Long-Term Investment Securities<br> (cost $247,359,345)** |  | &nbsp;&nbsp;&nbsp;&nbsp;377090954 |
| **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** |  |
| **Unaffiliated Investment Companies — 1.3%** | **Unaffiliated Investment Companies — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(1)(2)<br> (cost $4,801,513) | 4801513 | &nbsp;&nbsp;&nbsp;&nbsp; 4801513 |
| **TOTAL INVESTMENTS<br> (cost $252,160,858)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3% | &nbsp;&nbsp;&nbsp;&nbsp;381892467 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1112335) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$380780132 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Growth Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $7,084,860 representing 1.9% of net assets. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (2) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $5,710,683. This was secured by collateral of $4,801,513, which was received in cash and subsequently invested in short-term investments currently valued at $4,801,513 as reported in the Portfolio of Investments. Additional collateral of $1,099,133 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 07/15/2025 to 05/15/2054 | $1099133 |

---

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

ADR—American Depositary Receipt

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;15.9% |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;13.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;11.8 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;8.9 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
|  | &nbsp;&nbsp;100.3% |

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;$— | &nbsp;&nbsp;$31541381 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$31541381 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18538413 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18538413 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;327011160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;327011160 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801513 |
| **Total Investments at Value** | &nbsp;&nbsp;$331812673 | &nbsp;&nbsp;$50079794 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$381892467 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** |
| **Australia — 3.9%** | **Australia — 3.9%** | **Australia — 3.9%** |
| &nbsp;&nbsp;&nbsp;ALS, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;137713 | &nbsp;&nbsp;$1426530 |
| &nbsp;&nbsp;&nbsp;Brickworks, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8611 | &nbsp;&nbsp;&nbsp;&nbsp; 152698 |
| &nbsp;&nbsp;&nbsp;Challenger, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;205427 | &nbsp;&nbsp;&nbsp;&nbsp; 1007703 |
| &nbsp;&nbsp;&nbsp;Charter Hall Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68621 | &nbsp;&nbsp;&nbsp;&nbsp; 803715 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6983 | &nbsp;&nbsp;&nbsp;&nbsp; 1222087 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54477 | &nbsp;&nbsp;&nbsp;&nbsp; 1412360 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;112383 | &nbsp;&nbsp;&nbsp;&nbsp; 641112 |
| &nbsp;&nbsp;&nbsp;Genesis Minerals, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;296157 | &nbsp;&nbsp;&nbsp;&nbsp; 901061 |
| &nbsp;&nbsp;&nbsp;JB Hi-Fi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168 | &nbsp;&nbsp;&nbsp;&nbsp; 428641 |
| &nbsp;&nbsp;&nbsp;Judo Capital Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;577730 | &nbsp;&nbsp;&nbsp;&nbsp; 530677 |
| &nbsp;&nbsp;&nbsp;Liberty Financial Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;242002 | &nbsp;&nbsp;&nbsp;&nbsp; 485143 |
| &nbsp;&nbsp;&nbsp;Nufarm, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89559 | &nbsp;&nbsp;&nbsp;&nbsp; 137397 |
| &nbsp;&nbsp;&nbsp;Orora, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;323956 | &nbsp;&nbsp;&nbsp;&nbsp; 390497 |
| &nbsp;&nbsp;&nbsp;Reliance Worldwide Corp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88843 | &nbsp;&nbsp;&nbsp;&nbsp; 252553 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48266 | &nbsp;&nbsp;&nbsp;&nbsp; 358724 |
| &nbsp;&nbsp;&nbsp;SiteMinder, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;102814 | &nbsp;&nbsp;&nbsp;&nbsp; 304860 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;541591 | &nbsp;&nbsp;&nbsp;&nbsp; 1906138 |
| &nbsp;&nbsp;&nbsp;Ventia Services Group Pty., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50940 | &nbsp;&nbsp;&nbsp;&nbsp; 155314 |
| &nbsp;&nbsp;&nbsp;Worley, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31573 | &nbsp;&nbsp;&nbsp;&nbsp; 264982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12782192 |
| **Austria — 2.0%** | **Austria — 2.0%** | **Austria — 2.0%** |
| &nbsp;&nbsp;&nbsp;Addiko Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12429 | &nbsp;&nbsp;&nbsp;&nbsp; 274488 |
| &nbsp;&nbsp;&nbsp;ANDRITZ AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30728 | &nbsp;&nbsp;&nbsp;&nbsp; 2123063 |
| &nbsp;&nbsp;&nbsp;BAWAG Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29144 | &nbsp;&nbsp;&nbsp;&nbsp; 3623526 |
| &nbsp;&nbsp;&nbsp;Fabasoft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067 | &nbsp;&nbsp;&nbsp;&nbsp; 79197 |
| &nbsp;&nbsp;&nbsp;Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8944 | &nbsp;&nbsp;&nbsp;&nbsp; 331068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431342 |
| **Belgium — 1.2%** | **Belgium — 1.2%** | **Belgium — 1.2%** |
| &nbsp;&nbsp;&nbsp;Aedifica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939 | &nbsp;&nbsp;&nbsp;&nbsp; 372931 |
| &nbsp;&nbsp;&nbsp;Elia Group SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9759 | &nbsp;&nbsp;&nbsp;&nbsp; 1033844 |
| &nbsp;&nbsp;&nbsp;KBC Ancora | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19653 | &nbsp;&nbsp;&nbsp;&nbsp; 1428160 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39273 | &nbsp;&nbsp;&nbsp;&nbsp; 956956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791891 |
| **Bermuda — 0.2%** | **Bermuda — 0.2%** | **Bermuda — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hiscox, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46849 | &nbsp;&nbsp;&nbsp;&nbsp; 795968 |
| **Brazil — 3.4%** | **Brazil — 3.4%** | **Brazil — 3.4%** |
| &nbsp;&nbsp;&nbsp;Hapvida Participacoes e Investimentos SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;442701 | &nbsp;&nbsp;&nbsp;&nbsp; 221370 |
| &nbsp;&nbsp;&nbsp;Odontoprev SA | &nbsp;&nbsp;&nbsp;&nbsp;657600 | &nbsp;&nbsp;&nbsp;&nbsp; 1264726 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;482800 | &nbsp;&nbsp;&nbsp;&nbsp; 1253533 |
| &nbsp;&nbsp;&nbsp;Rumo SA | &nbsp;&nbsp;&nbsp;&nbsp;613183 | &nbsp;&nbsp;&nbsp;&nbsp; 2017677 |
| &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;289717 | &nbsp;&nbsp;&nbsp;&nbsp; 987251 |
| &nbsp;&nbsp;&nbsp;TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp;487187 | &nbsp;&nbsp;&nbsp;&nbsp; 3595448 |
| &nbsp;&nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;266600 | &nbsp;&nbsp;&nbsp;&nbsp; 1974038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11314043 |
| **Canada — 2.4%** | **Canada — 2.4%** | **Canada — 2.4%** |
| &nbsp;&nbsp;&nbsp;Advantage Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42591 | &nbsp;&nbsp;&nbsp;&nbsp; 346972 |
| &nbsp;&nbsp;&nbsp;Birchcliff Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60418 | &nbsp;&nbsp;&nbsp;&nbsp; 285284 |
| &nbsp;&nbsp;&nbsp;CCL Industries, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32745 | &nbsp;&nbsp;&nbsp;&nbsp; 1909558 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;680041 | &nbsp;&nbsp;&nbsp;&nbsp; 381558 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30808 | &nbsp;&nbsp;&nbsp;&nbsp; 858003 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68587 | &nbsp;&nbsp;&nbsp;&nbsp; 649211 |
| &nbsp;&nbsp;&nbsp;MEG Energy Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11179 | &nbsp;&nbsp;&nbsp;&nbsp; 195664 |
| &nbsp;&nbsp;&nbsp;Montage Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;299528 | &nbsp;&nbsp;&nbsp;&nbsp; 990897 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98989 | &nbsp;&nbsp;&nbsp;&nbsp; 1135342 |
| &nbsp;&nbsp;&nbsp;NuVista Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38994 | &nbsp;&nbsp;&nbsp;&nbsp; 392682 |
| &nbsp;&nbsp;&nbsp;Peyto Exploration & Development Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30121 | &nbsp;&nbsp;&nbsp;&nbsp; 406047 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| &nbsp;&nbsp;&nbsp;Sprott, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;$57131 |
| &nbsp;&nbsp;&nbsp;Topaz Energy Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8461 | &nbsp;&nbsp;&nbsp;&nbsp; 155058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7763407 |
| **China — 0.7%** | **China — 0.7%** | **China — 0.7%** |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98462 | &nbsp;&nbsp;&nbsp;&nbsp; 787335 |
| &nbsp;&nbsp;&nbsp;Kanzhun, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18924 | &nbsp;&nbsp;&nbsp;&nbsp; 320951 |
| &nbsp;&nbsp;&nbsp;Pony AI, Inc. ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8426 | &nbsp;&nbsp;&nbsp;&nbsp; 162285 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;688934 | &nbsp;&nbsp;&nbsp;&nbsp; 492905 |
| &nbsp;&nbsp;&nbsp;Zai Lab, Ltd. ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20529 | &nbsp;&nbsp;&nbsp;&nbsp; 618744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382220 |
| **Denmark — 2.2%** | **Denmark — 2.2%** | **Denmark — 2.2%** |
| &nbsp;&nbsp;&nbsp;ALK-Abello A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24766 | &nbsp;&nbsp;&nbsp;&nbsp; 670358 |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 446181 |
| &nbsp;&nbsp;&nbsp;Chemometec A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27894 | &nbsp;&nbsp;&nbsp;&nbsp; 2252562 |
| &nbsp;&nbsp;&nbsp;Dfds A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47074 | &nbsp;&nbsp;&nbsp;&nbsp; 752354 |
| &nbsp;&nbsp;&nbsp;NTG Nordic Transport Group A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7762 | &nbsp;&nbsp;&nbsp;&nbsp; 243229 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10296 | &nbsp;&nbsp;&nbsp;&nbsp; 1881881 |
| &nbsp;&nbsp;&nbsp;Royal Unibrew A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12236 | &nbsp;&nbsp;&nbsp;&nbsp; 1017178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263743 |
| **Finland — 0.8%** | **Finland — 0.8%** | **Finland — 0.8%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19886 | &nbsp;&nbsp;&nbsp;&nbsp; 1047692 |
| &nbsp;&nbsp;&nbsp;Kemira Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39235 | &nbsp;&nbsp;&nbsp;&nbsp; 862030 |
| &nbsp;&nbsp;&nbsp;Konecranes OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9513 | &nbsp;&nbsp;&nbsp;&nbsp; 743146 |
| &nbsp;&nbsp;&nbsp;Nokian Renkaat Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13487 | &nbsp;&nbsp;&nbsp;&nbsp; 100612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753480 |
| **France — 4.0%** | **France — 4.0%** | **France — 4.0%** |
| &nbsp;&nbsp;&nbsp;Alten SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15540 | &nbsp;&nbsp;&nbsp;&nbsp; 1291606 |
| &nbsp;&nbsp;&nbsp;Ayvens SA\* | &nbsp;&nbsp;&nbsp;&nbsp;101038 | &nbsp;&nbsp;&nbsp;&nbsp; 1027924 |
| &nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8821 | &nbsp;&nbsp;&nbsp;&nbsp; 1639587 |
| &nbsp;&nbsp;&nbsp;Imerys SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp; 122680 |
| &nbsp;&nbsp;&nbsp;Interparfums SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30166 | &nbsp;&nbsp;&nbsp;&nbsp; 1290615 |
| &nbsp;&nbsp;&nbsp;JCDecaux SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75485 | &nbsp;&nbsp;&nbsp;&nbsp; 1295927 |
| &nbsp;&nbsp;&nbsp;Kaufman & Broad SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12670 | &nbsp;&nbsp;&nbsp;&nbsp; 481936 |
| &nbsp;&nbsp;&nbsp;Lectra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23278 | &nbsp;&nbsp;&nbsp;&nbsp; 627736 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8885 | &nbsp;&nbsp;&nbsp;&nbsp; 1078962 |
| &nbsp;&nbsp;&nbsp;Medincell SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22206 | &nbsp;&nbsp;&nbsp;&nbsp; 420818 |
| &nbsp;&nbsp;&nbsp;Neurones | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33984 | &nbsp;&nbsp;&nbsp;&nbsp; 1815525 |
| &nbsp;&nbsp;&nbsp;Thermador Groupe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8731 | &nbsp;&nbsp;&nbsp;&nbsp; 674126 |
| &nbsp;&nbsp;&nbsp;Valeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38351 | &nbsp;&nbsp;&nbsp;&nbsp; 403233 |
| &nbsp;&nbsp;&nbsp;Vetoquinol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593 | &nbsp;&nbsp;&nbsp;&nbsp; 561452 |
| &nbsp;&nbsp;&nbsp;Vicat SACA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp; 184123 |
| &nbsp;&nbsp;&nbsp;Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;&nbsp;&nbsp; 207340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13123590 |
| **Germany — 5.1%** | **Germany — 5.1%** | **Germany — 5.1%** |
| &nbsp;&nbsp;&nbsp;Amadeus Fire AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8345 | &nbsp;&nbsp;&nbsp;&nbsp; 707807 |
| &nbsp;&nbsp;&nbsp;Atoss Software SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp;&nbsp;&nbsp; 757540 |
| &nbsp;&nbsp;&nbsp;Bertrandt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431 | &nbsp;&nbsp;&nbsp;&nbsp; 168076 |
| &nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58468 | &nbsp;&nbsp;&nbsp;&nbsp; 3777449 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16621 | &nbsp;&nbsp;&nbsp;&nbsp; 2013676 |
| &nbsp;&nbsp;&nbsp;Evotec SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20432 | &nbsp;&nbsp;&nbsp;&nbsp; 161283 |
| &nbsp;&nbsp;&nbsp;Fuchs SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37545 | &nbsp;&nbsp;&nbsp;&nbsp; 1894498 |
| &nbsp;&nbsp;&nbsp;Gerresheimer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234 | &nbsp;&nbsp;&nbsp;&nbsp; 304555 |
| &nbsp;&nbsp;&nbsp;Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15811 | &nbsp;&nbsp;&nbsp;&nbsp; 1651639 |
| &nbsp;&nbsp;&nbsp;Hypoport SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 105043 |
| &nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp; 418795 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27091 | &nbsp;&nbsp;&nbsp;&nbsp; 2737683 |
| &nbsp;&nbsp;&nbsp;RENK Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7717 | &nbsp;&nbsp;&nbsp;&nbsp; 686787 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp;STRATEC SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607 | &nbsp;&nbsp;$115495 |
| &nbsp;&nbsp;&nbsp;United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42255 | &nbsp;&nbsp;&nbsp;&nbsp; 1100625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16600951 |
| **Greece — 0.5%** | **Greece — 0.5%** | **Greece — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alpha Services & Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;198859 | &nbsp;&nbsp;&nbsp;&nbsp; 638998 |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45152 | &nbsp;&nbsp;&nbsp;&nbsp; 871041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510039 |
| **Hong Kong — 1.3%** | **Hong Kong — 1.3%** | **Hong Kong — 1.3%** |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;954600 | &nbsp;&nbsp;&nbsp;&nbsp; 1361088 |
| &nbsp;&nbsp;&nbsp;Dah Sing Financial Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;215034 | &nbsp;&nbsp;&nbsp;&nbsp; 804893 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;874000 | &nbsp;&nbsp;&nbsp;&nbsp; 1259543 |
| &nbsp;&nbsp;&nbsp;Stella International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;176033 | &nbsp;&nbsp;&nbsp;&nbsp; 314301 |
| &nbsp;&nbsp;&nbsp;SUNeVision Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;738023 | &nbsp;&nbsp;&nbsp;&nbsp; 632502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4372327 |
| **India — 0.7%** | **India — 0.7%** | **India — 0.7%** |
| &nbsp;&nbsp;&nbsp;AIA Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9457 | &nbsp;&nbsp;&nbsp;&nbsp; 384811 |
| &nbsp;&nbsp;&nbsp;Ashok Leyland, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50673 | &nbsp;&nbsp;&nbsp;&nbsp; 139806 |
| &nbsp;&nbsp;&nbsp;Coforge, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9466 | &nbsp;&nbsp;&nbsp;&nbsp; 945660 |
| &nbsp;&nbsp;&nbsp;Triveni Turbine, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106304 | &nbsp;&nbsp;&nbsp;&nbsp; 720494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190771 |
| **Indonesia — 1.1%** | **Indonesia — 1.1%** | **Indonesia — 1.1%** |
| &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur Tbk PT | 1078200 | &nbsp;&nbsp;&nbsp;&nbsp; 720614 |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 6600200 | &nbsp;&nbsp;&nbsp;&nbsp; 755691 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 11993600 | &nbsp;&nbsp;&nbsp;&nbsp; 2072156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548461 |
| **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;160398 | &nbsp;&nbsp;&nbsp;&nbsp; 1260297 |
| &nbsp;&nbsp;&nbsp;Bank of Cyprus Holdings PLC (ASE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84480 | &nbsp;&nbsp;&nbsp;&nbsp; 583211 |
| &nbsp;&nbsp;&nbsp;Bank of Cyprus Holdings PLC (CSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13952 | &nbsp;&nbsp;&nbsp;&nbsp; 97269 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9418 | &nbsp;&nbsp;&nbsp;&nbsp; 1226977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167754 |
| **Israel — 2.8%** | **Israel — 2.8%** | **Israel — 2.8%** |
| &nbsp;&nbsp;&nbsp;Camtek, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10227 | &nbsp;&nbsp;&nbsp;&nbsp; 680504 |
| &nbsp;&nbsp;&nbsp;First International Bank of Israel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14095 | &nbsp;&nbsp;&nbsp;&nbsp; 887512 |
| &nbsp;&nbsp;&nbsp;Fiverr International, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68485 | &nbsp;&nbsp;&nbsp;&nbsp; 2220284 |
| &nbsp;&nbsp;&nbsp;Melisron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17806 | &nbsp;&nbsp;&nbsp;&nbsp; 1663653 |
| &nbsp;&nbsp;&nbsp;Nova, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464 | &nbsp;&nbsp;&nbsp;&nbsp; 739980 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10940 | &nbsp;&nbsp;&nbsp;&nbsp; 263912 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51358 | &nbsp;&nbsp;&nbsp;&nbsp; 1473974 |
| &nbsp;&nbsp;&nbsp;SimilarWeb, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61828 | &nbsp;&nbsp;&nbsp;&nbsp; 458764 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18602 | &nbsp;&nbsp;&nbsp;&nbsp; 733663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122246 |
| **Italy — 3.3%** | **Italy — 3.3%** | **Italy — 3.3%** |
| &nbsp;&nbsp;&nbsp;Banca Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405 | &nbsp;&nbsp;&nbsp;&nbsp; 548362 |
| &nbsp;&nbsp;&nbsp;BFF Bank SpA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95813 | &nbsp;&nbsp;&nbsp;&nbsp; 987821 |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194 | &nbsp;&nbsp;&nbsp;&nbsp; 516447 |
| &nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6814 | &nbsp;&nbsp;&nbsp;&nbsp; 349865 |
| &nbsp;&nbsp;&nbsp;De' Longhi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23774 | &nbsp;&nbsp;&nbsp;&nbsp; 777973 |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23899 | &nbsp;&nbsp;&nbsp;&nbsp; 2479156 |
| &nbsp;&nbsp;&nbsp;Eurogroup Laminations SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42505 | &nbsp;&nbsp;&nbsp;&nbsp; 133976 |
| &nbsp;&nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33686 | &nbsp;&nbsp;&nbsp;&nbsp; 1313463 |
| &nbsp;&nbsp;&nbsp;Italgas SpA# | &nbsp;&nbsp;&nbsp;&nbsp;174041 | &nbsp;&nbsp;&nbsp;&nbsp; 1428755 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35565 | &nbsp;&nbsp;&nbsp;&nbsp; 2132185 |
| &nbsp;&nbsp;&nbsp;Saipem SpA# | &nbsp;&nbsp;&nbsp;&nbsp;121749 | &nbsp;&nbsp;&nbsp;&nbsp; 301778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10969781 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan — 28.0%** | **Japan — 28.0%** | **Japan — 28.0%** |
| &nbsp;&nbsp;&nbsp;ABC-Mart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60744 | &nbsp;&nbsp;$1186217 |
| &nbsp;&nbsp;&nbsp;Adastria Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45968 | &nbsp;&nbsp;&nbsp;&nbsp; 893836 |
| &nbsp;&nbsp;&nbsp;ADEKA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8554 | &nbsp;&nbsp;&nbsp;&nbsp; 158691 |
| &nbsp;&nbsp;&nbsp;Air Water, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22360 | &nbsp;&nbsp;&nbsp;&nbsp; 313735 |
| &nbsp;&nbsp;&nbsp;Amada Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31044 | &nbsp;&nbsp;&nbsp;&nbsp; 319620 |
| &nbsp;&nbsp;&nbsp;As One Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp; 739662 |
| &nbsp;&nbsp;&nbsp;ASKUL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82420 | &nbsp;&nbsp;&nbsp;&nbsp; 888953 |
| &nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp; 2870670 |
| &nbsp;&nbsp;&nbsp;BayCurrent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7567 | &nbsp;&nbsp;&nbsp;&nbsp; 404026 |
| &nbsp;&nbsp;&nbsp;Canon Marketing Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400 | &nbsp;&nbsp;&nbsp;&nbsp; 1356383 |
| &nbsp;&nbsp;&nbsp;COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12662 | &nbsp;&nbsp;&nbsp;&nbsp; 292142 |
| &nbsp;&nbsp;&nbsp;Daicel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17264 | &nbsp;&nbsp;&nbsp;&nbsp; 148051 |
| &nbsp;&nbsp;&nbsp;Denka Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp; 70229 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp; 1873130 |
| &nbsp;&nbsp;&nbsp;DMG Mori Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11778 | &nbsp;&nbsp;&nbsp;&nbsp; 253084 |
| &nbsp;&nbsp;&nbsp;Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36296 | &nbsp;&nbsp;&nbsp;&nbsp; 586835 |
| &nbsp;&nbsp;&nbsp;eGuarantee, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95018 | &nbsp;&nbsp;&nbsp;&nbsp; 1049923 |
| &nbsp;&nbsp;&nbsp;en Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46150 | &nbsp;&nbsp;&nbsp;&nbsp; 553563 |
| &nbsp;&nbsp;&nbsp;EXEO Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23738 | &nbsp;&nbsp;&nbsp;&nbsp; 303623 |
| &nbsp;&nbsp;&nbsp;FP Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21814 | &nbsp;&nbsp;&nbsp;&nbsp; 445846 |
| &nbsp;&nbsp;&nbsp;Fujimi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65600 | &nbsp;&nbsp;&nbsp;&nbsp; 860716 |
| &nbsp;&nbsp;&nbsp;Fujitec Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004 | &nbsp;&nbsp;&nbsp;&nbsp; 160277 |
| &nbsp;&nbsp;&nbsp;Fukui Computer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;&nbsp;&nbsp; 710066 |
| &nbsp;&nbsp;&nbsp;Funai Soken Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp; 789608 |
| &nbsp;&nbsp;&nbsp;GMO Payment Gateway, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10562 | &nbsp;&nbsp;&nbsp;&nbsp; 649890 |
| &nbsp;&nbsp;&nbsp;Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47370 | &nbsp;&nbsp;&nbsp;&nbsp; 373146 |
| &nbsp;&nbsp;&nbsp;Heiwa Real Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19136 | &nbsp;&nbsp;&nbsp;&nbsp; 593117 |
| &nbsp;&nbsp;&nbsp;Hirose Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417 | &nbsp;&nbsp;&nbsp;&nbsp; 993814 |
| &nbsp;&nbsp;&nbsp;Ibiden Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23322 | &nbsp;&nbsp;&nbsp;&nbsp; 958034 |
| &nbsp;&nbsp;&nbsp;IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9594 | &nbsp;&nbsp;&nbsp;&nbsp; 932431 |
| &nbsp;&nbsp;&nbsp;Inaba Denki Sangyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8814 | &nbsp;&nbsp;&nbsp;&nbsp; 237845 |
| &nbsp;&nbsp;&nbsp;INFRONEER Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13156 | &nbsp;&nbsp;&nbsp;&nbsp; 107748 |
| &nbsp;&nbsp;&nbsp;Japan Airport Terminal Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16172 | &nbsp;&nbsp;&nbsp;&nbsp; 502822 |
| &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64900 | &nbsp;&nbsp;&nbsp;&nbsp; 1628194 |
| &nbsp;&nbsp;&nbsp;Japan Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 799270 |
| &nbsp;&nbsp;&nbsp;Japan Steel Works, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5018 | &nbsp;&nbsp;&nbsp;&nbsp; 239192 |
| &nbsp;&nbsp;&nbsp;JCU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27900 | &nbsp;&nbsp;&nbsp;&nbsp; 622391 |
| &nbsp;&nbsp;&nbsp;JGC Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20514 | &nbsp;&nbsp;&nbsp;&nbsp; 173427 |
| &nbsp;&nbsp;&nbsp;Kandenko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616 | &nbsp;&nbsp;&nbsp;&nbsp; 116324 |
| &nbsp;&nbsp;&nbsp;Kansai Paint Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16848 | &nbsp;&nbsp;&nbsp;&nbsp; 240669 |
| &nbsp;&nbsp;&nbsp;Katitas Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97800 | &nbsp;&nbsp;&nbsp;&nbsp; 1500015 |
| &nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11076 | &nbsp;&nbsp;&nbsp;&nbsp; 781659 |
| &nbsp;&nbsp;&nbsp;Kinden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9334 | &nbsp;&nbsp;&nbsp;&nbsp; 254018 |
| &nbsp;&nbsp;&nbsp;Koito Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25337 | &nbsp;&nbsp;&nbsp;&nbsp; 321786 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 860534 |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6344 | &nbsp;&nbsp;&nbsp;&nbsp; 238382 |
| &nbsp;&nbsp;&nbsp;Kyudenko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6032 | &nbsp;&nbsp;&nbsp;&nbsp; 222760 |
| &nbsp;&nbsp;&nbsp;Kyushu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220090 | &nbsp;&nbsp;&nbsp;&nbsp; 1897367 |
| &nbsp;&nbsp;&nbsp;Lintec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7228 | &nbsp;&nbsp;&nbsp;&nbsp; 144063 |
| &nbsp;&nbsp;&nbsp;Lixil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24128 | &nbsp;&nbsp;&nbsp;&nbsp; 272476 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59747 | &nbsp;&nbsp;&nbsp;&nbsp; 845995 |
| &nbsp;&nbsp;&nbsp;Marui Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80730 | &nbsp;&nbsp;&nbsp;&nbsp; 1657014 |
| &nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498835 | &nbsp;&nbsp;&nbsp;&nbsp; 2467568 |
| &nbsp;&nbsp;&nbsp;Medikit Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp; 239758 |
| &nbsp;&nbsp;&nbsp;MEITEC Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79100 | &nbsp;&nbsp;&nbsp;&nbsp; 1771154 |
| &nbsp;&nbsp;&nbsp;MIRAIT ONE corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12012 | &nbsp;&nbsp;&nbsp;&nbsp; 213118 |
| &nbsp;&nbsp;&nbsp;MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198981 | &nbsp;&nbsp;&nbsp;&nbsp; 2647410 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13078 | &nbsp;&nbsp;&nbsp;&nbsp; 202084 |
| &nbsp;&nbsp;&nbsp;Mitsui Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9828 | &nbsp;&nbsp;&nbsp;&nbsp; 224365 |
| &nbsp;&nbsp;&nbsp;Miura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8580 | &nbsp;&nbsp;&nbsp;&nbsp; 181385 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100 | &nbsp;&nbsp;&nbsp;&nbsp; 1266202 |
| &nbsp;&nbsp;&nbsp;Nabtesco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12168 | &nbsp;&nbsp;&nbsp;&nbsp; 201976 |
| &nbsp;&nbsp;&nbsp;NGK Insulators, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17732 | &nbsp;&nbsp;&nbsp;&nbsp; 222181 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Nichias Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978 | &nbsp;&nbsp;$138309 |
| &nbsp;&nbsp;&nbsp;Nifco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21237 | &nbsp;&nbsp;&nbsp;&nbsp; 511683 |
| &nbsp;&nbsp;&nbsp;Nippon Shokubai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12896 | &nbsp;&nbsp;&nbsp;&nbsp; 148860 |
| &nbsp;&nbsp;&nbsp;Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11102 | &nbsp;&nbsp;&nbsp;&nbsp; 335463 |
| &nbsp;&nbsp;&nbsp;NOF Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;131756 | &nbsp;&nbsp;&nbsp;&nbsp; 2344038 |
| &nbsp;&nbsp;&nbsp;NSD Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45800 | &nbsp;&nbsp;&nbsp;&nbsp; 1133741 |
| &nbsp;&nbsp;&nbsp;NSK, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26286 | &nbsp;&nbsp;&nbsp;&nbsp; 118720 |
| &nbsp;&nbsp;&nbsp;Nxera Pharma Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69472 | &nbsp;&nbsp;&nbsp;&nbsp; 438379 |
| &nbsp;&nbsp;&nbsp;OBIC Business Consultants Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34962 | &nbsp;&nbsp;&nbsp;&nbsp; 1995503 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64100 | &nbsp;&nbsp;&nbsp;&nbsp; 2346257 |
| &nbsp;&nbsp;&nbsp;PALTAC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27794 | &nbsp;&nbsp;&nbsp;&nbsp; 808932 |
| &nbsp;&nbsp;&nbsp;Penta-Ocean Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23504 | &nbsp;&nbsp;&nbsp;&nbsp; 142842 |
| &nbsp;&nbsp;&nbsp;Persol Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;337596 | &nbsp;&nbsp;&nbsp;&nbsp; 633220 |
| &nbsp;&nbsp;&nbsp;Rakuten Bank, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42786 | &nbsp;&nbsp;&nbsp;&nbsp; 2244633 |
| &nbsp;&nbsp;&nbsp;Resonac Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12090 | &nbsp;&nbsp;&nbsp;&nbsp; 267266 |
| &nbsp;&nbsp;&nbsp;Resorttrust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114530 | &nbsp;&nbsp;&nbsp;&nbsp; 1300944 |
| &nbsp;&nbsp;&nbsp;Sansan, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29644 | &nbsp;&nbsp;&nbsp;&nbsp; 415319 |
| &nbsp;&nbsp;&nbsp;Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14430 | &nbsp;&nbsp;&nbsp;&nbsp; 500104 |
| &nbsp;&nbsp;&nbsp;SCSK Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78700 | &nbsp;&nbsp;&nbsp;&nbsp; 2401555 |
| &nbsp;&nbsp;&nbsp;Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88400 | &nbsp;&nbsp;&nbsp;&nbsp; 1677447 |
| &nbsp;&nbsp;&nbsp;Seria Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111700 | &nbsp;&nbsp;&nbsp;&nbsp; 2052433 |
| &nbsp;&nbsp;&nbsp;Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27953 | &nbsp;&nbsp;&nbsp;&nbsp; 1943568 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 1343417 |
| &nbsp;&nbsp;&nbsp;Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41262 | &nbsp;&nbsp;&nbsp;&nbsp; 455504 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Polymer Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13052 | &nbsp;&nbsp;&nbsp;&nbsp; 152747 |
| &nbsp;&nbsp;&nbsp;SHO-BOND Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58470 | &nbsp;&nbsp;&nbsp;&nbsp; 1990243 |
| &nbsp;&nbsp;&nbsp;SMS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133700 | &nbsp;&nbsp;&nbsp;&nbsp; 1344015 |
| &nbsp;&nbsp;&nbsp;Socionext, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78760 | &nbsp;&nbsp;&nbsp;&nbsp; 1172957 |
| &nbsp;&nbsp;&nbsp;Sohgo Security Services Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;202204 | &nbsp;&nbsp;&nbsp;&nbsp; 1409435 |
| &nbsp;&nbsp;&nbsp;Sojitz Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19620 | &nbsp;&nbsp;&nbsp;&nbsp; 486495 |
| &nbsp;&nbsp;&nbsp;Sumitomo Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96590 | &nbsp;&nbsp;&nbsp;&nbsp; 232791 |
| &nbsp;&nbsp;&nbsp;Sumitomo Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12844 | &nbsp;&nbsp;&nbsp;&nbsp; 270903 |
| &nbsp;&nbsp;&nbsp;Sumitomo Rubber Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23192 | &nbsp;&nbsp;&nbsp;&nbsp; 290192 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91400 | &nbsp;&nbsp;&nbsp;&nbsp; 1545088 |
| &nbsp;&nbsp;&nbsp;Taiheiyo Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916 | &nbsp;&nbsp;&nbsp;&nbsp; 178265 |
| &nbsp;&nbsp;&nbsp;Takasago Thermal Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;&nbsp;&nbsp; 98529 |
| &nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126851 | &nbsp;&nbsp;&nbsp;&nbsp; 3476843 |
| &nbsp;&nbsp;&nbsp;Teijin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12064 | &nbsp;&nbsp;&nbsp;&nbsp; 97211 |
| &nbsp;&nbsp;&nbsp;THK Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13858 | &nbsp;&nbsp;&nbsp;&nbsp; 381084 |
| &nbsp;&nbsp;&nbsp;TKC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44600 | &nbsp;&nbsp;&nbsp;&nbsp; 1317280 |
| &nbsp;&nbsp;&nbsp;Tokyo Seimitsu Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19360 | &nbsp;&nbsp;&nbsp;&nbsp; 1082395 |
| &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;214951 | &nbsp;&nbsp;&nbsp;&nbsp; 1577458 |
| &nbsp;&nbsp;&nbsp;Tosoh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17264 | &nbsp;&nbsp;&nbsp;&nbsp; 256569 |
| &nbsp;&nbsp;&nbsp;TOTO, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968 | &nbsp;&nbsp;&nbsp;&nbsp; 179315 |
| &nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 1666145 |
| &nbsp;&nbsp;&nbsp;UBE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9048 | &nbsp;&nbsp;&nbsp;&nbsp; 142296 |
| &nbsp;&nbsp;&nbsp;USS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;154200 | &nbsp;&nbsp;&nbsp;&nbsp; 1677077 |
| &nbsp;&nbsp;&nbsp;Visional, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6619 | &nbsp;&nbsp;&nbsp;&nbsp; 416657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;92170597 |
| **Jersey — 0.8%** | **Jersey — 0.8%** | **Jersey — 0.8%** |
| &nbsp;&nbsp;&nbsp;MAC Copper, Ltd. CDI† | &nbsp;&nbsp;&nbsp;&nbsp;201959 | &nbsp;&nbsp;&nbsp;&nbsp; 2490396 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| &nbsp;&nbsp;&nbsp;Subsea 7 SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22913 | &nbsp;&nbsp;&nbsp;&nbsp; 390137 |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| &nbsp;&nbsp;&nbsp;Gruma SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92820 | &nbsp;&nbsp;&nbsp;&nbsp; 1746477 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13737 | &nbsp;&nbsp;&nbsp;&nbsp; 440857 |
| &nbsp;&nbsp;&nbsp;Grupo Traxion SAB de CV\*#† | &nbsp;&nbsp;&nbsp;&nbsp;164481 | &nbsp;&nbsp;&nbsp;&nbsp; 167737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355071 |
| **Netherlands — 1.7%** | **Netherlands — 1.7%** | **Netherlands — 1.7%** |
| &nbsp;&nbsp;&nbsp;Aalberts NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41305 | &nbsp;&nbsp;&nbsp;&nbsp; 1441699 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| &nbsp;&nbsp;&nbsp;Arcadis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11566 | &nbsp;&nbsp;$597271 |
| &nbsp;&nbsp;&nbsp;Corbion NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6902 | &nbsp;&nbsp;&nbsp;&nbsp; 149136 |
| &nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9602 | &nbsp;&nbsp;&nbsp;&nbsp; 1302860 |
| &nbsp;&nbsp;&nbsp;Immatics NV#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54033 | &nbsp;&nbsp;&nbsp;&nbsp; 291237 |
| &nbsp;&nbsp;&nbsp;Merus NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16515 | &nbsp;&nbsp;&nbsp;&nbsp; 925996 |
| &nbsp;&nbsp;&nbsp;SBM Offshore NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 45229 |
| &nbsp;&nbsp;&nbsp;Technip Energies NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22684 | &nbsp;&nbsp;&nbsp;&nbsp; 858723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5612151 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| &nbsp;&nbsp;&nbsp;Fletcher Building, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85859 | &nbsp;&nbsp;&nbsp;&nbsp; 161098 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| &nbsp;&nbsp;&nbsp;DOF Group ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26689 | &nbsp;&nbsp;&nbsp;&nbsp; 232575 |
| &nbsp;&nbsp;&nbsp;Europris ASA\* | &nbsp;&nbsp;&nbsp;&nbsp;128369 | &nbsp;&nbsp;&nbsp;&nbsp; 1001055 |
| &nbsp;&nbsp;&nbsp;Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59391 | &nbsp;&nbsp;&nbsp;&nbsp; 777924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011554 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| &nbsp;&nbsp;&nbsp;Alior Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12986 | &nbsp;&nbsp;&nbsp;&nbsp; 360640 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| &nbsp;&nbsp;&nbsp;Moscow Exchange MICEX-RTS PJSC(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;205642 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| &nbsp;&nbsp;&nbsp;BOC Aviation, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51030 | &nbsp;&nbsp;&nbsp;&nbsp; 412934 |
| &nbsp;&nbsp;&nbsp;ComfortDelGro Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;198224 | &nbsp;&nbsp;&nbsp;&nbsp; 218242 |
| &nbsp;&nbsp;&nbsp;Keppel DC REIT | &nbsp;&nbsp;&nbsp;&nbsp;510297 | &nbsp;&nbsp;&nbsp;&nbsp; 866486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497662 |
| **Slovenia — 0.3%** | **Slovenia — 0.3%** | **Slovenia — 0.3%** |
| &nbsp;&nbsp;&nbsp;Nova Ljubljanska Banka dd GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30044 | &nbsp;&nbsp;&nbsp;&nbsp; 962000 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hudaco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43144 | &nbsp;&nbsp;&nbsp;&nbsp; 473870 |
| **South Korea — 1.1%** | **South Korea — 1.1%** | **South Korea — 1.1%** |
| &nbsp;&nbsp;&nbsp;Coway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31006 | &nbsp;&nbsp;&nbsp;&nbsp; 1997850 |
| &nbsp;&nbsp;&nbsp;NICE Information Service Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53478 | &nbsp;&nbsp;&nbsp;&nbsp; 563579 |
| &nbsp;&nbsp;&nbsp;Park Systems Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6035 | &nbsp;&nbsp;&nbsp;&nbsp; 1067290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628719 |
| **Spain — 1.0%** | **Spain — 1.0%** | **Spain — 1.0%** |
| &nbsp;&nbsp;&nbsp;Almirall SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61389 | &nbsp;&nbsp;&nbsp;&nbsp; 777898 |
| &nbsp;&nbsp;&nbsp;Fluidra SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38610 | &nbsp;&nbsp;&nbsp;&nbsp; 946938 |
| &nbsp;&nbsp;&nbsp;Linea Directa Aseguradora SA Cia de Seguros y Reaseguros# | &nbsp;&nbsp;&nbsp;&nbsp;276375 | &nbsp;&nbsp;&nbsp;&nbsp; 429292 |
| &nbsp;&nbsp;&nbsp;Logista Integral SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16880 | &nbsp;&nbsp;&nbsp;&nbsp; 545093 |
| &nbsp;&nbsp;&nbsp;Melia Hotels International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46561 | &nbsp;&nbsp;&nbsp;&nbsp; 357121 |
| &nbsp;&nbsp;&nbsp;Unicaja Banco SA\* | &nbsp;&nbsp;&nbsp;&nbsp;153815 | &nbsp;&nbsp;&nbsp;&nbsp; 338296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394638 |
| **Sweden — 3.9%** | **Sweden — 3.9%** | **Sweden — 3.9%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39184 | &nbsp;&nbsp;&nbsp;&nbsp; 1346331 |
| &nbsp;&nbsp;&nbsp;Billerud Aktiebolag | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66964 | &nbsp;&nbsp;&nbsp;&nbsp; 729225 |
| &nbsp;&nbsp;&nbsp;Cibus Nordic Real Estate AB publ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73527 | &nbsp;&nbsp;&nbsp;&nbsp; 1380891 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60808 | &nbsp;&nbsp;&nbsp;&nbsp; 1360528 |
| &nbsp;&nbsp;&nbsp;Haypp Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40811 | &nbsp;&nbsp;&nbsp;&nbsp; 468263 |
| &nbsp;&nbsp;&nbsp;Hexpol AB | &nbsp;&nbsp;&nbsp;&nbsp;127848 | &nbsp;&nbsp;&nbsp;&nbsp; 1188204 |
| &nbsp;&nbsp;&nbsp;Karnov Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;123240 | &nbsp;&nbsp;&nbsp;&nbsp; 1208368 |
| &nbsp;&nbsp;&nbsp;Loomis AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28683 | &nbsp;&nbsp;&nbsp;&nbsp; 1109987 |
| &nbsp;&nbsp;&nbsp;MIPS AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22375 | &nbsp;&nbsp;&nbsp;&nbsp; 961101 |
| &nbsp;&nbsp;&nbsp;Mycronic AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47975 | &nbsp;&nbsp;&nbsp;&nbsp; 1893589 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65664 | &nbsp;&nbsp;&nbsp;&nbsp; 877054 |
| &nbsp;&nbsp;&nbsp;Thule Group AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15984 | &nbsp;&nbsp;&nbsp;&nbsp; 421485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12945026 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland — 4.7%** | **Switzerland — 4.7%** | **Switzerland — 4.7%** |
| &nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;$1553269 |
| &nbsp;&nbsp;&nbsp;BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515 | &nbsp;&nbsp;&nbsp;&nbsp; 948534 |
| &nbsp;&nbsp;&nbsp;Bossard Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023 | &nbsp;&nbsp;&nbsp;&nbsp; 701571 |
| &nbsp;&nbsp;&nbsp;Cembra Money Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;&nbsp;&nbsp; 912234 |
| &nbsp;&nbsp;&nbsp;Kardex Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;&nbsp;&nbsp; 657447 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598 | &nbsp;&nbsp;&nbsp;&nbsp; 3478731 |
| &nbsp;&nbsp;&nbsp;PSP Swiss Property AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386 | &nbsp;&nbsp;&nbsp;&nbsp; 1122788 |
| &nbsp;&nbsp;&nbsp;Siegfried Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11118 | &nbsp;&nbsp;&nbsp;&nbsp; 1304980 |
| &nbsp;&nbsp;&nbsp;Tecan Group AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536 | &nbsp;&nbsp;&nbsp;&nbsp; 1896772 |
| &nbsp;&nbsp;&nbsp;VZ Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12846 | &nbsp;&nbsp;&nbsp;&nbsp; 2725287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15301613 |
| **Taiwan — 2.1%** | **Taiwan — 2.1%** | **Taiwan — 2.1%** |
| &nbsp;&nbsp;&nbsp;Advantech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp; 1683647 |
| &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12930 | &nbsp;&nbsp;&nbsp;&nbsp; 1675490 |
| &nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93589 | &nbsp;&nbsp;&nbsp;&nbsp; 1035556 |
| &nbsp;&nbsp;&nbsp;Gudeng Precision Industrial Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39572 | &nbsp;&nbsp;&nbsp;&nbsp; 455247 |
| &nbsp;&nbsp;&nbsp;Minth Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;109883 | &nbsp;&nbsp;&nbsp;&nbsp; 297792 |
| &nbsp;&nbsp;&nbsp;Nien Made Enterprise Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp; 1635611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783343 |
| **United Kingdom — 15.7%** | **United Kingdom — 15.7%** | **United Kingdom — 15.7%** |
| &nbsp;&nbsp;&nbsp;Allfunds Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;110699 | &nbsp;&nbsp;&nbsp;&nbsp; 694455 |
| &nbsp;&nbsp;&nbsp;Autolus Therapeutics PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;239920 | &nbsp;&nbsp;&nbsp;&nbsp; 419860 |
| &nbsp;&nbsp;&nbsp;Beazley PLC | &nbsp;&nbsp;&nbsp;&nbsp;105697 | &nbsp;&nbsp;&nbsp;&nbsp; 1343646 |
| &nbsp;&nbsp;&nbsp;Bellway PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39591 | &nbsp;&nbsp;&nbsp;&nbsp; 1446660 |
| &nbsp;&nbsp;&nbsp;BP Marsh & Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17494 | &nbsp;&nbsp;&nbsp;&nbsp; 155566 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47939 | &nbsp;&nbsp;&nbsp;&nbsp; 1534672 |
| &nbsp;&nbsp;&nbsp;Clarkson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14443 | &nbsp;&nbsp;&nbsp;&nbsp; 648010 |
| &nbsp;&nbsp;&nbsp;Currys PLC† | 1269882 | &nbsp;&nbsp;&nbsp;&nbsp; 2082256 |
| &nbsp;&nbsp;&nbsp;Deliveroo PLC\*† | &nbsp;&nbsp;&nbsp;&nbsp;241026 | &nbsp;&nbsp;&nbsp;&nbsp; 569930 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30929 | &nbsp;&nbsp;&nbsp;&nbsp; 1952758 |
| &nbsp;&nbsp;&nbsp;easyJet PLC | &nbsp;&nbsp;&nbsp;&nbsp;126733 | &nbsp;&nbsp;&nbsp;&nbsp; 983882 |
| &nbsp;&nbsp;&nbsp;Elementis PLC | &nbsp;&nbsp;&nbsp;&nbsp;316524 | &nbsp;&nbsp;&nbsp;&nbsp; 608997 |
| &nbsp;&nbsp;&nbsp;Genus PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23616 | &nbsp;&nbsp;&nbsp;&nbsp; 641153 |
| &nbsp;&nbsp;&nbsp;Greggs PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47761 | &nbsp;&nbsp;&nbsp;&nbsp; 1328200 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53633 | &nbsp;&nbsp;&nbsp;&nbsp; 2099945 |
| &nbsp;&nbsp;&nbsp;Hammerson PLC# | &nbsp;&nbsp;&nbsp;&nbsp;588366 | &nbsp;&nbsp;&nbsp;&nbsp; 2243439 |
| &nbsp;&nbsp;&nbsp;Hill & Smith PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54903 | &nbsp;&nbsp;&nbsp;&nbsp; 1369990 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;171757 | &nbsp;&nbsp;&nbsp;&nbsp; 1991341 |
| &nbsp;&nbsp;&nbsp;IMI PLC | &nbsp;&nbsp;&nbsp;&nbsp;164156 | &nbsp;&nbsp;&nbsp;&nbsp; 4396969 |
| &nbsp;&nbsp;&nbsp;Immunocore Holdings PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp; 534360 |
| &nbsp;&nbsp;&nbsp;Inchcape PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80156 | &nbsp;&nbsp;&nbsp;&nbsp; 734927 |
| &nbsp;&nbsp;&nbsp;Intermediate Capital Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10352 | &nbsp;&nbsp;&nbsp;&nbsp; 279792 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19359 | &nbsp;&nbsp;&nbsp;&nbsp; 1248348 |
| &nbsp;&nbsp;&nbsp;JET2 PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38236 | &nbsp;&nbsp;&nbsp;&nbsp; 958221 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65164 | &nbsp;&nbsp;&nbsp;&nbsp; 328718 |
| &nbsp;&nbsp;&nbsp;Pennon Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93640 | &nbsp;&nbsp;&nbsp;&nbsp; 642184 |
| &nbsp;&nbsp;&nbsp;Rathbones Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57743 | &nbsp;&nbsp;&nbsp;&nbsp; 1282144 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | &nbsp;&nbsp;&nbsp;&nbsp;148737 | &nbsp;&nbsp;&nbsp;&nbsp; 1493386 |
| &nbsp;&nbsp;&nbsp;Rotork PLC | &nbsp;&nbsp;&nbsp;&nbsp;744202 | &nbsp;&nbsp;&nbsp;&nbsp; 3154494 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56783 | &nbsp;&nbsp;&nbsp;&nbsp; 1647951 |
| &nbsp;&nbsp;&nbsp;Softcat PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79628 | &nbsp;&nbsp;&nbsp;&nbsp; 1921505 |
| &nbsp;&nbsp;&nbsp;Spectris PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39137 | &nbsp;&nbsp;&nbsp;&nbsp; 1056733 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26739 | &nbsp;&nbsp;&nbsp;&nbsp; 2058930 |
| &nbsp;&nbsp;&nbsp;Synthomer PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75703 | &nbsp;&nbsp;&nbsp;&nbsp; 106690 |
| &nbsp;&nbsp;&nbsp;Tate & Lyle PLC | &nbsp;&nbsp;&nbsp;&nbsp;143337 | &nbsp;&nbsp;&nbsp;&nbsp; 1067981 |
| &nbsp;&nbsp;&nbsp;Trainline PLC\*† | &nbsp;&nbsp;&nbsp;&nbsp;391589 | &nbsp;&nbsp;&nbsp;&nbsp; 1427705 |
| &nbsp;&nbsp;&nbsp;Verona Pharma PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17940 | &nbsp;&nbsp;&nbsp;&nbsp; 1456728 |
| &nbsp;&nbsp;&nbsp;Weir Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88837 | &nbsp;&nbsp;&nbsp;&nbsp; 2903788 |
| &nbsp;&nbsp;&nbsp;WH Smith PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60756 | &nbsp;&nbsp;&nbsp;&nbsp; 856251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;51672565 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States — 0.4%** | **United States — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11565 | &nbsp;&nbsp;$1248789 |
| **Total Common Stocks<br> (cost $280,573,387)** |  | &nbsp;&nbsp;&nbsp;&nbsp;323344075 |
| **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |  |
| **Germany — 0.1%** | **Germany — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jungheinrich AG (Preference Shares)<br> (cost $287,505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7384 | &nbsp;&nbsp;&nbsp;&nbsp; 296799 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |  |
| **Spain — 0.0%** | **Spain — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Almirall SA#†<br> Expires 06/06/2025, Strike Price EUR 1.84<br> (cost $13,554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65965 | &nbsp;&nbsp;&nbsp;&nbsp; 15205 |
| **Total Long-Term Investment Securities<br> (cost $280,874,446)** |  | &nbsp;&nbsp;&nbsp;&nbsp;323656079 |
| **SHORT-TERM INVESTMENTS — 3.2%** | **SHORT-TERM INVESTMENTS — 3.2%** |  |
| **Unaffiliated Investment Companies — 3.2%** | **Unaffiliated Investment Companies — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(3)(4)<br> (cost $10,558,352) | 10558352 | &nbsp;&nbsp;&nbsp;&nbsp; 10558352 |
| **TOTAL INVESTMENTS<br> (cost $291,432,798)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.7% | &nbsp;&nbsp;&nbsp;&nbsp;334214431 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5623580) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$328590851 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Opportunities Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $10,199,783 representing 3.1% of net assets. |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from
registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation
of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under
the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly
traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the
security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Moscow Exchange MICEX-RTS PJSC |  |  |  |  |  |  |
|  | 03/26/2020 | &nbsp;&nbsp;27771 | $33435 |  |  |  |
|  | 03/27/2020 | 156529 | 182610 |  |  |  |
|  | 10/19/2020 | &nbsp;&nbsp;21342 | &nbsp;&nbsp;40021 |  |  |  |
|  |  | 205642 | 256066 | $0 | $0.00 | 0.0% |

---

(3) The rate shown is the 7-day yield as of May 31, 2025.

(4) At May 31, 2025, the Fund had loaned securities with a total value of $23,739,607. This was secured by collateral of $10,558,352, which was received in cash and
subsequently invested in short-term investments currently valued at $10,558,352 as reported in the Portfolio of Investments. Additional collateral of $14,450,191 was received in the form of fixed income pooled
securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Government National Mtg. Assoc. | 2.30% to 5.50% | 11/16/2050 to 12/16/2057 | $204229 |
| United States Treasury Bills | 0.00% | 06/24/2025 to 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34210 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 06/30/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;14211752 |

---

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

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASE—Athens Stock Exchange |
| CDI—CHESS Depositary Interest |
| CSE—Cyprus Stock Exchange |
| CVA—Certification Van Aandelen (Dutch Cert.) |
| EUR—Euro Currency |
| GDR—Global Depositary Receipt |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;6.2% |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Housewares | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;101.7% |

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;$446181 | &nbsp;&nbsp;$6817562 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7263743 |
| &nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3548461 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548461 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307169 | &nbsp;&nbsp;&nbsp;&nbsp;2815077 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122246 |
| &nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297792 | &nbsp;&nbsp;&nbsp;&nbsp;6485551 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783343 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;296626282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;296626282 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296799 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15205 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;10558352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10558352 |
| **Total Investments at Value** | &nbsp;&nbsp;$314547780 | &nbsp;&nbsp;$19666651 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$334214431 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** |
| **Australia — 6.3%** | **Australia — 6.3%** | **Australia — 6.3%** |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;132754 | &nbsp;&nbsp;$2485046 |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;117773 | &nbsp;&nbsp;&nbsp;&nbsp; 629347 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852 | &nbsp;&nbsp;&nbsp;&nbsp; 406838 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;97951 | &nbsp;&nbsp;&nbsp;&nbsp; 1436417 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79984 | &nbsp;&nbsp;&nbsp;&nbsp; 1195623 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720 | &nbsp;&nbsp;&nbsp;&nbsp; 651033 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;36326 | &nbsp;&nbsp;&nbsp;&nbsp; 4119999 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28543 | &nbsp;&nbsp;&nbsp;&nbsp; 740000 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19280 | &nbsp;&nbsp;&nbsp;&nbsp; 3069563 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;84505 | &nbsp;&nbsp;&nbsp;&nbsp; 482134 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;62615 | &nbsp;&nbsp;&nbsp;&nbsp; 1328705 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17110 | &nbsp;&nbsp;&nbsp;&nbsp; 2362544 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106276 | &nbsp;&nbsp;&nbsp;&nbsp; 1437245 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42666 | &nbsp;&nbsp;&nbsp;&nbsp; 297577 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 83089 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;57944 | &nbsp;&nbsp;&nbsp;&nbsp; 865042 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;272778 | &nbsp;&nbsp;&nbsp;&nbsp; 645306 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;233777 | &nbsp;&nbsp;&nbsp;&nbsp; 470255 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50356 | &nbsp;&nbsp;&nbsp;&nbsp; 865694 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;556397 | &nbsp;&nbsp;&nbsp;&nbsp; 1093893 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;134404 | &nbsp;&nbsp;&nbsp;&nbsp; 473037 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58934 | &nbsp;&nbsp;&nbsp;&nbsp; 783710 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;207053 | &nbsp;&nbsp;&nbsp;&nbsp; 1892553 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;260754 | &nbsp;&nbsp;&nbsp;&nbsp; 413482 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56204 | &nbsp;&nbsp;&nbsp;&nbsp; 1337940 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp; 133091 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151589 | &nbsp;&nbsp;&nbsp;&nbsp; 3181576 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;145926 | &nbsp;&nbsp;&nbsp;&nbsp; 2092921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34973660 |
| **Austria — 0.7%** | **Austria — 0.7%** | **Austria — 0.7%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;15130 | &nbsp;&nbsp;&nbsp;&nbsp; 1217158 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;42150 | &nbsp;&nbsp;&nbsp;&nbsp; 2254169 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp; 198434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669761 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp; 261318 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp; 536512 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp; 95149 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;12784 | &nbsp;&nbsp;&nbsp;&nbsp; 1044397 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;15833 | &nbsp;&nbsp;&nbsp;&nbsp; 1563331 |
| &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 122090 |
| &nbsp;&nbsp;&nbsp;Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684 | &nbsp;&nbsp;&nbsp;&nbsp; 435638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058435 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60528 | &nbsp;&nbsp;&nbsp;&nbsp; 433389 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 80904 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21300 | &nbsp;&nbsp;&nbsp;&nbsp; 110121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624414 |
| **Denmark — 1.4%** | **Denmark — 1.4%** | **Denmark — 1.4%** |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 1088385 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp; 277246 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;&nbsp; 159738 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123 | &nbsp;&nbsp;&nbsp;&nbsp; 1923445 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp; 665740 |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;12875 | &nbsp;&nbsp;&nbsp;&nbsp; 906714 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\*† | &nbsp;&nbsp;&nbsp;&nbsp;13854 | &nbsp;&nbsp;&nbsp;&nbsp; 567444 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824 | &nbsp;&nbsp;&nbsp;&nbsp; 1064498 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9823 | &nbsp;&nbsp;$467499 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;32544 | &nbsp;&nbsp;&nbsp;&nbsp; 515124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7635833 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp; 157791 |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp; 235079 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 516825 |
| &nbsp;&nbsp;&nbsp;Metso Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9703 | &nbsp;&nbsp;&nbsp;&nbsp; 117114 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;31325 | &nbsp;&nbsp;&nbsp;&nbsp; 336118 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;226054 | &nbsp;&nbsp;&nbsp;&nbsp; 1174536 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;82442 | &nbsp;&nbsp;&nbsp;&nbsp; 1194916 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;12380 | &nbsp;&nbsp;&nbsp;&nbsp; 839898 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;79532 | &nbsp;&nbsp;&nbsp;&nbsp; 848502 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;25250 | &nbsp;&nbsp;&nbsp;&nbsp; 699264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6120043 |
| **France — 9.3%** | **France — 9.3%** | **France — 9.3%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001 | &nbsp;&nbsp;&nbsp;&nbsp; 424711 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 | &nbsp;&nbsp;&nbsp;&nbsp; 325721 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;31362 | &nbsp;&nbsp;&nbsp;&nbsp; 6495261 |
| &nbsp;&nbsp;&nbsp;Alstom SA† | &nbsp;&nbsp;&nbsp;&nbsp;24771 | &nbsp;&nbsp;&nbsp;&nbsp; 559853 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 | &nbsp;&nbsp;&nbsp;&nbsp; 284314 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;134301 | &nbsp;&nbsp;&nbsp;&nbsp; 6329946 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 211873 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8771 | &nbsp;&nbsp;&nbsp;&nbsp; 299568 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp;&nbsp;&nbsp; 1376302 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp; 190647 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;105769 | &nbsp;&nbsp;&nbsp;&nbsp; 1934137 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;34390 | &nbsp;&nbsp;&nbsp;&nbsp; 1288588 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;16570 | &nbsp;&nbsp;&nbsp;&nbsp; 517396 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp;&nbsp; 1619098 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;15390 | &nbsp;&nbsp;&nbsp;&nbsp; 4276029 |
| &nbsp;&nbsp;&nbsp;Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4429 | &nbsp;&nbsp;&nbsp;&nbsp; 309529 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp; 269341 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;36038 | &nbsp;&nbsp;&nbsp;&nbsp; 689491 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp; 4863124 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8054 | &nbsp;&nbsp;&nbsp;&nbsp; 948328 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | &nbsp;&nbsp;&nbsp;&nbsp; 762276 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;16114 | &nbsp;&nbsp;&nbsp;&nbsp; 630502 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364 | &nbsp;&nbsp;&nbsp;&nbsp; 1015694 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;57489 | &nbsp;&nbsp;&nbsp;&nbsp; 857399 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;14226 | &nbsp;&nbsp;&nbsp;&nbsp; 1548741 |
| &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;16485 | &nbsp;&nbsp;&nbsp;&nbsp; 462894 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp; 338786 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;21817 | &nbsp;&nbsp;&nbsp;&nbsp; 5483308 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;39743 | &nbsp;&nbsp;&nbsp;&nbsp; 2159288 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7791 | &nbsp;&nbsp;&nbsp;&nbsp; 538297 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp; 229498 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;31030 | &nbsp;&nbsp;&nbsp;&nbsp; 4434075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;51674015 |
| **Germany — 9.7%** | **Germany — 9.7%** | **Germany — 9.7%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 | &nbsp;&nbsp;&nbsp;&nbsp; 1660379 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9674 | &nbsp;&nbsp;&nbsp;&nbsp; 3830241 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;34943 | &nbsp;&nbsp;&nbsp;&nbsp; 3098698 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7797 | &nbsp;&nbsp;&nbsp;&nbsp; 645834 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;16279 | &nbsp;&nbsp;&nbsp;&nbsp; 2230094 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761 | &nbsp;&nbsp;&nbsp;&nbsp; 254688 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;58461 | &nbsp;&nbsp;&nbsp;&nbsp; 1778308 |
| &nbsp;&nbsp;&nbsp;Covestro AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 | &nbsp;&nbsp;&nbsp;&nbsp; 141374 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;25966 | &nbsp;&nbsp;&nbsp;&nbsp; 1126549 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9618 | &nbsp;&nbsp;&nbsp;&nbsp; 3096035 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;35493 | &nbsp;&nbsp;&nbsp;&nbsp; 1586632 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;45727 | &nbsp;&nbsp;$801137 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;26479 | &nbsp;&nbsp;&nbsp;&nbsp; 573050 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;13396 | &nbsp;&nbsp;&nbsp;&nbsp; 656789 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6949 | &nbsp;&nbsp;&nbsp;&nbsp; 464735 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp; 1177507 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp; 323180 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;17854 | &nbsp;&nbsp;&nbsp;&nbsp; 1428794 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;60409 | &nbsp;&nbsp;&nbsp;&nbsp; 2350970 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp; 178261 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;12377 | &nbsp;&nbsp;&nbsp;&nbsp; 1623175 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6234 | &nbsp;&nbsp;&nbsp;&nbsp; 4044596 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp; 322585 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812 | &nbsp;&nbsp;&nbsp;&nbsp; 293868 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;35369 | &nbsp;&nbsp;&nbsp;&nbsp; 10678474 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp; 264975 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;27204 | &nbsp;&nbsp;&nbsp;&nbsp; 6542245 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;21543 | &nbsp;&nbsp;&nbsp;&nbsp; 1139393 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp; 708995 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;25103 | &nbsp;&nbsp;&nbsp;&nbsp; 821747 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;12172 | &nbsp;&nbsp;&nbsp;&nbsp; 434661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;54277969 |
| **Hong Kong — 2.3%** | **Hong Kong — 2.3%** | **Hong Kong — 2.3%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;394200 | &nbsp;&nbsp;&nbsp;&nbsp; 3300459 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;197500 | &nbsp;&nbsp;&nbsp;&nbsp; 833716 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;161500 | &nbsp;&nbsp;&nbsp;&nbsp; 669389 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp; 182047 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp; 481708 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 438331 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp; 292548 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp; 556146 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp; 1716239 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;72400 | &nbsp;&nbsp;&nbsp;&nbsp; 384571 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;81500 | &nbsp;&nbsp;&nbsp;&nbsp; 284794 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68500 | &nbsp;&nbsp;&nbsp;&nbsp; 433743 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp; 150151 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79500 | &nbsp;&nbsp;&nbsp;&nbsp; 854201 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;59500 | &nbsp;&nbsp;&nbsp;&nbsp; 507273 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp; 543384 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | 1018500 | &nbsp;&nbsp;&nbsp;&nbsp; 940422 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp; 63818 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 213121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12846061 |
| **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;62359 | &nbsp;&nbsp;&nbsp;&nbsp; 489974 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;69241 | &nbsp;&nbsp;&nbsp;&nbsp; 949726 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7880 | &nbsp;&nbsp;&nbsp;&nbsp; 492209 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC CDI† | &nbsp;&nbsp;&nbsp;&nbsp;19847 | &nbsp;&nbsp;&nbsp;&nbsp; 453397 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;15369 | &nbsp;&nbsp;&nbsp;&nbsp; 1678761 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9540 | &nbsp;&nbsp;&nbsp;&nbsp; 253149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317216 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;71791 | &nbsp;&nbsp;&nbsp;&nbsp; 1202674 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;80179 | &nbsp;&nbsp;&nbsp;&nbsp; 1294754 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 | &nbsp;&nbsp;&nbsp;&nbsp; 453411 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp; 237706 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46403 | &nbsp;&nbsp;&nbsp;&nbsp; 306169 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;62143 | &nbsp;&nbsp;&nbsp;&nbsp; 529620 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8963 | &nbsp;&nbsp;&nbsp;&nbsp; 513059 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 353120 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;$267700 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp; 221340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5379553 |
| **Italy — 3.6%** | **Italy — 3.6%** | **Italy — 3.6%** |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;47313 | &nbsp;&nbsp;&nbsp;&nbsp; 543125 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;29456 | &nbsp;&nbsp;&nbsp;&nbsp; 261279 |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 139627 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;22561 | &nbsp;&nbsp;&nbsp;&nbsp; 487233 |
| &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;93544 | &nbsp;&nbsp;&nbsp;&nbsp; 3404176 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;51764 | &nbsp;&nbsp;&nbsp;&nbsp; 607150 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;470250 | &nbsp;&nbsp;&nbsp;&nbsp; 2621672 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;74254 | &nbsp;&nbsp;&nbsp;&nbsp; 1763801 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;20870 | &nbsp;&nbsp;&nbsp;&nbsp; 1304748 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;12294 | &nbsp;&nbsp;&nbsp;&nbsp; 73928 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;69768 | &nbsp;&nbsp;&nbsp;&nbsp; 1513858 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447 | &nbsp;&nbsp;&nbsp;&nbsp; 285793 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;18231 | &nbsp;&nbsp;&nbsp;&nbsp; 1092981 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;300151 | &nbsp;&nbsp;&nbsp;&nbsp; 1794687 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA† | &nbsp;&nbsp;&nbsp;&nbsp;498492 | &nbsp;&nbsp;&nbsp;&nbsp; 213047 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;119137 | &nbsp;&nbsp;&nbsp;&nbsp; 1211785 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;47167 | &nbsp;&nbsp;&nbsp;&nbsp; 3029115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20348005 |
| **Japan — 21.5%** | **Japan — 21.5%** | **Japan — 21.5%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126335 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40400 | &nbsp;&nbsp;&nbsp;&nbsp; 1245172 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 230543 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43500 | &nbsp;&nbsp;&nbsp;&nbsp; 1091921 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp; 192591 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp; 160905 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 338872 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105500 | &nbsp;&nbsp;&nbsp;&nbsp; 1047705 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 389667 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52300 | &nbsp;&nbsp;&nbsp;&nbsp; 1610852 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp; 1050042 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp; 113233 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 63891 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 1491358 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176300 | &nbsp;&nbsp;&nbsp;&nbsp; 1382637 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;66900 | &nbsp;&nbsp;&nbsp;&nbsp; 1786232 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97900 | &nbsp;&nbsp;&nbsp;&nbsp; 1334521 |
| &nbsp;&nbsp;&nbsp;Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 34714 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 593919 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp; 755947 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 788515 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;378000 | &nbsp;&nbsp;&nbsp;&nbsp; 1800488 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 975770 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 2284860 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072643 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 401507 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45700 | &nbsp;&nbsp;&nbsp;&nbsp; 1053772 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;154600 | &nbsp;&nbsp;&nbsp;&nbsp; 4347000 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp; 1474867 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;185400 | &nbsp;&nbsp;&nbsp;&nbsp; 1135759 |
| &nbsp;&nbsp;&nbsp;IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 359599 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95900 | &nbsp;&nbsp;&nbsp;&nbsp; 1300593 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63500 | &nbsp;&nbsp;&nbsp;&nbsp; 864716 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp; 2113916 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 115786 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 112424 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp; 115093 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132200 | &nbsp;&nbsp;&nbsp;&nbsp; 1572399 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;$869359 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp; 1234938 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141300 | &nbsp;&nbsp;&nbsp;&nbsp; 2453933 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 2870371 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 1229230 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp; 482073 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;&nbsp; 473749 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp; 402350 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 223295 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 168500 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85200 | &nbsp;&nbsp;&nbsp;&nbsp; 1743730 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp; 571510 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93200 | &nbsp;&nbsp;&nbsp;&nbsp; 499113 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168600 | &nbsp;&nbsp;&nbsp;&nbsp; 3438903 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp; 639750 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58700 | &nbsp;&nbsp;&nbsp;&nbsp; 1077360 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;310500 | &nbsp;&nbsp;&nbsp;&nbsp; 4370671 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;123600 | &nbsp;&nbsp;&nbsp;&nbsp; 1193954 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 381094 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102800 | &nbsp;&nbsp;&nbsp;&nbsp; 2859068 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61100 | &nbsp;&nbsp;&nbsp;&nbsp; 1467470 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68700 | &nbsp;&nbsp;&nbsp;&nbsp; 1017884 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 165715 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 235978 |
| &nbsp;&nbsp;&nbsp;NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 326120 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp; 2919785 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp; 141587 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 637377 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp; 291528 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 119837 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 104664 |
| &nbsp;&nbsp;&nbsp;NTT Data Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp; 535161 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp; 389443 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp; 502631 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 937809 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59100 | &nbsp;&nbsp;&nbsp;&nbsp; 1259256 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp; 753004 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp; 1215678 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp; 711369 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp; 240310 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp; 2518026 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp; 527856 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102600 | &nbsp;&nbsp;&nbsp;&nbsp; 912309 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 74938 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 439320 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp; 745521 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 70326 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 343000 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76100 | &nbsp;&nbsp;&nbsp;&nbsp; 2454429 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59500 | &nbsp;&nbsp;&nbsp;&nbsp; 995698 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22900 | &nbsp;&nbsp;&nbsp;&nbsp; 370805 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 602106 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | 1092100 | &nbsp;&nbsp;&nbsp;&nbsp; 1680329 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33400 | &nbsp;&nbsp;&nbsp;&nbsp; 1767314 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 237803 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;&nbsp;&nbsp; 5282289 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58700 | &nbsp;&nbsp;&nbsp;&nbsp; 1092861 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59800 | &nbsp;&nbsp;&nbsp;&nbsp; 1538480 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;57100 | &nbsp;&nbsp;&nbsp;&nbsp; 1204737 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;65300 | &nbsp;&nbsp;&nbsp;&nbsp; 1506173 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154600 | &nbsp;&nbsp;&nbsp;&nbsp; 3975260 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 111778 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;$177581 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 606363 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107800 | &nbsp;&nbsp;&nbsp;&nbsp; 1387814 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 147071 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp; 339136 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48200 | &nbsp;&nbsp;&nbsp;&nbsp; 891346 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67300 | &nbsp;&nbsp;&nbsp;&nbsp; 2858595 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 2253727 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp; 723913 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 16053 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65700 | &nbsp;&nbsp;&nbsp;&nbsp; 455715 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 969356 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp; 252794 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp; 499026 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 925675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;120041844 |
| **Jersey — 0.2%** | **Jersey — 0.2%** | **Jersey — 0.2%** |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;125993 | &nbsp;&nbsp;&nbsp;&nbsp; 1017521 |
| **Luxembourg — 0.7%** | **Luxembourg — 0.7%** | **Luxembourg — 0.7%** |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp; 246109 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425 | &nbsp;&nbsp;&nbsp;&nbsp; 2943245 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;60135 | &nbsp;&nbsp;&nbsp;&nbsp; 1008500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197854 |
| **Netherlands — 6.6%** | **Netherlands — 6.6%** | **Netherlands — 6.6%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\* | &nbsp;&nbsp;&nbsp;&nbsp;31505 | &nbsp;&nbsp;&nbsp;&nbsp; 814537 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 1433087 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 | &nbsp;&nbsp;&nbsp;&nbsp; 364202 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;11652 | &nbsp;&nbsp;&nbsp;&nbsp; 793287 |
| &nbsp;&nbsp;&nbsp;Argenx SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp; 1231633 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 518423 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;12356 | &nbsp;&nbsp;&nbsp;&nbsp; 9173970 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp; 173035 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;12567 | &nbsp;&nbsp;&nbsp;&nbsp; 1210028 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6081 | &nbsp;&nbsp;&nbsp;&nbsp; 2909629 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;49140 | &nbsp;&nbsp;&nbsp;&nbsp; 2501893 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;174695 | &nbsp;&nbsp;&nbsp;&nbsp; 3705317 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;36383 | &nbsp;&nbsp;&nbsp;&nbsp; 1000554 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;58219 | &nbsp;&nbsp;&nbsp;&nbsp; 2457775 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;146860 | &nbsp;&nbsp;&nbsp;&nbsp; 690021 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;17789 | &nbsp;&nbsp;&nbsp;&nbsp; 1119402 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;62116 | &nbsp;&nbsp;&nbsp;&nbsp; 3187939 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;11519 | &nbsp;&nbsp;&nbsp;&nbsp; 519900 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;36153 | &nbsp;&nbsp;&nbsp;&nbsp; 907409 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;25864 | &nbsp;&nbsp;&nbsp;&nbsp; 826983 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | &nbsp;&nbsp;&nbsp;&nbsp; 1257558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36796582 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20552 | &nbsp;&nbsp;&nbsp;&nbsp; 448251 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77092 | &nbsp;&nbsp;&nbsp;&nbsp; 252904 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233 | &nbsp;&nbsp;&nbsp;&nbsp; 384059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085214 |
| **Norway — 1.2%** | **Norway — 1.2%** | **Norway — 1.2%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;68946 | &nbsp;&nbsp;&nbsp;&nbsp; 1587310 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;16740 | &nbsp;&nbsp;&nbsp;&nbsp; 448208 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;112243 | &nbsp;&nbsp;&nbsp;&nbsp; 2633599 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;38141 | &nbsp;&nbsp;&nbsp;&nbsp; 712196 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;63087 | &nbsp;&nbsp;&nbsp;&nbsp; 714468 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;30180 | &nbsp;&nbsp;$463016 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204 | &nbsp;&nbsp;&nbsp;&nbsp; 222453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6781250 |
| **Portugal — 0.7%** | **Portugal — 0.7%** | **Portugal — 0.7%** |
| &nbsp;&nbsp;&nbsp;EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;292190 | &nbsp;&nbsp;&nbsp;&nbsp; 1164503 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;97799 | &nbsp;&nbsp;&nbsp;&nbsp; 1559639 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;40329 | &nbsp;&nbsp;&nbsp;&nbsp; 1014741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738883 |
| **Singapore — 1.7%** | **Singapore — 1.7%** | **Singapore — 1.7%** |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;90700 | &nbsp;&nbsp;&nbsp;&nbsp; 3144876 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;85903 | &nbsp;&nbsp;&nbsp;&nbsp; 418348 |
| &nbsp;&nbsp;&nbsp;Keppel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46700 | &nbsp;&nbsp;&nbsp;&nbsp; 245856 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;170100 | &nbsp;&nbsp;&nbsp;&nbsp; 2140510 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;12019 | &nbsp;&nbsp;&nbsp;&nbsp; 1927487 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48200 | &nbsp;&nbsp;&nbsp;&nbsp; 1323328 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp; 185741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9386146 |
| **Spain — 2.3%** | **Spain — 2.3%** | **Spain — 2.3%** |
| &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp; 326337 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp; 76130 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 | &nbsp;&nbsp;&nbsp;&nbsp; 2394467 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;22347 | &nbsp;&nbsp;&nbsp;&nbsp; 1861937 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;576061 | &nbsp;&nbsp;&nbsp;&nbsp; 1834718 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;37193 | &nbsp;&nbsp;&nbsp;&nbsp; 478897 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;228095 | &nbsp;&nbsp;&nbsp;&nbsp; 1939321 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;20733 | &nbsp;&nbsp;&nbsp;&nbsp; 793812 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;123155 | &nbsp;&nbsp;&nbsp;&nbsp; 2248569 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;142013 | &nbsp;&nbsp;&nbsp;&nbsp; 624839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12579027 |
| **SupraNational — 0.1%** | **SupraNational — 0.1%** | **SupraNational — 0.1%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709 | &nbsp;&nbsp;&nbsp;&nbsp; 541012 |
| **Sweden — 3.0%** | **Sweden — 3.0%** | **Sweden — 3.0%** |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;28787 | &nbsp;&nbsp;&nbsp;&nbsp; 912529 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;103690 | &nbsp;&nbsp;&nbsp;&nbsp; 1664543 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 | &nbsp;&nbsp;&nbsp;&nbsp; 106141 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;53987 | &nbsp;&nbsp;&nbsp;&nbsp; 1688827 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871 | &nbsp;&nbsp;&nbsp;&nbsp; 108985 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;33990 | &nbsp;&nbsp;&nbsp;&nbsp; 664771 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683 | &nbsp;&nbsp;&nbsp;&nbsp; 283411 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;52353 | &nbsp;&nbsp;&nbsp;&nbsp; 1530679 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;60210 | &nbsp;&nbsp;&nbsp;&nbsp; 606688 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp; 69140 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681 | &nbsp;&nbsp;&nbsp;&nbsp; 169087 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;137859 | &nbsp;&nbsp;&nbsp;&nbsp; 4057997 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;46829 | &nbsp;&nbsp;&nbsp;&nbsp; 1022848 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;97136 | &nbsp;&nbsp;&nbsp;&nbsp; 1620630 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8286 | &nbsp;&nbsp;&nbsp;&nbsp; 112057 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;87012 | &nbsp;&nbsp;&nbsp;&nbsp; 1162193 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;28493 | &nbsp;&nbsp;&nbsp;&nbsp; 790271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16570797 |
| **Switzerland — 10.4%** | **Switzerland — 10.4%** | **Switzerland — 10.4%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88147 | &nbsp;&nbsp;&nbsp;&nbsp; 4984643 |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;24295 | &nbsp;&nbsp;&nbsp;&nbsp; 2087067 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp; 741428 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153736 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 156987 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;29922 | &nbsp;&nbsp;&nbsp;&nbsp; 1556980 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9365 | &nbsp;&nbsp;$1042295 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp; 1136847 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp; 219980 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp; 864755 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 2929225 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;13399 | &nbsp;&nbsp;&nbsp;&nbsp; 1481868 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21179 | &nbsp;&nbsp;&nbsp;&nbsp; 1392719 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 | &nbsp;&nbsp;&nbsp;&nbsp; 898943 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;10692 | &nbsp;&nbsp;&nbsp;&nbsp; 889138 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp; 1762929 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;79164 | &nbsp;&nbsp;&nbsp;&nbsp; 9044703 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp; 2099558 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;15641 | &nbsp;&nbsp;&nbsp;&nbsp; 793073 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 114445 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;&nbsp;&nbsp; 1855301 |
| &nbsp;&nbsp;&nbsp;SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;11982 | &nbsp;&nbsp;&nbsp;&nbsp; 1248865 |
| &nbsp;&nbsp;&nbsp;SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;21758 | &nbsp;&nbsp;&nbsp;&nbsp; 444149 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8897 | &nbsp;&nbsp;&nbsp;&nbsp; 2375056 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp; 800657 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076 | &nbsp;&nbsp;&nbsp;&nbsp; 907499 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240 | &nbsp;&nbsp;&nbsp;&nbsp; 1050488 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 | &nbsp;&nbsp;&nbsp;&nbsp; 2158795 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256 | &nbsp;&nbsp;&nbsp;&nbsp; 888610 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;16918 | &nbsp;&nbsp;&nbsp;&nbsp; 2985832 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp; 2333460 |
| &nbsp;&nbsp;&nbsp;Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820 | &nbsp;&nbsp;&nbsp;&nbsp; 283367 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 407308 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8789 | &nbsp;&nbsp;&nbsp;&nbsp; 6164047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;58254753 |
| **United Kingdom — 12.5%** | **United Kingdom — 12.5%** | **United Kingdom — 12.5%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;61409 | &nbsp;&nbsp;&nbsp;&nbsp; 3369147 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9707 | &nbsp;&nbsp;&nbsp;&nbsp; 438137 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;83720 | &nbsp;&nbsp;&nbsp;&nbsp; 1997126 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;23641 | &nbsp;&nbsp;&nbsp;&nbsp; 1380814 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;33977 | &nbsp;&nbsp;&nbsp;&nbsp; 953574 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;64762 | &nbsp;&nbsp;&nbsp;&nbsp; 9353955 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;40872 | &nbsp;&nbsp;&nbsp;&nbsp; 437247 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;345491 | &nbsp;&nbsp;&nbsp;&nbsp; 2842325 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;97429 | &nbsp;&nbsp;&nbsp;&nbsp; 604896 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;36752 | &nbsp;&nbsp;&nbsp;&nbsp; 1176543 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;193307 | &nbsp;&nbsp;&nbsp;&nbsp; 412426 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;20562 | &nbsp;&nbsp;&nbsp;&nbsp; 1887386 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;100969 | &nbsp;&nbsp;&nbsp;&nbsp; 3543855 |
| &nbsp;&nbsp;&nbsp;Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;11514 | &nbsp;&nbsp;&nbsp;&nbsp; 475950 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;31063 | &nbsp;&nbsp;&nbsp;&nbsp; 1216240 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;29760 | &nbsp;&nbsp;&nbsp;&nbsp; 858078 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;114123 | &nbsp;&nbsp;&nbsp;&nbsp; 1207659 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;13778 | &nbsp;&nbsp;&nbsp;&nbsp; 1576807 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;13487 | &nbsp;&nbsp;&nbsp;&nbsp; 869698 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;344064 | &nbsp;&nbsp;&nbsp;&nbsp; 389959 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;285409 | &nbsp;&nbsp;&nbsp;&nbsp; 1067499 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;97015 | &nbsp;&nbsp;&nbsp;&nbsp; 827414 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;443375 | &nbsp;&nbsp;&nbsp;&nbsp; 1485687 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;19956 | &nbsp;&nbsp;&nbsp;&nbsp; 3031589 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;220155 | &nbsp;&nbsp;&nbsp;&nbsp; 702113 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;99158 | &nbsp;&nbsp;&nbsp;&nbsp; 500200 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;58401 | &nbsp;&nbsp;&nbsp;&nbsp; 948566 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;354491 | &nbsp;&nbsp;&nbsp;&nbsp; 4998327 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;66907 | &nbsp;&nbsp;&nbsp;&nbsp; 1050214 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;126522 | &nbsp;&nbsp;&nbsp;&nbsp; 1080776 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;167787 | &nbsp;&nbsp;&nbsp;&nbsp; 1909820 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;86692 | &nbsp;&nbsp;&nbsp;&nbsp; 4665168 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;193090 | &nbsp;&nbsp;$914721 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;57507 | &nbsp;&nbsp;&nbsp;&nbsp; 944506 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;155152 | &nbsp;&nbsp;&nbsp;&nbsp; 742942 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;90738 | &nbsp;&nbsp;&nbsp;&nbsp; 852123 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;91848 | &nbsp;&nbsp;&nbsp;&nbsp; 1329708 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;49016 | &nbsp;&nbsp;&nbsp;&nbsp; 1422538 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 430898 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;98243 | &nbsp;&nbsp;&nbsp;&nbsp; 2330994 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;136696 | &nbsp;&nbsp;&nbsp;&nbsp; 2132773 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;30845 | &nbsp;&nbsp;&nbsp;&nbsp; 1202717 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17608 | &nbsp;&nbsp;&nbsp;&nbsp; 260728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;69823843 |
| **Total Long-Term Investment Securities<br> (cost $424,415,711)** |  | &nbsp;&nbsp;&nbsp;&nbsp;546739691 |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(1)<br> (cost $1,890,240) | 1890240 | &nbsp;&nbsp;&nbsp;&nbsp; 1890240 |
| **TOTAL INVESTMENTS<br> (cost $426,305,951)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.4% | &nbsp;&nbsp;&nbsp;&nbsp;548629931 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8651456 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$557281387 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Socially Responsible Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $11,841,628 representing 2.1% of net assets. |

---

(1) The rate shown is the 7-day yield as of May 31, 2025.

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

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASX—Australian Stock Exchange |
| CDI—CHESS Depositary Interest |
| CVA—Certification Van Aandelen (Dutch Cert.) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Spain** |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Redeia Corporation SA | &nbsp;&nbsp;11724 | &nbsp;&nbsp;2.43% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/10/2028 | &nbsp;&nbsp;$244937 | &nbsp;&nbsp;$(4309) | &nbsp;&nbsp;$(4309) |
| **France** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Hong Kong Exchanges And Clearing L | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 39463 | &nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 665 |
| **Singapore** |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;24800 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/19/2026 | &nbsp;&nbsp;&nbsp;265705 | &nbsp;&nbsp;&nbsp; 3344 | &nbsp;&nbsp;&nbsp; 3344 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(300) | &nbsp;&nbsp;$(300) |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 12 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1410066 | &nbsp;&nbsp;&nbsp;&nbsp;$1419809 | &nbsp;&nbsp;&nbsp;&nbsp;$9743 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SGX Nikkei 225 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6703 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SPI 200 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7497 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$23943 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

#### Futures Contracts — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Numberof<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**ExpirationMonth** | &nbsp;&nbsp;&nbsp;&nbsp;**NotionalBasis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**NotionalValue\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 46 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Euro STOXX 50 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2824990 | &nbsp;&nbsp;&nbsp;&nbsp;$2803745 | &nbsp;&nbsp;&nbsp;&nbsp;$(21245) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$2698 |

---

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

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;12.6% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;98.4% |

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7635833 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7635833 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265577 | &nbsp;&nbsp;&nbsp;&nbsp;4113976 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5379553 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;533724305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;533724305 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890240 |
| **Total Investments at Value** | &nbsp;&nbsp;$536880122 | &nbsp;&nbsp;$11749809 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$548629931 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4009 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4009 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23943 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$23943 | &nbsp;&nbsp;$4009 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$27952 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4309 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4309 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21245 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$21245 | &nbsp;&nbsp;$4309 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$25554 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |
| **Australia — 2.0%** | **Australia — 2.0%** | **Australia — 2.0%** |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;274522 | &nbsp;&nbsp;$3712555 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;265615 | &nbsp;&nbsp;&nbsp;&nbsp; 1068384 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;361224 | &nbsp;&nbsp;&nbsp;&nbsp; 3301741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082680 |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;627218 | &nbsp;&nbsp;&nbsp;&nbsp; 2568309 |
| &nbsp;&nbsp;&nbsp;JBS SA | &nbsp;&nbsp;&nbsp;&nbsp;254859 | &nbsp;&nbsp;&nbsp;&nbsp; 1787734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356043 |
| **Canada — 1.8%** | **Canada — 1.8%** | **Canada — 1.8%** |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51322 | &nbsp;&nbsp;&nbsp;&nbsp; 3003877 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;187659 | &nbsp;&nbsp;&nbsp;&nbsp; 917653 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77621 | &nbsp;&nbsp;&nbsp;&nbsp; 1893176 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9930 | &nbsp;&nbsp;&nbsp;&nbsp; 367906 |
| &nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166006 | &nbsp;&nbsp;&nbsp;&nbsp; 1080699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263311 |
| **Denmark — 0.4%** | **Denmark — 0.4%** | **Denmark — 0.4%** |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;24429 | &nbsp;&nbsp;&nbsp;&nbsp; 1707463 |
| **Finland — 0.6%** | **Finland — 0.6%** | **Finland — 0.6%** |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;85541 | &nbsp;&nbsp;&nbsp;&nbsp; 2368941 |
| **France — 14.9%** | **France — 14.9%** | **France — 14.9%** |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;110536 | &nbsp;&nbsp;&nbsp;&nbsp; 5209842 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;44525 | &nbsp;&nbsp;&nbsp;&nbsp; 3899883 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;35661 | &nbsp;&nbsp;&nbsp;&nbsp; 5921851 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8860 | &nbsp;&nbsp;&nbsp;&nbsp; 994339 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;12844 | &nbsp;&nbsp;&nbsp;&nbsp; 1766089 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;225578 | &nbsp;&nbsp;&nbsp;&nbsp; 4862677 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7892 | &nbsp;&nbsp;&nbsp;&nbsp; 4285585 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;80480 | &nbsp;&nbsp;&nbsp;&nbsp; 7997667 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;16326 | &nbsp;&nbsp;&nbsp;&nbsp; 4103244 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;94251 | &nbsp;&nbsp;&nbsp;&nbsp; 5120778 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;178840 | &nbsp;&nbsp;&nbsp;&nbsp; 10490281 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;32019 | &nbsp;&nbsp;&nbsp;&nbsp; 4575400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;59227636 |
| **Germany — 5.2%** | **Germany — 5.2%** | **Germany — 5.2%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;150785 | &nbsp;&nbsp;&nbsp;&nbsp; 5697830 |
| &nbsp;&nbsp;&nbsp;Duerr AG | &nbsp;&nbsp;&nbsp;&nbsp;41289 | &nbsp;&nbsp;&nbsp;&nbsp; 1073589 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;229142 | &nbsp;&nbsp;&nbsp;&nbsp; 4014567 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;46269 | &nbsp;&nbsp;&nbsp;&nbsp; 2627858 |
| &nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;26345 | &nbsp;&nbsp;&nbsp;&nbsp; 1223459 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931 | &nbsp;&nbsp;&nbsp;&nbsp; 777818 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;21455 | &nbsp;&nbsp;&nbsp;&nbsp; 5159677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20574798 |
| **Greece — 1.0%** | **Greece — 1.0%** | **Greece — 1.0%** |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;622054 | &nbsp;&nbsp;&nbsp;&nbsp; 4147460 |
| **Guernsey — 0.5%** | **Guernsey — 0.5%** | **Guernsey — 0.5%** |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;141474 | &nbsp;&nbsp;&nbsp;&nbsp; 1819356 |
| **Hong Kong — 1.4%** | **Hong Kong — 1.4%** | **Hong Kong — 1.4%** |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;635500 | &nbsp;&nbsp;&nbsp;&nbsp; 2682666 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | 3231500 | &nbsp;&nbsp;&nbsp;&nbsp; 2983772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666438 |
| **Ireland — 2.3%** | **Ireland — 2.3%** | **Ireland — 2.3%** |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;308318 | &nbsp;&nbsp;&nbsp;&nbsp; 4228963 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;21271 | &nbsp;&nbsp;&nbsp;&nbsp; 1328653 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579 | &nbsp;&nbsp;&nbsp;&nbsp; 904413 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;14026 | &nbsp;&nbsp;$1515790 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;28499 | &nbsp;&nbsp;&nbsp;&nbsp; 1234862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9212681 |
| **Israel — 1.1%** | **Israel — 1.1%** | **Israel — 1.1%** |
| &nbsp;&nbsp;&nbsp;Bezeq The Israeli Telecommunication Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;232932 | &nbsp;&nbsp;&nbsp;&nbsp; 363710 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;18213 | &nbsp;&nbsp;&nbsp;&nbsp; 4168591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532301 |
| **Italy — 1.6%** | **Italy — 1.6%** | **Italy — 1.6%** |
| &nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;20478 | &nbsp;&nbsp;&nbsp;&nbsp; 1051444 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;555877 | &nbsp;&nbsp;&nbsp;&nbsp; 5103014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154458 |
| **Japan — 21.3%** | **Japan — 21.3%** | **Japan — 21.3%** |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327700 | &nbsp;&nbsp;&nbsp;&nbsp; 2569995 |
| &nbsp;&nbsp;&nbsp;Daiwabo Holdings Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;126900 | &nbsp;&nbsp;&nbsp;&nbsp; 2150055 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137200 | &nbsp;&nbsp;&nbsp;&nbsp; 7379881 |
| &nbsp;&nbsp;&nbsp;Iyogin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85600 | &nbsp;&nbsp;&nbsp;&nbsp; 936338 |
| &nbsp;&nbsp;&nbsp;Kinden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58600 | &nbsp;&nbsp;&nbsp;&nbsp; 1594757 |
| &nbsp;&nbsp;&nbsp;Macnica Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129700 | &nbsp;&nbsp;&nbsp;&nbsp; 1731046 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118900 | &nbsp;&nbsp;&nbsp;&nbsp; 2433445 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;97400 | &nbsp;&nbsp;&nbsp;&nbsp; 1973789 |
| &nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;568600 | &nbsp;&nbsp;&nbsp;&nbsp; 2812672 |
| &nbsp;&nbsp;&nbsp;Medipal Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108200 | &nbsp;&nbsp;&nbsp;&nbsp; 1696746 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;223500 | &nbsp;&nbsp;&nbsp;&nbsp; 3311456 |
| &nbsp;&nbsp;&nbsp;Nippon Television Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79500 | &nbsp;&nbsp;&nbsp;&nbsp; 1810497 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;435700 | &nbsp;&nbsp;&nbsp;&nbsp; 9283549 |
| &nbsp;&nbsp;&nbsp;Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;221500 | &nbsp;&nbsp;&nbsp;&nbsp; 3874461 |
| &nbsp;&nbsp;&nbsp;Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43500 | &nbsp;&nbsp;&nbsp;&nbsp; 1507589 |
| &nbsp;&nbsp;&nbsp;Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp; 3233139 |
| &nbsp;&nbsp;&nbsp;Ship Healthcare Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59900 | &nbsp;&nbsp;&nbsp;&nbsp; 775938 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;142200 | &nbsp;&nbsp;&nbsp;&nbsp; 2647443 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90500 | &nbsp;&nbsp;&nbsp;&nbsp; 2328302 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;449000 | &nbsp;&nbsp;&nbsp;&nbsp; 11545224 |
| &nbsp;&nbsp;&nbsp;Sundrug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092359 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp; 3207881 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp;&nbsp; 3500469 |
| &nbsp;&nbsp;&nbsp;Tokyo Tatemono Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;191600 | &nbsp;&nbsp;&nbsp;&nbsp; 3420692 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99400 | &nbsp;&nbsp;&nbsp;&nbsp; 2659509 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;268400 | &nbsp;&nbsp;&nbsp;&nbsp; 5164874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;84642106 |
| **Jersey — 1.0%** | **Jersey — 1.0%** | **Jersey — 1.0%** |
| &nbsp;&nbsp;&nbsp;TP ICAP Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;748756 | &nbsp;&nbsp;&nbsp;&nbsp; 2648194 |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;186469 | &nbsp;&nbsp;&nbsp;&nbsp; 1505926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154120 |
| **Marshall Islands — 0.2%** | **Marshall Islands — 0.2%** | **Marshall Islands — 0.2%** |
| &nbsp;&nbsp;&nbsp;Star Bulk Carriers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56204 | &nbsp;&nbsp;&nbsp;&nbsp; 927928 |
| **Netherlands — 6.5%** | **Netherlands — 6.5%** | **Netherlands — 6.5%** |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;65915 | &nbsp;&nbsp;&nbsp;&nbsp; 4227144 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;333798 | &nbsp;&nbsp;&nbsp;&nbsp; 7079925 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;186309 | &nbsp;&nbsp;&nbsp;&nbsp; 7865227 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;949277 | &nbsp;&nbsp;&nbsp;&nbsp; 4460171 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;41282 | &nbsp;&nbsp;&nbsp;&nbsp; 2118689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25751156 |
| **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** |
| &nbsp;&nbsp;&nbsp;Leroy Seafood Group ASA | &nbsp;&nbsp;&nbsp;&nbsp;457048 | &nbsp;&nbsp;&nbsp;&nbsp; 1995225 |
| **Portugal — 1.1%** | **Portugal — 1.1%** | **Portugal — 1.1%** |
| &nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA | 5424214 | &nbsp;&nbsp;&nbsp;&nbsp; 4225022 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Singapore — 2.7%** | **Singapore — 2.7%** | **Singapore — 2.7%** |
| &nbsp;&nbsp;&nbsp;BW LPG, Ltd. (^OSEAX)\* | &nbsp;&nbsp;&nbsp;&nbsp;26771 | &nbsp;&nbsp;$273811 |
| &nbsp;&nbsp;&nbsp;BW LPG, Ltd. (NYSE)\* | &nbsp;&nbsp;&nbsp;&nbsp;73005 | &nbsp;&nbsp;&nbsp;&nbsp; 763632 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124700 | &nbsp;&nbsp;&nbsp;&nbsp; 4323771 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;314700 | &nbsp;&nbsp;&nbsp;&nbsp; 3420891 |
| &nbsp;&nbsp;&nbsp;Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;219800 | &nbsp;&nbsp;&nbsp;&nbsp; 1886556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10668661 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;149544 | &nbsp;&nbsp;&nbsp;&nbsp; 1073773 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| &nbsp;&nbsp;&nbsp;Youngone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23890 | &nbsp;&nbsp;&nbsp;&nbsp; 1051042 |
| **Spain — 4.0%** | **Spain — 4.0%** | **Spain — 4.0%** |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;265340 | &nbsp;&nbsp;&nbsp;&nbsp; 3979913 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;729888 | &nbsp;&nbsp;&nbsp;&nbsp; 5826951 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA # | &nbsp;&nbsp;&nbsp;&nbsp;326164 | &nbsp;&nbsp;&nbsp;&nbsp; 5955115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15761979 |
| **Switzerland — 6.2%** | **Switzerland — 6.2%** | **Switzerland — 6.2%** |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;52598 | &nbsp;&nbsp;&nbsp;&nbsp; 5604914 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;16489 | &nbsp;&nbsp;&nbsp;&nbsp; 1883913 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191 | &nbsp;&nbsp;&nbsp;&nbsp; 2933757 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118 | &nbsp;&nbsp;&nbsp;&nbsp; 1651068 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;22298 | &nbsp;&nbsp;&nbsp;&nbsp; 3935340 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;12035 | &nbsp;&nbsp;&nbsp;&nbsp; 8440586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24449578 |
| **Taiwan — 0.9%** | **Taiwan — 0.9%** | **Taiwan — 0.9%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp; 3434217 |
| **United Kingdom — 18.8%** | **United Kingdom — 18.8%** | **United Kingdom — 18.8%** |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;52239 | &nbsp;&nbsp;&nbsp;&nbsp; 3051154 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;43522 | &nbsp;&nbsp;&nbsp;&nbsp; 6286137 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;21033 | &nbsp;&nbsp;&nbsp;&nbsp; 1531833 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | 1214519 | &nbsp;&nbsp;&nbsp;&nbsp; 2936486 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;86800 | &nbsp;&nbsp;&nbsp;&nbsp; 7967372 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;134117 | &nbsp;&nbsp;&nbsp;&nbsp; 1873614 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;675716 | &nbsp;&nbsp;&nbsp;&nbsp; 7949836 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;123424 | &nbsp;&nbsp;&nbsp;&nbsp; 4672896 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | 1059034 | &nbsp;&nbsp;&nbsp;&nbsp; 1200299 |
| &nbsp;&nbsp;&nbsp;Just Group PLC | 1309512 | &nbsp;&nbsp;&nbsp;&nbsp; 2635969 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;492683 | &nbsp;&nbsp;&nbsp;&nbsp; 2485328 |
| &nbsp;&nbsp;&nbsp;National Grid PLC# | &nbsp;&nbsp;&nbsp;&nbsp;472394 | &nbsp;&nbsp;&nbsp;&nbsp; 6660761 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;621014 | &nbsp;&nbsp;&nbsp;&nbsp; 4389448 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;103985 | &nbsp;&nbsp;&nbsp;&nbsp; 6167384 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;401110 | &nbsp;&nbsp;&nbsp;&nbsp; 13237963 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 1496785 | &nbsp;&nbsp;&nbsp;&nbsp; 1550433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;74596913 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541 | &nbsp;&nbsp;&nbsp;&nbsp; 386374 |
| **Total Common Stocks<br> (cost $337,272,272)** |  | &nbsp;&nbsp;&nbsp;&nbsp;388231660 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.4%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.4%** |  |
| **United States — 0.4%** | **United States — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE Value ETF<br> (cost $1,567,817) | &nbsp;&nbsp;&nbsp;&nbsp;24474 | &nbsp;&nbsp;$1557525 |
| **Total Long-Term Investment Securities<br> (cost $338,840,089)** |  | &nbsp;&nbsp;&nbsp;&nbsp;389789185 |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| **Unaffiliated Investment Companies — 0.5%** | **Unaffiliated Investment Companies — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund, Institutional Shares Class 4.17%(1) | &nbsp;&nbsp;&nbsp;&nbsp;173442 | &nbsp;&nbsp;&nbsp;&nbsp; 173442 |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 4.27%(1) | 1771181 | &nbsp;&nbsp;&nbsp;&nbsp; 1771181 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.32%(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;136718 | &nbsp;&nbsp;&nbsp;&nbsp; 136718 |
| **Total Short-Term Investments<br> (cost $2,081,341)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081341 |
| **TOTAL INVESTMENTS<br> (cost $340,921,430)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.7% | &nbsp;&nbsp;&nbsp;&nbsp;391870526 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009718 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$396880244 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Value Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $4,021,215 representing 1.0% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (2) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $12,140,821. This was secured by collateral of $136,718, which was received in cash and subsequently invested in short-term investments currently valued at $136,718 as reported in the Portfolio of Investments. Additional collateral of $12,630,279 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| United States Treasury Bills | 0.00% | 07/15/2025 to 12/26/2025 | $256622 |
| United States Treasury Notes/Bonds | 0.13% to 4.88% | 06/30/2025 to 08/15/2054 | &nbsp;&nbsp;&nbsp;12373657 |

---

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

---

| |
|:---|
| ^OSEAX—Oslo Stock Exchange |
| ADR—American Depositary Receipt |
| ETF—Exchange Traded Fund |
| NYSE—New York Stock Exchange |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Barclays Bank PLC | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;6430000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620621 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(9309) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837731 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;5494000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1041) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2932339 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;2216000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 53494 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10350) |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Citibank, N.A. | &nbsp;&nbsp;JPY | &nbsp;&nbsp;861683000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6076543 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;$82948 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828156 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;118758000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2113) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7619782 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;73609000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 61899 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;144847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2113) |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;5884000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610140 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3902) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616362 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4747 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3902) |
| HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6908751 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;10859000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 91734 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1054679 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;1772000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4419 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;11339000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8180747 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (85400) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6462776 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;5260000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (65380) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(150780) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;17966000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1864989 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9905) |
|  | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;3022000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2308584 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35645) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45550) |
| UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620634 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1876320 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1655000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2110858 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;22213000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65289 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Wells Fargo & Co. | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615058 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;1772000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1053010 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6088) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203813 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2938 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6088) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$372733 | &nbsp;&nbsp;$(218783) |

---

---

| |
|:---|
| AUD—Australian Dollar |
| CAD—Canadian Dollar |
| CHF—Swiss Franc |
| DKK—Danish Krone |
| EUR—Euro Currency |
| GBP—British Pound |

---

---

| |
|:---|
| JPY—Japanese Yen |
| NOK—Norwegian Krone |
| NZD—New Zealand Dollar |
| SEK—Swedish Krona |
| SGD—Singapore Dollar |
| USD—United States Dollar |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;19.1% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7.3 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I International Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Coal | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;98.7% |

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1707463 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1707463 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363710 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532301 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3434217 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434217 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;378557679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;378557679 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557525 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081341 |
| **Total Investments at Value** | &nbsp;&nbsp;$386365136 | &nbsp;&nbsp;$5505390 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$391870526 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$372733 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$372733 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$218783 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$218783 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Large Capital Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **Apparel — 1.9%** | **Apparel — 1.9%** | **Apparel — 1.9%** |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;11036 | &nbsp;&nbsp;$5992868 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;84752 | &nbsp;&nbsp;&nbsp;&nbsp; 5135124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11127992 |
| **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;60215 | &nbsp;&nbsp;&nbsp;&nbsp; 4022964 |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70786 | &nbsp;&nbsp;&nbsp;&nbsp; 9304820 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;19786 | &nbsp;&nbsp;&nbsp;&nbsp; 7099415 |
| **Commercial Services — 3.7%** | **Commercial Services — 3.7%** | **Commercial Services — 3.7%** |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16126 | &nbsp;&nbsp;&nbsp;&nbsp; 7729514 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;160378 | &nbsp;&nbsp;&nbsp;&nbsp; 13733168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21462682 |
| **Computers — 8.6%** | **Computers — 8.6%** | **Computers — 8.6%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;59934 | &nbsp;&nbsp;&nbsp;&nbsp; 18988290 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137684 | &nbsp;&nbsp;&nbsp;&nbsp; 27653831 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8399 | &nbsp;&nbsp;&nbsp;&nbsp; 3665492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50307613 |
| **Cosmetics/Personal Care — 2.1%** | **Cosmetics/Personal Care — 2.1%** | **Cosmetics/Personal Care — 2.1%** |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;94855 | &nbsp;&nbsp;&nbsp;&nbsp; 6349594 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;13925 | &nbsp;&nbsp;&nbsp;&nbsp; 5888069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12237663 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| &nbsp;&nbsp;&nbsp;Pool Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;17678 | &nbsp;&nbsp;&nbsp;&nbsp; 5313830 |
| **Diversified Financial Services — 9.0%** | **Diversified Financial Services — 9.0%** | **Diversified Financial Services — 9.0%** |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;113923 | &nbsp;&nbsp;&nbsp;&nbsp; 6409440 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82811 | &nbsp;&nbsp;&nbsp;&nbsp; 7315524 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17497 | &nbsp;&nbsp;&nbsp;&nbsp; 5056633 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15059 | &nbsp;&nbsp;&nbsp;&nbsp; 8818550 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;68628 | &nbsp;&nbsp;&nbsp;&nbsp; 25062259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52662406 |
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;176813 | &nbsp;&nbsp;&nbsp;&nbsp; 12417577 |
| **Electrical Components & Equipment — 3.0%** | **Electrical Components & Equipment — 3.0%** | **Electrical Components & Equipment — 3.0%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;38776 | &nbsp;&nbsp;&nbsp;&nbsp; 12416075 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;21053 | &nbsp;&nbsp;&nbsp;&nbsp; 5291290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17707365 |
| **Electronics — 6.7%** | **Electronics — 6.7%** | **Electronics — 6.7%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;139442 | &nbsp;&nbsp;&nbsp;&nbsp; 12540019 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp; 12856140 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361 | &nbsp;&nbsp;&nbsp;&nbsp; 6194743 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;50063 | &nbsp;&nbsp;&nbsp;&nbsp; 8013584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39604486 |
| **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97908 | &nbsp;&nbsp;&nbsp;&nbsp; 7120849 |
| **Healthcare-Products — 7.6%** | **Healthcare-Products — 7.6%** | **Healthcare-Products — 7.6%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95899 | &nbsp;&nbsp;&nbsp;&nbsp; 10733017 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;58754 | &nbsp;&nbsp;&nbsp;&nbsp; 6184446 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43474 | &nbsp;&nbsp;&nbsp;&nbsp; 8255713 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;55824 | &nbsp;&nbsp;&nbsp;&nbsp; 13688603 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6841 | &nbsp;&nbsp;&nbsp;&nbsp; 2617640 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7887 | &nbsp;&nbsp;&nbsp;&nbsp; 3177041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44656460 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;27878 | &nbsp;&nbsp;$3631946 |
| **Household Products/Wares — 2.3%** | **Household Products/Wares — 2.3%** | **Household Products/Wares — 2.3%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136420 | &nbsp;&nbsp;&nbsp;&nbsp; 13411450 |
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;38383 | &nbsp;&nbsp;&nbsp;&nbsp; 14281547 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31946 | &nbsp;&nbsp;&nbsp;&nbsp; 7464502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21746049 |
| **Internet — 4.0%** | **Internet — 4.0%** | **Internet — 4.0%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;77886 | &nbsp;&nbsp;&nbsp;&nbsp; 13376141 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;162900 | &nbsp;&nbsp;&nbsp;&nbsp; 10350178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23726319 |
| **Lodging — 1.2%** | **Lodging — 1.2%** | **Lodging — 1.2%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28588 | &nbsp;&nbsp;&nbsp;&nbsp; 7102403 |
| **Machinery-Diversified — 1.8%** | **Machinery-Diversified — 1.8%** | **Machinery-Diversified — 1.8%** |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47716 | &nbsp;&nbsp;&nbsp;&nbsp; 4039637 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68970 | &nbsp;&nbsp;&nbsp;&nbsp; 6576289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10615926 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;63902 | &nbsp;&nbsp;&nbsp;&nbsp; 7223482 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;53481 | &nbsp;&nbsp;&nbsp;&nbsp; 9230286 |
| **REITS — 2.0%** | **REITS — 2.0%** | **REITS — 2.0%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55603 | &nbsp;&nbsp;&nbsp;&nbsp; 11935184 |
| **Retail — 2.9%** | **Retail — 2.9%** | **Retail — 2.9%** |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57306 | &nbsp;&nbsp;&nbsp;&nbsp; 8027998 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28732 | &nbsp;&nbsp;&nbsp;&nbsp; 2412051 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50721 | &nbsp;&nbsp;&nbsp;&nbsp; 6436495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16876544 |
| **Semiconductors — 8.6%** | **Semiconductors — 8.6%** | **Semiconductors — 8.6%** |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17639 | &nbsp;&nbsp;&nbsp;&nbsp; 3774393 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;242155 | &nbsp;&nbsp;&nbsp;&nbsp; 32722405 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;54146 | &nbsp;&nbsp;&nbsp;&nbsp; 10467505 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20503 | &nbsp;&nbsp;&nbsp;&nbsp; 3748974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50713277 |
| **Software — 18.6%** | **Software — 18.6%** | **Software — 18.6%** |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;43437 | &nbsp;&nbsp;&nbsp;&nbsp; 7071109 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;184824 | &nbsp;&nbsp;&nbsp;&nbsp; 85085577 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51894 | &nbsp;&nbsp;&nbsp;&nbsp; 13771111 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11603 | &nbsp;&nbsp;&nbsp;&nbsp; 3245359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;109173156 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;64889 | &nbsp;&nbsp;&nbsp;&nbsp; 5298187 |
| **Total Long-Term Investment Securities<br> (cost $448,145,638)** |  | &nbsp;&nbsp;&nbsp;&nbsp;585730331 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Large Capital Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **Sovereign — 0.3%** | **Sovereign — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 06/02/2025<br> (cost $1,854,787) | $1855000 | &nbsp;&nbsp;$1854350 |
| **TOTAL INVESTMENTS<br> (cost $450,000,425)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;587584681 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100061) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$587484620 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan.<br> At May 31, 2025, the Fund had loaned securities with a total value of $5,313,830. This was secured by collateral of $5,452,628 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $10871 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70262 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29590 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 05/15/2054 | &nbsp;&nbsp;&nbsp;5336441 |

---

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$585730331 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$585730331 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1854350 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854350 |
| **Total Investments at Value** | &nbsp;&nbsp;$585730331 | &nbsp;&nbsp;$1854350 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$587584681 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** |
| **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33930 | &nbsp;&nbsp;$14932932 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73098 | &nbsp;&nbsp;&nbsp;&nbsp; 3866153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18799085 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;143299 | &nbsp;&nbsp;&nbsp;&nbsp; 4465197 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;110891 | &nbsp;&nbsp;&nbsp;&nbsp; 5647678 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;594763 | &nbsp;&nbsp;&nbsp;&nbsp; 6786246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12433924 |
| **Apparel — 1.0%** | **Apparel — 1.0%** | **Apparel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;104539 | &nbsp;&nbsp;&nbsp;&nbsp; 1894247 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27450 | &nbsp;&nbsp;&nbsp;&nbsp; 1750761 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50505 | &nbsp;&nbsp;&nbsp;&nbsp; 5151510 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50320 | &nbsp;&nbsp;&nbsp;&nbsp; 4215306 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;118563 | &nbsp;&nbsp;&nbsp;&nbsp; 7355649 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;170126 | &nbsp;&nbsp;&nbsp;&nbsp; 1141546 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94938 | &nbsp;&nbsp;&nbsp;&nbsp; 598109 |
| &nbsp;&nbsp;&nbsp;VF Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;298348 | &nbsp;&nbsp;&nbsp;&nbsp; 3717416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25824544 |
| **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64416 | &nbsp;&nbsp;&nbsp;&nbsp; 6623253 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;202564 | &nbsp;&nbsp;&nbsp;&nbsp; 4369306 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;256756 | &nbsp;&nbsp;&nbsp;&nbsp; 2929586 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48514 | &nbsp;&nbsp;&nbsp;&nbsp; 4386636 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24678 | &nbsp;&nbsp;&nbsp;&nbsp; 2083440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20392221 |
| **Banks — 6.2%** | **Banks — 6.2%** | **Banks — 6.2%** |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147703 | &nbsp;&nbsp;&nbsp;&nbsp; 3422279 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95058 | &nbsp;&nbsp;&nbsp;&nbsp; 4213921 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189524 | &nbsp;&nbsp;&nbsp;&nbsp; 4431071 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118397 | &nbsp;&nbsp;&nbsp;&nbsp; 6759285 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109990 | &nbsp;&nbsp;&nbsp;&nbsp; 6930470 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58100 | &nbsp;&nbsp;&nbsp;&nbsp; 7377538 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124902 | &nbsp;&nbsp;&nbsp;&nbsp; 11391062 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115883 | &nbsp;&nbsp;&nbsp;&nbsp; 4086035 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;472113 | &nbsp;&nbsp;&nbsp;&nbsp; 9385606 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;324007 | &nbsp;&nbsp;&nbsp;&nbsp; 4493977 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102173 | &nbsp;&nbsp;&nbsp;&nbsp; 4237114 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77538 | &nbsp;&nbsp;&nbsp;&nbsp; 4239002 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166575 | &nbsp;&nbsp;&nbsp;&nbsp; 4712407 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48198 | &nbsp;&nbsp;&nbsp;&nbsp; 3018641 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;287400 | &nbsp;&nbsp;&nbsp;&nbsp; 5995164 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68951 | &nbsp;&nbsp;&nbsp;&nbsp; 7328112 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85841 | &nbsp;&nbsp;&nbsp;&nbsp; 5978826 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88459 | &nbsp;&nbsp;&nbsp;&nbsp; 7766700 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;127188 | &nbsp;&nbsp;&nbsp;&nbsp; 6083402 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41457 | &nbsp;&nbsp;&nbsp;&nbsp; 2972052 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61318 | &nbsp;&nbsp;&nbsp;&nbsp; 6323112 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128627 | &nbsp;&nbsp;&nbsp;&nbsp; 4648580 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;427937 | &nbsp;&nbsp;&nbsp;&nbsp; 3757287 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154420 | &nbsp;&nbsp;&nbsp;&nbsp; 7949542 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98269 | &nbsp;&nbsp;&nbsp;&nbsp; 7115658 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59911 | &nbsp;&nbsp;&nbsp;&nbsp; 7153973 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;133229 | &nbsp;&nbsp;&nbsp;&nbsp; 6309725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158080541 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389 | &nbsp;&nbsp;&nbsp;&nbsp; 1698362 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;141878 | &nbsp;&nbsp;$5374339 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53110 | &nbsp;&nbsp;&nbsp;&nbsp; 6089061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13161762 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;171711 | &nbsp;&nbsp;&nbsp;&nbsp; 9971258 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17583 | &nbsp;&nbsp;&nbsp;&nbsp; 3990110 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;106328 | &nbsp;&nbsp;&nbsp;&nbsp; 3298294 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;252167 | &nbsp;&nbsp;&nbsp;&nbsp; 10853268 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;114629 | &nbsp;&nbsp;&nbsp;&nbsp; 6427248 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;142715 | &nbsp;&nbsp;&nbsp;&nbsp; 11736882 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;377515 | &nbsp;&nbsp;&nbsp;&nbsp; 4148890 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87424 | &nbsp;&nbsp;&nbsp;&nbsp; 3287142 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40224 | &nbsp;&nbsp;&nbsp;&nbsp; 12825422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66538514 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61050 | &nbsp;&nbsp;&nbsp;&nbsp; 5878504 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29992 | &nbsp;&nbsp;&nbsp;&nbsp; 6064682 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111925 | &nbsp;&nbsp;&nbsp;&nbsp; 5641020 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51007 | &nbsp;&nbsp;&nbsp;&nbsp; 4799759 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56322 | &nbsp;&nbsp;&nbsp;&nbsp; 5072923 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77290 | &nbsp;&nbsp;&nbsp;&nbsp; 10352995 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37816 | &nbsp;&nbsp;&nbsp;&nbsp; 5887951 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96003 | &nbsp;&nbsp;&nbsp;&nbsp; 5363688 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54712 | &nbsp;&nbsp;&nbsp;&nbsp; 5337703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54399225 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41287 | &nbsp;&nbsp;&nbsp;&nbsp; 2044119 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82317 | &nbsp;&nbsp;&nbsp;&nbsp; 2974113 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;196542 | &nbsp;&nbsp;&nbsp;&nbsp; 6053494 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48852 | &nbsp;&nbsp;&nbsp;&nbsp; 3648756 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6863 | &nbsp;&nbsp;&nbsp;&nbsp; 4420184 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104243 | &nbsp;&nbsp;&nbsp;&nbsp; 2023357 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115837 | &nbsp;&nbsp;&nbsp;&nbsp; 13186884 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30150 | &nbsp;&nbsp;&nbsp;&nbsp; 2141554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36492461 |
| **Commercial Services — 3.7%** | **Commercial Services — 3.7%** | **Commercial Services — 3.7%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15460 | &nbsp;&nbsp;&nbsp;&nbsp; 1882873 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39321 | &nbsp;&nbsp;&nbsp;&nbsp; 3226681 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37207 | &nbsp;&nbsp;&nbsp;&nbsp; 4028774 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32131 | &nbsp;&nbsp;&nbsp;&nbsp; 5274625 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp; 2897589 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25897 | &nbsp;&nbsp;&nbsp;&nbsp; 5123592 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;107663 | &nbsp;&nbsp;&nbsp;&nbsp; 4429256 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120595 | &nbsp;&nbsp;&nbsp;&nbsp; 6867885 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31866 | &nbsp;&nbsp;&nbsp;&nbsp; 2062368 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42288 | &nbsp;&nbsp;&nbsp;&nbsp; 1773982 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24342 | &nbsp;&nbsp;&nbsp;&nbsp; 7507560 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39275 | &nbsp;&nbsp;&nbsp;&nbsp; 7497597 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166154 | &nbsp;&nbsp;&nbsp;&nbsp; 17496016 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;129932 | &nbsp;&nbsp;&nbsp;&nbsp; 10134696 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61866 | &nbsp;&nbsp;&nbsp;&nbsp; 5864278 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;114515 | &nbsp;&nbsp;&nbsp;&nbsp; 3961074 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31456 | &nbsp;&nbsp;&nbsp;&nbsp; 4181446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94210292 |
| **Computers — 3.6%** | **Computers — 3.6%** | **Computers — 3.6%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39823 | &nbsp;&nbsp;&nbsp;&nbsp; 2103053 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;&nbsp;&nbsp; 8645600 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44304 | &nbsp;&nbsp;&nbsp;&nbsp; 2375137 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;144951 | &nbsp;&nbsp;&nbsp;&nbsp; 6666297 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;144778 | &nbsp;&nbsp;$6232693 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120048 | &nbsp;&nbsp;&nbsp;&nbsp; 6265305 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;210471 | &nbsp;&nbsp;&nbsp;&nbsp; 8216788 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62348 | &nbsp;&nbsp;&nbsp;&nbsp; 4506513 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50995 | &nbsp;&nbsp;&nbsp;&nbsp; 3697647 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;147405 | &nbsp;&nbsp;&nbsp;&nbsp; 15207774 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42751 | &nbsp;&nbsp;&nbsp;&nbsp; 2771975 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;279236 | &nbsp;&nbsp;&nbsp;&nbsp; 14964257 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33255 | &nbsp;&nbsp;&nbsp;&nbsp; 4607480 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44042 | &nbsp;&nbsp;&nbsp;&nbsp; 5088613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91349132 |
| **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;331118 | &nbsp;&nbsp;&nbsp;&nbsp; 1632412 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50311 | &nbsp;&nbsp;&nbsp;&nbsp; 5659484 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;122919 | &nbsp;&nbsp;&nbsp;&nbsp; 3290542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10582438 |
| **Distribution/Wholesale — 1.2%** | **Distribution/Wholesale — 1.2%** | **Distribution/Wholesale — 1.2%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;171356 | &nbsp;&nbsp;&nbsp;&nbsp; 9392023 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31381 | &nbsp;&nbsp;&nbsp;&nbsp; 13919670 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40007 | &nbsp;&nbsp;&nbsp;&nbsp; 6716775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30028468 |
| **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26463 | &nbsp;&nbsp;&nbsp;&nbsp; 4657488 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247634 | &nbsp;&nbsp;&nbsp;&nbsp; 8667190 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31898 | &nbsp;&nbsp;&nbsp;&nbsp; 7384068 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70203 | &nbsp;&nbsp;&nbsp;&nbsp; 2962566 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39046 | &nbsp;&nbsp;&nbsp;&nbsp; 5817854 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48676 | &nbsp;&nbsp;&nbsp;&nbsp; 8502724 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98098 | &nbsp;&nbsp;&nbsp;&nbsp; 20569188 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;115048 | &nbsp;&nbsp;&nbsp;&nbsp; 4179694 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146693 | &nbsp;&nbsp;&nbsp;&nbsp; 7129280 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86853 | &nbsp;&nbsp;&nbsp;&nbsp; 7405087 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;189566 | &nbsp;&nbsp;&nbsp;&nbsp; 6136251 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92054 | &nbsp;&nbsp;&nbsp;&nbsp; 8673328 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86690 | &nbsp;&nbsp;&nbsp;&nbsp; 5766619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97851337 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52168 | &nbsp;&nbsp;&nbsp;&nbsp; 3393007 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64525 | &nbsp;&nbsp;&nbsp;&nbsp; 3772777 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47734 | &nbsp;&nbsp;&nbsp;&nbsp; 5677959 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55255 | &nbsp;&nbsp;&nbsp;&nbsp; 3057259 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181050 | &nbsp;&nbsp;&nbsp;&nbsp; 8051293 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50962 | &nbsp;&nbsp;&nbsp;&nbsp; 3788005 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98520 | &nbsp;&nbsp;&nbsp;&nbsp; 4177248 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81585 | &nbsp;&nbsp;&nbsp;&nbsp; 4625054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36542602 |
| **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27731 | &nbsp;&nbsp;&nbsp;&nbsp; 7207010 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36282 | &nbsp;&nbsp;&nbsp;&nbsp; 3853148 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35524 | &nbsp;&nbsp;&nbsp;&nbsp; 2970872 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22445 | &nbsp;&nbsp;&nbsp;&nbsp; 4602572 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31877 | &nbsp;&nbsp;&nbsp;&nbsp; 3947010 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39492 | &nbsp;&nbsp;&nbsp;&nbsp; 5661178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28241790 |
| **Electronics — 3.1%** | **Electronics — 3.1%** | **Electronics — 3.1%** |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47006 | &nbsp;&nbsp;&nbsp;&nbsp; 5564570 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77939 | &nbsp;&nbsp;&nbsp;&nbsp; 3897730 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;139622 | &nbsp;&nbsp;$10559612 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;345168 | &nbsp;&nbsp;&nbsp;&nbsp; 14600607 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;129480 | &nbsp;&nbsp;&nbsp;&nbsp; 7340221 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;148496 | &nbsp;&nbsp;&nbsp;&nbsp; 9771037 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;134756 | &nbsp;&nbsp;&nbsp;&nbsp; 3511741 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68145 | &nbsp;&nbsp;&nbsp;&nbsp; 8268714 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133976 | &nbsp;&nbsp;&nbsp;&nbsp; 4789642 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53482 | &nbsp;&nbsp;&nbsp;&nbsp; 11569761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79873635 |
| **Engineering & Construction — 2.9%** | **Engineering & Construction — 2.9%** | **Engineering & Construction — 2.9%** |
| &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;119551 | &nbsp;&nbsp;&nbsp;&nbsp; 13132677 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31967 | &nbsp;&nbsp;&nbsp;&nbsp; 15287578 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41447 | &nbsp;&nbsp;&nbsp;&nbsp; 19557182 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44948 | &nbsp;&nbsp;&nbsp;&nbsp; 3431330 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;154532 | &nbsp;&nbsp;&nbsp;&nbsp; 6425441 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55685 | &nbsp;&nbsp;&nbsp;&nbsp; 8682962 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26418 | &nbsp;&nbsp;&nbsp;&nbsp; 7473388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73990558 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65923 | &nbsp;&nbsp;&nbsp;&nbsp; 6293669 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79564 | &nbsp;&nbsp;&nbsp;&nbsp; 7170307 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28938 | &nbsp;&nbsp;&nbsp;&nbsp; 1905857 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33731 | &nbsp;&nbsp;&nbsp;&nbsp; 5402694 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;130625 | &nbsp;&nbsp;&nbsp;&nbsp; 3438050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24210577 |
| **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45648 | &nbsp;&nbsp;&nbsp;&nbsp; 10352510 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241495 | &nbsp;&nbsp;&nbsp;&nbsp; 8437835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18790345 |
| **Food — 2.9%** | **Food — 2.9%** | **Food — 2.9%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;365406 | &nbsp;&nbsp;&nbsp;&nbsp; 8122975 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172536 | &nbsp;&nbsp;&nbsp;&nbsp; 2915858 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58113 | &nbsp;&nbsp;&nbsp;&nbsp; 8084681 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp; 2851492 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;140747 | &nbsp;&nbsp;&nbsp;&nbsp; 12605301 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36319 | &nbsp;&nbsp;&nbsp;&nbsp; 1785442 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41220 | &nbsp;&nbsp;&nbsp;&nbsp; 4558520 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90090 | &nbsp;&nbsp;&nbsp;&nbsp; 15572958 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;207567 | &nbsp;&nbsp;&nbsp;&nbsp; 16422701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72919928 |
| **Food Service — 0.4%** | **Food Service — 0.4%** | **Food Service — 0.4%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;238854 | &nbsp;&nbsp;&nbsp;&nbsp; 9673587 |
| **Gas — 1.2%** | **Gas — 1.2%** | **Gas — 1.2%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81586 | &nbsp;&nbsp;&nbsp;&nbsp; 6734108 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90358 | &nbsp;&nbsp;&nbsp;&nbsp; 4146529 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51045 | &nbsp;&nbsp;&nbsp;&nbsp; 3816124 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54131 | &nbsp;&nbsp;&nbsp;&nbsp; 3888230 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52569 | &nbsp;&nbsp;&nbsp;&nbsp; 3957394 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;193542 | &nbsp;&nbsp;&nbsp;&nbsp; 6979125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29521510 |
| **Hand/Machine Tools — 0.9%** | **Hand/Machine Tools — 0.9%** | **Hand/Machine Tools — 0.9%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50839 | &nbsp;&nbsp;&nbsp;&nbsp; 9841922 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35365 | &nbsp;&nbsp;&nbsp;&nbsp; 5763434 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59670 | &nbsp;&nbsp;&nbsp;&nbsp; 7962365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23567721 |
| **Healthcare-Products — 2.1%** | **Healthcare-Products — 2.1%** | **Healthcare-Products — 2.1%** |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;613480 | &nbsp;&nbsp;&nbsp;&nbsp; 7920027 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100193 | &nbsp;&nbsp;$3677083 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179097 | &nbsp;&nbsp;&nbsp;&nbsp; 2861970 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;155242 | &nbsp;&nbsp;&nbsp;&nbsp; 2836271 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;102475 | &nbsp;&nbsp;&nbsp;&nbsp; 6064470 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45467 | &nbsp;&nbsp;&nbsp;&nbsp; 3078571 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62642 | &nbsp;&nbsp;&nbsp;&nbsp; 4733230 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49624 | &nbsp;&nbsp;&nbsp;&nbsp; 2146238 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40039 | &nbsp;&nbsp;&nbsp;&nbsp; 6506337 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34579 | &nbsp;&nbsp;&nbsp;&nbsp; 9231556 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46946 | &nbsp;&nbsp;&nbsp;&nbsp; 5542914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54598667 |
| **Healthcare-Services — 2.4%** | **Healthcare-Services — 2.4%** | **Healthcare-Services — 2.4%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83899 | &nbsp;&nbsp;&nbsp;&nbsp; 1899473 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28704 | &nbsp;&nbsp;&nbsp;&nbsp; 2700185 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13501 | &nbsp;&nbsp;&nbsp;&nbsp; 7760915 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90774 | &nbsp;&nbsp;&nbsp;&nbsp; 10974577 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51247 | &nbsp;&nbsp;&nbsp;&nbsp; 7546633 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78386 | &nbsp;&nbsp;&nbsp;&nbsp; 7886416 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22469 | &nbsp;&nbsp;&nbsp;&nbsp; 6626108 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.† | &nbsp;&nbsp;&nbsp;&nbsp;131160 | &nbsp;&nbsp;&nbsp;&nbsp; 1605398 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85680 | &nbsp;&nbsp;&nbsp;&nbsp; 14460214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61459919 |
| **Home Builders — 0.9%** | **Home Builders — 0.9%** | **Home Builders — 0.9%** |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62527 | &nbsp;&nbsp;&nbsp;&nbsp; 3225143 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92642 | &nbsp;&nbsp;&nbsp;&nbsp; 5213892 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47950 | &nbsp;&nbsp;&nbsp;&nbsp; 3893060 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90325 | &nbsp;&nbsp;&nbsp;&nbsp; 9416381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21748476 |
| **Home Furnishings — 0.8%** | **Home Furnishings — 0.8%** | **Home Furnishings — 0.8%** |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55145 | &nbsp;&nbsp;&nbsp;&nbsp; 4095068 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;185399 | &nbsp;&nbsp;&nbsp;&nbsp; 12062059 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49899 | &nbsp;&nbsp;&nbsp;&nbsp; 3896613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20053740 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38837 | &nbsp;&nbsp;&nbsp;&nbsp; 2313132 |
| **Insurance — 5.2%** | **Insurance — 5.2%** | **Insurance — 5.2%** |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65070 | &nbsp;&nbsp;&nbsp;&nbsp; 8067379 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52824 | &nbsp;&nbsp;&nbsp;&nbsp; 3159403 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93045 | &nbsp;&nbsp;&nbsp;&nbsp; 3531988 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94616 | &nbsp;&nbsp;&nbsp;&nbsp; 5487728 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234216 | &nbsp;&nbsp;&nbsp;&nbsp; 12828010 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92805 | &nbsp;&nbsp;&nbsp;&nbsp; 5179447 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32465 | &nbsp;&nbsp;&nbsp;&nbsp; 5713191 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54119 | &nbsp;&nbsp;&nbsp;&nbsp; 3449004 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19933 | &nbsp;&nbsp;&nbsp;&nbsp; 9408177 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;223847 | &nbsp;&nbsp;&nbsp;&nbsp; 5920753 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;210993 | &nbsp;&nbsp;&nbsp;&nbsp; 7975535 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30067 | &nbsp;&nbsp;&nbsp;&nbsp; 8136130 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59349 | &nbsp;&nbsp;&nbsp;&nbsp; 12065058 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45611 | &nbsp;&nbsp;&nbsp;&nbsp; 11376296 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75137 | &nbsp;&nbsp;&nbsp;&nbsp; 5775781 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95861 | &nbsp;&nbsp;&nbsp;&nbsp; 6860772 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54784 | &nbsp;&nbsp;&nbsp;&nbsp; 4822088 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;148042 | &nbsp;&nbsp;&nbsp;&nbsp; 12096512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131853252 |
| **Internet — 0.9%** | **Internet — 0.9%** | **Internet — 0.9%** |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;149246 | &nbsp;&nbsp;&nbsp;&nbsp; 6753381 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;172260 | &nbsp;&nbsp;$9743026 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;145818 | &nbsp;&nbsp;&nbsp;&nbsp; 6659508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23155915 |
| **Iron/Steel — 2.1%** | **Iron/Steel — 2.1%** | **Iron/Steel — 2.1%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;128518 | &nbsp;&nbsp;&nbsp;&nbsp; 10235174 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45003 | &nbsp;&nbsp;&nbsp;&nbsp; 10575705 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;441210 | &nbsp;&nbsp;&nbsp;&nbsp; 2572254 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;102389 | &nbsp;&nbsp;&nbsp;&nbsp; 4770303 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48761 | &nbsp;&nbsp;&nbsp;&nbsp; 14278196 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;202874 | &nbsp;&nbsp;&nbsp;&nbsp; 10918679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53350311 |
| **Leisure Time — 0.7%** | **Leisure Time — 0.7%** | **Leisure Time — 0.7%** |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59449 | &nbsp;&nbsp;&nbsp;&nbsp; 3009308 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;104926 | &nbsp;&nbsp;&nbsp;&nbsp; 2540259 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75845 | &nbsp;&nbsp;&nbsp;&nbsp; 7799141 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47233 | &nbsp;&nbsp;&nbsp;&nbsp; 1852478 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73467 | &nbsp;&nbsp;&nbsp;&nbsp; 2245152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17446338 |
| **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59728 | &nbsp;&nbsp;&nbsp;&nbsp; 4477808 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20128 | &nbsp;&nbsp;&nbsp;&nbsp; 2549815 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55904 | &nbsp;&nbsp;&nbsp;&nbsp; 2133856 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38422 | &nbsp;&nbsp;&nbsp;&nbsp; 5072857 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61632 | &nbsp;&nbsp;&nbsp;&nbsp; 2993466 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70048 | &nbsp;&nbsp;&nbsp;&nbsp; 5798573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23026375 |
| **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82389 | &nbsp;&nbsp;&nbsp;&nbsp; 10348059 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58622 | &nbsp;&nbsp;&nbsp;&nbsp; 5814716 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59825 | &nbsp;&nbsp;&nbsp;&nbsp; 2692723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18855498 |
| **Machinery-Diversified — 3.4%** | **Machinery-Diversified — 3.4%** | **Machinery-Diversified — 3.4%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55821 | &nbsp;&nbsp;&nbsp;&nbsp; 5469342 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34577 | &nbsp;&nbsp;&nbsp;&nbsp; 7832382 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38034 | &nbsp;&nbsp;&nbsp;&nbsp; 5966013 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;787716 | &nbsp;&nbsp;&nbsp;&nbsp; 9854327 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153046 | &nbsp;&nbsp;&nbsp;&nbsp; 4586789 |
| &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43830 | &nbsp;&nbsp;&nbsp;&nbsp; 7512462 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51394 | &nbsp;&nbsp;&nbsp;&nbsp; 6320948 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118828 | &nbsp;&nbsp;&nbsp;&nbsp; 5930705 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152130 | &nbsp;&nbsp;&nbsp;&nbsp; 12879326 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48466 | &nbsp;&nbsp;&nbsp;&nbsp; 7082337 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90662 | &nbsp;&nbsp;&nbsp;&nbsp; 6870366 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24472 | &nbsp;&nbsp;&nbsp;&nbsp; 5925161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86230158 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;147017 | &nbsp;&nbsp;&nbsp;&nbsp; 8397611 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26376 | &nbsp;&nbsp;&nbsp;&nbsp; 4494998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12892609 |
| **Metal Fabricate/Hardware — 1.4%** | **Metal Fabricate/Hardware — 1.4%** | **Metal Fabricate/Hardware — 1.4%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63603 | &nbsp;&nbsp;&nbsp;&nbsp; 6993786 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102473 | &nbsp;&nbsp;&nbsp;&nbsp; 7979573 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28175 | &nbsp;&nbsp;&nbsp;&nbsp; 10308387 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57712 | &nbsp;&nbsp;&nbsp;&nbsp; 3952695 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18051 | &nbsp;&nbsp;&nbsp;&nbsp; 5740940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34975381 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;234060 | &nbsp;&nbsp;$6265786 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59248 | &nbsp;&nbsp;&nbsp;&nbsp; 10553254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16819040 |
| **Miscellaneous Manufacturing — 1.6%** | **Miscellaneous Manufacturing — 1.6%** | **Miscellaneous Manufacturing — 1.6%** |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40056 | &nbsp;&nbsp;&nbsp;&nbsp; 15228490 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107499 | &nbsp;&nbsp;&nbsp;&nbsp; 7476555 |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32426 | &nbsp;&nbsp;&nbsp;&nbsp; 7551043 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73340 | &nbsp;&nbsp;&nbsp;&nbsp; 11040604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41296692 |
| **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;263545 | &nbsp;&nbsp;&nbsp;&nbsp; 9869760 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55077 | &nbsp;&nbsp;&nbsp;&nbsp; 4956930 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80001 | &nbsp;&nbsp;&nbsp;&nbsp; 2189627 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;134104 | &nbsp;&nbsp;&nbsp;&nbsp; 4328877 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144093 | &nbsp;&nbsp;&nbsp;&nbsp; 5206080 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;104549 | &nbsp;&nbsp;&nbsp;&nbsp; 4496652 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;123517 | &nbsp;&nbsp;&nbsp;&nbsp; 2585211 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235461 | &nbsp;&nbsp;&nbsp;&nbsp; 8434213 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88310 | &nbsp;&nbsp;&nbsp;&nbsp; 1682306 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;576347 | &nbsp;&nbsp;&nbsp;&nbsp; 7267736 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;217415 | &nbsp;&nbsp;&nbsp;&nbsp; 8270467 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58950 | &nbsp;&nbsp;&nbsp;&nbsp; 2217699 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118310 | &nbsp;&nbsp;&nbsp;&nbsp; 4695724 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65633 | &nbsp;&nbsp;&nbsp;&nbsp; 2861599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69062881 |
| **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;171907 | &nbsp;&nbsp;&nbsp;&nbsp; 4137801 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343111 | &nbsp;&nbsp;&nbsp;&nbsp; 4117332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255133 |
| **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59911 | &nbsp;&nbsp;&nbsp;&nbsp; 9489903 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105468 | &nbsp;&nbsp;&nbsp;&nbsp; 10388598 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;270487 | &nbsp;&nbsp;&nbsp;&nbsp; 6010221 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23290 | &nbsp;&nbsp;&nbsp;&nbsp; 1294924 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73127 | &nbsp;&nbsp;&nbsp;&nbsp; 4027104 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88530 | &nbsp;&nbsp;&nbsp;&nbsp; 4031656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35242406 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;115846 | &nbsp;&nbsp;&nbsp;&nbsp; 7292506 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54469 | &nbsp;&nbsp;&nbsp;&nbsp; 5886465 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89831 | &nbsp;&nbsp;&nbsp;&nbsp; 11051010 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;153330 | &nbsp;&nbsp;&nbsp;&nbsp; 5010824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29240805 |
| **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;301850 | &nbsp;&nbsp;&nbsp;&nbsp; 5668743 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91292 | &nbsp;&nbsp;&nbsp;&nbsp; 9561924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15230667 |
| **Private Equity — 0.3%** | **Private Equity — 0.3%** | **Private Equity — 0.3%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190135 | &nbsp;&nbsp;&nbsp;&nbsp; 8594102 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42747 | &nbsp;&nbsp;&nbsp;&nbsp; 9519757 |
| **REITS — 7.2%** | **REITS — 7.2%** | **REITS — 7.2%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96433 | &nbsp;&nbsp;&nbsp;&nbsp; 7261405 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;285818 | &nbsp;&nbsp;&nbsp;&nbsp; 10818211 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;521089 | &nbsp;&nbsp;&nbsp;&nbsp; 9874636 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;275639 | &nbsp;&nbsp;$7003987 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;101337 | &nbsp;&nbsp;&nbsp;&nbsp; 2781701 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151058 | &nbsp;&nbsp;&nbsp;&nbsp; 4240198 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;204024 | &nbsp;&nbsp;&nbsp;&nbsp; 8724066 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46813 | &nbsp;&nbsp;&nbsp;&nbsp; 7937144 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68232 | &nbsp;&nbsp;&nbsp;&nbsp; 3799840 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172138 | &nbsp;&nbsp;&nbsp;&nbsp; 10942813 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119240 | &nbsp;&nbsp;&nbsp;&nbsp; 5894033 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247222 | &nbsp;&nbsp;&nbsp;&nbsp; 11545267 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319296 | &nbsp;&nbsp;&nbsp;&nbsp; 4629792 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207647 | &nbsp;&nbsp;&nbsp;&nbsp; 3860158 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95795 | &nbsp;&nbsp;&nbsp;&nbsp; 3084599 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;197915 | &nbsp;&nbsp;&nbsp;&nbsp; 4377880 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79230 | &nbsp;&nbsp;&nbsp;&nbsp; 9550384 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63181 | &nbsp;&nbsp;&nbsp;&nbsp; 2173426 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168981 | &nbsp;&nbsp;&nbsp;&nbsp; 7056647 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253929 | &nbsp;&nbsp;&nbsp;&nbsp; 9395373 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185967 | &nbsp;&nbsp;&nbsp;&nbsp; 1926618 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64299 | &nbsp;&nbsp;&nbsp;&nbsp; 2529523 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125620 | &nbsp;&nbsp;&nbsp;&nbsp; 2977194 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204754 | &nbsp;&nbsp;&nbsp;&nbsp; 7215531 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213160 | &nbsp;&nbsp;&nbsp;&nbsp; 3726037 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167129 | &nbsp;&nbsp;&nbsp;&nbsp; 5946450 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;288585 | &nbsp;&nbsp;&nbsp;&nbsp; 5699554 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;149596 | &nbsp;&nbsp;&nbsp;&nbsp; 5635281 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;197947 | &nbsp;&nbsp;&nbsp;&nbsp; 12423154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183030902 |
| **Retail — 6.2%** | **Retail — 6.2%** | **Retail — 6.2%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46252 | &nbsp;&nbsp;&nbsp;&nbsp; 3630319 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23225 | &nbsp;&nbsp;&nbsp;&nbsp; 4269916 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195136 | &nbsp;&nbsp;&nbsp;&nbsp; 5487224 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;119014 | &nbsp;&nbsp;&nbsp;&nbsp; 13473575 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56589 | &nbsp;&nbsp;&nbsp;&nbsp; 12917571 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33443 | &nbsp;&nbsp;&nbsp;&nbsp; 14640008 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73296 | &nbsp;&nbsp;&nbsp;&nbsp; 5956766 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52170 | &nbsp;&nbsp;&nbsp;&nbsp; 9356168 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35086 | &nbsp;&nbsp;&nbsp;&nbsp; 4487850 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49389 | &nbsp;&nbsp;&nbsp;&nbsp; 5757276 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96613 | &nbsp;&nbsp;&nbsp;&nbsp; 6926186 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;366328 | &nbsp;&nbsp;&nbsp;&nbsp; 10916574 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200470 | &nbsp;&nbsp;&nbsp;&nbsp; 4472486 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23999 | &nbsp;&nbsp;&nbsp;&nbsp; 7605523 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250144 | &nbsp;&nbsp;&nbsp;&nbsp; 2974212 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40262 | &nbsp;&nbsp;&nbsp;&nbsp; 3269274 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16431 | &nbsp;&nbsp;&nbsp;&nbsp; 7012587 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55209 | &nbsp;&nbsp;&nbsp;&nbsp; 6153043 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16844 | &nbsp;&nbsp;&nbsp;&nbsp; 2765448 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13860 | &nbsp;&nbsp;&nbsp;&nbsp; 2510185 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60108 | &nbsp;&nbsp;&nbsp;&nbsp; 11733683 |
| &nbsp;&nbsp;&nbsp;Wendy's Co.# | &nbsp;&nbsp;&nbsp;&nbsp;154266 | &nbsp;&nbsp;&nbsp;&nbsp; 1758632 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26296 | &nbsp;&nbsp;&nbsp;&nbsp; 8985343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157059849 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;273027 | &nbsp;&nbsp;&nbsp;&nbsp; 3145271 |
| **Semiconductors — 2.2%** | **Semiconductors — 2.2%** | **Semiconductors — 2.2%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;117634 | &nbsp;&nbsp;&nbsp;&nbsp; 2982022 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102216 | &nbsp;&nbsp;&nbsp;&nbsp; 1841932 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48101 | &nbsp;&nbsp;&nbsp;&nbsp; 4731214 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136162 | &nbsp;&nbsp;&nbsp;&nbsp; 9359776 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22467 | &nbsp;&nbsp;&nbsp;&nbsp; 1488663 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;124936 | &nbsp;&nbsp;&nbsp;&nbsp; 5614624 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53583 | &nbsp;&nbsp;$6516229 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61068 | &nbsp;&nbsp;&nbsp;&nbsp; 5019179 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44574 | &nbsp;&nbsp;&nbsp;&nbsp; 4098134 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49736 | &nbsp;&nbsp;&nbsp;&nbsp; 2473371 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96022 | &nbsp;&nbsp;&nbsp;&nbsp; 5134296 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29244 | &nbsp;&nbsp;&nbsp;&nbsp; 3524779 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35368 | &nbsp;&nbsp;&nbsp;&nbsp; 2078224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54862443 |
| **Software — 4.4%** | **Software — 4.4%** | **Software — 4.4%** |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21113 | &nbsp;&nbsp;&nbsp;&nbsp; 4458432 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84504 | &nbsp;&nbsp;&nbsp;&nbsp; 3691135 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34269 | &nbsp;&nbsp;&nbsp;&nbsp; 2132560 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39641 | &nbsp;&nbsp;&nbsp;&nbsp; 7260249 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41736 | &nbsp;&nbsp;&nbsp;&nbsp; 2335755 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;182019 | &nbsp;&nbsp;&nbsp;&nbsp; 16128704 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;120283 | &nbsp;&nbsp;&nbsp;&nbsp; 6265541 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;195011 | &nbsp;&nbsp;&nbsp;&nbsp; 5628017 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34144 | &nbsp;&nbsp;&nbsp;&nbsp; 17741564 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;269708 | &nbsp;&nbsp;&nbsp;&nbsp; 14566929 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75249 | &nbsp;&nbsp;&nbsp;&nbsp; 16180040 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55071 | &nbsp;&nbsp;&nbsp;&nbsp; 10396303 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40338 | &nbsp;&nbsp;&nbsp;&nbsp; 3959175 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;244401 | &nbsp;&nbsp;&nbsp;&nbsp; 2334030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113078434 |
| **Telecommunications — 0.9%** | **Telecommunications — 0.9%** | **Telecommunications — 0.9%** |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;128044 | &nbsp;&nbsp;&nbsp;&nbsp; 10251203 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;108859 | &nbsp;&nbsp;&nbsp;&nbsp; 1930070 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;199678 | &nbsp;&nbsp;&nbsp;&nbsp; 7234334 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95295 | &nbsp;&nbsp;&nbsp;&nbsp; 2420493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21836100 |
| **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;303540 | &nbsp;&nbsp;&nbsp;&nbsp; 5749048 |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51716 | &nbsp;&nbsp;&nbsp;&nbsp; 5721858 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146431 | &nbsp;&nbsp;&nbsp;&nbsp; 6489822 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31438 | &nbsp;&nbsp;&nbsp;&nbsp; 4313922 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37918 | &nbsp;&nbsp;&nbsp;&nbsp; 5578875 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23962 | &nbsp;&nbsp;&nbsp;&nbsp; 6335793 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;105634 | &nbsp;&nbsp;&nbsp;&nbsp; 12024318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40464588 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32020 | &nbsp;&nbsp;$5098865 |
| **Water — 0.3%** | **Water — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228302 | &nbsp;&nbsp;&nbsp;&nbsp; 8796476 |
| **Total Long-Term Investment Securities<br> (cost $1,918,166,156)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2520284624 |
| **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** |  |
| **Unaffiliated Investment Companies — 1.6%** | **Unaffiliated Investment Companies — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(1) | 29077566 | &nbsp;&nbsp;&nbsp;&nbsp; 29077565 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(1)(2) | 11729819 | &nbsp;&nbsp;&nbsp;&nbsp; 11729819 |
| **Total Short-Term Investments<br> (cost $40,807,384)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40807384 |
| **TOTAL INVESTMENTS<br> (cost $1,958,973,540)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.4% | &nbsp;&nbsp;&nbsp;&nbsp;2561092008 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11060515) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2550031493 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (2) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $70,593,953. This was secured by collateral of $11,729,819, which was received in cash and subsequently invested in short-term investments currently valued at $11,729,819 as reported in the Portfolio of Investments. Additional collateral of $61,251,659 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $222695 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1439284 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110504 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606124 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;58871631 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;304441 | &nbsp;&nbsp;4.73% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;$2943336 | &nbsp;&nbsp;$(118123) | &nbsp;&nbsp;$(118123) |
| **Insurance** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Equitable Holdings Inc | &nbsp;&nbsp;279214 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp;14511555 | &nbsp;&nbsp;&nbsp; 250489 | &nbsp;&nbsp;&nbsp; 250489 |
| **Banks** |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;165357 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 5058296 | &nbsp;&nbsp;&nbsp;&nbsp; (47979) | &nbsp;&nbsp;&nbsp;&nbsp; (47979) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$84387 | &nbsp;&nbsp;$84387 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 27 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P Mid Cap 400 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$8133832 | &nbsp;&nbsp;&nbsp;&nbsp;$8111070 | &nbsp;&nbsp;&nbsp;&nbsp;$(22762) |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$2520284624 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2520284624 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40807384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40807384 |
| **Total Investments at Value** | &nbsp;&nbsp;$2561092008 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2561092008 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$250489 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$250489 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$166102 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$166102 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22762 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$22762 | &nbsp;&nbsp;$166102 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$188864 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Strategic Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.2%** | **COMMON STOCKS — 96.2%** | **COMMON STOCKS — 96.2%** |
| **Advertising — 0.9%** | **Advertising — 0.9%** | **Advertising — 0.9%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;137650 | &nbsp;&nbsp;$10354033 |
| **Aerospace/Defense — 3.6%** | **Aerospace/Defense — 3.6%** | **Aerospace/Defense — 3.6%** |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77539 | &nbsp;&nbsp;&nbsp;&nbsp; 13804268 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39450 | &nbsp;&nbsp;&nbsp;&nbsp; 11820798 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355144 | &nbsp;&nbsp;&nbsp;&nbsp; 15022591 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68402 | &nbsp;&nbsp;&nbsp;&nbsp; 2006231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42653888 |
| **Airlines — 0.9%** | **Airlines — 0.9%** | **Airlines — 0.9%** |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC ADR# | &nbsp;&nbsp;&nbsp;&nbsp;105663 | &nbsp;&nbsp;&nbsp;&nbsp; 5874863 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68700 | &nbsp;&nbsp;&nbsp;&nbsp; 5457871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11332734 |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;134736 | &nbsp;&nbsp;&nbsp;&nbsp; 6278698 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;158849 | &nbsp;&nbsp;&nbsp;&nbsp; 9434042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15712740 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72114 | &nbsp;&nbsp;&nbsp;&nbsp; 6767899 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84315 | &nbsp;&nbsp;&nbsp;&nbsp; 6105249 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569 | &nbsp;&nbsp;&nbsp;&nbsp; 3192485 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93247 | &nbsp;&nbsp;&nbsp;&nbsp; 6601888 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22832 | &nbsp;&nbsp;&nbsp;&nbsp; 1877704 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;113165 | &nbsp;&nbsp;&nbsp;&nbsp; 7890995 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46135 | &nbsp;&nbsp;&nbsp;&nbsp; 1817719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21380791 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51935 | &nbsp;&nbsp;&nbsp;&nbsp; 5592361 |
| **Commercial Services — 3.8%** | **Commercial Services — 3.8%** | **Commercial Services — 3.8%** |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;134306 | &nbsp;&nbsp;&nbsp;&nbsp; 6268061 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37457 | &nbsp;&nbsp;&nbsp;&nbsp; 1657847 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28474 | &nbsp;&nbsp;&nbsp;&nbsp; 2152919 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33622 | &nbsp;&nbsp;&nbsp;&nbsp; 11517552 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54967 | &nbsp;&nbsp;&nbsp;&nbsp; 5788025 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;324994 | &nbsp;&nbsp;&nbsp;&nbsp; 1539588 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;138352 | &nbsp;&nbsp;&nbsp;&nbsp; 3288627 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39647 | &nbsp;&nbsp;&nbsp;&nbsp; 3394973 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28246 | &nbsp;&nbsp;&nbsp;&nbsp; 2019589 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54426 | &nbsp;&nbsp;&nbsp;&nbsp; 7234848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44862029 |
| **Computers — 4.0%** | **Computers — 4.0%** | **Computers — 4.0%** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87200 | &nbsp;&nbsp;&nbsp;&nbsp; 8001472 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28981 | &nbsp;&nbsp;&nbsp;&nbsp; 11093347 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;114715 | &nbsp;&nbsp;&nbsp;&nbsp; 7438121 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;422563 | &nbsp;&nbsp;&nbsp;&nbsp; 7445560 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51910 | &nbsp;&nbsp;&nbsp;&nbsp; 14311587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48290087 |
| **Cosmetics/Personal Care — 1.0%** | **Cosmetics/Personal Care — 1.0%** | **Cosmetics/Personal Care — 1.0%** |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;112074 | &nbsp;&nbsp;&nbsp;&nbsp; 12607204 |
| **Diversified Financial Services — 6.0%** | **Diversified Financial Services — 6.0%** | **Diversified Financial Services — 6.0%** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33731 | &nbsp;&nbsp;&nbsp;&nbsp; 17177174 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58989 | &nbsp;&nbsp;&nbsp;&nbsp; 7709272 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11395 | &nbsp;&nbsp;&nbsp;&nbsp; 2610822 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42999 | &nbsp;&nbsp;&nbsp;&nbsp; 3798532 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50401 | &nbsp;&nbsp;&nbsp;&nbsp; 10568082 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30723 | &nbsp;&nbsp;$11894717 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;548225 | &nbsp;&nbsp;&nbsp;&nbsp; 6989869 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71788 | &nbsp;&nbsp;&nbsp;&nbsp; 10369777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71118245 |
| **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137882 | &nbsp;&nbsp;&nbsp;&nbsp; 8580397 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64623 | &nbsp;&nbsp;&nbsp;&nbsp; 6260676 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41115 | &nbsp;&nbsp;&nbsp;&nbsp; 5618365 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94719 | &nbsp;&nbsp;&nbsp;&nbsp; 15209030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35668468 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81049 | &nbsp;&nbsp;&nbsp;&nbsp; 9675630 |
| **Electronics — 3.0%** | **Electronics — 3.0%** | **Electronics — 3.0%** |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;309961 | &nbsp;&nbsp;&nbsp;&nbsp; 13111350 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117941 | &nbsp;&nbsp;&nbsp;&nbsp; 8278279 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30530 | &nbsp;&nbsp;&nbsp;&nbsp; 6196674 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;188368 | &nbsp;&nbsp;&nbsp;&nbsp; 4908870 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17846 | &nbsp;&nbsp;&nbsp;&nbsp; 2856609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35351782 |
| **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72484 | &nbsp;&nbsp;&nbsp;&nbsp; 6920047 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;315670 | &nbsp;&nbsp;&nbsp;&nbsp; 11326240 |
| &nbsp;&nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;238043 | &nbsp;&nbsp;&nbsp;&nbsp; 2407377 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;100126 | &nbsp;&nbsp;&nbsp;&nbsp; 13736286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34389950 |
| **Environmental Control — 1.5%** | **Environmental Control — 1.5%** | **Environmental Control — 1.5%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24537 | &nbsp;&nbsp;&nbsp;&nbsp; 5564746 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33217 | &nbsp;&nbsp;&nbsp;&nbsp; 3355913 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44530 | &nbsp;&nbsp;&nbsp;&nbsp; 8776418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17697077 |
| **Food Service — 0.7%** | **Food Service — 0.7%** | **Food Service — 0.7%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;196323 | &nbsp;&nbsp;&nbsp;&nbsp; 7951081 |
| **Healthcare-Products — 8.6%** | **Healthcare-Products — 8.6%** | **Healthcare-Products — 8.6%** |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48285 | &nbsp;&nbsp;&nbsp;&nbsp; 8736688 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;207744 | &nbsp;&nbsp;&nbsp;&nbsp; 2681975 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;111540 | &nbsp;&nbsp;&nbsp;&nbsp; 11740700 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;110856 | &nbsp;&nbsp;&nbsp;&nbsp; 7569248 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30840 | &nbsp;&nbsp;&nbsp;&nbsp; 1825111 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26108 | &nbsp;&nbsp;&nbsp;&nbsp; 3520925 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17872 | &nbsp;&nbsp;&nbsp;&nbsp; 9174770 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45103 | &nbsp;&nbsp;&nbsp;&nbsp; 6233235 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41983 | &nbsp;&nbsp;&nbsp;&nbsp; 13645734 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21752 | &nbsp;&nbsp;&nbsp;&nbsp; 1643581 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68626 | &nbsp;&nbsp;&nbsp;&nbsp; 10824379 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95599 | &nbsp;&nbsp;&nbsp;&nbsp; 8644062 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14645 | &nbsp;&nbsp;&nbsp;&nbsp; 3591100 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63493 | &nbsp;&nbsp;&nbsp;&nbsp; 7763289 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp; 4644892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102239689 |
| **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48820 | &nbsp;&nbsp;&nbsp;&nbsp; 7189233 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72663 | &nbsp;&nbsp;&nbsp;&nbsp; 12263335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19452568 |
| **Home Builders — 0.6%** | **Home Builders — 0.6%** | **Home Builders — 0.6%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59498 | &nbsp;&nbsp;&nbsp;&nbsp; 7024334 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Strategic Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33244 | &nbsp;&nbsp;$11550295 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66165 | &nbsp;&nbsp;&nbsp;&nbsp; 15011092 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;299495 | &nbsp;&nbsp;&nbsp;&nbsp; 7921643 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106278 | &nbsp;&nbsp;&nbsp;&nbsp; 7937904 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15770 | &nbsp;&nbsp;&nbsp;&nbsp; 4991994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47412928 |
| **Internet — 3.7%** | **Internet — 3.7%** | **Internet — 3.7%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28853 | &nbsp;&nbsp;&nbsp;&nbsp; 5203927 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25281 | &nbsp;&nbsp;&nbsp;&nbsp; 5274881 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51357 | &nbsp;&nbsp;&nbsp;&nbsp; 9354677 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85199 | &nbsp;&nbsp;&nbsp;&nbsp; 9572108 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;186741 | &nbsp;&nbsp;&nbsp;&nbsp; 12352917 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42152 | &nbsp;&nbsp;&nbsp;&nbsp; 1738348 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35274 | &nbsp;&nbsp;&nbsp;&nbsp; 1144289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44641147 |
| **Iron/Steel — 1.1%** | **Iron/Steel — 1.1%** | **Iron/Steel — 1.1%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54561 | &nbsp;&nbsp;&nbsp;&nbsp; 12821835 |
| **Machinery-Construction & Mining — 0.8%** | **Machinery-Construction & Mining — 0.8%** | **Machinery-Construction & Mining — 0.8%** |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84051 | &nbsp;&nbsp;&nbsp;&nbsp; 9071624 |
| **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85637 | &nbsp;&nbsp;&nbsp;&nbsp; 6991405 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13607 | &nbsp;&nbsp;&nbsp;&nbsp; 1199049 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98316 | &nbsp;&nbsp;&nbsp;&nbsp; 9490443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10689492 |
| **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16075 | &nbsp;&nbsp;&nbsp;&nbsp; 10685053 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20105 | &nbsp;&nbsp;&nbsp;&nbsp; 10029580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20714633 |
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35506 | &nbsp;&nbsp;&nbsp;&nbsp; 4777332 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17925 | &nbsp;&nbsp;&nbsp;&nbsp; 2918907 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91871 | &nbsp;&nbsp;&nbsp;&nbsp; 5783279 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;107111 | &nbsp;&nbsp;&nbsp;&nbsp; 9190124 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60220 | &nbsp;&nbsp;&nbsp;&nbsp; 1956548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19848858 |
| **Pipelines — 2.0%** | **Pipelines — 2.0%** | **Pipelines — 2.0%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54240 | &nbsp;&nbsp;&nbsp;&nbsp; 12854338 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23566 | &nbsp;&nbsp;&nbsp;&nbsp; 1905075 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56135 | &nbsp;&nbsp;&nbsp;&nbsp; 8865401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23624814 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145 | &nbsp;&nbsp;&nbsp;&nbsp; 1428592 |
| **REITS — 0.6%** | **REITS — 0.6%** | **REITS — 0.6%** |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41492 | &nbsp;&nbsp;&nbsp;&nbsp; 5001446 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47589 | &nbsp;&nbsp;&nbsp;&nbsp; 2031574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7033020 |
| **Retail — 5.9%** | **Retail — 5.9%** | **Retail — 5.9%** |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10769 | &nbsp;&nbsp;&nbsp;&nbsp; 2458239 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71956 | &nbsp;&nbsp;&nbsp;&nbsp; 4638284 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;122333 | &nbsp;&nbsp;&nbsp;&nbsp; 9942003 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26486 | &nbsp;&nbsp;&nbsp;&nbsp; 2390626 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53917 | &nbsp;&nbsp;&nbsp;&nbsp; 9831226 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp; 73380 | &nbsp;&nbsp;$5882141 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp; 7530 | &nbsp;&nbsp;&nbsp;&nbsp; 10297275 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp; 63265 | &nbsp;&nbsp;&nbsp;&nbsp; 12349961 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp; 36321 | &nbsp;&nbsp;&nbsp;&nbsp; 12410886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70200641 |
| **Semiconductors — 3.4%** | **Semiconductors — 3.4%** | **Semiconductors — 3.4%** |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp; 117534 | &nbsp;&nbsp;&nbsp;&nbsp; 10662685 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp; 4086 | &nbsp;&nbsp;&nbsp;&nbsp; 3092612 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp; 20547 | &nbsp;&nbsp;&nbsp;&nbsp; 13600059 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp; 37176 | &nbsp;&nbsp;&nbsp;&nbsp; 7105449 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp; 146768 | &nbsp;&nbsp;&nbsp;&nbsp; 6167191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40627996 |
| **Software — 19.5%** | **Software — 19.5%** | **Software — 19.5%** |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp; 24237 | &nbsp;&nbsp;&nbsp;&nbsp; 8018084 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp; 103505 | &nbsp;&nbsp;&nbsp;&nbsp; 40677465 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 34160 | &nbsp;&nbsp;&nbsp;&nbsp; 8295073 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp; 121493 | &nbsp;&nbsp;&nbsp;&nbsp; 20154474 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp; 5980 | &nbsp;&nbsp;&nbsp;&nbsp; 21681819 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.#† | &nbsp;&nbsp; 112251 | &nbsp;&nbsp;&nbsp;&nbsp; 6631789 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp; 50154 | &nbsp;&nbsp;&nbsp;&nbsp; 2708818 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp; 86226 | &nbsp;&nbsp;&nbsp;&nbsp; 6973097 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp; 23876 | &nbsp;&nbsp;&nbsp;&nbsp; 7102871 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp; 48724 | &nbsp;&nbsp;&nbsp;&nbsp; 9200553 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp; 457191 | &nbsp;&nbsp;&nbsp;&nbsp; 60248630 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp; 37337 | &nbsp;&nbsp;&nbsp;&nbsp; 6284564 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp; 341246 | &nbsp;&nbsp;&nbsp;&nbsp; 6009342 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp; 52760 | &nbsp;&nbsp;&nbsp;&nbsp; 10851149 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 180672 | &nbsp;&nbsp;&nbsp;&nbsp; 14600104 |
| &nbsp;&nbsp;&nbsp;Topicus.com, Inc.† | &nbsp;&nbsp; 20795 | &nbsp;&nbsp;&nbsp;&nbsp; 2720086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232157918 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp; 23233 | &nbsp;&nbsp;&nbsp;&nbsp; 9650524 |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 211485 | &nbsp;&nbsp;&nbsp;&nbsp; 6680811 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 49588 | &nbsp;&nbsp;&nbsp;&nbsp; 6885294 |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. | &nbsp;&nbsp; 36896 | &nbsp;&nbsp;&nbsp;&nbsp; 3174163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16740268 |
| **Total Long-Term Investment Securities<br> (cost $947,966,707)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1144660866 |
| **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** |
| **Commercial Paper — 1.3%** | **Commercial Paper — 1.3%** | **Commercial Paper — 1.3%** |
| &nbsp;&nbsp;&nbsp;Manhattan Asset Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 06/02/2025 | $13200000 | &nbsp;&nbsp;&nbsp;&nbsp; 13195216 |
| &nbsp;&nbsp;&nbsp;Victory Receivables Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 06/02/2025 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2299167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15494383 |
| **U.S. Government Agency — 0.1%** | **U.S. Government Agency — 0.1%** | **U.S. Government Agency — 0.1%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 06/02/2025 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1899334 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Strategic Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |  |
| **Unaffiliated Investment Companies — 0.8%** | **Unaffiliated Investment Companies — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(1)(2) | 9370913 | &nbsp;&nbsp;$9370913 |
| **Total Short-Term Investments<br> (cost $26,768,396)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26764630 |
| **TOTAL INVESTMENTS<br> (cost $974,735,103)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.4% | &nbsp;&nbsp;&nbsp;&nbsp;1171425496 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18898739 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1190324235 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (2) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $24,110,588. This was secured by collateral of $9,370,913, which was received in cash and subsequently invested in short-term investments currently valued at $9,370,913 as reported in the Portfolio of Investments. Additional collateral of $15,622,939 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $77366 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500019 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38390 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210572 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 05/15/2054 | &nbsp;&nbsp;&nbsp;14796098 |

---

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$1144660866 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1144660866 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370913 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17393717 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17393717 |
| **Total Investments at Value** | &nbsp;&nbsp;$1154031779 | &nbsp;&nbsp;$17393717 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1171425496 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.5%** | **COMMON STOCKS — 97.5%** | **COMMON STOCKS — 97.5%** |
| **Aerospace/Defense — 3.2%** | **Aerospace/Defense — 3.2%** | **Aerospace/Defense — 3.2%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7401 | &nbsp;&nbsp;$3257254 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39818 | &nbsp;&nbsp;&nbsp;&nbsp; 2802391 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44598 | &nbsp;&nbsp;&nbsp;&nbsp; 7576754 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12320 | &nbsp;&nbsp;&nbsp;&nbsp; 3010269 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87230 | &nbsp;&nbsp;&nbsp;&nbsp; 2558456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19205124 |
| **Apparel — 1.0%** | **Apparel — 1.0%** | **Apparel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19272 | &nbsp;&nbsp;&nbsp;&nbsp; 1965744 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8277 | &nbsp;&nbsp;&nbsp;&nbsp; 2291156 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77303 | &nbsp;&nbsp;&nbsp;&nbsp; 1905519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6162419 |
| **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68260 | &nbsp;&nbsp;&nbsp;&nbsp; 1472368 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;168940 | &nbsp;&nbsp;&nbsp;&nbsp; 1927606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399974 |
| **Banks — 5.7%** | **Banks — 5.7%** | **Banks — 5.7%** |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40778 | &nbsp;&nbsp;&nbsp;&nbsp; 2506624 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;135271 | &nbsp;&nbsp;&nbsp;&nbsp; 4098711 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129749 | &nbsp;&nbsp;&nbsp;&nbsp; 3033532 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31607 | &nbsp;&nbsp;&nbsp;&nbsp; 2882558 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84240 | &nbsp;&nbsp;&nbsp;&nbsp; 3217126 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250404 | &nbsp;&nbsp;&nbsp;&nbsp; 3913814 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44775 | &nbsp;&nbsp;&nbsp;&nbsp; 3931245 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88678 | &nbsp;&nbsp;&nbsp;&nbsp; 4241469 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30965 | &nbsp;&nbsp;&nbsp;&nbsp; 3193111 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58431 | &nbsp;&nbsp;&nbsp;&nbsp; 3008028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34026218 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21930 | &nbsp;&nbsp;&nbsp;&nbsp; 2514275 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21717 | &nbsp;&nbsp;&nbsp;&nbsp; 1993403 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76213 | &nbsp;&nbsp;&nbsp;&nbsp; 2520364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7028042 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30534 | &nbsp;&nbsp;&nbsp;&nbsp; 2652794 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10559 | &nbsp;&nbsp;&nbsp;&nbsp; 1136993 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36834 | &nbsp;&nbsp;&nbsp;&nbsp; 1856433 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60378 | &nbsp;&nbsp;&nbsp;&nbsp; 3768795 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79560 | &nbsp;&nbsp;&nbsp;&nbsp; 811512 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21432 | &nbsp;&nbsp;&nbsp;&nbsp; 2090906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12317433 |
| **Chemicals — 2.7%** | **Chemicals — 2.7%** | **Chemicals — 2.7%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70613 | &nbsp;&nbsp;&nbsp;&nbsp; 2551248 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55261 | &nbsp;&nbsp;&nbsp;&nbsp; 1702039 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41919 | &nbsp;&nbsp;&nbsp;&nbsp; 3802472 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29065 | &nbsp;&nbsp;&nbsp;&nbsp; 1941542 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79268 | &nbsp;&nbsp;&nbsp;&nbsp; 3279317 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83014 | &nbsp;&nbsp;&nbsp;&nbsp; 3000126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16276744 |
| **Commercial Services — 3.1%** | **Commercial Services — 3.1%** | **Commercial Services — 3.1%** |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9211 | &nbsp;&nbsp;&nbsp;&nbsp; 978669 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11299 | &nbsp;&nbsp;&nbsp;&nbsp; 2985083 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38135 | &nbsp;&nbsp;&nbsp;&nbsp; 2171788 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37299 | &nbsp;&nbsp;&nbsp;&nbsp; 3927585 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23207 | &nbsp;&nbsp;&nbsp;&nbsp; 1062648 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41621 | &nbsp;&nbsp;$3564006 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;109741 | &nbsp;&nbsp;&nbsp;&nbsp; 3795941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18485720 |
| **Computers — 3.5%** | **Computers — 3.5%** | **Computers — 3.5%** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32620 | &nbsp;&nbsp;&nbsp;&nbsp; 2993211 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5477 | &nbsp;&nbsp;&nbsp;&nbsp; 2344156 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21743 | &nbsp;&nbsp;&nbsp;&nbsp; 4976538 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19844 | &nbsp;&nbsp;&nbsp;&nbsp; 1607166 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23628 | &nbsp;&nbsp;&nbsp;&nbsp; 2629087 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15659 | &nbsp;&nbsp;&nbsp;&nbsp; 2325675 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26633 | &nbsp;&nbsp;&nbsp;&nbsp; 2640928 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12605 | &nbsp;&nbsp;&nbsp;&nbsp; 1456382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20973143 |
| **Cosmetics/Personal Care — 0.5%** | **Cosmetics/Personal Care — 0.5%** | **Cosmetics/Personal Care — 0.5%** |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;115102 | &nbsp;&nbsp;&nbsp;&nbsp; 3081281 |
| **Distribution/Wholesale — 1.1%** | **Distribution/Wholesale — 1.1%** | **Distribution/Wholesale — 1.1%** |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37754 | &nbsp;&nbsp;&nbsp;&nbsp; 1527904 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69481 | &nbsp;&nbsp;&nbsp;&nbsp; 1438257 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19490 | &nbsp;&nbsp;&nbsp;&nbsp; 3272176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238337 |
| **Diversified Financial Services — 8.7%** | **Diversified Financial Services — 8.7%** | **Diversified Financial Services — 8.7%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13385 | &nbsp;&nbsp;&nbsp;&nbsp; 2355760 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60455 | &nbsp;&nbsp;&nbsp;&nbsp; 3482812 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13859 | &nbsp;&nbsp;&nbsp;&nbsp; 7057557 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41299 | &nbsp;&nbsp;&nbsp;&nbsp; 2116161 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8489 | &nbsp;&nbsp;&nbsp;&nbsp; 1605694 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17444 | &nbsp;&nbsp;&nbsp;&nbsp; 4038112 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18712 | &nbsp;&nbsp;&nbsp;&nbsp; 7244538 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;114599 | &nbsp;&nbsp;&nbsp;&nbsp; 1626160 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;171535 | &nbsp;&nbsp;&nbsp;&nbsp; 2187071 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87743 | &nbsp;&nbsp;&nbsp;&nbsp; 2840241 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63919 | &nbsp;&nbsp;&nbsp;&nbsp; 6022448 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52684 | &nbsp;&nbsp;&nbsp;&nbsp; 3037233 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42175 | &nbsp;&nbsp;&nbsp;&nbsp; 2029883 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86544 | &nbsp;&nbsp;&nbsp;&nbsp; 5756907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;51400577 |
| **Electric — 2.9%** | **Electric — 2.9%** | **Electric — 2.9%** |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53628 | &nbsp;&nbsp;&nbsp;&nbsp; 1997107 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29564 | &nbsp;&nbsp;&nbsp;&nbsp; 4039921 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32818 | &nbsp;&nbsp;&nbsp;&nbsp; 2733083 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45889 | &nbsp;&nbsp;&nbsp;&nbsp; 1924585 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10269 | &nbsp;&nbsp;&nbsp;&nbsp; 1221497 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13625 | &nbsp;&nbsp;&nbsp;&nbsp; 2124137 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66547 | &nbsp;&nbsp;&nbsp;&nbsp; 2959345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16999675 |
| **Electrical Components & Equipment — 1.5%** | **Electrical Components & Equipment — 1.5%** | **Electrical Components & Equipment — 1.5%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16017 | &nbsp;&nbsp;&nbsp;&nbsp; 2862878 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29530 | &nbsp;&nbsp;&nbsp;&nbsp; 3136086 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21482 | &nbsp;&nbsp;&nbsp;&nbsp; 2623597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8622561 |
| **Electronics — 3.9%** | **Electronics — 3.9%** | **Electronics — 3.9%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30440 | &nbsp;&nbsp;&nbsp;&nbsp; 4343788 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11468 | &nbsp;&nbsp;&nbsp;&nbsp; 1357582 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58539 | &nbsp;&nbsp;&nbsp;&nbsp; 2108575 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;146688 | &nbsp;&nbsp;&nbsp;&nbsp; 6204902 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17403 | &nbsp;&nbsp;&nbsp;&nbsp; 2923878 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24172 | &nbsp;&nbsp;$3795971 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14651 | &nbsp;&nbsp;&nbsp;&nbsp; 2345186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23079882 |
| **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40879 | &nbsp;&nbsp;&nbsp;&nbsp; 1699749 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50654 | &nbsp;&nbsp;&nbsp;&nbsp; 2786477 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6759 | &nbsp;&nbsp;&nbsp;&nbsp; 1912053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6398279 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14512 | &nbsp;&nbsp;&nbsp;&nbsp; 1385461 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49592 | &nbsp;&nbsp;&nbsp;&nbsp; 729498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114959 |
| **Food — 2.8%** | **Food — 2.8%** | **Food — 2.8%** |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31260 | &nbsp;&nbsp;&nbsp;&nbsp; 1743683 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63127 | &nbsp;&nbsp;&nbsp;&nbsp; 2178513 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39960 | &nbsp;&nbsp;&nbsp;&nbsp; 2917080 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;121258 | &nbsp;&nbsp;&nbsp;&nbsp; 9593933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16433209 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19064 | &nbsp;&nbsp;&nbsp;&nbsp; 2329430 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35357 | &nbsp;&nbsp;&nbsp;&nbsp; 2643289 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11928 | &nbsp;&nbsp;&nbsp;&nbsp; 897940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870659 |
| **Healthcare-Products — 1.2%** | **Healthcare-Products — 1.2%** | **Healthcare-Products — 1.2%** |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46512 | &nbsp;&nbsp;&nbsp;&nbsp; 2011644 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48124 | &nbsp;&nbsp;&nbsp;&nbsp; 2171836 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37958 | &nbsp;&nbsp;&nbsp;&nbsp; 2774350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957830 |
| **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43638 | &nbsp;&nbsp;&nbsp;&nbsp; 987964 |
| &nbsp;&nbsp;&nbsp;Evotec SE† | &nbsp;&nbsp;&nbsp;&nbsp;195111 | &nbsp;&nbsp;&nbsp;&nbsp; 774591 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12766 | &nbsp;&nbsp;&nbsp;&nbsp; 1663154 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11423 | &nbsp;&nbsp;&nbsp;&nbsp; 3484472 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8770 | &nbsp;&nbsp;&nbsp;&nbsp; 1520192 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20388 | &nbsp;&nbsp;&nbsp;&nbsp; 3440883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11871256 |
| **Home Builders — 0.9%** | **Home Builders — 0.9%** | **Home Builders — 0.9%** |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28215 | &nbsp;&nbsp;&nbsp;&nbsp; 1463512 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 3671820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135332 |
| **Home Furnishings — 1.1%** | **Home Furnishings — 1.1%** | **Home Furnishings — 1.1%** |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;102402 | &nbsp;&nbsp;&nbsp;&nbsp; 6662274 |
| **Insurance — 4.8%** | **Insurance — 4.8%** | **Insurance — 4.8%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;342732 | &nbsp;&nbsp;&nbsp;&nbsp; 2464243 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6572 | &nbsp;&nbsp;&nbsp;&nbsp; 2445310 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33747 | &nbsp;&nbsp;&nbsp;&nbsp; 1784204 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11407 | &nbsp;&nbsp;&nbsp;&nbsp; 3960396 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33114 | &nbsp;&nbsp;&nbsp;&nbsp; 1848092 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64882 | &nbsp;&nbsp;&nbsp;&nbsp; 4134930 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp; 4260090 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7143 | &nbsp;&nbsp;&nbsp;&nbsp; 1781607 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8138 | &nbsp;&nbsp;&nbsp;&nbsp; 2243647 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10936 | &nbsp;&nbsp;&nbsp;&nbsp; 3461791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28384310 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet — 2.7%** | **Internet — 2.7%** | **Internet — 2.7%** |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67899 | &nbsp;&nbsp;$2127955 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14243 | &nbsp;&nbsp;&nbsp;&nbsp; 2568867 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54909 | &nbsp;&nbsp;&nbsp;&nbsp; 4017692 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11312 | &nbsp;&nbsp;&nbsp;&nbsp; 3228219 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97217 | &nbsp;&nbsp;&nbsp;&nbsp; 2768740 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30678 | &nbsp;&nbsp;&nbsp;&nbsp; 1401064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16112537 |
| **Iron/Steel — 1.6%** | **Iron/Steel — 1.6%** | **Iron/Steel — 1.6%** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41535 | &nbsp;&nbsp;&nbsp;&nbsp; 1935116 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26802 | &nbsp;&nbsp;&nbsp;&nbsp; 7848161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9783277 |
| **Leisure Time — 0.9%** | **Leisure Time — 0.9%** | **Leisure Time — 0.9%** |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46452 | &nbsp;&nbsp;&nbsp;&nbsp; 1124603 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63803 | &nbsp;&nbsp;&nbsp;&nbsp; 1923022 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130785 | &nbsp;&nbsp;&nbsp;&nbsp; 2466605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5514230 |
| **Lodging — 1.8%** | **Lodging — 1.8%** | **Lodging — 1.8%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37761 | &nbsp;&nbsp;&nbsp;&nbsp; 2830942 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8504 | &nbsp;&nbsp;&nbsp;&nbsp; 2243610 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67073 | &nbsp;&nbsp;&nbsp;&nbsp; 5552303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10626855 |
| **Machinery-Diversified — 2.8%** | **Machinery-Diversified — 2.8%** | **Machinery-Diversified — 2.8%** |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9669 | &nbsp;&nbsp;&nbsp;&nbsp; 1718665 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37162 | &nbsp;&nbsp;&nbsp;&nbsp; 1854755 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18270 | &nbsp;&nbsp;&nbsp;&nbsp; 3305226 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45931 | &nbsp;&nbsp;&nbsp;&nbsp; 3749807 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23341 | &nbsp;&nbsp;&nbsp;&nbsp; 3410820 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10485 | &nbsp;&nbsp;&nbsp;&nbsp; 2538628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16577901 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53423 | &nbsp;&nbsp;&nbsp;&nbsp; 2055717 |
| **Miscellaneous Manufacturing — 2.4%** | **Miscellaneous Manufacturing — 2.4%** | **Miscellaneous Manufacturing — 2.4%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12758 | &nbsp;&nbsp;&nbsp;&nbsp; 1892649 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8051 | &nbsp;&nbsp;&nbsp;&nbsp; 1211998 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31586 | &nbsp;&nbsp;&nbsp;&nbsp; 3626389 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762 | &nbsp;&nbsp;&nbsp;&nbsp; 3165301 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59486 | &nbsp;&nbsp;&nbsp;&nbsp; 4403749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14300086 |
| **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10952 | &nbsp;&nbsp;&nbsp;&nbsp; 3173561 |
| **Oil & Gas — 5.5%** | **Oil & Gas — 5.5%** | **Oil & Gas — 5.5%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60890 | &nbsp;&nbsp;&nbsp;&nbsp; 2280330 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41515 | &nbsp;&nbsp;&nbsp;&nbsp; 3736350 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134776 | &nbsp;&nbsp;&nbsp;&nbsp; 3276405 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18776 | &nbsp;&nbsp;&nbsp;&nbsp; 2526311 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131982 | &nbsp;&nbsp;&nbsp;&nbsp; 7276168 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26594 | &nbsp;&nbsp;&nbsp;&nbsp; 3088361 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23297 | &nbsp;&nbsp;&nbsp;&nbsp; 3744760 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13277 | &nbsp;&nbsp;&nbsp;&nbsp; 1506674 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80859 | &nbsp;&nbsp;&nbsp;&nbsp; 3075876 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59676 | &nbsp;&nbsp;&nbsp;&nbsp; 2368540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32879775 |
| **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98089 | &nbsp;&nbsp;&nbsp;&nbsp; 3055472 |
| **Packaging & Containers — 1.6%** | **Packaging & Containers — 1.6%** | **Packaging & Containers — 1.6%** |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44166 | &nbsp;&nbsp;&nbsp;&nbsp; 2366414 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15457 | &nbsp;&nbsp;$2985829 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79068 | &nbsp;&nbsp;&nbsp;&nbsp; 4354275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9706518 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16256 | &nbsp;&nbsp;&nbsp;&nbsp; 4734397 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2876 | &nbsp;&nbsp;&nbsp;&nbsp; 2069311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6803708 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18107 | &nbsp;&nbsp;&nbsp;&nbsp; 1463770 |
| **Private Equity — 0.6%** | **Private Equity — 0.6%** | **Private Equity — 0.6%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80181 | &nbsp;&nbsp;&nbsp;&nbsp; 3624181 |
| **REITS — 7.7%** | **REITS — 7.7%** | **REITS — 7.7%** |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72398 | &nbsp;&nbsp;&nbsp;&nbsp; 2529586 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184628 | &nbsp;&nbsp;&nbsp;&nbsp; 4691397 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30197 | &nbsp;&nbsp;&nbsp;&nbsp; 2033164 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36233 | &nbsp;&nbsp;&nbsp;&nbsp; 4257015 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87720 | &nbsp;&nbsp;&nbsp;&nbsp; 1248256 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13923 | &nbsp;&nbsp;&nbsp;&nbsp; 2360645 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33514 | &nbsp;&nbsp;&nbsp;&nbsp; 2130485 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28127 | &nbsp;&nbsp;&nbsp;&nbsp; 1972828 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121933 | &nbsp;&nbsp;&nbsp;&nbsp; 3962822 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10095 | &nbsp;&nbsp;&nbsp;&nbsp; 2865971 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11695 | &nbsp;&nbsp;&nbsp;&nbsp; 1767699 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58761 | &nbsp;&nbsp;&nbsp;&nbsp; 2904556 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26519 | &nbsp;&nbsp;&nbsp;&nbsp; 3196600 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40563 | &nbsp;&nbsp;&nbsp;&nbsp; 2926620 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28236 | &nbsp;&nbsp;&nbsp;&nbsp; 4604445 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68805 | &nbsp;&nbsp;&nbsp;&nbsp; 2181807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45633896 |
| **Retail — 3.3%** | **Retail — 3.3%** | **Retail — 3.3%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp; 6372299 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp;&nbsp; 1887650 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9107 | &nbsp;&nbsp;&nbsp;&nbsp; 1950810 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20048 | &nbsp;&nbsp;&nbsp;&nbsp; 3595408 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18559 | &nbsp;&nbsp;&nbsp;&nbsp; 2163423 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20403 | &nbsp;&nbsp;&nbsp;&nbsp; 1656724 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15875 | &nbsp;&nbsp;&nbsp;&nbsp; 2223929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19850243 |
| **Semiconductors — 1.9%** | **Semiconductors — 1.9%** | **Semiconductors — 1.9%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;112636 | &nbsp;&nbsp;&nbsp;&nbsp; 2855323 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36715 | &nbsp;&nbsp;&nbsp;&nbsp; 2966205 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52174 | &nbsp;&nbsp;&nbsp;&nbsp; 3028179 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30112 | &nbsp;&nbsp;&nbsp;&nbsp; 2474905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11324612 |
| **Software — 1.9%** | **Software — 1.9%** | **Software — 1.9%** |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20054 | &nbsp;&nbsp;&nbsp;&nbsp; 1596499 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10098 | &nbsp;&nbsp;&nbsp;&nbsp; 991119 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49973 | &nbsp;&nbsp;&nbsp;&nbsp; 3076338 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19798 | &nbsp;&nbsp;&nbsp;&nbsp; 3332399 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31494 | &nbsp;&nbsp;&nbsp;&nbsp; 2545030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11541385 |
| **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9831 | &nbsp;&nbsp;&nbsp;&nbsp; 2135883 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;233465 | &nbsp;&nbsp;&nbsp;&nbsp; 2126866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4262749 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation — 2.4%** | **Transportation — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 29945 | &nbsp;&nbsp;$3375700 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp; 12203 | &nbsp;&nbsp;&nbsp;&nbsp; 1674496 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp; 22302 | &nbsp;&nbsp;&nbsp;&nbsp; 5511270 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp; 23633 | &nbsp;&nbsp;&nbsp;&nbsp; 3477123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14038589 |
| **Total Common Stocks<br> (cost $553,969,657)** |  | &nbsp;&nbsp;&nbsp;&nbsp;579454300 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.3%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Value ETF<br> (cost $1,673,341) | &nbsp;&nbsp; 11042 | &nbsp;&nbsp;&nbsp;&nbsp; 1665465 |
| **Total Long-Term Investment Securities<br> (cost $555,642,998)** |  | &nbsp;&nbsp;&nbsp;&nbsp;581119765 |
| **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** |  |
| **Unaffiliated Investment Companies — 2.2%** | **Unaffiliated Investment Companies — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Liquid Reserves Government Money Market Fund, Administration Class<br> 3.99%(1) | &nbsp;&nbsp;10337351 | &nbsp;&nbsp;&nbsp;&nbsp; 10337351 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(1)(2) | &nbsp;&nbsp; 2896790 | &nbsp;&nbsp;&nbsp;&nbsp; 2896790 |
| **Total Short-Term Investments<br> (cost $13,234,141)** |  | &nbsp;&nbsp;&nbsp;&nbsp;13234141 |
| **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $2,836,311 and collateralized by $2,849,700 of United States Treasury Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $2,892,880<br> (cost $2,835,989) | $2835989 | &nbsp;&nbsp;&nbsp;&nbsp; 2835989 |
| **TOTAL INVESTMENTS<br> (cost $571,713,128)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.5% | &nbsp;&nbsp;&nbsp;&nbsp;597189895 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2753998) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$594435897 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (2) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $18,328,178. This was secured by collateral of $2,896,790, which was received in cash and subsequently invested in short-term investments currently valued at $2,896,790 as reported in the Portfolio of Investments. Additional collateral of $16,055,493 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $128650 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831467 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63838 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350155 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;14680562 |

---

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

ETF—Exchange Traded Fund

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Mid Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$579454300 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$579454300 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665465 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;13234141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13234141 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2835989 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835989 |
| **Total Investments at Value** | &nbsp;&nbsp;$594353906 | &nbsp;&nbsp;$2835989 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$597189895 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Moderate Growth Lifestyle Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 99.0%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.0%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.0%** |
| **Domestic Fixed Income Investment Companies — 42.5%** | **Domestic Fixed Income Investment Companies — 42.5%** | **Domestic Fixed Income Investment Companies — 42.5%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | 42832599 | &nbsp;&nbsp;$414191229 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | 1468431 | &nbsp;&nbsp;&nbsp;&nbsp; 10205600 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $421,151,942)** |  | &nbsp;&nbsp;&nbsp;&nbsp;424396829 |
| **Domestic Equity Investment Companies — 41.5%** | **Domestic Equity Investment Companies — 41.5%** | **Domestic Equity Investment Companies — 41.5%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | 1121981 | &nbsp;&nbsp;&nbsp;&nbsp; 17637541 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | 1568074 | &nbsp;&nbsp;&nbsp;&nbsp; 17154726 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | 4182487 | &nbsp;&nbsp;&nbsp;&nbsp;244173565 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | 3845446 | &nbsp;&nbsp;&nbsp;&nbsp; 69717946 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | 4386745 | &nbsp;&nbsp;&nbsp;&nbsp; 64879953 |
| **Total Domestic Equity Investment Companies<br> (cost $357,314,315)** |  | &nbsp;&nbsp;&nbsp;&nbsp;413563731 |
| **International Equity Investment Companies — 15.0%** | **International Equity Investment Companies — 15.0%** | **International Equity Investment Companies — 15.0%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund<br> (cost $120,688,394) | 16539012 | &nbsp;&nbsp;&nbsp;&nbsp;149347279 |
| **Total Long-Term Investment Securities<br> (cost $899,154,651)** |  | &nbsp;&nbsp;&nbsp;&nbsp;987307839 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |  |
| **Unaffiliated Investment Companies — 0.7%** | **Unaffiliated Investment Companies — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(2)<br> (cost $6,513,372) | 6513372 | &nbsp;&nbsp;$6513372 |
| **TOTAL INVESTMENTS<br> (cost $905,668,023)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;993821211 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983111 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$996804322 |

---

# The VALIC Company I Moderate Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds' prospectuses and shareholder reports are available at our website, www.corebridgefinancial.com/rs.

(1) See Note 8.

(2) The rate shown is the 7-day yield as of May 31, 2025.

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$987307839 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$987307839 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513372 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513372 |
| **Total Investments at Value** | &nbsp;&nbsp;$993821211 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$993821211 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Nasdaq-100® Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;28500 | &nbsp;&nbsp;$2143770 |
| **Auto Manufacturers — 3.5%** | **Auto Manufacturers — 3.5%** | **Auto Manufacturers — 3.5%** |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33059 | &nbsp;&nbsp;&nbsp;&nbsp; 3102587 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;93064 | &nbsp;&nbsp;&nbsp;&nbsp; 32242954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35345541 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;29037 | &nbsp;&nbsp;&nbsp;&nbsp; 2665306 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85467 | &nbsp;&nbsp;&nbsp;&nbsp; 2877674 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;61303 | &nbsp;&nbsp;&nbsp;&nbsp; 3920327 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86396 | &nbsp;&nbsp;&nbsp;&nbsp; 11356754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20820061 |
| **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33841 | &nbsp;&nbsp;&nbsp;&nbsp; 9752299 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9221 | &nbsp;&nbsp;&nbsp;&nbsp; 1196794 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78449 | &nbsp;&nbsp;&nbsp;&nbsp; 8635666 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6772 | &nbsp;&nbsp;&nbsp;&nbsp; 3320176 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16176 | &nbsp;&nbsp;&nbsp;&nbsp; 7150601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30055536 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;29791 | &nbsp;&nbsp;&nbsp;&nbsp; 13929676 |
| **Commercial Services — 2.1%** | **Commercial Services — 2.1%** | **Commercial Services — 2.1%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25630 | &nbsp;&nbsp;&nbsp;&nbsp; 8343334 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25421 | &nbsp;&nbsp;&nbsp;&nbsp; 5757857 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;62316 | &nbsp;&nbsp;&nbsp;&nbsp; 4379568 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8837 | &nbsp;&nbsp;&nbsp;&nbsp; 2776055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21256814 |
| **Computers — 9.3%** | **Computers — 9.3%** | **Computers — 9.3%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;384634 | &nbsp;&nbsp;&nbsp;&nbsp; 77253739 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;31158 | &nbsp;&nbsp;&nbsp;&nbsp; 2523486 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14731 | &nbsp;&nbsp;&nbsp;&nbsp; 6943752 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48441 | &nbsp;&nbsp;&nbsp;&nbsp; 4930325 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9666 | &nbsp;&nbsp;&nbsp;&nbsp; 2664916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94316218 |
| **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;60858 | &nbsp;&nbsp;&nbsp;&nbsp; 3132970 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;72248 | &nbsp;&nbsp;&nbsp;&nbsp; 2986732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6119702 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33589 | &nbsp;&nbsp;&nbsp;&nbsp; 3476126 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19707 | &nbsp;&nbsp;&nbsp;&nbsp; 6033298 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63323 | &nbsp;&nbsp;&nbsp;&nbsp; 2774814 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36193 | &nbsp;&nbsp;&nbsp;&nbsp; 2537129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14821367 |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40941 | &nbsp;&nbsp;&nbsp;&nbsp; 9280096 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;75277 | &nbsp;&nbsp;&nbsp;&nbsp; 2012154 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;81484 | &nbsp;&nbsp;&nbsp;&nbsp; 5499355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7511509 |
| **Healthcare-Products — 1.7%** | **Healthcare-Products — 1.7%** | **Healthcare-Products — 1.7%** |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28807 | &nbsp;&nbsp;&nbsp;&nbsp; 2032046 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123 | &nbsp;&nbsp;&nbsp;&nbsp; 2629943 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22467 | &nbsp;&nbsp;&nbsp;&nbsp; 12409423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17071412 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet — 22.1%** | **Internet — 22.1%** | **Internet — 22.1%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;27269 | &nbsp;&nbsp;$3517701 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;149352 | &nbsp;&nbsp;&nbsp;&nbsp; 25649712 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;140748 | &nbsp;&nbsp;&nbsp;&nbsp; 24328292 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;271350 | &nbsp;&nbsp;&nbsp;&nbsp; 55629464 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp; 11407628 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346 | &nbsp;&nbsp;&nbsp;&nbsp; 1505285 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;24850 | &nbsp;&nbsp;&nbsp;&nbsp; 5184953 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194 | &nbsp;&nbsp;&nbsp;&nbsp; 8187148 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;56071 | &nbsp;&nbsp;&nbsp;&nbsp; 36305412 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26946 | &nbsp;&nbsp;&nbsp;&nbsp; 32530020 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41708 | &nbsp;&nbsp;&nbsp;&nbsp; 8025453 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;42075 | &nbsp;&nbsp;&nbsp;&nbsp; 4060658 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;76565 | &nbsp;&nbsp;&nbsp;&nbsp; 8209299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224541025 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17367 | &nbsp;&nbsp;&nbsp;&nbsp; 4581936 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8942 | &nbsp;&nbsp;&nbsp;&nbsp; 3543446 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;237586 | &nbsp;&nbsp;&nbsp;&nbsp; 8213348 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;154635 | &nbsp;&nbsp;&nbsp;&nbsp; 1541711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13298505 |
| **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827 | &nbsp;&nbsp;&nbsp;&nbsp; 3621988 |
| **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18233 | &nbsp;&nbsp;&nbsp;&nbsp; 2453250 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;62371 | &nbsp;&nbsp;&nbsp;&nbsp; 2310845 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;36681 | &nbsp;&nbsp;&nbsp;&nbsp; 2671477 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24616 | &nbsp;&nbsp;&nbsp;&nbsp; 2112053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4783530 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25835 | &nbsp;&nbsp;&nbsp;&nbsp; 1900423 |
| **Retail — 4.4%** | **Retail — 4.4%** | **Retail — 4.4%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27963 | &nbsp;&nbsp;&nbsp;&nbsp; 29086553 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7325 | &nbsp;&nbsp;&nbsp;&nbsp; 2319608 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608 | &nbsp;&nbsp;&nbsp;&nbsp; 4933940 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20784 | &nbsp;&nbsp;&nbsp;&nbsp; 2911631 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71555 | &nbsp;&nbsp;&nbsp;&nbsp; 6007042 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45258774 |
| **Semiconductors — 21.6%** | **Semiconductors — 21.6%** | **Semiconductors — 21.6%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;102080 | &nbsp;&nbsp;&nbsp;&nbsp; 11303319 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31243 | &nbsp;&nbsp;&nbsp;&nbsp; 6685377 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51179 | &nbsp;&nbsp;&nbsp;&nbsp; 8022308 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247 | &nbsp;&nbsp;&nbsp;&nbsp; 1027081 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5689 | &nbsp;&nbsp;&nbsp;&nbsp; 4191485 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198498 | &nbsp;&nbsp;&nbsp;&nbsp; 48050411 |
| &nbsp;&nbsp;&nbsp;GlobalFoundries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;34814 | &nbsp;&nbsp;&nbsp;&nbsp; 1246341 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;272763 | &nbsp;&nbsp;&nbsp;&nbsp; 5332517 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371 | &nbsp;&nbsp;&nbsp;&nbsp; 6335842 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80863 | &nbsp;&nbsp;&nbsp;&nbsp; 6532922 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54509 | &nbsp;&nbsp;&nbsp;&nbsp; 3280897 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33879 | &nbsp;&nbsp;&nbsp;&nbsp; 1966337 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70186 | &nbsp;&nbsp;&nbsp;&nbsp; 6629770 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;624752 | &nbsp;&nbsp;&nbsp;&nbsp; 84422738 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;15977 | &nbsp;&nbsp;&nbsp;&nbsp; 3053684 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;26547 | &nbsp;&nbsp;&nbsp;&nbsp; 1115505 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Nasdaq-100® Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69671 | &nbsp;&nbsp;$10116229 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57345 | &nbsp;&nbsp;&nbsp;&nbsp; 10485533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219798296 |
| **Software — 17.6%** | **Software — 17.6%** | **Software — 17.6%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27396 | &nbsp;&nbsp;&nbsp;&nbsp; 11371806 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522 | &nbsp;&nbsp;&nbsp;&nbsp; 1826788 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19482 | &nbsp;&nbsp;&nbsp;&nbsp; 7656426 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10331 | &nbsp;&nbsp;&nbsp;&nbsp; 2145025 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13544 | &nbsp;&nbsp;&nbsp;&nbsp; 4010649 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17267 | &nbsp;&nbsp;&nbsp;&nbsp; 4956838 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19985 | &nbsp;&nbsp;&nbsp;&nbsp; 2355832 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16417 | &nbsp;&nbsp;&nbsp;&nbsp; 2360436 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17611 | &nbsp;&nbsp;&nbsp;&nbsp; 13269360 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;190344 | &nbsp;&nbsp;&nbsp;&nbsp; 87626764 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14974 | &nbsp;&nbsp;&nbsp;&nbsp; 5526304 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;141670 | &nbsp;&nbsp;&nbsp;&nbsp; 18669273 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22682 | &nbsp;&nbsp;&nbsp;&nbsp; 3581715 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp; 3857877 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740 | &nbsp;&nbsp;&nbsp;&nbsp; 4519165 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11118 | &nbsp;&nbsp;&nbsp;&nbsp; 2515781 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;13481 | &nbsp;&nbsp;&nbsp;&nbsp; 3339378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179589417 |
| **Telecommunications — 3.3%** | **Telecommunications — 3.3%** | **Telecommunications — 3.3%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250608 | &nbsp;&nbsp;&nbsp;&nbsp; 15798328 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71923 | &nbsp;&nbsp;&nbsp;&nbsp; 17419751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33218079 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;119349 | &nbsp;&nbsp;&nbsp;&nbsp; 3770235 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13389 | &nbsp;&nbsp;&nbsp;&nbsp; 2144516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5914751 |
| **Total Common Stocks<br> (cost $475,027,536)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1013942521 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** |
| &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 #<br> (cost $4,716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 5191 |
| **Total Long-Term Investment Securities<br> (cost $475,032,252)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1013947712 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(1) | 3417111 | &nbsp;&nbsp;$3417111 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9228 | &nbsp;&nbsp;&nbsp;&nbsp; 9228 |
| **Total Short-Term Investments<br> (cost $3,426,339)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426339 |
| **TOTAL INVESTMENTS<br> (cost $478,458,591)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1017374051 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245148 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1017619199 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (2) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $3,552,374. This was secured by collateral of $9,228, which was received in cash and subsequently invested in short-term investments currently valued at $9,228 as reported in the Portfolio of Investments. Additional collateral of $3,627,567 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 07/15/2025 to 05/15/2054 | $3627567 |

---

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

ADR—American Depositary Receipt

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 8 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;NASDAQ 100 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3374887 | &nbsp;&nbsp;&nbsp;&nbsp;$3420280 | &nbsp;&nbsp;&nbsp;&nbsp;$45393 |

---

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Nasdaq-100® Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$1013942521 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1013942521 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5191 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5191 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426339 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426339 |
| **Total Investments at Value** | &nbsp;&nbsp;$1017374051 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1017374051 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$45393 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$45393 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Science & Technology Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54567 | &nbsp;&nbsp;$18905283 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks, Inc., Earnout Shares 15.00(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;PrognomiQ, Inc., Class A†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28713 | &nbsp;&nbsp;&nbsp;&nbsp; 9188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9198 |
| **Commercial Services — 1.8%** | **Commercial Services — 1.8%** | **Commercial Services — 1.8%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8951 | &nbsp;&nbsp;&nbsp;&nbsp; 17172104 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;376838 | &nbsp;&nbsp;&nbsp;&nbsp; 20278834 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;279797 | &nbsp;&nbsp;&nbsp;&nbsp; 11801837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49252775 |
| **Computers — 12.9%** | **Computers — 12.9%** | **Computers — 12.9%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;821095 | &nbsp;&nbsp;&nbsp;&nbsp; 164916931 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;113158 | &nbsp;&nbsp;&nbsp;&nbsp; 53339286 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;111677 | &nbsp;&nbsp;&nbsp;&nbsp; 42747722 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44344 | &nbsp;&nbsp;&nbsp;&nbsp; 7737584 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40551 | &nbsp;&nbsp;&nbsp;&nbsp; 10505142 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;209792 | &nbsp;&nbsp;&nbsp;&nbsp; 21644241 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;318172 | &nbsp;&nbsp;&nbsp;&nbsp; 30337700 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;387703 | &nbsp;&nbsp;&nbsp;&nbsp; 6831327 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79500 | &nbsp;&nbsp;&nbsp;&nbsp; 21918150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359978083 |
| **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34273 | &nbsp;&nbsp;&nbsp;&nbsp; 9904897 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29539 | &nbsp;&nbsp;&nbsp;&nbsp; 9508607 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50900 | &nbsp;&nbsp;&nbsp;&nbsp; 29807040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49220544 |
| **Electronics — 1.2%** | **Electronics — 1.2%** | **Electronics — 1.2%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;280065 | &nbsp;&nbsp;&nbsp;&nbsp; 25186245 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;106601 | &nbsp;&nbsp;&nbsp;&nbsp; 8062234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33248479 |
| **Entertainment Software — 0.1%** | **Entertainment Software — 0.1%** | **Entertainment Software — 0.1%** |
| &nbsp;&nbsp;&nbsp;Epic Games, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719 | &nbsp;&nbsp;&nbsp;&nbsp; 2102425 |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Verily Life Sciences LLC<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;&nbsp; 851943 |
| **Internet — 18.5%** | **Internet — 18.5%** | **Internet — 18.5%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | 1058092 | &nbsp;&nbsp;&nbsp;&nbsp; 15369869 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83775 | &nbsp;&nbsp;&nbsp;&nbsp; 14387518 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;525455 | &nbsp;&nbsp;&nbsp;&nbsp; 90824897 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;326589 | &nbsp;&nbsp;&nbsp;&nbsp; 66954011 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10786 | &nbsp;&nbsp;&nbsp;&nbsp; 27647646 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;255856 | &nbsp;&nbsp;&nbsp;&nbsp; 165664201 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26103 | &nbsp;&nbsp;&nbsp;&nbsp; 31512325 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57426 | &nbsp;&nbsp;&nbsp;&nbsp; 11049911 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70461 | &nbsp;&nbsp;&nbsp;&nbsp; 7916293 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;285571 | &nbsp;&nbsp;&nbsp;&nbsp; 18890522 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;108639 | &nbsp;&nbsp;&nbsp;&nbsp; 11648274 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77789 | &nbsp;&nbsp;&nbsp;&nbsp; 51740575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513606042 |
| **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp; 18613934 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106748 | &nbsp;&nbsp;&nbsp;&nbsp; 21208809 |
| **Semiconductors — 26.6%** | **Semiconductors — 26.6%** | **Semiconductors — 26.6%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;277290 | &nbsp;&nbsp;&nbsp;&nbsp; 30704322 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120515 | &nbsp;&nbsp;$25787800 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60524 | &nbsp;&nbsp;&nbsp;&nbsp; 9487137 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89285 | &nbsp;&nbsp;&nbsp;&nbsp; 11119554 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21174 | &nbsp;&nbsp;&nbsp;&nbsp; 11530553 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV (XAMS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26707 | &nbsp;&nbsp;&nbsp;&nbsp; 19829168 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;694702 | &nbsp;&nbsp;&nbsp;&nbsp; 168166513 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19771 | &nbsp;&nbsp;&nbsp;&nbsp; 14964275 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;294202 | &nbsp;&nbsp;&nbsp;&nbsp; 23768580 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192312 | &nbsp;&nbsp;&nbsp;&nbsp; 11575259 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244041 | &nbsp;&nbsp;&nbsp;&nbsp; 23052113 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34074 | &nbsp;&nbsp;&nbsp;&nbsp; 22553581 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2249399 | &nbsp;&nbsp;&nbsp;&nbsp; 303961287 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67342 | &nbsp;&nbsp;&nbsp;&nbsp; 12871076 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;151454 | &nbsp;&nbsp;&nbsp;&nbsp; 6169250 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;220618 | &nbsp;&nbsp;&nbsp;&nbsp; 42649872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738190340 |
| **Software — 30.6%** | **Software — 30.6%** | **Software — 30.6%** |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51677 | &nbsp;&nbsp;&nbsp;&nbsp; 20309061 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;119726 | &nbsp;&nbsp;&nbsp;&nbsp; 24858709 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43205 | &nbsp;&nbsp;&nbsp;&nbsp; 12793865 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;118917 | &nbsp;&nbsp;&nbsp;&nbsp; 34137503 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;138104 | &nbsp;&nbsp;&nbsp;&nbsp; 22910073 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854 | &nbsp;&nbsp;&nbsp;&nbsp; 21224978 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;213775 | &nbsp;&nbsp;&nbsp;&nbsp; 11545988 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;161587 | &nbsp;&nbsp;&nbsp;&nbsp; 13067541 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66467 | &nbsp;&nbsp;&nbsp;&nbsp; 14291734 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10561 | &nbsp;&nbsp;&nbsp;&nbsp; 6229934 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;&nbsp;&nbsp; 15220094 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;466355 | &nbsp;&nbsp;&nbsp;&nbsp; 15856070 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;535398 | &nbsp;&nbsp;&nbsp;&nbsp; 246475823 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35728 | &nbsp;&nbsp;&nbsp;&nbsp; 10628723 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17353 | &nbsp;&nbsp;&nbsp;&nbsp; 3276767 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;254324 | &nbsp;&nbsp;&nbsp;&nbsp; 42098252 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;336661 | &nbsp;&nbsp;&nbsp;&nbsp; 44365187 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179498 | &nbsp;&nbsp;&nbsp;&nbsp; 47633384 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;457497 | &nbsp;&nbsp;&nbsp;&nbsp; 21291910 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94661 | &nbsp;&nbsp;&nbsp;&nbsp; 28579688 |
| &nbsp;&nbsp;&nbsp;SAP SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69300 | &nbsp;&nbsp;&nbsp;&nbsp; 20988198 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;388854 | &nbsp;&nbsp;&nbsp;&nbsp; 6847719 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61143 | &nbsp;&nbsp;&nbsp;&nbsp; 61821076 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;329798 | &nbsp;&nbsp;&nbsp;&nbsp; 67829555 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69322 | &nbsp;&nbsp;&nbsp;&nbsp; 15686182 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64630 | &nbsp;&nbsp;&nbsp;&nbsp; 7606951 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;104285 | &nbsp;&nbsp;&nbsp;&nbsp; 12388360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849963325 |
| **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;359015 | &nbsp;&nbsp;&nbsp;&nbsp; 31105060 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B\*† | &nbsp;&nbsp;&nbsp;&nbsp;927000 | &nbsp;&nbsp;&nbsp;&nbsp; 6023472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37128532 |
| **Toys/Games/Hobbies — 0.4%** | **Toys/Games/Hobbies — 0.4%** | **Toys/Games/Hobbies — 0.4%** |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;136600 | &nbsp;&nbsp;&nbsp;&nbsp; 11235005 |
| **Total Common Stocks<br> (cost $1,963,535,302)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2703514717 |
| **CONVERTIBLE PREFERRED STOCKS — 0.3%** | **CONVERTIBLE PREFERRED STOCKS — 0.3%** | **CONVERTIBLE PREFERRED STOCKS — 0.3%** |
| **Automotive - Cars & Lt. Trucks — 0.1%** | **Automotive - Cars & Lt. Trucks — 0.1%** | **Automotive - Cars & Lt. Trucks — 0.1%** |
| &nbsp;&nbsp;&nbsp;GM Cruise Holdings LLC<br> Class F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89700 | &nbsp;&nbsp;&nbsp;&nbsp; 89700 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Science & Technology Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |
| **Automotive - Cars & Lt. Trucks (continued)** | **Automotive - Cars & Lt. Trucks (continued)** | **Automotive - Cars & Lt. Trucks (continued)** |
| &nbsp;&nbsp;&nbsp;Waymo LLC<br> Series A-2†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21059 | &nbsp;&nbsp;$1521197 |
| &nbsp;&nbsp;&nbsp;Waymo LLC<br> Series B-2†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;&nbsp; 737936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348833 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| &nbsp;&nbsp;&nbsp;Freenome Holdings, Inc.<br> Series B †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94602 | &nbsp;&nbsp;&nbsp;&nbsp; 451252 |
| &nbsp;&nbsp;&nbsp;Freenome Holdings, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53807 | &nbsp;&nbsp;&nbsp;&nbsp; 297015 |
| &nbsp;&nbsp;&nbsp;Insitro, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52029 | &nbsp;&nbsp;&nbsp;&nbsp; 438604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186871 |
| **E-Commerce/Services — 0.1%** | **E-Commerce/Services — 0.1%** | **E-Commerce/Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Rappi, Inc.<br> Series E †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39184 | &nbsp;&nbsp;&nbsp;&nbsp; 1322199 |
| &nbsp;&nbsp;&nbsp;Rappi, Inc.<br> Series F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14609 | &nbsp;&nbsp;&nbsp;&nbsp; 492956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815155 |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;217911 | &nbsp;&nbsp;&nbsp;&nbsp; 939196 |
| **Medical - Biomedical/Gene — 0.1%** | **Medical - Biomedical/Gene — 0.1%** | **Medical - Biomedical/Gene — 0.1%** |
| &nbsp;&nbsp;&nbsp;National Resilience, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69360 | &nbsp;&nbsp;&nbsp;&nbsp; 1634121 |
| **Medical Imaging Systems — 0.0%** | **Medical Imaging Systems — 0.0%** | **Medical Imaging Systems — 0.0%** |
| &nbsp;&nbsp;&nbsp;RefleXion Medical, Inc.<br> Series C †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;160251 | &nbsp;&nbsp;&nbsp;&nbsp; 4808 |
| &nbsp;&nbsp;&nbsp;RefleXion Medical, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67040 | &nbsp;&nbsp;&nbsp;&nbsp; 2011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 |
| **Medical Information Systems — 0.0%** | **Medical Information Systems — 0.0%** | **Medical Information Systems — 0.0%** |
| &nbsp;&nbsp;&nbsp;Kardium, Inc.<br> Series D-5†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;542402 | &nbsp;&nbsp;&nbsp;&nbsp; 506739 |
| **Retirement/Aged Care — 0.0%** | **Retirement/Aged Care — 0.0%** | **Retirement/Aged Care — 0.0%** |
| &nbsp;&nbsp;&nbsp;Honor Tech, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;180527 | &nbsp;&nbsp;&nbsp;&nbsp; 240101 |
| **Therapeutics — 0.0%** | **Therapeutics — 0.0%** | **Therapeutics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Color Health, Inc.<br> Series D-1†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26210 | &nbsp;&nbsp;&nbsp;&nbsp; 164337 |
| **Total Convertible Preferred Stocks<br> (cost $12,213,015)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842172 |
| **UNAFFILIATED INVESTMENT COMPANIES — 1.9%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.9%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.9%** |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF #<br> (cost $58,037,585) | 1607277 | &nbsp;&nbsp;&nbsp;&nbsp; 52622249 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Exact Sciences CMO Milestone †(1) | &nbsp;&nbsp;&nbsp;&nbsp;216096 | &nbsp;&nbsp;&nbsp;&nbsp; 114531 |
| &nbsp;&nbsp;&nbsp;Exact Sciences FDA Milestone †(1) | &nbsp;&nbsp;&nbsp;&nbsp;108048 | &nbsp;&nbsp;&nbsp;&nbsp; 64829 |
| **Total Escrows and Litigation Trusts<br> (cost $0)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179360 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |  |
| **Software — 0.0%** | **Software — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc.<br> Expires 03/31/2040†(1)<br> (cost $0) &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;$0 |
| **Total Long-Term Investment Securities<br> (cost $2,033,785,902)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2765158498 |
| **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** |  |
| **Unaffiliated Investment Companies — 1.3%** | **Unaffiliated Investment Companies — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(3) | &nbsp;&nbsp;&nbsp;&nbsp;308699 | &nbsp;&nbsp;&nbsp;&nbsp; 308699 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(3)(4) | 36411214 | &nbsp;&nbsp;&nbsp;&nbsp; 36411214 |
| **Total Short-Term Investments<br> (cost $36,719,912)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36719913 |
| **TOTAL INVESTMENTS<br> (cost $2,070,505,814)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.9% | &nbsp;&nbsp;&nbsp;&nbsp;2801878411 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24064130) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2777814281 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Science & Technology Fund has no right to demand registration of these securities. At May 31, 2025, the aggregate value of these securities was $23,195,576 representing 0.8% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (2) | &nbsp;&nbsp;Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Epic Games, Inc. |  |  |  |  |  |  |
|  | 06/18/2020 | &nbsp;&nbsp;&nbsp;&nbsp;2698 | $1553204 |  |  |  |
|  | 03/29/2021 | &nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;904286 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3719 | &nbsp;&nbsp;2457490 | $2102425 | $565.32 | 0.1% |
| PrognomiQ, Inc., Class A |  |  |  |  |  |  |
|  | 11/15/2019 | &nbsp;&nbsp;&nbsp;&nbsp;3628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81510 |  |  |  |
|  | 05/12/2020 | &nbsp;&nbsp;&nbsp;&nbsp;3099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69623 |  |  |  |
|  | 09/11/2020 | &nbsp;&nbsp;21986 | &nbsp;&nbsp;&nbsp;&nbsp;493989 |  |  |  |
|  |  | &nbsp;&nbsp;28713 | &nbsp;&nbsp;&nbsp;&nbsp;645122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9188 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.0 |
| Verily Life Sciences LLC<br> Series B | 01/23/2019 | &nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;&nbsp;861094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851943 | &nbsp;&nbsp;121.95 | 0.0 |
| **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** |
| Caris Life Sciences, Inc.<br> Series C | 08/14/2020 | 217911 | &nbsp;&nbsp;&nbsp;&nbsp;601434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939196 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | 0.0 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Science & Technology Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** |
| Color Health, Inc.<br> Series D-1 | 01/13/2020 | &nbsp;&nbsp;26210 | &nbsp;&nbsp;&nbsp;$543971 | $164337 | $6.27 | 0.0% |
| Freenome Holdings, Inc.<br> Series B | 06/24/2019 | &nbsp;&nbsp;94602 | &nbsp;&nbsp;&nbsp;&nbsp;431111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451252 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | 0.0 |
| Freenome Holdings, Inc.<br> Series C | 08/14/2020 | &nbsp;&nbsp;53807 | &nbsp;&nbsp;&nbsp;&nbsp;355842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297015 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | 0.0 |
| GM Cruise Holdings LLC<br> Class F | 05/07/2019 | &nbsp;&nbsp;89700 | &nbsp;&nbsp;1637025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89700 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.0 |
| Honor Tech, Inc.<br> Series D | 10/16/2020 | 180527 | &nbsp;&nbsp;&nbsp;&nbsp;434723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240101 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | 0.0 |
| Insitro, Inc.<br> Series B | 05/21/2020 | &nbsp;&nbsp;52029 | &nbsp;&nbsp;&nbsp;&nbsp;324177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438604 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | 0.0 |
| Kardium, Inc.<br> Series D-5 | 11/29/2018 | 542402 | &nbsp;&nbsp;&nbsp;&nbsp;525533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506739 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.0 |
| National Resilience, Inc.<br> Series B | 10/23/2020 | &nbsp;&nbsp;69360 | &nbsp;&nbsp;&nbsp;&nbsp;947458 | &nbsp;&nbsp;&nbsp;&nbsp;1634121 | &nbsp;&nbsp;&nbsp;&nbsp;23.56 | 0.1 |
| Rappi, Inc.<br> Series E | 09/08/2020 | &nbsp;&nbsp;39184 | &nbsp;&nbsp;2341089 | &nbsp;&nbsp;&nbsp;&nbsp;1322199 | &nbsp;&nbsp;&nbsp;&nbsp;33.74 | 0.1 |
| Rappi, Inc.<br> Series F | 07/08/2021 | &nbsp;&nbsp;14609 | &nbsp;&nbsp;&nbsp;&nbsp;941157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492956 | &nbsp;&nbsp;&nbsp;&nbsp;33.74 | 0.0 |
| RefleXion Medical, Inc.<br> Series C | 04/03/2018 | 160251 | &nbsp;&nbsp;&nbsp;&nbsp;271145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.0 |
| RefleXion Medical, Inc.<br> Series D | 04/04/2020 | &nbsp;&nbsp;67040 | &nbsp;&nbsp;&nbsp;&nbsp;127808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.0 |
| Waymo LLC<br> Series A-2 | 05/08/2020 | &nbsp;&nbsp;21059 | &nbsp;&nbsp;1808277 | &nbsp;&nbsp;&nbsp;&nbsp;1521197 | &nbsp;&nbsp;&nbsp;&nbsp;72.24 | 0.1 |
| Waymo LLC<br> Series B-2 | 06/11/2021 | &nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;&nbsp;922265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737936 | &nbsp;&nbsp;&nbsp;&nbsp;73.39 | 0.0 |
|  |  |  |  | $11805728 |  | 0.4%\*\* |

---

\*\* Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.

(3) The rate shown is the 7-day yield as of May 31, 2025.

(4) At May 31, 2025, the Fund had loaned securities with a total value of $34,703,466. This was secured by collateral of $36,411,214, which was received in cash and
subsequently invested in short-term investments currently valued at $36,411,214 as reported in the Portfolio of Investments. Additional collateral of $158,438 was received in the form of fixed income pooled
securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| United States Treasury Notes/Bonds | 0.13% to 4.63% | 07/15/2025 to 05/15/2054 | $158438 |

---

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

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund <br> XAMS—Euronext Amsterdam Stock Exchange

CAD—Canadian Dollar

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Science & Technology Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9198 | &nbsp;&nbsp;$9198 |
| &nbsp;&nbsp;&nbsp;Entertainment Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2102425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102425 |
| &nbsp;&nbsp;&nbsp;Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851943 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;2700551151 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2700551151 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8842172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842172 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52622249 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52622249 |
| Escrows and Litigation Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179360 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36719913 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36719913 |
| **Total Investments at Value** | &nbsp;&nbsp;$2789893313 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11985098 | &nbsp;&nbsp;$2801878411 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** |
| **Aerospace/Defense — 2.1%** | **Aerospace/Defense — 2.1%** | **Aerospace/Defense — 2.1%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72141 | &nbsp;&nbsp;$4430179 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125703 | &nbsp;&nbsp;&nbsp;&nbsp; 6648432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11078611 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Farmer's Business Network, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;119077 | &nbsp;&nbsp;&nbsp;&nbsp; 3791412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791412 |
| **Banks — 1.5%** | **Banks — 1.5%** | **Banks — 1.5%** |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88132 | &nbsp;&nbsp;&nbsp;&nbsp; 4503545 |
| &nbsp;&nbsp;&nbsp;Dogwood State Bank† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 | &nbsp;&nbsp;&nbsp;&nbsp; 75315 |
| &nbsp;&nbsp;&nbsp;Grasshopper Bancorp, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 | &nbsp;&nbsp;&nbsp;&nbsp; 23436 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57211 | &nbsp;&nbsp;&nbsp;&nbsp; 3305080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7907376 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98292 | &nbsp;&nbsp;&nbsp;&nbsp; 3723301 |
| **Biotechnology — 8.4%** | **Biotechnology — 8.4%** | **Biotechnology — 8.4%** |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;253440 | &nbsp;&nbsp;&nbsp;&nbsp; 5028250 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;184544 | &nbsp;&nbsp;&nbsp;&nbsp; 2406454 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62094 | &nbsp;&nbsp;&nbsp;&nbsp; 919612 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37169 | &nbsp;&nbsp;&nbsp;&nbsp; 3767078 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;110297 | &nbsp;&nbsp;&nbsp;&nbsp; 3777672 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67824 | &nbsp;&nbsp;&nbsp;&nbsp; 1341559 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65706 | &nbsp;&nbsp;&nbsp;&nbsp; 2004690 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40798 | &nbsp;&nbsp;&nbsp;&nbsp; 1265554 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79696 | &nbsp;&nbsp;&nbsp;&nbsp; 1138059 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65755 | &nbsp;&nbsp;&nbsp;&nbsp; 3686883 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90134 | &nbsp;&nbsp;&nbsp;&nbsp; 6285044 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26821 | &nbsp;&nbsp;&nbsp;&nbsp; 716657 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61528 | &nbsp;&nbsp;&nbsp;&nbsp; 958606 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;343861 | &nbsp;&nbsp;&nbsp;&nbsp; 2503308 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33369 | &nbsp;&nbsp;&nbsp;&nbsp; 604313 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32079 | &nbsp;&nbsp;&nbsp;&nbsp; 2393414 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72037 | &nbsp;&nbsp;&nbsp;&nbsp; 2838258 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69236 | &nbsp;&nbsp;&nbsp;&nbsp; 2008536 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43745 | &nbsp;&nbsp;&nbsp;&nbsp; 828968 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28694 | &nbsp;&nbsp;&nbsp;&nbsp; 768999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45241914 |
| **Building Materials — 4.6%** | **Building Materials — 4.6%** | **Building Materials — 4.6%** |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75878 | &nbsp;&nbsp;&nbsp;&nbsp; 3824251 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;577548 | &nbsp;&nbsp;&nbsp;&nbsp; 8056795 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30230 | &nbsp;&nbsp;&nbsp;&nbsp; 2844643 |
| &nbsp;&nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;241573 | &nbsp;&nbsp;&nbsp;&nbsp; 3454494 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;117419 | &nbsp;&nbsp;&nbsp;&nbsp; 6560199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24740382 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28252 | &nbsp;&nbsp;&nbsp;&nbsp; 2670662 |
| **Commercial Services — 6.6%** | **Commercial Services — 6.6%** | **Commercial Services — 6.6%** |
| &nbsp;&nbsp;&nbsp;Colliers International Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19158 | &nbsp;&nbsp;&nbsp;&nbsp; 2308156 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;244772 | &nbsp;&nbsp;&nbsp;&nbsp; 4190497 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12077 | &nbsp;&nbsp;&nbsp;&nbsp; 1497548 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84361 | &nbsp;&nbsp;&nbsp;&nbsp; 5737392 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25458 | &nbsp;&nbsp;&nbsp;&nbsp; 4859932 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40423 | &nbsp;&nbsp;&nbsp;&nbsp; 3831696 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52055 | &nbsp;&nbsp;&nbsp;&nbsp; 7880606 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;220571 | &nbsp;&nbsp;&nbsp;&nbsp; 5216504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35522331 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers — 2.1%** | **Computers — 2.1%** | **Computers — 2.1%** |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15619 | &nbsp;&nbsp;$5978641 |
| &nbsp;&nbsp;&nbsp;Globant SA#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14673 | &nbsp;&nbsp;&nbsp;&nbsp; 1439274 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;101158 | &nbsp;&nbsp;&nbsp;&nbsp; 1267510 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76445 | &nbsp;&nbsp;&nbsp;&nbsp; 2463058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11148483 |
| **Cosmetics/Personal Care — 0.7%** | **Cosmetics/Personal Care — 0.7%** | **Cosmetics/Personal Care — 0.7%** |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35402 | &nbsp;&nbsp;&nbsp;&nbsp; 3982371 |
| **Distribution/Wholesale — 1.4%** | **Distribution/Wholesale — 1.4%** | **Distribution/Wholesale — 1.4%** |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52307 | &nbsp;&nbsp;&nbsp;&nbsp; 1199399 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53448 | &nbsp;&nbsp;&nbsp;&nbsp; 6243261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7442660 |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;Dave, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14776 | &nbsp;&nbsp;&nbsp;&nbsp; 2967316 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40979 | &nbsp;&nbsp;&nbsp;&nbsp; 6105871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9073187 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21670 | &nbsp;&nbsp;&nbsp;&nbsp; 5286397 |
| &nbsp;&nbsp;&nbsp;TransAlta Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;271431 | &nbsp;&nbsp;&nbsp;&nbsp; 2652304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938701 |
| **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24121 | &nbsp;&nbsp;&nbsp;&nbsp; 4946252 |
| **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;295701 | &nbsp;&nbsp;&nbsp;&nbsp; 5647889 |
| **Engineering & Construction — 1.5%** | **Engineering & Construction — 1.5%** | **Engineering & Construction — 1.5%** |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76401 | &nbsp;&nbsp;&nbsp;&nbsp; 7998421 |
| **Environmental Control — 3.0%** | **Environmental Control — 3.0%** | **Environmental Control — 3.0%** |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90636 | &nbsp;&nbsp;&nbsp;&nbsp; 10623445 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24473 | &nbsp;&nbsp;&nbsp;&nbsp; 5550232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16173677 |
| **Healthcare-Products — 5.0%** | **Healthcare-Products — 5.0%** | **Healthcare-Products — 5.0%** |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;605311 | &nbsp;&nbsp;&nbsp;&nbsp; 7524016 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32583 | &nbsp;&nbsp;&nbsp;&nbsp; 3869557 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16978 | &nbsp;&nbsp;&nbsp;&nbsp; 2677940 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;225291 | &nbsp;&nbsp;&nbsp;&nbsp; 4258000 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83124 | &nbsp;&nbsp;&nbsp;&nbsp; 2435533 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25502 | &nbsp;&nbsp;&nbsp;&nbsp; 5972568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26737614 |
| **Healthcare-Services — 5.4%** | **Healthcare-Services — 5.4%** | **Healthcare-Services — 5.4%** |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52091 | &nbsp;&nbsp;&nbsp;&nbsp; 6297802 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56084 | &nbsp;&nbsp;&nbsp;&nbsp; 8258930 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56057 | &nbsp;&nbsp;&nbsp;&nbsp; 5639895 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;169001 | &nbsp;&nbsp;&nbsp;&nbsp; 2391364 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;112810 | &nbsp;&nbsp;&nbsp;&nbsp; 6485447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29073438 |
| **Home Builders — 0.6%** | **Home Builders — 0.6%** | **Home Builders — 0.6%** |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51865 | &nbsp;&nbsp;&nbsp;&nbsp; 3391971 |
| **Human Resources — 0.0%** | **Human Resources — 0.0%** | **Human Resources — 0.0%** |
| &nbsp;&nbsp;&nbsp;Checkr, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 | &nbsp;&nbsp;&nbsp;&nbsp; 36030 |
| **Insurance — 4.3%** | **Insurance — 4.3%** | **Insurance — 4.3%** |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30581 | &nbsp;&nbsp;&nbsp;&nbsp; 3310699 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25354 | &nbsp;&nbsp;&nbsp;&nbsp; 4278995 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9046 | &nbsp;&nbsp;&nbsp;&nbsp; 4269622 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41584 | &nbsp;&nbsp;$7130408 |
| &nbsp;&nbsp;&nbsp;Root, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32671 | &nbsp;&nbsp;&nbsp;&nbsp; 4279574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23269298 |
| **Internet — 2.3%** | **Internet — 2.3%** | **Internet — 2.3%** |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;374708 | &nbsp;&nbsp;&nbsp;&nbsp; 6130223 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50458 | &nbsp;&nbsp;&nbsp;&nbsp; 4416084 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;129080 | &nbsp;&nbsp;&nbsp;&nbsp; 1971052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12517359 |
| **Iron/Steel — 2.8%** | **Iron/Steel — 2.8%** | **Iron/Steel — 2.8%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74516 | &nbsp;&nbsp;&nbsp;&nbsp; 5934454 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39825 | &nbsp;&nbsp;&nbsp;&nbsp; 9358875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15293329 |
| **Leisure Time — 3.0%** | **Leisure Time — 3.0%** | **Leisure Time — 3.0%** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;143724 | &nbsp;&nbsp;&nbsp;&nbsp; 4110506 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;244900 | &nbsp;&nbsp;&nbsp;&nbsp; 4618814 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69961 | &nbsp;&nbsp;&nbsp;&nbsp; 7194090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15923410 |
| **Machinery-Diversified — 2.2%** | **Machinery-Diversified — 2.2%** | **Machinery-Diversified — 2.2%** |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;102165 | &nbsp;&nbsp;&nbsp;&nbsp; 6750042 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16220 | &nbsp;&nbsp;&nbsp;&nbsp; 3674154 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96642 | &nbsp;&nbsp;&nbsp;&nbsp; 1525011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11949207 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63208 | &nbsp;&nbsp;&nbsp;&nbsp; 3610441 |
| **Metal Fabricate/Hardware — 1.3%** | **Metal Fabricate/Hardware — 1.3%** | **Metal Fabricate/Hardware — 1.3%** |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;193870 | &nbsp;&nbsp;&nbsp;&nbsp; 1583918 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14684 | &nbsp;&nbsp;&nbsp;&nbsp; 5372435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6956353 |
| **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** |
| &nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd.#† | 1727045 | &nbsp;&nbsp;&nbsp;&nbsp; 2866895 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.#† | 1521415 | &nbsp;&nbsp;&nbsp;&nbsp; 3788323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655218 |
| **Oil & Gas Services — 0.9%** | **Oil & Gas Services — 0.9%** | **Oil & Gas Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47136 | &nbsp;&nbsp;&nbsp;&nbsp; 1038877 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;470871 | &nbsp;&nbsp;&nbsp;&nbsp; 3917647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956524 |
| **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** | **Packaging & Containers — 0.7%** |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;167367 | &nbsp;&nbsp;&nbsp;&nbsp; 3718895 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;108268 | &nbsp;&nbsp;&nbsp;&nbsp; 3314084 |
| &nbsp;&nbsp;&nbsp;Centessa Pharmaceuticals PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;110981 | &nbsp;&nbsp;&nbsp;&nbsp; 1499353 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73288 | &nbsp;&nbsp;&nbsp;&nbsp; 889716 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16531 | &nbsp;&nbsp;&nbsp;&nbsp; 4550323 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69615 | &nbsp;&nbsp;&nbsp;&nbsp; 2261791 |
| &nbsp;&nbsp;&nbsp;Verona Pharma PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27094 | &nbsp;&nbsp;&nbsp;&nbsp; 2200033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14715300 |
| **Private Equity — 0.5%** | **Private Equity — 0.5%** | **Private Equity — 0.5%** |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;255943 | &nbsp;&nbsp;&nbsp;&nbsp; 2779541 |
| **Real Estate — 1.1%** | **Real Estate — 1.1%** | **Real Estate — 1.1%** |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34007 | &nbsp;&nbsp;&nbsp;&nbsp; 5960858 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59490 | &nbsp;&nbsp;&nbsp;&nbsp; 2046456 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail — 5.8%** | **Retail — 5.8%** | **Retail — 5.8%** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47379 | &nbsp;&nbsp;$7595327 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37493 | &nbsp;&nbsp;&nbsp;&nbsp; 6472417 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18680 | &nbsp;&nbsp;&nbsp;&nbsp; 2164838 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37206 | &nbsp;&nbsp;&nbsp;&nbsp; 2982433 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;250113 | &nbsp;&nbsp;&nbsp;&nbsp; 4954739 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21216 | &nbsp;&nbsp;&nbsp;&nbsp; 2364523 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41636 | &nbsp;&nbsp;&nbsp;&nbsp; 4495855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31030132 |
| **Semiconductors — 4.0%** | **Semiconductors — 4.0%** | **Semiconductors — 4.0%** |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29865 | &nbsp;&nbsp;&nbsp;&nbsp; 3407298 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39088 | &nbsp;&nbsp;&nbsp;&nbsp; 4753492 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14695 | &nbsp;&nbsp;&nbsp;&nbsp; 1351058 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64485 | &nbsp;&nbsp;&nbsp;&nbsp; 3206839 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48782 | &nbsp;&nbsp;&nbsp;&nbsp; 2608374 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50548 | &nbsp;&nbsp;&nbsp;&nbsp; 6092550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21419611 |
| **Shipbuilding — 0.8%** | **Shipbuilding — 0.8%** | **Shipbuilding — 0.8%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18154 | &nbsp;&nbsp;&nbsp;&nbsp; 4049431 |
| **Software — 8.7%** | **Software — 8.7%** | **Software — 8.7%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;138798 | &nbsp;&nbsp;&nbsp;&nbsp; 6420796 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34828 | &nbsp;&nbsp;&nbsp;&nbsp; 3688634 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88730 | &nbsp;&nbsp;&nbsp;&nbsp; 4962669 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5586 | &nbsp;&nbsp;&nbsp;&nbsp; 2902541 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27472 | &nbsp;&nbsp;&nbsp;&nbsp; 2221661 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34011 | &nbsp;&nbsp;&nbsp;&nbsp; 7313045 |
| &nbsp;&nbsp;&nbsp;Hinge Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35186 | &nbsp;&nbsp;&nbsp;&nbsp; 1366624 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;152656 | &nbsp;&nbsp;&nbsp;&nbsp; 5190304 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;101280 | &nbsp;&nbsp;&nbsp;&nbsp; 2663664 |
| &nbsp;&nbsp;&nbsp;Onestream, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;114517 | &nbsp;&nbsp;&nbsp;&nbsp; 3213347 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98490 | &nbsp;&nbsp;&nbsp;&nbsp; 2412020 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;104110 | &nbsp;&nbsp;&nbsp;&nbsp; 2250858 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc. (Lockup Shares)†(2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;&nbsp;&nbsp; 235948 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;693101 | &nbsp;&nbsp;&nbsp;&nbsp; 2210992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47053103 |
| **Telecommunications — 1.7%** | **Telecommunications — 1.7%** | **Telecommunications — 1.7%** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77006 | &nbsp;&nbsp;&nbsp;&nbsp; 4694285 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;208537 | &nbsp;&nbsp;&nbsp;&nbsp; 3267775 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70165 | &nbsp;&nbsp;&nbsp;&nbsp; 1295246 |
| &nbsp;&nbsp;&nbsp;NII Holdings, Inc.(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9257306 |
| **Transportation — 2.3%** | **Transportation — 2.3%** | **Transportation — 2.3%** |
| &nbsp;&nbsp;&nbsp;Cargojet, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44466 | &nbsp;&nbsp;&nbsp;&nbsp; 3027582 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125543 | &nbsp;&nbsp;&nbsp;&nbsp; 5564066 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;165770 | &nbsp;&nbsp;&nbsp;&nbsp; 3840891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12432539 |
| **Total Common Stocks<br> (cost $524,382,501)** |  | &nbsp;&nbsp;&nbsp;&nbsp;523860994 |
| **CONVERTIBLE PREFERRED STOCKS — 0.1%** | **CONVERTIBLE PREFERRED STOCKS — 0.1%** | **CONVERTIBLE PREFERRED STOCKS — 0.1%** |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| &nbsp;&nbsp;&nbsp;Farmer's Business Network, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **E-Commerce/Services — 0.0%** | **E-Commerce/Services — 0.0%** | **E-Commerce/Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Flexe, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643 | &nbsp;&nbsp;&nbsp;&nbsp; 24329 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sila Nanotechnologies, Inc.<br> Series F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp; 45736 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |  |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17921 | &nbsp;&nbsp;$77240 |
| **Human Resources — 0.1%** | **Human Resources — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Checkr, Inc.<br> Series C †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8994 | &nbsp;&nbsp;&nbsp;&nbsp; 55223 |
| &nbsp;&nbsp;&nbsp;Checkr, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12252 | &nbsp;&nbsp;&nbsp;&nbsp; 75227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130450 |
| **Industrial Automation/Robotics — 0.0%** | **Industrial Automation/Robotics — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Nuro, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6234 | &nbsp;&nbsp;&nbsp;&nbsp; 79764 |
| **Medical - Biomedical/Gene — 0.0%** | **Medical - Biomedical/Gene — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;National Resilience, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 | &nbsp;&nbsp;&nbsp;&nbsp; 129486 |
| **Medical Information Systems — 0.0%** | **Medical Information Systems — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Kardium, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58843 | &nbsp;&nbsp;&nbsp;&nbsp; 54974 |
| **Retirement/Aged Care — 0.0%** | **Retirement/Aged Care — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Honor Tech, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43123 | &nbsp;&nbsp;&nbsp;&nbsp; 57354 |
| **Transportation — 0.0%** | **Transportation — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Haul Hub, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp; 9691 |
| **Total Convertible Preferred Stocks<br> (cost $730,138)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609024 |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |  |
| **Banks — 0.0%** | **Banks — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Grasshopper Bancorp, Inc.<br> Expires 10/12/2028†(1)(2)<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp; 686 |
| **Total Long-Term Investment Securities<br> (cost $525,112,639)** |  | &nbsp;&nbsp;&nbsp;&nbsp;524470704 |
| **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** |  |
| **Unaffiliated Investment Companies — 3.4%** | **Unaffiliated Investment Companies — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(4) | 14143257 | &nbsp;&nbsp;&nbsp;&nbsp; 14143257 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(4)(5) | 4147388 | &nbsp;&nbsp;&nbsp;&nbsp; 4147388 |
| **Total Short-Term Investments<br> (cost $18,290,645)** |  | &nbsp;&nbsp;&nbsp;&nbsp;18290645 |
| **TOTAL INVESTMENTS<br> (cost $543,403,284)(6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.8% | &nbsp;&nbsp;&nbsp;&nbsp;542761349 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4422708) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$538338641 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan (see Note 2).

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from
registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation
of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under
the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly
traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the
security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Checkr, Inc. |  |  |  |  |  |  |
|  | 06/29/2018 | &nbsp;&nbsp;2100 | &nbsp;&nbsp;$8603 |  |  |  |
|  | 12/02/2019 | &nbsp;&nbsp;3768 | &nbsp;&nbsp;36085 |  |  |  |
|  |  | &nbsp;&nbsp;5868 | &nbsp;&nbsp;44688 | $36030 | $6.14 | 0.0% |
| Farmer's Business Network, Inc. | 11/03/2017 | &nbsp;&nbsp;8265 | 152606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.0 |
| Grasshopper Bancorp, Inc. |  |  |  |  |  |  |
|  | 10/12/2018 | &nbsp;&nbsp;1009 | &nbsp;&nbsp;10090 |  |  |  |
|  | 05/02/2019 | &nbsp;&nbsp;4199 | &nbsp;&nbsp;41990 |  |  |  |
|  |  | &nbsp;&nbsp;5208 | &nbsp;&nbsp;52080 | &nbsp;&nbsp;&nbsp;&nbsp;23436 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | 0.0 |
| ServiceTitan, Inc. (Lockup Shares) | 11/09/2018 | &nbsp;&nbsp;2132 | &nbsp;&nbsp;56060 | &nbsp;&nbsp;235948 | &nbsp;&nbsp;110.67 | 0.0 |
| **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** |
| Caris Life Sciences, Inc.<br> Series C | 08/14/2020 | 17921 | &nbsp;&nbsp;49462 | &nbsp;&nbsp;&nbsp;&nbsp;77240 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | 0.0 |
| Checkr, Inc.<br> Series C | 04/10/2018 | &nbsp;&nbsp;8994 | &nbsp;&nbsp;40926 | &nbsp;&nbsp;&nbsp;&nbsp;55223 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | 0.0 |
| Checkr, Inc.<br> Series D | 09/06/2019 | 12252 | 123526 | &nbsp;&nbsp;&nbsp;&nbsp;75227 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | 0.1 |
| Farmer's Business Network, Inc.<br> Series D | 11/03/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.0 |
| Flexe, Inc.<br> Series C | 11/18/2020 | &nbsp;&nbsp;4643 | &nbsp;&nbsp;56492 | &nbsp;&nbsp;&nbsp;&nbsp;24329 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | 0.0 |
| Haul Hub, Inc.<br> Series B | 02/14/2020 | &nbsp;&nbsp;2168 | &nbsp;&nbsp;31609 | &nbsp;&nbsp;&nbsp;&nbsp;9691 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | 0.0 |
| Honor Tech, Inc.<br> Series D | 10/16/2020 | 43123 | 103844 | &nbsp;&nbsp;&nbsp;&nbsp;57354 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | 0.0 |
| Kardium, Inc.<br> Series D | 01/08/2021 | 58843 | &nbsp;&nbsp;59775 | &nbsp;&nbsp;&nbsp;&nbsp;54974 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 0.0 |
| National Resilience, Inc.<br> Series B | 10/23/2020 | &nbsp;&nbsp;5496 | &nbsp;&nbsp;75075 | &nbsp;&nbsp;129486 | &nbsp;&nbsp;&nbsp;&nbsp;23.56 | 0.0 |
| Nuro, Inc.<br> Series C | 10/30/2020 | &nbsp;&nbsp;6234 | &nbsp;&nbsp;81383 | &nbsp;&nbsp;&nbsp;&nbsp;79764 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | 0.0 |
| Sila Nanotechnologies, Inc.<br> Series F | 01/07/2021 | &nbsp;&nbsp;2608 | 107640 | &nbsp;&nbsp;&nbsp;&nbsp;45736 | &nbsp;&nbsp;&nbsp;&nbsp;17.54 | 0.0 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** | **<u>Warrants</u>** |
| Grasshopper Bancorp, Inc.<br> Expires 10/12/2028 | 10/12/2018 | &nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | $686 | $0.68 | 0.0% |
|  |  |  |  | $905124 |  | 0.1%\*\* |

---

\*\* Amount represents the total value of the restricted securities divided by the net assets of the Fund and may not equal the sum of the individual percentages shown due to rounding.

(3) Security is subject to a contractual sale restriction. The value represents 0.0% of net assets. The lock-up agreement lasts for 180 days and ends on June 9, 2025. A lapse in the restriction
may occur if the company decides to waive or modify the lock-up agreement.

(4) The rate shown is the 7-day yield as of May 31, 2025.

(5) At May 31, 2025, the Fund had loaned securities with a total value of $27,570,545. This was secured by collateral of $4,147,388, which was received in cash and
subsequently invested in short-term investments currently valued at $4,147,388 as reported in the Portfolio of Investments. Additional collateral of $24,291,729 was received in the form of fixed income pooled
securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $211950 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1369839 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105172 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576879 |
| United States Treasury Bills | 0.00% | 11/28/2025 to 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41662 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;21986227 |

---

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

ADR—American Depositary Receipt

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Citibank, N.A. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;24403751 | &nbsp;&nbsp;USD | &nbsp;&nbsp;17162526 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(642226) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7164264 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;10042492 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;162645 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$162645 | &nbsp;&nbsp;$(642226) |

---

CAD—Canadian Dollar <br> USD—United States Dollar

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agriculture | &nbsp;&nbsp;$3791412 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$3791412 |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7883940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7907376 |
| &nbsp;&nbsp;&nbsp;Human Resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36030 |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9257306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9257306 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;502868870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;502868870 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;609024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609024 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;18290645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18290645 |
| **Total Investments at Value** | &nbsp;&nbsp;$542092173 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$669176 | &nbsp;&nbsp;$542761349 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$162645 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$162645 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$642226 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$642226 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.7%** | **COMMON STOCKS — 96.7%** | **COMMON STOCKS — 96.7%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53461 | &nbsp;&nbsp;$63618 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13393 | &nbsp;&nbsp;&nbsp;&nbsp; 196877 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;146809 | &nbsp;&nbsp;&nbsp;&nbsp; 157086 |
| &nbsp;&nbsp;&nbsp;National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37147 | &nbsp;&nbsp;&nbsp;&nbsp; 202451 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45250 | &nbsp;&nbsp;&nbsp;&nbsp; 201815 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16996 | &nbsp;&nbsp;&nbsp;&nbsp; 137498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959345 |
| **Aerospace/Defense — 2.3%** | **Aerospace/Defense — 2.3%** | **Aerospace/Defense — 2.3%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14974 | &nbsp;&nbsp;&nbsp;&nbsp; 919553 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11665 | &nbsp;&nbsp;&nbsp;&nbsp; 2076720 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15893 | &nbsp;&nbsp;&nbsp;&nbsp; 93610 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828 | &nbsp;&nbsp;&nbsp;&nbsp; 10297 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;137142 | &nbsp;&nbsp;&nbsp;&nbsp; 1383763 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13435 | &nbsp;&nbsp;&nbsp;&nbsp; 419441 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5772 | &nbsp;&nbsp;&nbsp;&nbsp; 406233 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16120 | &nbsp;&nbsp;&nbsp;&nbsp; 87048 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43184 | &nbsp;&nbsp;&nbsp;&nbsp; 5059006 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17440 | &nbsp;&nbsp;&nbsp;&nbsp; 198990 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;184133 | &nbsp;&nbsp;&nbsp;&nbsp; 1439920 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62762 | &nbsp;&nbsp;&nbsp;&nbsp; 2315290 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31902 | &nbsp;&nbsp;&nbsp;&nbsp; 1349455 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22109 | &nbsp;&nbsp;&nbsp;&nbsp; 1088868 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11871 | &nbsp;&nbsp;&nbsp;&nbsp; 2199815 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726 | &nbsp;&nbsp;&nbsp;&nbsp; 233482 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10378 | &nbsp;&nbsp;&nbsp;&nbsp; 148509 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;150081 | &nbsp;&nbsp;&nbsp;&nbsp; 4020670 |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30558 | &nbsp;&nbsp;&nbsp;&nbsp; 788091 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7992 | &nbsp;&nbsp;&nbsp;&nbsp; 25654 |
| &nbsp;&nbsp;&nbsp;VirTra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8477 | &nbsp;&nbsp;&nbsp;&nbsp; 49506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24313921 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp; 49117 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14842 | &nbsp;&nbsp;&nbsp;&nbsp; 527039 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34467 | &nbsp;&nbsp;&nbsp;&nbsp; 488053 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15457 | &nbsp;&nbsp;&nbsp;&nbsp; 545941 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921 | &nbsp;&nbsp;&nbsp;&nbsp; 125073 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5876 | &nbsp;&nbsp;&nbsp;&nbsp; 98070 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7302 | &nbsp;&nbsp;&nbsp;&nbsp; 542685 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10828 | &nbsp;&nbsp;&nbsp;&nbsp; 708043 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13351 | &nbsp;&nbsp;&nbsp;&nbsp; 425096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509117 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6587 | &nbsp;&nbsp;&nbsp;&nbsp; 366106 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30113 | &nbsp;&nbsp;&nbsp;&nbsp; 121054 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;135924 | &nbsp;&nbsp;&nbsp;&nbsp; 686416 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16843 | &nbsp;&nbsp;&nbsp;&nbsp; 1708722 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16790 | &nbsp;&nbsp;&nbsp;&nbsp; 194428 |
| &nbsp;&nbsp;&nbsp;Wheels Up Experience, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36629 | &nbsp;&nbsp;&nbsp;&nbsp; 47984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124710 |
| **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;138920 | &nbsp;&nbsp;&nbsp;&nbsp; 687654 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23157 | &nbsp;&nbsp;&nbsp;&nbsp; 1588570 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7097 | &nbsp;&nbsp;&nbsp;&nbsp; 380967 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352 | &nbsp;&nbsp;&nbsp;&nbsp; 121758 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30564 | &nbsp;&nbsp;&nbsp;&nbsp; 753402 |
| &nbsp;&nbsp;&nbsp;Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7987 | &nbsp;&nbsp;&nbsp;&nbsp; 78752 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880 | &nbsp;&nbsp;&nbsp;&nbsp; 25181 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Apparel (continued)** | **Apparel (continued)** | **Apparel (continued)** |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508 | &nbsp;&nbsp;$110011 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35461 | &nbsp;&nbsp;&nbsp;&nbsp; 604965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351260 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 503100 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59305 | &nbsp;&nbsp;&nbsp;&nbsp; 91330 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22844 | &nbsp;&nbsp;&nbsp;&nbsp; 856422 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15808 | &nbsp;&nbsp;&nbsp;&nbsp; 137055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587907 |
| **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** | **Auto Parts & Equipment — 1.1%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38616 | &nbsp;&nbsp;&nbsp;&nbsp; 602023 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9158 | &nbsp;&nbsp;&nbsp;&nbsp; 167317 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48877 | &nbsp;&nbsp;&nbsp;&nbsp; 214570 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;405684 | &nbsp;&nbsp;&nbsp;&nbsp; 2458445 |
| &nbsp;&nbsp;&nbsp;Commercial Vehicle Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21744 | &nbsp;&nbsp;&nbsp;&nbsp; 28267 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526 | &nbsp;&nbsp;&nbsp;&nbsp; 150359 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57004 | &nbsp;&nbsp;&nbsp;&nbsp; 947977 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11005 | &nbsp;&nbsp;&nbsp;&nbsp; 1423057 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9637 | &nbsp;&nbsp;&nbsp;&nbsp; 264921 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18140 | &nbsp;&nbsp;&nbsp;&nbsp; 465291 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13544 | &nbsp;&nbsp;&nbsp;&nbsp; 370632 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;121384 | &nbsp;&nbsp;&nbsp;&nbsp; 1384991 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp; 137800 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244 | &nbsp;&nbsp;&nbsp;&nbsp; 22416 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18134 | &nbsp;&nbsp;&nbsp;&nbsp; 144165 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5780 | &nbsp;&nbsp;&nbsp;&nbsp; 262007 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18568 | &nbsp;&nbsp;&nbsp;&nbsp; 805851 |
| &nbsp;&nbsp;&nbsp;SES AI Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21399 | &nbsp;&nbsp;&nbsp;&nbsp; 19452 |
| &nbsp;&nbsp;&nbsp;Shyft Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15594 | &nbsp;&nbsp;&nbsp;&nbsp; 163581 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44102 | &nbsp;&nbsp;&nbsp;&nbsp; 68799 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8892 | &nbsp;&nbsp;&nbsp;&nbsp; 269428 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23498 | &nbsp;&nbsp;&nbsp;&nbsp; 170126 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11956 | &nbsp;&nbsp;&nbsp;&nbsp; 1009385 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9689 | &nbsp;&nbsp;&nbsp;&nbsp; 348513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11899373 |
| **Banks — 8.7%** | **Banks — 8.7%** | **Banks — 8.7%** |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8464 | &nbsp;&nbsp;&nbsp;&nbsp; 512580 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp; 146326 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9546 | &nbsp;&nbsp;&nbsp;&nbsp; 200561 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7611 | &nbsp;&nbsp;&nbsp;&nbsp; 230004 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15742 | &nbsp;&nbsp;&nbsp;&nbsp; 275957 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27364 | &nbsp;&nbsp;&nbsp;&nbsp; 1682065 |
| &nbsp;&nbsp;&nbsp;Ames National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6532 | &nbsp;&nbsp;&nbsp;&nbsp; 113657 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981 | &nbsp;&nbsp;&nbsp;&nbsp; 179761 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70299 | &nbsp;&nbsp;&nbsp;&nbsp; 1628828 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53573 | &nbsp;&nbsp;&nbsp;&nbsp; 1608261 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8472 | &nbsp;&nbsp;&nbsp;&nbsp; 1048029 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19413 | &nbsp;&nbsp;&nbsp;&nbsp; 992004 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4469 | &nbsp;&nbsp;&nbsp;&nbsp; 519745 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16247 | &nbsp;&nbsp;&nbsp;&nbsp; 1080588 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724 | &nbsp;&nbsp;&nbsp;&nbsp; 143288 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19679 | &nbsp;&nbsp;&nbsp;&nbsp; 829667 |
| &nbsp;&nbsp;&nbsp;Bank7 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 | &nbsp;&nbsp;&nbsp;&nbsp; 66002 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053380 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742 | &nbsp;&nbsp;&nbsp;&nbsp; 95175 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14593 | &nbsp;&nbsp;&nbsp;&nbsp; 899658 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6353 | &nbsp;&nbsp;&nbsp;&nbsp; 184745 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4449 | &nbsp;&nbsp;&nbsp;&nbsp; 117409 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347 | &nbsp;&nbsp;&nbsp;&nbsp; 51411 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8392 | &nbsp;&nbsp;&nbsp;&nbsp; 76032 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8451 | &nbsp;&nbsp;&nbsp;&nbsp; 123723 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5758 | &nbsp;&nbsp;$327745 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp; 243847 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13238 | &nbsp;&nbsp;&nbsp;&nbsp; 342467 |
| &nbsp;&nbsp;&nbsp;California Bancorp#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10459 | &nbsp;&nbsp;&nbsp;&nbsp; 156257 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7119 | &nbsp;&nbsp;&nbsp;&nbsp; 280061 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911 | &nbsp;&nbsp;&nbsp;&nbsp; 126325 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859 | &nbsp;&nbsp;&nbsp;&nbsp; 221119 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12642 | &nbsp;&nbsp;&nbsp;&nbsp; 207961 |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp;&nbsp; 116050 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp; 104802 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6323 | &nbsp;&nbsp;&nbsp;&nbsp; 117292 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp; 117408 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027 | &nbsp;&nbsp;&nbsp;&nbsp; 710523 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517 | &nbsp;&nbsp;&nbsp;&nbsp; 146958 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8761 | &nbsp;&nbsp;&nbsp;&nbsp; 189851 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5752 | &nbsp;&nbsp;&nbsp;&nbsp; 505543 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040 | &nbsp;&nbsp;&nbsp;&nbsp; 107642 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22241 | &nbsp;&nbsp;&nbsp;&nbsp; 1250834 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6530 | &nbsp;&nbsp;&nbsp;&nbsp; 333356 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7196 | &nbsp;&nbsp;&nbsp;&nbsp; 128089 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15409 | &nbsp;&nbsp;&nbsp;&nbsp; 353945 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12309 | &nbsp;&nbsp;&nbsp;&nbsp; 627267 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56326 | &nbsp;&nbsp;&nbsp;&nbsp; 1056112 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16518 | &nbsp;&nbsp;&nbsp;&nbsp; 423852 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12275 | &nbsp;&nbsp;&nbsp;&nbsp; 216040 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83490 | &nbsp;&nbsp;&nbsp;&nbsp; 1252350 |
| &nbsp;&nbsp;&nbsp;Enterprise Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206 | &nbsp;&nbsp;&nbsp;&nbsp; 162141 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16116 | &nbsp;&nbsp;&nbsp;&nbsp; 853181 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6941 | &nbsp;&nbsp;&nbsp;&nbsp; 270283 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002 | &nbsp;&nbsp;&nbsp;&nbsp; 272401 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp; 128931 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15478 | &nbsp;&nbsp;&nbsp;&nbsp; 204774 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15915 | &nbsp;&nbsp;&nbsp;&nbsp; 694690 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp;&nbsp;&nbsp; 132127 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135 | &nbsp;&nbsp;&nbsp;&nbsp; 210046 |
| &nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16643 | &nbsp;&nbsp;&nbsp;&nbsp; 688521 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6471 | &nbsp;&nbsp;&nbsp;&nbsp; 156533 |
| &nbsp;&nbsp;&nbsp;First Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8962 | &nbsp;&nbsp;&nbsp;&nbsp; 130218 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37086 | &nbsp;&nbsp;&nbsp;&nbsp; 820342 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 | &nbsp;&nbsp;&nbsp;&nbsp; 163282 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42044 | &nbsp;&nbsp;&nbsp;&nbsp; 656727 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205 | &nbsp;&nbsp;&nbsp;&nbsp; 270908 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40144 | &nbsp;&nbsp;&nbsp;&nbsp; 969879 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55246 | &nbsp;&nbsp;&nbsp;&nbsp; 1947974 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865 | &nbsp;&nbsp;&nbsp;&nbsp; 252202 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27043 | &nbsp;&nbsp;&nbsp;&nbsp; 139542 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451 | &nbsp;&nbsp;&nbsp;&nbsp; 83687 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34714 | &nbsp;&nbsp;&nbsp;&nbsp; 942485 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24793 | &nbsp;&nbsp;&nbsp;&nbsp; 934696 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp; 342922 |
| &nbsp;&nbsp;&nbsp;First of Long Island Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9095 | &nbsp;&nbsp;&nbsp;&nbsp; 107958 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8726 | &nbsp;&nbsp;&nbsp;&nbsp; 243979 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | &nbsp;&nbsp;&nbsp;&nbsp; 82623 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12116 | &nbsp;&nbsp;&nbsp;&nbsp; 463013 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48293 | &nbsp;&nbsp;&nbsp;&nbsp; 2002711 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665 | &nbsp;&nbsp;&nbsp;&nbsp; 205020 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352 | &nbsp;&nbsp;&nbsp;&nbsp; 138572 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36072 | &nbsp;&nbsp;&nbsp;&nbsp; 1972056 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12491 | &nbsp;&nbsp;&nbsp;&nbsp; 286294 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16025 | &nbsp;&nbsp;&nbsp;&nbsp; 182365 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448 | &nbsp;&nbsp;&nbsp;&nbsp; 127483 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25337 | &nbsp;&nbsp;&nbsp;&nbsp; 234621 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14040 | &nbsp;&nbsp;$328255 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21034 | &nbsp;&nbsp;&nbsp;&nbsp; 627234 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79203 | &nbsp;&nbsp;&nbsp;&nbsp; 2240653 |
| &nbsp;&nbsp;&nbsp;HomeStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7782 | &nbsp;&nbsp;&nbsp;&nbsp; 101399 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50640 | &nbsp;&nbsp;&nbsp;&nbsp; 508426 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18426 | &nbsp;&nbsp;&nbsp;&nbsp; 273442 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18047 | &nbsp;&nbsp;&nbsp;&nbsp; 1109890 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23267 | &nbsp;&nbsp;&nbsp;&nbsp; 1457212 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931 | &nbsp;&nbsp;&nbsp;&nbsp; 74728 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8298 | &nbsp;&nbsp;&nbsp;&nbsp; 144717 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30364 | &nbsp;&nbsp;&nbsp;&nbsp; 183095 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10342 | &nbsp;&nbsp;&nbsp;&nbsp; 619176 |
| &nbsp;&nbsp;&nbsp;LCNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8741 | &nbsp;&nbsp;&nbsp;&nbsp; 126832 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16588 | &nbsp;&nbsp;&nbsp;&nbsp; 113628 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14741 | &nbsp;&nbsp;&nbsp;&nbsp; 404640 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6706 | &nbsp;&nbsp;&nbsp;&nbsp; 296137 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9011 | &nbsp;&nbsp;&nbsp;&nbsp; 288532 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845 | &nbsp;&nbsp;&nbsp;&nbsp; 219189 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494 | &nbsp;&nbsp;&nbsp;&nbsp; 290627 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10409 | &nbsp;&nbsp;&nbsp;&nbsp; 277400 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4903 | &nbsp;&nbsp;&nbsp;&nbsp; 143903 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8549 | &nbsp;&nbsp;&nbsp;&nbsp; 144307 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8163 | &nbsp;&nbsp;&nbsp;&nbsp; 234686 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878 | &nbsp;&nbsp;&nbsp;&nbsp; 95414 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15339 | &nbsp;&nbsp;&nbsp;&nbsp; 554505 |
| &nbsp;&nbsp;&nbsp;National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291 | &nbsp;&nbsp;&nbsp;&nbsp; 109935 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16552 | &nbsp;&nbsp;&nbsp;&nbsp; 278901 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21616 | &nbsp;&nbsp;&nbsp;&nbsp; 904630 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6113 | &nbsp;&nbsp;&nbsp;&nbsp; 749698 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449 | &nbsp;&nbsp;&nbsp;&nbsp; 289130 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236 | &nbsp;&nbsp;&nbsp;&nbsp; 118438 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 | &nbsp;&nbsp;&nbsp;&nbsp; 207199 |
| &nbsp;&nbsp;&nbsp;Norwood Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 | &nbsp;&nbsp;&nbsp;&nbsp; 92014 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776 | &nbsp;&nbsp;&nbsp;&nbsp; 121740 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;133118 | &nbsp;&nbsp;&nbsp;&nbsp; 2776841 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18524 | &nbsp;&nbsp;&nbsp;&nbsp; 306387 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345 | &nbsp;&nbsp;&nbsp;&nbsp; 111102 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12479 | &nbsp;&nbsp;&nbsp;&nbsp; 425409 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7891 | &nbsp;&nbsp;&nbsp;&nbsp; 237203 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6125 | &nbsp;&nbsp;&nbsp;&nbsp; 995680 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp; 86576 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp; 237896 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4638 | &nbsp;&nbsp;&nbsp;&nbsp; 89699 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7104 | &nbsp;&nbsp;&nbsp;&nbsp; 194792 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp; 100760 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14702 | &nbsp;&nbsp;&nbsp;&nbsp; 431063 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3913 | &nbsp;&nbsp;&nbsp;&nbsp; 188059 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9217 | &nbsp;&nbsp;&nbsp;&nbsp; 105074 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp; 101512 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221 | &nbsp;&nbsp;&nbsp;&nbsp; 110079 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9438 | &nbsp;&nbsp;&nbsp;&nbsp; 89378 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996 | &nbsp;&nbsp;&nbsp;&nbsp; 125115 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10806 | &nbsp;&nbsp;&nbsp;&nbsp; 123080 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7564 | &nbsp;&nbsp;&nbsp;&nbsp; 509057 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926 | &nbsp;&nbsp;&nbsp;&nbsp; 117603 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873 | &nbsp;&nbsp;&nbsp;&nbsp; 161147 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39492 | &nbsp;&nbsp;&nbsp;&nbsp; 1384195 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522 | &nbsp;&nbsp;&nbsp;&nbsp; 241398 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15841 | &nbsp;&nbsp;&nbsp;&nbsp; 580731 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35114 | &nbsp;&nbsp;&nbsp;&nbsp; 906995 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21090 | &nbsp;&nbsp;&nbsp;&nbsp; 1569729 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13033 | &nbsp;&nbsp;&nbsp;&nbsp; 188848 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5532 | &nbsp;&nbsp;&nbsp;&nbsp; 151411 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52766 | &nbsp;&nbsp;$989890 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6759 | &nbsp;&nbsp;&nbsp;&nbsp; 214801 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5007 | &nbsp;&nbsp;&nbsp;&nbsp; 180102 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281 | &nbsp;&nbsp;&nbsp;&nbsp; 118346 |
| &nbsp;&nbsp;&nbsp;Southern States Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 | &nbsp;&nbsp;&nbsp;&nbsp; 170243 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11938 | &nbsp;&nbsp;&nbsp;&nbsp; 336532 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41208 | &nbsp;&nbsp;&nbsp;&nbsp; 3618062 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20421 | &nbsp;&nbsp;&nbsp;&nbsp; 549733 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11293 | &nbsp;&nbsp;&nbsp;&nbsp; 830713 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19988 | &nbsp;&nbsp;&nbsp;&nbsp; 1432940 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823 | &nbsp;&nbsp;&nbsp;&nbsp; 147873 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411 | &nbsp;&nbsp;&nbsp;&nbsp; 332235 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29883 | &nbsp;&nbsp;&nbsp;&nbsp; 1032756 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14556 | &nbsp;&nbsp;&nbsp;&nbsp; 580784 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10107 | &nbsp;&nbsp;&nbsp;&nbsp; 583881 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7719 | &nbsp;&nbsp;&nbsp;&nbsp; 239598 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25870 | &nbsp;&nbsp;&nbsp;&nbsp; 891480 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28846 | &nbsp;&nbsp;&nbsp;&nbsp; 2974600 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54962 | &nbsp;&nbsp;&nbsp;&nbsp; 1986327 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49721 | &nbsp;&nbsp;&nbsp;&nbsp; 1428982 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013 | &nbsp;&nbsp;&nbsp;&nbsp; 133190 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12299 | &nbsp;&nbsp;&nbsp;&nbsp; 363066 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513 | &nbsp;&nbsp;&nbsp;&nbsp; 74600 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;201441 | &nbsp;&nbsp;&nbsp;&nbsp; 1768652 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21830 | &nbsp;&nbsp;&nbsp;&nbsp; 528286 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 | &nbsp;&nbsp;&nbsp;&nbsp; 123591 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13997 | &nbsp;&nbsp;&nbsp;&nbsp; 958655 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7959 | &nbsp;&nbsp;&nbsp;&nbsp; 220146 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36497 | &nbsp;&nbsp;&nbsp;&nbsp; 1123378 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857 | &nbsp;&nbsp;&nbsp;&nbsp; 132889 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10676 | &nbsp;&nbsp;&nbsp;&nbsp; 512982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91953583 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| &nbsp;&nbsp;&nbsp;BRC, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 | &nbsp;&nbsp;&nbsp;&nbsp; 7534 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6163 | &nbsp;&nbsp;&nbsp;&nbsp; 181315 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8655 | &nbsp;&nbsp;&nbsp;&nbsp; 391466 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104077 | &nbsp;&nbsp;&nbsp;&nbsp; 3441826 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14976 | &nbsp;&nbsp;&nbsp;&nbsp; 532996 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527 | &nbsp;&nbsp;&nbsp;&nbsp; 44906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600043 |
| **Biotechnology — 7.0%** | **Biotechnology — 7.0%** | **Biotechnology — 7.0%** |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18499 | &nbsp;&nbsp;&nbsp;&nbsp; 66966 |
| &nbsp;&nbsp;&nbsp;89bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47520 | &nbsp;&nbsp;&nbsp;&nbsp; 467597 |
| &nbsp;&nbsp;&nbsp;Absci Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33585 | &nbsp;&nbsp;&nbsp;&nbsp; 89000 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50874 | &nbsp;&nbsp;&nbsp;&nbsp; 1097352 |
| &nbsp;&nbsp;&nbsp;Achieve Life Sciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14641 | &nbsp;&nbsp;&nbsp;&nbsp; 52415 |
| &nbsp;&nbsp;&nbsp;Actinium Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9673 | &nbsp;&nbsp;&nbsp;&nbsp; 14896 |
| &nbsp;&nbsp;&nbsp;Acumen Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8413 | &nbsp;&nbsp;&nbsp;&nbsp; 8581 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics SA#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34570 | &nbsp;&nbsp;&nbsp;&nbsp; 106821 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97647 | &nbsp;&nbsp;&nbsp;&nbsp; 1937316 |
| &nbsp;&nbsp;&nbsp;Adverum Biotechnologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7633 | &nbsp;&nbsp;&nbsp;&nbsp; 16945 |
| &nbsp;&nbsp;&nbsp;Agenus, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9984 | &nbsp;&nbsp;&nbsp;&nbsp; 34245 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31732 | &nbsp;&nbsp;&nbsp;&nbsp; 1575494 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21178 | &nbsp;&nbsp;&nbsp;&nbsp; 45533 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52569 | &nbsp;&nbsp;&nbsp;&nbsp; 61506 |
| &nbsp;&nbsp;&nbsp;Altimmune, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30194 | &nbsp;&nbsp;&nbsp;&nbsp; 163953 |
| &nbsp;&nbsp;&nbsp;Alto Neuroscience, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9436 | &nbsp;&nbsp;&nbsp;&nbsp; 24345 |
| &nbsp;&nbsp;&nbsp;Alumis Inc#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21282 | &nbsp;&nbsp;&nbsp;&nbsp; 74487 |
| &nbsp;&nbsp;&nbsp;ALX Oncology Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7224 | &nbsp;&nbsp;&nbsp;&nbsp; 3507 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;124738 | &nbsp;&nbsp;&nbsp;&nbsp; 757160 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8799 | &nbsp;&nbsp;$195602 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31899 | &nbsp;&nbsp;&nbsp;&nbsp; 240199 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7861 | &nbsp;&nbsp;&nbsp;&nbsp; 461598 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40892 | &nbsp;&nbsp;&nbsp;&nbsp; 83420 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15992 | &nbsp;&nbsp;&nbsp;&nbsp; 585947 |
| &nbsp;&nbsp;&nbsp;Applied Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24278 | &nbsp;&nbsp;&nbsp;&nbsp; 8577 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62107 | &nbsp;&nbsp;&nbsp;&nbsp; 208680 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18774 | &nbsp;&nbsp;&nbsp;&nbsp; 1165114 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9681 | &nbsp;&nbsp;&nbsp;&nbsp; 121303 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21857 | &nbsp;&nbsp;&nbsp;&nbsp; 195183 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45197 | &nbsp;&nbsp;&nbsp;&nbsp; 589369 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97431 | &nbsp;&nbsp;&nbsp;&nbsp; 357572 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12638 | &nbsp;&nbsp;&nbsp;&nbsp; 268557 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50752 | &nbsp;&nbsp;&nbsp;&nbsp; 815585 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20921 | &nbsp;&nbsp;&nbsp;&nbsp; 301890 |
| &nbsp;&nbsp;&nbsp;Artiva Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669 | &nbsp;&nbsp;&nbsp;&nbsp; 7081 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18383 | &nbsp;&nbsp;&nbsp;&nbsp; 87503 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30770 | &nbsp;&nbsp;&nbsp;&nbsp; 91387 |
| &nbsp;&nbsp;&nbsp;Atossa Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43780 | &nbsp;&nbsp;&nbsp;&nbsp; 34021 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18437 | &nbsp;&nbsp;&nbsp;&nbsp; 108041 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56982 | &nbsp;&nbsp;&nbsp;&nbsp; 446739 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48285 | &nbsp;&nbsp;&nbsp;&nbsp; 1495869 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15689 | &nbsp;&nbsp;&nbsp;&nbsp; 1649855 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38599 | &nbsp;&nbsp;&nbsp;&nbsp; 611022 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013 | &nbsp;&nbsp;&nbsp;&nbsp; 74120 |
| &nbsp;&nbsp;&nbsp;BioAge Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp; 19887 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87844 | &nbsp;&nbsp;&nbsp;&nbsp; 944323 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 537603 |
| &nbsp;&nbsp;&nbsp;Biomea Fusion, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5893 | &nbsp;&nbsp;&nbsp;&nbsp; 8486 |
| &nbsp;&nbsp;&nbsp;Black Diamond Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16397 | &nbsp;&nbsp;&nbsp;&nbsp; 36073 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27031 | &nbsp;&nbsp;&nbsp;&nbsp; 2739592 |
| &nbsp;&nbsp;&nbsp;Boundless Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6585 | &nbsp;&nbsp;&nbsp;&nbsp; 7244 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59759 | &nbsp;&nbsp;&nbsp;&nbsp; 2046746 |
| &nbsp;&nbsp;&nbsp;C4 Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21427 | &nbsp;&nbsp;&nbsp;&nbsp; 26784 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19074 | &nbsp;&nbsp;&nbsp;&nbsp; 35668 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11822 | &nbsp;&nbsp;&nbsp;&nbsp; 64430 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15190 | &nbsp;&nbsp;&nbsp;&nbsp; 150229 |
| &nbsp;&nbsp;&nbsp;Cardiff Oncology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23061 | &nbsp;&nbsp;&nbsp;&nbsp; 78638 |
| &nbsp;&nbsp;&nbsp;Cargo Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12194 | &nbsp;&nbsp;&nbsp;&nbsp; 51825 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29443 | &nbsp;&nbsp;&nbsp;&nbsp; 31210 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 | &nbsp;&nbsp;&nbsp;&nbsp; 32217 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc. CVR#†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44751 | &nbsp;&nbsp;&nbsp;&nbsp; 10740 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22212 | &nbsp;&nbsp;&nbsp;&nbsp; 44646 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13901 | &nbsp;&nbsp;&nbsp;&nbsp; 147768 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 518236 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19894 | &nbsp;&nbsp;&nbsp;&nbsp; 10552 |
| &nbsp;&nbsp;&nbsp;CervoMed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp; 14924 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22886 | &nbsp;&nbsp;&nbsp;&nbsp; 586339 |
| &nbsp;&nbsp;&nbsp;Chinook Therapeutics, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22455 | &nbsp;&nbsp;&nbsp;&nbsp; 3593 |
| &nbsp;&nbsp;&nbsp;Climb Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7622 | &nbsp;&nbsp;&nbsp;&nbsp; 8994 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38037 | &nbsp;&nbsp;&nbsp;&nbsp; 206921 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45400 | &nbsp;&nbsp;&nbsp;&nbsp; 95340 |
| &nbsp;&nbsp;&nbsp;Contineum Therapeutics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720 | &nbsp;&nbsp;&nbsp;&nbsp; 13615 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38959 | &nbsp;&nbsp;&nbsp;&nbsp; 1188639 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22217 | &nbsp;&nbsp;&nbsp;&nbsp; 192066 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47458 | &nbsp;&nbsp;&nbsp;&nbsp; 131459 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48589 | &nbsp;&nbsp;&nbsp;&nbsp; 1507231 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23278 | &nbsp;&nbsp;&nbsp;&nbsp; 148514 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53153 | &nbsp;&nbsp;&nbsp;&nbsp; 703746 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13098 | &nbsp;&nbsp;&nbsp;&nbsp; 48856 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10161 | &nbsp;&nbsp;&nbsp;&nbsp; 176700 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702 | &nbsp;&nbsp;&nbsp;&nbsp; 452889 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56004 | &nbsp;&nbsp;&nbsp;&nbsp; 548279 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35083 | &nbsp;&nbsp;$419593 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32096 | &nbsp;&nbsp;&nbsp;&nbsp; 458331 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29533 | &nbsp;&nbsp;&nbsp;&nbsp; 50797 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14423 | &nbsp;&nbsp;&nbsp;&nbsp; 109615 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78134 | &nbsp;&nbsp;&nbsp;&nbsp; 109388 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60040 | &nbsp;&nbsp;&nbsp;&nbsp; 51022 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23769 | &nbsp;&nbsp;&nbsp;&nbsp; 218437 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27789 | &nbsp;&nbsp;&nbsp;&nbsp; 201192 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39118 | &nbsp;&nbsp;&nbsp;&nbsp; 47333 |
| &nbsp;&nbsp;&nbsp;Generation Bio Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26260 | &nbsp;&nbsp;&nbsp;&nbsp; 9932 |
| &nbsp;&nbsp;&nbsp;Geron Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;251428 | &nbsp;&nbsp;&nbsp;&nbsp; 382171 |
| &nbsp;&nbsp;&nbsp;Greenwich Lifesciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp; 25512 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50856 | &nbsp;&nbsp;&nbsp;&nbsp; 2065771 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53034 | &nbsp;&nbsp;&nbsp;&nbsp; 2973616 |
| &nbsp;&nbsp;&nbsp;HilleVax, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11091 | &nbsp;&nbsp;&nbsp;&nbsp; 20740 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38457 | &nbsp;&nbsp;&nbsp;&nbsp; 102680 |
| &nbsp;&nbsp;&nbsp;Icosavax, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10570 | &nbsp;&nbsp;&nbsp;&nbsp; 3277 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36735 | &nbsp;&nbsp;&nbsp;&nbsp; 730659 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64972 | &nbsp;&nbsp;&nbsp;&nbsp; 172826 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30142 | &nbsp;&nbsp;&nbsp;&nbsp; 264044 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24676 | &nbsp;&nbsp;&nbsp;&nbsp; 366439 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8471 | &nbsp;&nbsp;&nbsp;&nbsp; 114104 |
| &nbsp;&nbsp;&nbsp;Inhibrx. Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13726 | &nbsp;&nbsp;&nbsp;&nbsp; 15510 |
| &nbsp;&nbsp;&nbsp;Inmune Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp; 42442 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24009 | &nbsp;&nbsp;&nbsp;&nbsp; 469856 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13933 | &nbsp;&nbsp;&nbsp;&nbsp; 27866 |
| &nbsp;&nbsp;&nbsp;Inozyme Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22823 | &nbsp;&nbsp;&nbsp;&nbsp; 90607 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73297 | &nbsp;&nbsp;&nbsp;&nbsp; 5111000 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42717 | &nbsp;&nbsp;&nbsp;&nbsp; 293466 |
| &nbsp;&nbsp;&nbsp;Invivyd, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27407 | &nbsp;&nbsp;&nbsp;&nbsp; 25626 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;112175 | &nbsp;&nbsp;&nbsp;&nbsp; 196306 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11213 | &nbsp;&nbsp;&nbsp;&nbsp; 112354 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13447 | &nbsp;&nbsp;&nbsp;&nbsp; 320039 |
| &nbsp;&nbsp;&nbsp;Jasper Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6183 | &nbsp;&nbsp;&nbsp;&nbsp; 34007 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14068 | &nbsp;&nbsp;&nbsp;&nbsp; 199062 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15186 | &nbsp;&nbsp;&nbsp;&nbsp; 415489 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870 | &nbsp;&nbsp;&nbsp;&nbsp; 78523 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11628 | &nbsp;&nbsp;&nbsp;&nbsp; 39535 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp; 23822 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10545 | &nbsp;&nbsp;&nbsp;&nbsp; 1328248 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29895 | &nbsp;&nbsp;&nbsp;&nbsp; 170103 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19785 | &nbsp;&nbsp;&nbsp;&nbsp; 586427 |
| &nbsp;&nbsp;&nbsp;Kyverna Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10118 | &nbsp;&nbsp;&nbsp;&nbsp; 25801 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17884 | &nbsp;&nbsp;&nbsp;&nbsp; 40239 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5678 | &nbsp;&nbsp;&nbsp;&nbsp; 165798 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10564 | &nbsp;&nbsp;&nbsp;&nbsp; 28734 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48810 | &nbsp;&nbsp;&nbsp;&nbsp; 30584 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613 | &nbsp;&nbsp;&nbsp;&nbsp; 777972 |
| &nbsp;&nbsp;&nbsp;Lineage Cell Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64651 | &nbsp;&nbsp;&nbsp;&nbsp; 42974 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26562 | &nbsp;&nbsp;&nbsp;&nbsp; 396305 |
| &nbsp;&nbsp;&nbsp;MacroGenics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25349 | &nbsp;&nbsp;&nbsp;&nbsp; 34475 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44834 | &nbsp;&nbsp;&nbsp;&nbsp; 100877 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4783 | &nbsp;&nbsp;&nbsp;&nbsp; 59405 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18645 | &nbsp;&nbsp;&nbsp;&nbsp; 95462 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp; 9142 |
| &nbsp;&nbsp;&nbsp;Metagenomi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9108 | &nbsp;&nbsp;&nbsp;&nbsp; 15484 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;&nbsp; 175203 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31227 | &nbsp;&nbsp;&nbsp;&nbsp; 226708 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12048 | &nbsp;&nbsp;&nbsp;&nbsp; 187708 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15801 | &nbsp;&nbsp;&nbsp;&nbsp; 66048 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37388 | &nbsp;&nbsp;&nbsp;&nbsp; 156656 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72521 | &nbsp;&nbsp;&nbsp;&nbsp; 52541 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51131 | &nbsp;&nbsp;$372234 |
| &nbsp;&nbsp;&nbsp;Neumora Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29108 | &nbsp;&nbsp;&nbsp;&nbsp; 20850 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22055 | &nbsp;&nbsp;&nbsp;&nbsp; 238635 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22493 | &nbsp;&nbsp;&nbsp;&nbsp; 39138 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64875 | &nbsp;&nbsp;&nbsp;&nbsp; 476182 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31518 | &nbsp;&nbsp;&nbsp;&nbsp; 335036 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15266 | &nbsp;&nbsp;&nbsp;&nbsp; 1138996 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77076 | &nbsp;&nbsp;&nbsp;&nbsp; 163401 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15583 | &nbsp;&nbsp;&nbsp;&nbsp; 82278 |
| &nbsp;&nbsp;&nbsp;Omeros Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23542 | &nbsp;&nbsp;&nbsp;&nbsp; 72745 |
| &nbsp;&nbsp;&nbsp;Oncternal Therapeutics, Inc. CVR#†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33446 | &nbsp;&nbsp;&nbsp;&nbsp; 91642 |
| &nbsp;&nbsp;&nbsp;Ovid Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28249 | &nbsp;&nbsp;&nbsp;&nbsp; 7689 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22981 | &nbsp;&nbsp;&nbsp;&nbsp; 59061 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16949 | &nbsp;&nbsp;&nbsp;&nbsp; 72033 |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics Inc#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18741 | &nbsp;&nbsp;&nbsp;&nbsp; 25300 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171 | &nbsp;&nbsp;&nbsp;&nbsp; 276442 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54911 | &nbsp;&nbsp;&nbsp;&nbsp; 72483 |
| &nbsp;&nbsp;&nbsp;Prime Medicine, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22014 | &nbsp;&nbsp;&nbsp;&nbsp; 25977 |
| &nbsp;&nbsp;&nbsp;ProKidney Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20871 | &nbsp;&nbsp;&nbsp;&nbsp; 15086 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16883 | &nbsp;&nbsp;&nbsp;&nbsp; 77493 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32377 | &nbsp;&nbsp;&nbsp;&nbsp; 1570932 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17892 | &nbsp;&nbsp;&nbsp;&nbsp; 58686 |
| &nbsp;&nbsp;&nbsp;Pyxis Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20969 | &nbsp;&nbsp;&nbsp;&nbsp; 25372 |
| &nbsp;&nbsp;&nbsp;Q32 Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176 | &nbsp;&nbsp;&nbsp;&nbsp; 8954 |
| &nbsp;&nbsp;&nbsp;Rain Oncology, Inc. CVR#†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6782 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5638 | &nbsp;&nbsp;&nbsp;&nbsp; 46626 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11470 | &nbsp;&nbsp;&nbsp;&nbsp; 10154 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;105422 | &nbsp;&nbsp;&nbsp;&nbsp; 440664 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19196 | &nbsp;&nbsp;&nbsp;&nbsp; 169885 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53151 | &nbsp;&nbsp;&nbsp;&nbsp; 159453 |
| &nbsp;&nbsp;&nbsp;Renovaro, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12422 | &nbsp;&nbsp;&nbsp;&nbsp; 3847 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28182 | &nbsp;&nbsp;&nbsp;&nbsp; 253074 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72393 | &nbsp;&nbsp;&nbsp;&nbsp; 2852284 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 142080 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32315 | &nbsp;&nbsp;&nbsp;&nbsp; 81111 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23110 | &nbsp;&nbsp;&nbsp;&nbsp; 149291 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51867 | &nbsp;&nbsp;&nbsp;&nbsp; 112551 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51200 | &nbsp;&nbsp;&nbsp;&nbsp; 116736 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34471 | &nbsp;&nbsp;&nbsp;&nbsp; 1000004 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8085 | &nbsp;&nbsp;&nbsp;&nbsp; 74786 |
| &nbsp;&nbsp;&nbsp;Shattuck Labs, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15750 | &nbsp;&nbsp;&nbsp;&nbsp; 15908 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10918 | &nbsp;&nbsp;&nbsp;&nbsp; 800835 |
| &nbsp;&nbsp;&nbsp;Solid Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9714 | &nbsp;&nbsp;&nbsp;&nbsp; 31182 |
| &nbsp;&nbsp;&nbsp;SpringWorks Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29247 | &nbsp;&nbsp;&nbsp;&nbsp; 1366127 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15273 | &nbsp;&nbsp;&nbsp;&nbsp; 145704 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39096 | &nbsp;&nbsp;&nbsp;&nbsp; 712134 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32992 | &nbsp;&nbsp;&nbsp;&nbsp; 29617 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34932 | &nbsp;&nbsp;&nbsp;&nbsp; 368183 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15039 | &nbsp;&nbsp;&nbsp;&nbsp; 33387 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15955 | &nbsp;&nbsp;&nbsp;&nbsp; 685267 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74521 | &nbsp;&nbsp;&nbsp;&nbsp; 201952 |
| &nbsp;&nbsp;&nbsp;Tenaya Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45299 | &nbsp;&nbsp;&nbsp;&nbsp; 20838 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27812 | &nbsp;&nbsp;&nbsp;&nbsp; 86495 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59353 | &nbsp;&nbsp;&nbsp;&nbsp; 2083884 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15809 | &nbsp;&nbsp;&nbsp;&nbsp; 144810 |
| &nbsp;&nbsp;&nbsp;Third Harmonic Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5804 | &nbsp;&nbsp;&nbsp;&nbsp; 30239 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9734 | &nbsp;&nbsp;&nbsp;&nbsp; 162363 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35441 | &nbsp;&nbsp;&nbsp;&nbsp; 532324 |
| &nbsp;&nbsp;&nbsp;TScan Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8431 | &nbsp;&nbsp;&nbsp;&nbsp; 12056 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8079 | &nbsp;&nbsp;&nbsp;&nbsp; 73519 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6777 | &nbsp;&nbsp;&nbsp;&nbsp; 62552 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16449 | &nbsp;&nbsp;&nbsp;&nbsp; 69744 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23601 | &nbsp;&nbsp;$40122 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18811 | &nbsp;&nbsp;&nbsp;&nbsp; 356468 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33377 | &nbsp;&nbsp;&nbsp;&nbsp; 888162 |
| &nbsp;&nbsp;&nbsp;Verastem, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15728 | &nbsp;&nbsp;&nbsp;&nbsp; 118275 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20925 | &nbsp;&nbsp;&nbsp;&nbsp; 864098 |
| &nbsp;&nbsp;&nbsp;Veru, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50326 | &nbsp;&nbsp;&nbsp;&nbsp; 25576 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29980 | &nbsp;&nbsp;&nbsp;&nbsp; 133411 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36936 | &nbsp;&nbsp;&nbsp;&nbsp; 182464 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31602 | &nbsp;&nbsp;&nbsp;&nbsp; 439900 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41044 | &nbsp;&nbsp;&nbsp;&nbsp; 246674 |
| &nbsp;&nbsp;&nbsp;Werewolf Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868 | &nbsp;&nbsp;&nbsp;&nbsp; 13150 |
| &nbsp;&nbsp;&nbsp;XBiotech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671 | &nbsp;&nbsp;&nbsp;&nbsp; 16162 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569 | &nbsp;&nbsp;&nbsp;&nbsp; 220552 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457 | &nbsp;&nbsp;&nbsp;&nbsp; 85595 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 53312 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17860 | &nbsp;&nbsp;&nbsp;&nbsp; 21611 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21845 | &nbsp;&nbsp;&nbsp;&nbsp; 186775 |
| &nbsp;&nbsp;&nbsp;Zura Bio, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11217 | &nbsp;&nbsp;&nbsp;&nbsp; 11329 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23186 | &nbsp;&nbsp;&nbsp;&nbsp; 265016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74316917 |
| **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6630 | &nbsp;&nbsp;&nbsp;&nbsp; 373733 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10153 | &nbsp;&nbsp;&nbsp;&nbsp; 392413 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25199 | &nbsp;&nbsp;&nbsp;&nbsp; 145146 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16487 | &nbsp;&nbsp;&nbsp;&nbsp; 1432391 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12917 | &nbsp;&nbsp;&nbsp;&nbsp; 756678 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16848 | &nbsp;&nbsp;&nbsp;&nbsp; 1158300 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33688 | &nbsp;&nbsp;&nbsp;&nbsp; 122961 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24247 | &nbsp;&nbsp;&nbsp;&nbsp; 2281643 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10978 | &nbsp;&nbsp;&nbsp;&nbsp; 178612 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51979 | &nbsp;&nbsp;&nbsp;&nbsp; 530186 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21889 | &nbsp;&nbsp;&nbsp;&nbsp; 1987521 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 | &nbsp;&nbsp;&nbsp;&nbsp; 148184 |
| &nbsp;&nbsp;&nbsp;SmartRent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80543 | &nbsp;&nbsp;&nbsp;&nbsp; 68002 |
| &nbsp;&nbsp;&nbsp;Smith-Midland Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 | &nbsp;&nbsp;&nbsp;&nbsp; 78123 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19140 | &nbsp;&nbsp;&nbsp;&nbsp; 2911003 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9838 | &nbsp;&nbsp;&nbsp;&nbsp; 842428 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25391 | &nbsp;&nbsp;&nbsp;&nbsp; 2477146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15884470 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10862 | &nbsp;&nbsp;&nbsp;&nbsp; 255366 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18550 | &nbsp;&nbsp;&nbsp;&nbsp; 91266 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38997 | &nbsp;&nbsp;&nbsp;&nbsp; 1408962 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13495 | &nbsp;&nbsp;&nbsp;&nbsp; 2249616 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22512 | &nbsp;&nbsp;&nbsp;&nbsp; 1681421 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32109 | &nbsp;&nbsp;&nbsp;&nbsp; 73851 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49087 | &nbsp;&nbsp;&nbsp;&nbsp; 365698 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23650 | &nbsp;&nbsp;&nbsp;&nbsp; 1320143 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8222 | &nbsp;&nbsp;&nbsp;&nbsp; 1097555 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14211 | &nbsp;&nbsp;&nbsp;&nbsp; 587909 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10420 | &nbsp;&nbsp;&nbsp;&nbsp; 886534 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 226560 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8324 | &nbsp;&nbsp;&nbsp;&nbsp; 255713 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15351 | &nbsp;&nbsp;&nbsp;&nbsp; 97172 |
| &nbsp;&nbsp;&nbsp;Lightwave Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26916 | &nbsp;&nbsp;&nbsp;&nbsp; 26378 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28366 | &nbsp;&nbsp;&nbsp;&nbsp; 162253 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13481 | &nbsp;&nbsp;&nbsp;&nbsp; 765451 |
| &nbsp;&nbsp;&nbsp;Northern Technologies International Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;&nbsp; 42541 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954 | &nbsp;&nbsp;&nbsp;&nbsp; 198372 |
| &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27714 | &nbsp;&nbsp;&nbsp;&nbsp; 301805 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55729 | &nbsp;&nbsp;$672649 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6209 | &nbsp;&nbsp;&nbsp;&nbsp; 673304 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29809 | &nbsp;&nbsp;&nbsp;&nbsp; 114765 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp; 463660 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17913 | &nbsp;&nbsp;&nbsp;&nbsp; 1693316 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9882 | &nbsp;&nbsp;&nbsp;&nbsp; 536494 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58021 | &nbsp;&nbsp;&nbsp;&nbsp; 329559 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962 | &nbsp;&nbsp;&nbsp;&nbsp; 57687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16636000 |
| **Coal — 0.4%** | **Coal — 0.4%** | **Coal — 0.4%** |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp;&nbsp;&nbsp; 521322 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22245 | &nbsp;&nbsp;&nbsp;&nbsp; 1541579 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225 | &nbsp;&nbsp;&nbsp;&nbsp; 159131 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;&nbsp; 43713 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54633 | &nbsp;&nbsp;&nbsp;&nbsp; 718970 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12404 | &nbsp;&nbsp;&nbsp;&nbsp; 112132 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 1029 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39132 | &nbsp;&nbsp;&nbsp;&nbsp; 318535 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22041 | &nbsp;&nbsp;&nbsp;&nbsp; 1001763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4418174 |
| **Commercial Services — 4.7%** | **Commercial Services — 4.7%** | **Commercial Services — 4.7%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26832 | &nbsp;&nbsp;&nbsp;&nbsp; 1412705 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19093 | &nbsp;&nbsp;&nbsp;&nbsp; 71217 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15938 | &nbsp;&nbsp;&nbsp;&nbsp; 2104294 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19513 | &nbsp;&nbsp;&nbsp;&nbsp; 1120046 |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;178411 | &nbsp;&nbsp;&nbsp;&nbsp; 974124 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10854 | &nbsp;&nbsp;&nbsp;&nbsp; 51557 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190 | &nbsp;&nbsp;&nbsp;&nbsp; 211746 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15554 | &nbsp;&nbsp;&nbsp;&nbsp; 328345 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40075 | &nbsp;&nbsp;&nbsp;&nbsp; 573874 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10894 | &nbsp;&nbsp;&nbsp;&nbsp; 450195 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25382 | &nbsp;&nbsp;&nbsp;&nbsp; 395452 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18642 | &nbsp;&nbsp;&nbsp;&nbsp; 1529763 |
| &nbsp;&nbsp;&nbsp;Cadiz, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540 | &nbsp;&nbsp;&nbsp;&nbsp; 25150 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 300150 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757 | &nbsp;&nbsp;&nbsp;&nbsp; 243521 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20652 | &nbsp;&nbsp;&nbsp;&nbsp; 1491901 |
| &nbsp;&nbsp;&nbsp;Chegg, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86908 | &nbsp;&nbsp;&nbsp;&nbsp; 88646 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7497 | &nbsp;&nbsp;&nbsp;&nbsp; 331817 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10461 | &nbsp;&nbsp;&nbsp;&nbsp; 143420 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47468 | &nbsp;&nbsp;&nbsp;&nbsp; 1042397 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51655 | &nbsp;&nbsp;&nbsp;&nbsp; 457147 |
| &nbsp;&nbsp;&nbsp;CPI Card Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp; 86213 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803 | &nbsp;&nbsp;&nbsp;&nbsp; 532710 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15227 | &nbsp;&nbsp;&nbsp;&nbsp; 200692 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15194 | &nbsp;&nbsp;&nbsp;&nbsp; 65334 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21546 | &nbsp;&nbsp;&nbsp;&nbsp; 307461 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553 | &nbsp;&nbsp;&nbsp;&nbsp; 69569 |
| &nbsp;&nbsp;&nbsp;DLH Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16970 | &nbsp;&nbsp;&nbsp;&nbsp; 84850 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25065 | &nbsp;&nbsp;&nbsp;&nbsp; 446658 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18631 | &nbsp;&nbsp;&nbsp;&nbsp; 85330 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13271 | &nbsp;&nbsp;&nbsp;&nbsp; 247770 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21458 | &nbsp;&nbsp;&nbsp;&nbsp; 109221 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27942 | &nbsp;&nbsp;&nbsp;&nbsp; 1012339 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24387 | &nbsp;&nbsp;&nbsp;&nbsp; 417505 |
| &nbsp;&nbsp;&nbsp;FiscalNote Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44348 | &nbsp;&nbsp;&nbsp;&nbsp; 26578 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53772 | &nbsp;&nbsp;&nbsp;&nbsp; 578049 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981 | &nbsp;&nbsp;&nbsp;&nbsp; 52948 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777 | &nbsp;&nbsp;&nbsp;&nbsp; 111686 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54492 | &nbsp;&nbsp;&nbsp;&nbsp; 1478913 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1317086 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Green Dot Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22839 | &nbsp;&nbsp;$211032 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10751 | &nbsp;&nbsp;&nbsp;&nbsp; 263615 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33564 | &nbsp;&nbsp;&nbsp;&nbsp; 473252 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8561 | &nbsp;&nbsp;&nbsp;&nbsp; 373773 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11895 | &nbsp;&nbsp;&nbsp;&nbsp; 1474980 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52412 | &nbsp;&nbsp;&nbsp;&nbsp; 343299 |
| &nbsp;&nbsp;&nbsp;HireQuest, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6946 | &nbsp;&nbsp;&nbsp;&nbsp; 69529 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 | &nbsp;&nbsp;&nbsp;&nbsp; 1066654 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319 | &nbsp;&nbsp;&nbsp;&nbsp; 714769 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15149 | &nbsp;&nbsp;&nbsp;&nbsp; 71503 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15538 | &nbsp;&nbsp;&nbsp;&nbsp; 1005619 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17461 | &nbsp;&nbsp;&nbsp;&nbsp; 683074 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13313 | &nbsp;&nbsp;&nbsp;&nbsp; 156028 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686 | &nbsp;&nbsp;&nbsp;&nbsp; 354389 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Cos., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15593 | &nbsp;&nbsp;&nbsp;&nbsp; 191326 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22119 | &nbsp;&nbsp;&nbsp;&nbsp; 1504313 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56600 | &nbsp;&nbsp;&nbsp;&nbsp; 1273500 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47293 | &nbsp;&nbsp;&nbsp;&nbsp; 431785 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7556 | &nbsp;&nbsp;&nbsp;&nbsp; 51154 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp; 264180 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp; 74889 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;199080 | &nbsp;&nbsp;&nbsp;&nbsp; 1071050 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14708 | &nbsp;&nbsp;&nbsp;&nbsp; 315487 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4578 | &nbsp;&nbsp;&nbsp;&nbsp; 64412 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46229 | &nbsp;&nbsp;&nbsp;&nbsp; 327301 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15750 | &nbsp;&nbsp;&nbsp;&nbsp; 241448 |
| &nbsp;&nbsp;&nbsp;National Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6407 | &nbsp;&nbsp;&nbsp;&nbsp; 86559 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;112560 | &nbsp;&nbsp;&nbsp;&nbsp; 766534 |
| &nbsp;&nbsp;&nbsp;Paysafe, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16507 | &nbsp;&nbsp;&nbsp;&nbsp; 203861 |
| &nbsp;&nbsp;&nbsp;Performant Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40690 | &nbsp;&nbsp;&nbsp;&nbsp; 124918 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13371 | &nbsp;&nbsp;&nbsp;&nbsp; 114055 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17341 | &nbsp;&nbsp;&nbsp;&nbsp; 499941 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31435 | &nbsp;&nbsp;&nbsp;&nbsp; 675853 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13153 | &nbsp;&nbsp;&nbsp;&nbsp; 76682 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64466 | &nbsp;&nbsp;&nbsp;&nbsp; 1376994 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41681 | &nbsp;&nbsp;&nbsp;&nbsp; 200486 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13931 | &nbsp;&nbsp;&nbsp;&nbsp; 72650 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934 | &nbsp;&nbsp;&nbsp;&nbsp; 633217 |
| &nbsp;&nbsp;&nbsp;SoundThinking, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656 | &nbsp;&nbsp;&nbsp;&nbsp; 87725 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6914 | &nbsp;&nbsp;&nbsp;&nbsp; 71767 |
| &nbsp;&nbsp;&nbsp;StoneCo., Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;122385 | &nbsp;&nbsp;&nbsp;&nbsp; 1670555 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9827 | &nbsp;&nbsp;&nbsp;&nbsp; 896517 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18043 | &nbsp;&nbsp;&nbsp;&nbsp; 2731530 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14007 | &nbsp;&nbsp;&nbsp;&nbsp; 102391 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp;&nbsp;&nbsp; 294645 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13587 | &nbsp;&nbsp;&nbsp;&nbsp; 1130574 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12387 | &nbsp;&nbsp;&nbsp;&nbsp; 74322 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35545 | &nbsp;&nbsp;&nbsp;&nbsp; 260189 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21093 | &nbsp;&nbsp;&nbsp;&nbsp; 749434 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24658 | &nbsp;&nbsp;&nbsp;&nbsp; 565655 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70061 | &nbsp;&nbsp;&nbsp;&nbsp; 1656943 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420 | &nbsp;&nbsp;&nbsp;&nbsp; 292951 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26473 | &nbsp;&nbsp;&nbsp;&nbsp; 158044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49225732 |
| **Computers — 2.3%** | **Computers — 2.3%** | **Computers — 2.3%** |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50529 | &nbsp;&nbsp;&nbsp;&nbsp; 78320 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18359 | &nbsp;&nbsp;&nbsp;&nbsp; 969539 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28361 | &nbsp;&nbsp;&nbsp;&nbsp; 237382 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66183 | &nbsp;&nbsp;&nbsp;&nbsp; 148250 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21792 | &nbsp;&nbsp;&nbsp;&nbsp; 191552 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22938 | &nbsp;&nbsp;&nbsp;&nbsp; 139004 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11612 | &nbsp;&nbsp;$559350 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77648 | &nbsp;&nbsp;&nbsp;&nbsp; 1267992 |
| &nbsp;&nbsp;&nbsp;Everspin Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12735 | &nbsp;&nbsp;&nbsp;&nbsp; 71443 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66428 | &nbsp;&nbsp;&nbsp;&nbsp; 3055024 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29063 | &nbsp;&nbsp;&nbsp;&nbsp; 364159 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11667 | &nbsp;&nbsp;&nbsp;&nbsp; 1521260 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37118 | &nbsp;&nbsp;&nbsp;&nbsp; 302140 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24449 | &nbsp;&nbsp;&nbsp;&nbsp; 1772797 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19013 | &nbsp;&nbsp;&nbsp;&nbsp; 178532 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31811 | &nbsp;&nbsp;&nbsp;&nbsp; 843310 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66126 | &nbsp;&nbsp;&nbsp;&nbsp; 733337 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31054 | &nbsp;&nbsp;&nbsp;&nbsp; 709273 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32535 | &nbsp;&nbsp;&nbsp;&nbsp; 408314 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18875 | &nbsp;&nbsp;&nbsp;&nbsp; 300679 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13906 | &nbsp;&nbsp;&nbsp;&nbsp; 911677 |
| &nbsp;&nbsp;&nbsp;PlayAGS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13698 | &nbsp;&nbsp;&nbsp;&nbsp; 167390 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15784 | &nbsp;&nbsp;&nbsp;&nbsp; 2186873 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24329 | &nbsp;&nbsp;&nbsp;&nbsp; 558351 |
| &nbsp;&nbsp;&nbsp;Rekor Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29013 | &nbsp;&nbsp;&nbsp;&nbsp; 33655 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78570 | &nbsp;&nbsp;&nbsp;&nbsp; 951483 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29701 | &nbsp;&nbsp;&nbsp;&nbsp; 90588 |
| &nbsp;&nbsp;&nbsp;System1, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30298 | &nbsp;&nbsp;&nbsp;&nbsp; 10738 |
| &nbsp;&nbsp;&nbsp;Telos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24380 | &nbsp;&nbsp;&nbsp;&nbsp; 61438 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50915 | &nbsp;&nbsp;&nbsp;&nbsp; 1640481 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11450 | &nbsp;&nbsp;&nbsp;&nbsp; 56219 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35062 | &nbsp;&nbsp;&nbsp;&nbsp; 167246 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7220 | &nbsp;&nbsp;&nbsp;&nbsp; 326922 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46669 | &nbsp;&nbsp;&nbsp;&nbsp; 2225178 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18661 | &nbsp;&nbsp;&nbsp;&nbsp; 1082151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24322047 |
| **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19935 | &nbsp;&nbsp;&nbsp;&nbsp; 32494 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21526 | &nbsp;&nbsp;&nbsp;&nbsp; 594548 |
| &nbsp;&nbsp;&nbsp;Honest Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33365 | &nbsp;&nbsp;&nbsp;&nbsp; 167826 |
| &nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 | &nbsp;&nbsp;&nbsp;&nbsp; 1055433 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54467 | &nbsp;&nbsp;&nbsp;&nbsp; 71896 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21165 | &nbsp;&nbsp;&nbsp;&nbsp; 1813206 |
| &nbsp;&nbsp;&nbsp;Waldencast PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10554 | &nbsp;&nbsp;&nbsp;&nbsp; 28390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763793 |
| **Distribution/Wholesale — 0.8%** | **Distribution/Wholesale — 0.8%** | **Distribution/Wholesale — 0.8%** |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709 | &nbsp;&nbsp;&nbsp;&nbsp; 152099 |
| &nbsp;&nbsp;&nbsp;EVI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 22990 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18110 | &nbsp;&nbsp;&nbsp;&nbsp; 526095 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5624 | &nbsp;&nbsp;&nbsp;&nbsp; 146505 |
| &nbsp;&nbsp;&nbsp;H&E Equipment Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13762 | &nbsp;&nbsp;&nbsp;&nbsp; 1302436 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21249 | &nbsp;&nbsp;&nbsp;&nbsp; 151930 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35830 | &nbsp;&nbsp;&nbsp;&nbsp; 444650 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46654 | &nbsp;&nbsp;&nbsp;&nbsp; 1069776 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63377 | &nbsp;&nbsp;&nbsp;&nbsp; 1311904 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25695 | &nbsp;&nbsp;&nbsp;&nbsp; 1275757 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508 | &nbsp;&nbsp;&nbsp;&nbsp; 183170 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9910 | &nbsp;&nbsp;&nbsp;&nbsp; 400166 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31875 | &nbsp;&nbsp;&nbsp;&nbsp; 229500 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8062 | &nbsp;&nbsp;&nbsp;&nbsp; 150598 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7743 | &nbsp;&nbsp;&nbsp;&nbsp; 1007287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8374863 |
| **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13046 | &nbsp;&nbsp;&nbsp;&nbsp; 392815 |
| &nbsp;&nbsp;&nbsp;AlTi Global, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29379 | &nbsp;&nbsp;&nbsp;&nbsp; 97538 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26782 | &nbsp;&nbsp;&nbsp;&nbsp; 1079315 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;&nbsp; 155341 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;B. Riley Financial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8780 | &nbsp;&nbsp;$26779 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888 | &nbsp;&nbsp;&nbsp;&nbsp; 253575 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86827 | &nbsp;&nbsp;&nbsp;&nbsp; 1116595 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12067 | &nbsp;&nbsp;&nbsp;&nbsp; 927228 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11617 | &nbsp;&nbsp;&nbsp;&nbsp; 166239 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9263 | &nbsp;&nbsp;&nbsp;&nbsp; 83830 |
| &nbsp;&nbsp;&nbsp;Dave, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp; 669735 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 206946 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12089 | &nbsp;&nbsp;&nbsp;&nbsp; 427951 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;&nbsp; 377522 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10836 | &nbsp;&nbsp;&nbsp;&nbsp; 1004172 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mtg. Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078 | &nbsp;&nbsp;&nbsp;&nbsp; 760221 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447 | &nbsp;&nbsp;&nbsp;&nbsp; 71835 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;&nbsp; 62272 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21885 | &nbsp;&nbsp;&nbsp;&nbsp; 275970 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16857 | &nbsp;&nbsp;&nbsp;&nbsp; 2511693 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16407 | &nbsp;&nbsp;&nbsp;&nbsp; 180969 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50358 | &nbsp;&nbsp;&nbsp;&nbsp; 505091 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5129 | &nbsp;&nbsp;&nbsp;&nbsp; 179618 |
| &nbsp;&nbsp;&nbsp;Medallion Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7862 | &nbsp;&nbsp;&nbsp;&nbsp; 72094 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26643 | &nbsp;&nbsp;&nbsp;&nbsp; 3451068 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31616 | &nbsp;&nbsp;&nbsp;&nbsp; 424919 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368 | &nbsp;&nbsp;&nbsp;&nbsp; 739834 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14916 | &nbsp;&nbsp;&nbsp;&nbsp; 157215 |
| &nbsp;&nbsp;&nbsp;Onity Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738 | &nbsp;&nbsp;&nbsp;&nbsp; 101470 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8073 | &nbsp;&nbsp;&nbsp;&nbsp; 102285 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81487 | &nbsp;&nbsp;&nbsp;&nbsp; 726049 |
| &nbsp;&nbsp;&nbsp;Paysign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25422 | &nbsp;&nbsp;&nbsp;&nbsp; 113128 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11366 | &nbsp;&nbsp;&nbsp;&nbsp; 1091136 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24367 | &nbsp;&nbsp;&nbsp;&nbsp; 423255 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379 | &nbsp;&nbsp;&nbsp;&nbsp; 1855450 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp; 1513681 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18762 | &nbsp;&nbsp;&nbsp;&nbsp; 266233 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63155 | &nbsp;&nbsp;&nbsp;&nbsp; 2156743 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908 | &nbsp;&nbsp;&nbsp;&nbsp; 129817 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp; 66166 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174 | &nbsp;&nbsp;&nbsp;&nbsp; 104166 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28601 | &nbsp;&nbsp;&nbsp;&nbsp; 1654568 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18675 | &nbsp;&nbsp;&nbsp;&nbsp; 1580932 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657 | &nbsp;&nbsp;&nbsp;&nbsp; 65245 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34260 | &nbsp;&nbsp;&nbsp;&nbsp; 1616044 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6466 | &nbsp;&nbsp;&nbsp;&nbsp; 108305 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17936 | &nbsp;&nbsp;&nbsp;&nbsp; 1112211 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083 | &nbsp;&nbsp;&nbsp;&nbsp; 526268 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57086 | &nbsp;&nbsp;&nbsp;&nbsp; 538892 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441 | &nbsp;&nbsp;&nbsp;&nbsp; 222606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32453030 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24885 | &nbsp;&nbsp;&nbsp;&nbsp; 1618520 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14481 | &nbsp;&nbsp;&nbsp;&nbsp; 199548 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34136 | &nbsp;&nbsp;&nbsp;&nbsp; 1314577 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30691 | &nbsp;&nbsp;&nbsp;&nbsp; 1794503 |
| &nbsp;&nbsp;&nbsp;Genie Energy, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538 | &nbsp;&nbsp;&nbsp;&nbsp; 117073 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69645 | &nbsp;&nbsp;&nbsp;&nbsp; 743809 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15499 | &nbsp;&nbsp;&nbsp;&nbsp; 1399870 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26458 | &nbsp;&nbsp;&nbsp;&nbsp; 1463921 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24536 | &nbsp;&nbsp;&nbsp;&nbsp; 1823761 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17816 | &nbsp;&nbsp;&nbsp;&nbsp; 1375039 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44414 | &nbsp;&nbsp;&nbsp;&nbsp; 1883154 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38342 | &nbsp;&nbsp;$2173608 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7024 | &nbsp;&nbsp;&nbsp;&nbsp; 385126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16292509 |
| **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15161 | &nbsp;&nbsp;&nbsp;&nbsp; 428450 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17326 | &nbsp;&nbsp;&nbsp;&nbsp; 1840021 |
| &nbsp;&nbsp;&nbsp;ChargePoint Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;120520 | &nbsp;&nbsp;&nbsp;&nbsp; 83834 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31226 | &nbsp;&nbsp;&nbsp;&nbsp; 727254 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759 | &nbsp;&nbsp;&nbsp;&nbsp; 1401555 |
| &nbsp;&nbsp;&nbsp;Graham Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308 | &nbsp;&nbsp;&nbsp;&nbsp; 169864 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;&nbsp;&nbsp; 260059 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13155 | &nbsp;&nbsp;&nbsp;&nbsp; 199035 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15253 | &nbsp;&nbsp;&nbsp;&nbsp; 1888626 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937 | &nbsp;&nbsp;&nbsp;&nbsp; 667676 |
| &nbsp;&nbsp;&nbsp;Ultralife Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;&nbsp; 25259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7691633 |
| **Electronics — 2.7%** | **Electronics — 2.7%** | **Electronics — 2.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15912 | &nbsp;&nbsp;&nbsp;&nbsp; 1826379 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5399 | &nbsp;&nbsp;&nbsp;&nbsp; 164130 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19095 | &nbsp;&nbsp;&nbsp;&nbsp; 294445 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15175 | &nbsp;&nbsp;&nbsp;&nbsp; 987893 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35624 | &nbsp;&nbsp;&nbsp;&nbsp; 1283176 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12496 | &nbsp;&nbsp;&nbsp;&nbsp; 3101757 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp; 364793 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16102 | &nbsp;&nbsp;&nbsp;&nbsp; 588045 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11305 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66864 | &nbsp;&nbsp;&nbsp;&nbsp; 509504 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11005 | &nbsp;&nbsp;&nbsp;&nbsp; 1994546 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50605 | &nbsp;&nbsp;&nbsp;&nbsp; 276303 |
| &nbsp;&nbsp;&nbsp;FARO Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7555 | &nbsp;&nbsp;&nbsp;&nbsp; 320105 |
| &nbsp;&nbsp;&nbsp;GoPro, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58109 | &nbsp;&nbsp;&nbsp;&nbsp; 38526 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19206 | &nbsp;&nbsp;&nbsp;&nbsp; 2220214 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9154 | &nbsp;&nbsp;&nbsp;&nbsp; 165687 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34022 | &nbsp;&nbsp;&nbsp;&nbsp; 558301 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 | &nbsp;&nbsp;&nbsp;&nbsp; 188562 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77846 | &nbsp;&nbsp;&nbsp;&nbsp; 85631 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87819 | &nbsp;&nbsp;&nbsp;&nbsp; 1677343 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12750 | &nbsp;&nbsp;&nbsp;&nbsp; 355725 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61316 | &nbsp;&nbsp;&nbsp;&nbsp; 3476004 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp; 82617 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745 | &nbsp;&nbsp;&nbsp;&nbsp; 1477897 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11399 | &nbsp;&nbsp;&nbsp;&nbsp; 1496233 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22788 | &nbsp;&nbsp;&nbsp;&nbsp; 1929916 |
| &nbsp;&nbsp;&nbsp;Standard BioTools, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96805 | &nbsp;&nbsp;&nbsp;&nbsp; 97773 |
| &nbsp;&nbsp;&nbsp;Stoneridge, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568 | &nbsp;&nbsp;&nbsp;&nbsp; 43011 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43808 | &nbsp;&nbsp;&nbsp;&nbsp; 1308107 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916 | &nbsp;&nbsp;&nbsp;&nbsp; 79396 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9120 | &nbsp;&nbsp;&nbsp;&nbsp; 397997 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55541 | &nbsp;&nbsp;&nbsp;&nbsp; 781462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28631478 |
| **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** | **Energy-Alternate Sources — 0.2%** |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56118 | &nbsp;&nbsp;&nbsp;&nbsp; 370379 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23982 | &nbsp;&nbsp;&nbsp;&nbsp; 181304 |
| &nbsp;&nbsp;&nbsp;Energy Vault Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24043 | &nbsp;&nbsp;&nbsp;&nbsp; 19862 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26274 | &nbsp;&nbsp;&nbsp;&nbsp; 123488 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484 | &nbsp;&nbsp;&nbsp;&nbsp; 17803 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22515 | &nbsp;&nbsp;&nbsp;&nbsp; 88934 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21850 | &nbsp;&nbsp;&nbsp;&nbsp; 40204 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;329454 | &nbsp;&nbsp;&nbsp;&nbsp; 290809 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 | &nbsp;&nbsp;&nbsp;&nbsp; 315039 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65529 | &nbsp;&nbsp;&nbsp;&nbsp; 309297 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Energy-Alternate Sources (continued)** | **Energy-Alternate Sources (continued)** | **Energy-Alternate Sources (continued)** |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94052 | &nbsp;&nbsp;$704449 |
| &nbsp;&nbsp;&nbsp;T1 Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14624 | &nbsp;&nbsp;&nbsp;&nbsp; 15940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477508 |
| **Engineering & Construction — 2.2%** | **Engineering & Construction — 2.2%** | **Engineering & Construction — 2.2%** |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7078 | &nbsp;&nbsp;&nbsp;&nbsp; 40203 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20677 | &nbsp;&nbsp;&nbsp;&nbsp; 1783805 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 | &nbsp;&nbsp;&nbsp;&nbsp; 136030 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5429 | &nbsp;&nbsp;&nbsp;&nbsp; 113357 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10790 | &nbsp;&nbsp;&nbsp;&nbsp; 75854 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19649 | &nbsp;&nbsp;&nbsp;&nbsp; 2057054 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp; 2782032 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21489 | &nbsp;&nbsp;&nbsp;&nbsp; 1640470 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72615 | &nbsp;&nbsp;&nbsp;&nbsp; 3019332 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32744 | &nbsp;&nbsp;&nbsp;&nbsp; 1801247 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18722 | &nbsp;&nbsp;&nbsp;&nbsp; 1674683 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29443 | &nbsp;&nbsp;&nbsp;&nbsp; 329173 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462 | &nbsp;&nbsp;&nbsp;&nbsp; 898943 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16534 | &nbsp;&nbsp;&nbsp;&nbsp; 93417 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769 | &nbsp;&nbsp;&nbsp;&nbsp; 611481 |
| &nbsp;&nbsp;&nbsp;Mistras Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4796 | &nbsp;&nbsp;&nbsp;&nbsp; 36210 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 | &nbsp;&nbsp;&nbsp;&nbsp; 1072854 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22840 | &nbsp;&nbsp;&nbsp;&nbsp; 504764 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15604 | &nbsp;&nbsp;&nbsp;&nbsp; 128577 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22724 | &nbsp;&nbsp;&nbsp;&nbsp; 1638628 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12608 | &nbsp;&nbsp;&nbsp;&nbsp; 2370430 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19448 | &nbsp;&nbsp;&nbsp;&nbsp; 717242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23525786 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17933 | &nbsp;&nbsp;&nbsp;&nbsp; 201208 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;168007 | &nbsp;&nbsp;&nbsp;&nbsp; 598105 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 | &nbsp;&nbsp;&nbsp;&nbsp; 189051 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21326 | &nbsp;&nbsp;&nbsp;&nbsp; 866049 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47516 | &nbsp;&nbsp;&nbsp;&nbsp; 1604615 |
| &nbsp;&nbsp;&nbsp;Everi Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32809 | &nbsp;&nbsp;&nbsp;&nbsp; 462935 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9011 | &nbsp;&nbsp;&nbsp;&nbsp; 257084 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19845 | &nbsp;&nbsp;&nbsp;&nbsp; 552683 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48848 | &nbsp;&nbsp;&nbsp;&nbsp; 718554 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84840 | &nbsp;&nbsp;&nbsp;&nbsp; 613393 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16577 | &nbsp;&nbsp;&nbsp;&nbsp; 615173 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4708 | &nbsp;&nbsp;&nbsp;&nbsp; 394248 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10115 | &nbsp;&nbsp;&nbsp;&nbsp; 282107 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642 | &nbsp;&nbsp;&nbsp;&nbsp; 106288 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19311 | &nbsp;&nbsp;&nbsp;&nbsp; 928280 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11771 | &nbsp;&nbsp;&nbsp;&nbsp; 91814 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32319 | &nbsp;&nbsp;&nbsp;&nbsp; 410128 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39915 | &nbsp;&nbsp;&nbsp;&nbsp; 1339547 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5655 | &nbsp;&nbsp;&nbsp;&nbsp; 118529 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60145 | &nbsp;&nbsp;&nbsp;&nbsp; 525667 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13991 | &nbsp;&nbsp;&nbsp;&nbsp; 626657 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454 | &nbsp;&nbsp;&nbsp;&nbsp; 30361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11532476 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| &nbsp;&nbsp;&nbsp;Arq, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12338 | &nbsp;&nbsp;&nbsp;&nbsp; 60950 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26547 | &nbsp;&nbsp;&nbsp;&nbsp; 3111574 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11322 | &nbsp;&nbsp;&nbsp;&nbsp; 304449 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22963 | &nbsp;&nbsp;&nbsp;&nbsp; 289563 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33947 | &nbsp;&nbsp;&nbsp;&nbsp; 276668 |
| &nbsp;&nbsp;&nbsp;LanzaTech Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86399 | &nbsp;&nbsp;&nbsp;&nbsp; 24382 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14203 | &nbsp;&nbsp;&nbsp;&nbsp; 277385 |
| &nbsp;&nbsp;&nbsp;Perma-Fix Environmental Services, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8039 | &nbsp;&nbsp;&nbsp;&nbsp; 85133 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;$40600 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55018 | &nbsp;&nbsp;&nbsp;&nbsp; 523221 |
| &nbsp;&nbsp;&nbsp;Quest Resource Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436 | &nbsp;&nbsp;&nbsp;&nbsp; 11959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005884 |
| **Food — 1.8%** | **Food — 1.8%** | **Food — 1.8%** |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31027 | &nbsp;&nbsp;&nbsp;&nbsp; 130624 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12235 | &nbsp;&nbsp;&nbsp;&nbsp; 35849 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707 | &nbsp;&nbsp;&nbsp;&nbsp; 212328 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18694 | &nbsp;&nbsp;&nbsp;&nbsp; 1793315 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15104 | &nbsp;&nbsp;&nbsp;&nbsp; 963333 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30290 | &nbsp;&nbsp;&nbsp;&nbsp; 56642 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14789 | &nbsp;&nbsp;&nbsp;&nbsp; 56346 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815 | &nbsp;&nbsp;&nbsp;&nbsp; 424575 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5993 | &nbsp;&nbsp;&nbsp;&nbsp; 690214 |
| &nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;&nbsp; 251978 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39506 | &nbsp;&nbsp;&nbsp;&nbsp; 114172 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8318 | &nbsp;&nbsp;&nbsp;&nbsp; 1392433 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 | &nbsp;&nbsp;&nbsp;&nbsp; 31272 |
| &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8224 | &nbsp;&nbsp;&nbsp;&nbsp; 68341 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16253 | &nbsp;&nbsp;&nbsp;&nbsp; 181709 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp; 71356 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637 | &nbsp;&nbsp;&nbsp;&nbsp; 226425 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477 | &nbsp;&nbsp;&nbsp;&nbsp; 233606 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39210 | &nbsp;&nbsp;&nbsp;&nbsp; 1353137 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16448 | &nbsp;&nbsp;&nbsp;&nbsp; 320078 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42829 | &nbsp;&nbsp;&nbsp;&nbsp; 7403421 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30426 | &nbsp;&nbsp;&nbsp;&nbsp; 189858 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18857 | &nbsp;&nbsp;&nbsp;&nbsp; 423528 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25690 | &nbsp;&nbsp;&nbsp;&nbsp; 785343 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28029 | &nbsp;&nbsp;&nbsp;&nbsp; 370824 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987 | &nbsp;&nbsp;&nbsp;&nbsp; 192398 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7435 | &nbsp;&nbsp;&nbsp;&nbsp; 563573 |
| &nbsp;&nbsp;&nbsp;WK Kellogg Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28570 | &nbsp;&nbsp;&nbsp;&nbsp; 483404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19020082 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15271 | &nbsp;&nbsp;&nbsp;&nbsp; 808905 |
| **Gas — 1.1%** | **Gas — 1.1%** | **Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50943 | &nbsp;&nbsp;&nbsp;&nbsp; 2015815 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9616 | &nbsp;&nbsp;&nbsp;&nbsp; 1174979 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42435 | &nbsp;&nbsp;&nbsp;&nbsp; 1947342 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17737 | &nbsp;&nbsp;&nbsp;&nbsp; 726685 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23896 | &nbsp;&nbsp;&nbsp;&nbsp; 1786465 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp; 47799 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25837 | &nbsp;&nbsp;&nbsp;&nbsp; 1855872 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24105 | &nbsp;&nbsp;&nbsp;&nbsp; 1814624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11369581 |
| **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10136 | &nbsp;&nbsp;&nbsp;&nbsp; 332157 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23118 | &nbsp;&nbsp;&nbsp;&nbsp; 991300 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18985 | &nbsp;&nbsp;&nbsp;&nbsp; 1640114 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34854 | &nbsp;&nbsp;&nbsp;&nbsp; 750407 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11106 | &nbsp;&nbsp;&nbsp;&nbsp; 126941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840919 |
| **Healthcare-Products — 2.9%** | **Healthcare-Products — 2.9%** | **Healthcare-Products — 2.9%** |
| &nbsp;&nbsp;&nbsp;Accuray, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25649 | &nbsp;&nbsp;&nbsp;&nbsp; 39243 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49238 | &nbsp;&nbsp;&nbsp;&nbsp; 468746 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41590 | &nbsp;&nbsp;&nbsp;&nbsp; 516964 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16582 | &nbsp;&nbsp;&nbsp;&nbsp; 169136 |
| &nbsp;&nbsp;&nbsp;Anteris Technologies Global Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654 | &nbsp;&nbsp;&nbsp;&nbsp; 28213 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14503 | &nbsp;&nbsp;$428999 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20257 | &nbsp;&nbsp;&nbsp;&nbsp; 700285 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14968 | &nbsp;&nbsp;&nbsp;&nbsp; 188148 |
| &nbsp;&nbsp;&nbsp;Avita Medical, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9718 | &nbsp;&nbsp;&nbsp;&nbsp; 54615 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18891 | &nbsp;&nbsp;&nbsp;&nbsp; 205723 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;&nbsp;&nbsp; 90027 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16921 | &nbsp;&nbsp;&nbsp;&nbsp; 370232 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15205 | &nbsp;&nbsp;&nbsp;&nbsp; 98528 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23037 | &nbsp;&nbsp;&nbsp;&nbsp; 391399 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10860 | &nbsp;&nbsp;&nbsp;&nbsp; 173434 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4582 | &nbsp;&nbsp;&nbsp;&nbsp; 77023 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51124 | &nbsp;&nbsp;&nbsp;&nbsp; 64928 |
| &nbsp;&nbsp;&nbsp;CONMED Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13251 | &nbsp;&nbsp;&nbsp;&nbsp; 751994 |
| &nbsp;&nbsp;&nbsp;CVRx, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;&nbsp;&nbsp; 32817 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24542 | &nbsp;&nbsp;&nbsp;&nbsp; 258427 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20841 | &nbsp;&nbsp;&nbsp;&nbsp; 1965098 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp; 1428681 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9115 | &nbsp;&nbsp;&nbsp;&nbsp; 1229249 |
| &nbsp;&nbsp;&nbsp;InfuSystem Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6122 | &nbsp;&nbsp;&nbsp;&nbsp; 35385 |
| &nbsp;&nbsp;&nbsp;Inmode, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28743 | &nbsp;&nbsp;&nbsp;&nbsp; 421372 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10004 | &nbsp;&nbsp;&nbsp;&nbsp; 64276 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14175 | &nbsp;&nbsp;&nbsp;&nbsp; 1683423 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27980 | &nbsp;&nbsp;&nbsp;&nbsp; 354227 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp;&nbsp; 141112 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13290 | &nbsp;&nbsp;&nbsp;&nbsp; 1867245 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29275 | &nbsp;&nbsp;&nbsp;&nbsp; 2212019 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7903 | &nbsp;&nbsp;&nbsp;&nbsp; 649627 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23188 | &nbsp;&nbsp;&nbsp;&nbsp; 1002881 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44987 | &nbsp;&nbsp;&nbsp;&nbsp; 107069 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24403 | &nbsp;&nbsp;&nbsp;&nbsp; 2319017 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50003 | &nbsp;&nbsp;&nbsp;&nbsp; 321519 |
| &nbsp;&nbsp;&nbsp;Nautilus Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14061 | &nbsp;&nbsp;&nbsp;&nbsp; 10504 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85583 | &nbsp;&nbsp;&nbsp;&nbsp; 501516 |
| &nbsp;&nbsp;&nbsp;NeuroPace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4597 | &nbsp;&nbsp;&nbsp;&nbsp; 60772 |
| &nbsp;&nbsp;&nbsp;Novocure, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44119 | &nbsp;&nbsp;&nbsp;&nbsp; 843114 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37611 | &nbsp;&nbsp;&nbsp;&nbsp; 47766 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19179 | &nbsp;&nbsp;&nbsp;&nbsp; 582466 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22372 | &nbsp;&nbsp;&nbsp;&nbsp; 64431 |
| &nbsp;&nbsp;&nbsp;Orchestra BioMed Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8079 | &nbsp;&nbsp;&nbsp;&nbsp; 23025 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13024 | &nbsp;&nbsp;&nbsp;&nbsp; 146520 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835 | &nbsp;&nbsp;&nbsp;&nbsp; 116467 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;116288 | &nbsp;&nbsp;&nbsp;&nbsp; 112067 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18942 | &nbsp;&nbsp;&nbsp;&nbsp; 1098636 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14206 | &nbsp;&nbsp;&nbsp;&nbsp; 48300 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7411 | &nbsp;&nbsp;&nbsp;&nbsp; 128247 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13596 | &nbsp;&nbsp;&nbsp;&nbsp; 70699 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53165 | &nbsp;&nbsp;&nbsp;&nbsp; 89317 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15093 | &nbsp;&nbsp;&nbsp;&nbsp; 230772 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 32509 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004 | &nbsp;&nbsp;&nbsp;&nbsp; 120160 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7591 | &nbsp;&nbsp;&nbsp;&nbsp; 11842 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15821 | &nbsp;&nbsp;&nbsp;&nbsp; 299017 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20367 | &nbsp;&nbsp;&nbsp;&nbsp; 362736 |
| &nbsp;&nbsp;&nbsp;Stereotaxis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12385 | &nbsp;&nbsp;&nbsp;&nbsp; 26380 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541 | &nbsp;&nbsp;&nbsp;&nbsp; 160800 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9528 | &nbsp;&nbsp;&nbsp;&nbsp; 94137 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27070 | &nbsp;&nbsp;&nbsp;&nbsp; 536527 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13941 | &nbsp;&nbsp;&nbsp;&nbsp; 1772180 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18826 | &nbsp;&nbsp;&nbsp;&nbsp; 108061 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp; 738360 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838 | &nbsp;&nbsp;&nbsp;&nbsp; 664660 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp; 50619 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15226 | &nbsp;&nbsp;$116783 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11609 | &nbsp;&nbsp;&nbsp;&nbsp; 106106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30286577 |
| **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** | **Healthcare-Services — 2.0%** |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6761 | &nbsp;&nbsp;&nbsp;&nbsp; 749863 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;125543 | &nbsp;&nbsp;&nbsp;&nbsp; 278705 |
| &nbsp;&nbsp;&nbsp;Ardent Health Partners LLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13287 | &nbsp;&nbsp;&nbsp;&nbsp; 192396 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17293 | &nbsp;&nbsp;&nbsp;&nbsp; 428693 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20536 | &nbsp;&nbsp;&nbsp;&nbsp; 109457 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13566 | &nbsp;&nbsp;&nbsp;&nbsp; 47345 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24738 | &nbsp;&nbsp;&nbsp;&nbsp; 589012 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71880 | &nbsp;&nbsp;&nbsp;&nbsp; 467939 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43621 | &nbsp;&nbsp;&nbsp;&nbsp; 169249 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46797 | &nbsp;&nbsp;&nbsp;&nbsp; 1012219 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11310 | &nbsp;&nbsp;&nbsp;&nbsp; 1258464 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44701 | &nbsp;&nbsp;&nbsp;&nbsp; 63475 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14477 | &nbsp;&nbsp;&nbsp;&nbsp; 152008 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23596 | &nbsp;&nbsp;&nbsp;&nbsp; 3474747 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585 | &nbsp;&nbsp;&nbsp;&nbsp; 157161 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523 | &nbsp;&nbsp;&nbsp;&nbsp; 393348 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36479 | &nbsp;&nbsp;&nbsp;&nbsp; 3670152 |
| &nbsp;&nbsp;&nbsp;Joint Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 | &nbsp;&nbsp;&nbsp;&nbsp; 40628 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58038 | &nbsp;&nbsp;&nbsp;&nbsp; 344746 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22002 | &nbsp;&nbsp;&nbsp;&nbsp; 112650 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5676 | &nbsp;&nbsp;&nbsp;&nbsp; 591099 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;135585 | &nbsp;&nbsp;&nbsp;&nbsp; 184396 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88905 | &nbsp;&nbsp;&nbsp;&nbsp; 1226889 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15631 | &nbsp;&nbsp;&nbsp;&nbsp; 155060 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36786 | &nbsp;&nbsp;&nbsp;&nbsp; 520522 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12095 | &nbsp;&nbsp;&nbsp;&nbsp; 347247 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28107 | &nbsp;&nbsp;&nbsp;&nbsp; 1615871 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47789 | &nbsp;&nbsp;&nbsp;&nbsp; 730694 |
| &nbsp;&nbsp;&nbsp;Sonida Senior Living, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp; 38479 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30815 | &nbsp;&nbsp;&nbsp;&nbsp; 727542 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71963 | &nbsp;&nbsp;&nbsp;&nbsp; 497984 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5721 | &nbsp;&nbsp;&nbsp;&nbsp; 429018 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409 | &nbsp;&nbsp;&nbsp;&nbsp; 49270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20826328 |
| **Home Builders — 1.6%** | **Home Builders — 1.6%** | **Home Builders — 1.6%** |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9626 | &nbsp;&nbsp;&nbsp;&nbsp; 197525 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp; 1482028 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10649 | &nbsp;&nbsp;&nbsp;&nbsp; 552364 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22809 | &nbsp;&nbsp;&nbsp;&nbsp; 1491709 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9494 | &nbsp;&nbsp;&nbsp;&nbsp; 198045 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10371 | &nbsp;&nbsp;&nbsp;&nbsp; 198605 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12092 | &nbsp;&nbsp;&nbsp;&nbsp; 706777 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp; 186428 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10098 | &nbsp;&nbsp;&nbsp;&nbsp; 1610429 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27366 | &nbsp;&nbsp;&nbsp;&nbsp; 1411538 |
| &nbsp;&nbsp;&nbsp;Landsea Homes Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11017 | &nbsp;&nbsp;&nbsp;&nbsp; 124161 |
| &nbsp;&nbsp;&nbsp;LCI Industries# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10926 | &nbsp;&nbsp;&nbsp;&nbsp; 952092 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7867 | &nbsp;&nbsp;&nbsp;&nbsp; 394137 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11108 | &nbsp;&nbsp;&nbsp;&nbsp; 1184224 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30545 | &nbsp;&nbsp;&nbsp;&nbsp; 1942967 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43501 | &nbsp;&nbsp;&nbsp;&nbsp; 2448236 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39195 | &nbsp;&nbsp;&nbsp;&nbsp; 1155469 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13010 | &nbsp;&nbsp;&nbsp;&nbsp; 441429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16678163 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19824 | &nbsp;&nbsp;&nbsp;&nbsp; 178019 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18366 | &nbsp;&nbsp;&nbsp;&nbsp; 272551 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Home Furnishings (continued)** | **Home Furnishings (continued)** | **Home Furnishings (continued)** |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;$292656 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;&nbsp;&nbsp; 72706 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983 | &nbsp;&nbsp;&nbsp;&nbsp; 72769 |
| &nbsp;&nbsp;&nbsp;Hooker Furnishings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9878 | &nbsp;&nbsp;&nbsp;&nbsp; 97002 |
| &nbsp;&nbsp;&nbsp;iRobot Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5279 | &nbsp;&nbsp;&nbsp;&nbsp; 16207 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677 | &nbsp;&nbsp;&nbsp;&nbsp; 108658 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31246 | &nbsp;&nbsp;&nbsp;&nbsp; 527120 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901 | &nbsp;&nbsp;&nbsp;&nbsp; 52735 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51913 | &nbsp;&nbsp;&nbsp;&nbsp; 533666 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25187 | &nbsp;&nbsp;&nbsp;&nbsp; 196207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420296 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50147 | &nbsp;&nbsp;&nbsp;&nbsp; 180028 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp; 190397 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19651 | &nbsp;&nbsp;&nbsp;&nbsp; 628243 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10079 | &nbsp;&nbsp;&nbsp;&nbsp; 271024 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22452 | &nbsp;&nbsp;&nbsp;&nbsp; 375622 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791 | &nbsp;&nbsp;&nbsp;&nbsp; 1410861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056175 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lifetime Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169 | &nbsp;&nbsp;&nbsp;&nbsp; 20543 |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19351 | &nbsp;&nbsp;&nbsp;&nbsp; 151518 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp; 110959 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8098 | &nbsp;&nbsp;&nbsp;&nbsp; 384412 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29201 | &nbsp;&nbsp;&nbsp;&nbsp; 1125115 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7794 | &nbsp;&nbsp;&nbsp;&nbsp; 290716 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42422 | &nbsp;&nbsp;&nbsp;&nbsp; 1610339 |
| &nbsp;&nbsp;&nbsp;Crawford & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6451 | &nbsp;&nbsp;&nbsp;&nbsp; 67026 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691 | &nbsp;&nbsp;&nbsp;&nbsp; 135158 |
| &nbsp;&nbsp;&nbsp;Enstar Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5410 | &nbsp;&nbsp;&nbsp;&nbsp; 1812404 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44250 | &nbsp;&nbsp;&nbsp;&nbsp; 2566500 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9113 | &nbsp;&nbsp;&nbsp;&nbsp; 291251 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21032 | &nbsp;&nbsp;&nbsp;&nbsp; 367639 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;163195 | &nbsp;&nbsp;&nbsp;&nbsp; 1150525 |
| &nbsp;&nbsp;&nbsp;GoHealth, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 | &nbsp;&nbsp;&nbsp;&nbsp; 36399 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9830 | &nbsp;&nbsp;&nbsp;&nbsp; 1064196 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11548 | &nbsp;&nbsp;&nbsp;&nbsp; 166753 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17613 | &nbsp;&nbsp;&nbsp;&nbsp; 383259 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3519 | &nbsp;&nbsp;&nbsp;&nbsp; 593902 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9718 | &nbsp;&nbsp;&nbsp;&nbsp; 237799 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10180 | &nbsp;&nbsp;&nbsp;&nbsp; 239841 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17480 | &nbsp;&nbsp;&nbsp;&nbsp; 759156 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp; 141348 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15940 | &nbsp;&nbsp;&nbsp;&nbsp; 92771 |
| &nbsp;&nbsp;&nbsp;Kestrel Group, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929 | &nbsp;&nbsp;&nbsp;&nbsp; 99833 |
| &nbsp;&nbsp;&nbsp;Kingsway Financial Services, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11126 | &nbsp;&nbsp;&nbsp;&nbsp; 143080 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23345 | &nbsp;&nbsp;&nbsp;&nbsp; 782058 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18973 | &nbsp;&nbsp;&nbsp;&nbsp; 83671 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12028 | &nbsp;&nbsp;&nbsp;&nbsp; 775565 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7069 | &nbsp;&nbsp;&nbsp;&nbsp; 93876 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34062 | &nbsp;&nbsp;&nbsp;&nbsp; 1352943 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11133 | &nbsp;&nbsp;&nbsp;&nbsp; 1908976 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21171 | &nbsp;&nbsp;&nbsp;&nbsp; 490955 |
| &nbsp;&nbsp;&nbsp;Roadzen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70137 | &nbsp;&nbsp;&nbsp;&nbsp; 68994 |
| &nbsp;&nbsp;&nbsp;Root, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914 | &nbsp;&nbsp;&nbsp;&nbsp; 512695 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735 | &nbsp;&nbsp;&nbsp;&nbsp; 553213 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25839 | &nbsp;&nbsp;&nbsp;&nbsp; 2274349 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71161 | &nbsp;&nbsp;&nbsp;&nbsp; 154419 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15791 | &nbsp;&nbsp;&nbsp;&nbsp; 1000360 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11996 | &nbsp;&nbsp;$723839 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12650 | &nbsp;&nbsp;&nbsp;&nbsp; 280577 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15035 | &nbsp;&nbsp;&nbsp;&nbsp; 709502 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8919 | &nbsp;&nbsp;&nbsp;&nbsp; 253746 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10015 | &nbsp;&nbsp;&nbsp;&nbsp; 271807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26313444 |
| **Internet — 1.8%** | **Internet — 1.8%** | **Internet — 1.8%** |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 10465 |
| &nbsp;&nbsp;&nbsp;AudioEye, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509 | &nbsp;&nbsp;&nbsp;&nbsp; 42880 |
| &nbsp;&nbsp;&nbsp;Backblaze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19855 | &nbsp;&nbsp;&nbsp;&nbsp; 113173 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34474 | &nbsp;&nbsp;&nbsp;&nbsp; 44471 |
| &nbsp;&nbsp;&nbsp;Beyond, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17027 | &nbsp;&nbsp;&nbsp;&nbsp; 109143 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27172 | &nbsp;&nbsp;&nbsp;&nbsp; 152707 |
| &nbsp;&nbsp;&nbsp;Cardlytics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22945 | &nbsp;&nbsp;&nbsp;&nbsp; 41530 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36877 | &nbsp;&nbsp;&nbsp;&nbsp; 1155725 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26681 | &nbsp;&nbsp;&nbsp;&nbsp; 273480 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18780 | &nbsp;&nbsp;&nbsp;&nbsp; 858434 |
| &nbsp;&nbsp;&nbsp;Couchbase, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17504 | &nbsp;&nbsp;&nbsp;&nbsp; 316297 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51864 | &nbsp;&nbsp;&nbsp;&nbsp; 107358 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11708 | &nbsp;&nbsp;&nbsp;&nbsp; 835600 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30649 | &nbsp;&nbsp;&nbsp;&nbsp; 72332 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9379 | &nbsp;&nbsp;&nbsp;&nbsp; 216186 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47148 | &nbsp;&nbsp;&nbsp;&nbsp; 205094 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;138733 | &nbsp;&nbsp;&nbsp;&nbsp; 507763 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615 | &nbsp;&nbsp;&nbsp;&nbsp; 42621 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31743 | &nbsp;&nbsp;&nbsp;&nbsp; 56503 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12498 | &nbsp;&nbsp;&nbsp;&nbsp; 305201 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10283 | &nbsp;&nbsp;&nbsp;&nbsp; 299544 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11586 | &nbsp;&nbsp;&nbsp;&nbsp; 324640 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82176 | &nbsp;&nbsp;&nbsp;&nbsp; 4647875 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321 | &nbsp;&nbsp;&nbsp;&nbsp; 27963 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14988 | &nbsp;&nbsp;&nbsp;&nbsp; 183003 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7747 | &nbsp;&nbsp;&nbsp;&nbsp; 181047 |
| &nbsp;&nbsp;&nbsp;LiveOne, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55406 | &nbsp;&nbsp;&nbsp;&nbsp; 40945 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56207 | &nbsp;&nbsp;&nbsp;&nbsp; 919546 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6853 | &nbsp;&nbsp;&nbsp;&nbsp; 69901 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16098 | &nbsp;&nbsp;&nbsp;&nbsp; 27528 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51635 | &nbsp;&nbsp;&nbsp;&nbsp; 79002 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52509 | &nbsp;&nbsp;&nbsp;&nbsp; 93991 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;272382 | &nbsp;&nbsp;&nbsp;&nbsp; 177648 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp; 57968 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24953 | &nbsp;&nbsp;&nbsp;&nbsp; 2183887 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21468 | &nbsp;&nbsp;&nbsp;&nbsp; 327816 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43342 | &nbsp;&nbsp;&nbsp;&nbsp; 244882 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16232 | &nbsp;&nbsp;&nbsp;&nbsp; 334379 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10342 | &nbsp;&nbsp;&nbsp;&nbsp; 190810 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48967 | &nbsp;&nbsp;&nbsp;&nbsp; 413281 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45624 | &nbsp;&nbsp;&nbsp;&nbsp; 201658 |
| &nbsp;&nbsp;&nbsp;TrueCar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23866 | &nbsp;&nbsp;&nbsp;&nbsp; 34606 |
| &nbsp;&nbsp;&nbsp;Tucows, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 11427 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54439 | &nbsp;&nbsp;&nbsp;&nbsp; 843260 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28198 | &nbsp;&nbsp;&nbsp;&nbsp; 43989 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27051 | &nbsp;&nbsp;&nbsp;&nbsp; 1032537 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17285 | &nbsp;&nbsp;&nbsp;&nbsp; 560725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19020821 |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52919 | &nbsp;&nbsp;&nbsp;&nbsp; 124889 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26118 | &nbsp;&nbsp;&nbsp;&nbsp; 487101 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93056 | &nbsp;&nbsp;&nbsp;&nbsp; 290335 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;117975 | &nbsp;&nbsp;&nbsp;&nbsp; 1018124 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30542 | &nbsp;&nbsp;&nbsp;&nbsp; 205242 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Investment Companies (continued)** | **Investment Companies (continued)** | **Investment Companies (continued)** |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74135 | &nbsp;&nbsp;$789538 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47681 | &nbsp;&nbsp;&nbsp;&nbsp; 291331 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50781 | &nbsp;&nbsp;&nbsp;&nbsp; 1272064 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35727 | &nbsp;&nbsp;&nbsp;&nbsp; 545551 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;145178 | &nbsp;&nbsp;&nbsp;&nbsp; 2049913 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10528 | &nbsp;&nbsp;&nbsp;&nbsp; 114229 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;132215 | &nbsp;&nbsp;&nbsp;&nbsp; 1066975 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;118745 | &nbsp;&nbsp;&nbsp;&nbsp; 419170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8674462 |
| **Iron/Steel — 0.7%** | **Iron/Steel — 0.7%** | **Iron/Steel — 0.7%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20453 | &nbsp;&nbsp;&nbsp;&nbsp; 4806455 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48230 | &nbsp;&nbsp;&nbsp;&nbsp; 2247036 |
| &nbsp;&nbsp;&nbsp;Radius Recycling, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11044 | &nbsp;&nbsp;&nbsp;&nbsp; 327013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7380504 |
| **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10888 | &nbsp;&nbsp;&nbsp;&nbsp; 742997 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6164 | &nbsp;&nbsp;&nbsp;&nbsp; 91474 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46418 | &nbsp;&nbsp;&nbsp;&nbsp; 290112 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 60498 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36501 | &nbsp;&nbsp;&nbsp;&nbsp; 1043929 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20263 | &nbsp;&nbsp;&nbsp;&nbsp; 212762 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6663 | &nbsp;&nbsp;&nbsp;&nbsp; 200823 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp; 27323 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp; 80798 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44606 | &nbsp;&nbsp;&nbsp;&nbsp; 841269 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;149733 | &nbsp;&nbsp;&nbsp;&nbsp; 1063104 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;159174 | &nbsp;&nbsp;&nbsp;&nbsp; 401118 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51745 | &nbsp;&nbsp;&nbsp;&nbsp; 328063 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12459 | &nbsp;&nbsp;&nbsp;&nbsp; 112256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496526 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30241 | &nbsp;&nbsp;&nbsp;&nbsp; 1154299 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12620 | &nbsp;&nbsp;&nbsp;&nbsp; 233218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387517 |
| **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5386 | &nbsp;&nbsp;&nbsp;&nbsp; 1132676 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10456 | &nbsp;&nbsp;&nbsp;&nbsp; 410816 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85449 | &nbsp;&nbsp;&nbsp;&nbsp; 1578243 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5986 | &nbsp;&nbsp;&nbsp;&nbsp; 240398 |
| &nbsp;&nbsp;&nbsp;Manitowoc Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14651 | &nbsp;&nbsp;&nbsp;&nbsp; 153982 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10192 | &nbsp;&nbsp;&nbsp;&nbsp; 307085 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38442 | &nbsp;&nbsp;&nbsp;&nbsp; 1229760 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29045 | &nbsp;&nbsp;&nbsp;&nbsp; 1307315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360275 |
| **Machinery-Diversified — 2.2%** | **Machinery-Diversified — 2.2%** | **Machinery-Diversified — 2.2%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545 | &nbsp;&nbsp;&nbsp;&nbsp; 900092 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13651 | &nbsp;&nbsp;&nbsp;&nbsp; 901922 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16351 | &nbsp;&nbsp;&nbsp;&nbsp; 3703828 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28335 | &nbsp;&nbsp;&nbsp;&nbsp; 1161735 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18274 | &nbsp;&nbsp;&nbsp;&nbsp; 2866460 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13315 | &nbsp;&nbsp;&nbsp;&nbsp; 193866 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7121 | &nbsp;&nbsp;&nbsp;&nbsp; 2177531 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;&nbsp;&nbsp; 436716 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32909 | &nbsp;&nbsp;&nbsp;&nbsp; 186923 |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548 | &nbsp;&nbsp;&nbsp;&nbsp; 35137 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346 | &nbsp;&nbsp;&nbsp;&nbsp; 268129 |
| &nbsp;&nbsp;&nbsp;GrafTech International, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68439 | &nbsp;&nbsp;&nbsp;&nbsp; 68179 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13381 | &nbsp;&nbsp;&nbsp;&nbsp; 211152 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;$1538159 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4434 | &nbsp;&nbsp;&nbsp;&nbsp; 618100 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66433 | &nbsp;&nbsp;&nbsp;&nbsp; 1629601 |
| &nbsp;&nbsp;&nbsp;Taylor Devices, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 34936 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8549 | &nbsp;&nbsp;&nbsp;&nbsp; 636217 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14209 | &nbsp;&nbsp;&nbsp;&nbsp; 368581 |
| &nbsp;&nbsp;&nbsp;Twin Disc, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747 | &nbsp;&nbsp;&nbsp;&nbsp; 85166 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11646 | &nbsp;&nbsp;&nbsp;&nbsp; 2819729 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61307 | &nbsp;&nbsp;&nbsp;&nbsp; 2218700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23060859 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16178 | &nbsp;&nbsp;&nbsp;&nbsp; 106937 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp; 344314 |
| &nbsp;&nbsp;&nbsp;E.W. Scripps Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43768 | &nbsp;&nbsp;&nbsp;&nbsp; 97165 |
| &nbsp;&nbsp;&nbsp;Gannett Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72907 | &nbsp;&nbsp;&nbsp;&nbsp; 258091 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36376 | &nbsp;&nbsp;&nbsp;&nbsp; 144413 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54488 | &nbsp;&nbsp;&nbsp;&nbsp; 71379 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11218 | &nbsp;&nbsp;&nbsp;&nbsp; 55080 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45209 | &nbsp;&nbsp;&nbsp;&nbsp; 226045 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12390 | &nbsp;&nbsp;&nbsp;&nbsp; 213975 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16582 | &nbsp;&nbsp;&nbsp;&nbsp; 232645 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11551 | &nbsp;&nbsp;&nbsp;&nbsp; 435473 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68550 | &nbsp;&nbsp;&nbsp;&nbsp; 1146156 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18381 | &nbsp;&nbsp;&nbsp;&nbsp; 244467 |
| &nbsp;&nbsp;&nbsp;Townsquare Media, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592 | &nbsp;&nbsp;&nbsp;&nbsp; 38585 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp; 39543 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27999 | &nbsp;&nbsp;&nbsp;&nbsp; 117876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772144 |
| **Metal Fabricate/Hardware — 1.0%** | **Metal Fabricate/Hardware — 1.0%** | **Metal Fabricate/Hardware — 1.0%** |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12482 | &nbsp;&nbsp;&nbsp;&nbsp; 1131993 |
| &nbsp;&nbsp;&nbsp;Eastern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630 | &nbsp;&nbsp;&nbsp;&nbsp; 103573 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14707 | &nbsp;&nbsp;&nbsp;&nbsp; 445916 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81080 | &nbsp;&nbsp;&nbsp;&nbsp; 587019 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58178 | &nbsp;&nbsp;&nbsp;&nbsp; 475314 |
| &nbsp;&nbsp;&nbsp;L.B. Foster Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 | &nbsp;&nbsp;&nbsp;&nbsp; 92466 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542 | &nbsp;&nbsp;&nbsp;&nbsp; 134622 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17142 | &nbsp;&nbsp;&nbsp;&nbsp; 216503 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47510 | &nbsp;&nbsp;&nbsp;&nbsp; 3699604 |
| &nbsp;&nbsp;&nbsp;NN, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21754 | &nbsp;&nbsp;&nbsp;&nbsp; 44596 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5371 | &nbsp;&nbsp;&nbsp;&nbsp; 159250 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp; 13121 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6342 | &nbsp;&nbsp;&nbsp;&nbsp; 116059 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10918 | &nbsp;&nbsp;&nbsp;&nbsp; 403748 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13280 | &nbsp;&nbsp;&nbsp;&nbsp; 275693 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483 | &nbsp;&nbsp;&nbsp;&nbsp; 676664 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10119 | &nbsp;&nbsp;&nbsp;&nbsp; 84797 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13362 | &nbsp;&nbsp;&nbsp;&nbsp; 787155 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15006 | &nbsp;&nbsp;&nbsp;&nbsp; 373649 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19631 | &nbsp;&nbsp;&nbsp;&nbsp; 650768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10472510 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6609 | &nbsp;&nbsp;&nbsp;&nbsp; 113014 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665 | &nbsp;&nbsp;&nbsp;&nbsp; 719002 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21639 | &nbsp;&nbsp;&nbsp;&nbsp; 335188 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;265704 | &nbsp;&nbsp;&nbsp;&nbsp; 2146888 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11052 | &nbsp;&nbsp;&nbsp;&nbsp; 212309 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51460 | &nbsp;&nbsp;&nbsp;&nbsp; 624724 |
| &nbsp;&nbsp;&nbsp;Contango ORE, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 16701 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11654 | &nbsp;&nbsp;&nbsp;&nbsp; 35661 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45223 | &nbsp;&nbsp;&nbsp;&nbsp; 90898 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67219 | &nbsp;&nbsp;&nbsp;&nbsp; 328701 |

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;254023 | &nbsp;&nbsp;$1305678 |
| &nbsp;&nbsp;&nbsp;i-80 Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56734 | &nbsp;&nbsp;&nbsp;&nbsp; 28543 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27356 | &nbsp;&nbsp;&nbsp;&nbsp; 201067 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6704 | &nbsp;&nbsp;&nbsp;&nbsp; 486643 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7176 | &nbsp;&nbsp;&nbsp;&nbsp; 28632 |
| &nbsp;&nbsp;&nbsp;MAC Copper, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17323 | &nbsp;&nbsp;&nbsp;&nbsp; 210648 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91387 | &nbsp;&nbsp;&nbsp;&nbsp; 327166 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17236 | &nbsp;&nbsp;&nbsp;&nbsp; 239753 |
| &nbsp;&nbsp;&nbsp;Piedmont Lithium, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp; 16186 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81907 | &nbsp;&nbsp;&nbsp;&nbsp; 968960 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899 | &nbsp;&nbsp;&nbsp;&nbsp; 503519 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;163009 | &nbsp;&nbsp;&nbsp;&nbsp; 966643 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83796 | &nbsp;&nbsp;&nbsp;&nbsp; 68445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9974969 |
| **Miscellaneous Manufacturing — 1.3%** | **Miscellaneous Manufacturing — 1.3%** | **Miscellaneous Manufacturing — 1.3%** |
| &nbsp;&nbsp;&nbsp;AMMO, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25583 | &nbsp;&nbsp;&nbsp;&nbsp; 37095 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558 | &nbsp;&nbsp;&nbsp;&nbsp; 174836 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | &nbsp;&nbsp;&nbsp;&nbsp; 105821 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8927 | &nbsp;&nbsp;&nbsp;&nbsp; 1652745 |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15505 | &nbsp;&nbsp;&nbsp;&nbsp; 3610650 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25567 | &nbsp;&nbsp;&nbsp;&nbsp; 2405088 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30382 | &nbsp;&nbsp;&nbsp;&nbsp; 593664 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19979 | &nbsp;&nbsp;&nbsp;&nbsp; 2293789 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22667 | &nbsp;&nbsp;&nbsp;&nbsp; 171589 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977 | &nbsp;&nbsp;&nbsp;&nbsp; 617659 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15779 | &nbsp;&nbsp;&nbsp;&nbsp; 200236 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9256 | &nbsp;&nbsp;&nbsp;&nbsp; 67476 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9097 | &nbsp;&nbsp;&nbsp;&nbsp; 124174 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7019 | &nbsp;&nbsp;&nbsp;&nbsp; 25900 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23398 | &nbsp;&nbsp;&nbsp;&nbsp; 222749 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626 | &nbsp;&nbsp;&nbsp;&nbsp; 203661 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35902 | &nbsp;&nbsp;&nbsp;&nbsp; 924118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13431250 |
| **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12625 | &nbsp;&nbsp;&nbsp;&nbsp; 517877 |
| **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;CompX International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp; 28574 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20884 | &nbsp;&nbsp;&nbsp;&nbsp; 971732 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26432 | &nbsp;&nbsp;&nbsp;&nbsp; 531019 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43367 | &nbsp;&nbsp;&nbsp;&nbsp; 447114 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8795 | &nbsp;&nbsp;&nbsp;&nbsp; 73966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052405 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49455 | &nbsp;&nbsp;&nbsp;&nbsp; 241835 |
| **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
| &nbsp;&nbsp;&nbsp;Amplify Energy Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17799 | &nbsp;&nbsp;&nbsp;&nbsp; 51083 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50746 | &nbsp;&nbsp;&nbsp;&nbsp; 121283 |
| &nbsp;&nbsp;&nbsp;BKV Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7243 | &nbsp;&nbsp;&nbsp;&nbsp; 155725 |
| &nbsp;&nbsp;&nbsp;Borr Drilling, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;123616 | &nbsp;&nbsp;&nbsp;&nbsp; 216328 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29750 | &nbsp;&nbsp;&nbsp;&nbsp; 1314057 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61179 | &nbsp;&nbsp;&nbsp;&nbsp; 1974858 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40667 | &nbsp;&nbsp;&nbsp;&nbsp; 947541 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67964 | &nbsp;&nbsp;&nbsp;&nbsp; 570218 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14524 | &nbsp;&nbsp;&nbsp;&nbsp; 339716 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26608 | &nbsp;&nbsp;&nbsp;&nbsp; 512204 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Co. PLC # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18597 | &nbsp;&nbsp;&nbsp;&nbsp; 259800 |
| &nbsp;&nbsp;&nbsp;DLB Oil & Gas, Inc.†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp; 65554 |

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25857 | &nbsp;&nbsp;$145316 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398 | &nbsp;&nbsp;&nbsp;&nbsp; 1033717 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43374 | &nbsp;&nbsp;&nbsp;&nbsp; 661453 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp; 20729 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501 | &nbsp;&nbsp;&nbsp;&nbsp; 58397 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;195343 | &nbsp;&nbsp;&nbsp;&nbsp; 324269 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73628 | &nbsp;&nbsp;&nbsp;&nbsp; 1583002 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59932 | &nbsp;&nbsp;&nbsp;&nbsp; 1254377 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392 | &nbsp;&nbsp;&nbsp;&nbsp; 87548 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57571 | &nbsp;&nbsp;&nbsp;&nbsp; 1426034 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42735 | &nbsp;&nbsp;&nbsp;&nbsp; 1135896 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23118 | &nbsp;&nbsp;&nbsp;&nbsp; 499118 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169703 | &nbsp;&nbsp;&nbsp;&nbsp; 936761 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44681 | &nbsp;&nbsp;&nbsp;&nbsp; 851173 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp; 34951 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6619 | &nbsp;&nbsp;&nbsp;&nbsp; 169844 |
| &nbsp;&nbsp;&nbsp;Ring Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66993 | &nbsp;&nbsp;&nbsp;&nbsp; 49414 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19776 | &nbsp;&nbsp;&nbsp;&nbsp; 569153 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18453 | &nbsp;&nbsp;&nbsp;&nbsp; 181024 |
| &nbsp;&nbsp;&nbsp;Seadrill, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29480 | &nbsp;&nbsp;&nbsp;&nbsp; 683936 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32804 | &nbsp;&nbsp;&nbsp;&nbsp; 559964 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49622 | &nbsp;&nbsp;&nbsp;&nbsp; 1162147 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53632 | &nbsp;&nbsp;&nbsp;&nbsp; 431201 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;282391 | &nbsp;&nbsp;&nbsp;&nbsp; 703154 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57452 | &nbsp;&nbsp;&nbsp;&nbsp; 182123 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26209 | &nbsp;&nbsp;&nbsp;&nbsp; 985983 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10787 | &nbsp;&nbsp;&nbsp;&nbsp; 160511 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 272090 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15932 | &nbsp;&nbsp;&nbsp;&nbsp; 23579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715231 |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71129 | &nbsp;&nbsp;&nbsp;&nbsp; 1771112 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13029 | &nbsp;&nbsp;&nbsp;&nbsp; 287159 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34305 | &nbsp;&nbsp;&nbsp;&nbsp; 416806 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10446 | &nbsp;&nbsp;&nbsp;&nbsp; 305650 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81240 | &nbsp;&nbsp;&nbsp;&nbsp; 1955447 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23599 | &nbsp;&nbsp;&nbsp;&nbsp; 253689 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6588 | &nbsp;&nbsp;&nbsp;&nbsp; 42558 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44755 | &nbsp;&nbsp;&nbsp;&nbsp; 645367 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41524 | &nbsp;&nbsp;&nbsp;&nbsp; 345480 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10449 | &nbsp;&nbsp;&nbsp;&nbsp; 179827 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp; 34757 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63933 | &nbsp;&nbsp;&nbsp;&nbsp; 395745 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15405 | &nbsp;&nbsp;&nbsp;&nbsp; 212589 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20121 | &nbsp;&nbsp;&nbsp;&nbsp; 710473 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69788 | &nbsp;&nbsp;&nbsp;&nbsp; 808843 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695 | &nbsp;&nbsp;&nbsp;&nbsp; 9755 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12253 | &nbsp;&nbsp;&nbsp;&nbsp; 149732 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727 | &nbsp;&nbsp;&nbsp;&nbsp; 89336 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35745 | &nbsp;&nbsp;&nbsp;&nbsp; 289177 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44732 | &nbsp;&nbsp;&nbsp;&nbsp; 853039 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25647 | &nbsp;&nbsp;&nbsp;&nbsp; 111564 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6279 | &nbsp;&nbsp;&nbsp;&nbsp; 52367 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37054 | &nbsp;&nbsp;&nbsp;&nbsp; 200092 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10459 | &nbsp;&nbsp;&nbsp;&nbsp; 111388 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44890 | &nbsp;&nbsp;&nbsp;&nbsp; 199312 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 10546 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43402 | &nbsp;&nbsp;&nbsp;&nbsp; 348952 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13606 | &nbsp;&nbsp;&nbsp;&nbsp; 373213 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53132 | &nbsp;&nbsp;&nbsp;&nbsp; 142394 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226 | &nbsp;&nbsp;&nbsp;&nbsp; 803174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12109543 |

---

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72936 | &nbsp;&nbsp;$284451 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406 | &nbsp;&nbsp;&nbsp;&nbsp; 184429 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11268 | &nbsp;&nbsp;&nbsp;&nbsp; 626501 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049 | &nbsp;&nbsp;&nbsp;&nbsp; 123452 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 | &nbsp;&nbsp;&nbsp;&nbsp; 104856 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68448 | &nbsp;&nbsp;&nbsp;&nbsp; 897353 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25254 | &nbsp;&nbsp;&nbsp;&nbsp; 84096 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17260 | &nbsp;&nbsp;&nbsp;&nbsp; 455146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760284 |
| **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43071 | &nbsp;&nbsp;&nbsp;&nbsp; 386778 |
| &nbsp;&nbsp;&nbsp;Aduro Biotech Holding, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346 | &nbsp;&nbsp;&nbsp;&nbsp; 1523 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24027 | &nbsp;&nbsp;&nbsp;&nbsp; 771026 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92056 | &nbsp;&nbsp;&nbsp;&nbsp; 278930 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30871 | &nbsp;&nbsp;&nbsp;&nbsp; 41058 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68676 | &nbsp;&nbsp;&nbsp;&nbsp; 2102172 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67212 | &nbsp;&nbsp;&nbsp;&nbsp; 491992 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16304 | &nbsp;&nbsp;&nbsp;&nbsp; 419176 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849 | &nbsp;&nbsp;&nbsp;&nbsp; 42916 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26377 | &nbsp;&nbsp;&nbsp;&nbsp; 71482 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26405 | &nbsp;&nbsp;&nbsp;&nbsp; 190116 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38845 | &nbsp;&nbsp;&nbsp;&nbsp; 353878 |
| &nbsp;&nbsp;&nbsp;Biote Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7897 | &nbsp;&nbsp;&nbsp;&nbsp; 27324 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48039 | &nbsp;&nbsp;&nbsp;&nbsp; 1199053 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40408 | &nbsp;&nbsp;&nbsp;&nbsp; 31478 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13636 | &nbsp;&nbsp;&nbsp;&nbsp; 397353 |
| &nbsp;&nbsp;&nbsp;Corbus Pharmaceuticals Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4937 | &nbsp;&nbsp;&nbsp;&nbsp; 36632 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34375 | &nbsp;&nbsp;&nbsp;&nbsp; 2666125 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27821 | &nbsp;&nbsp;&nbsp;&nbsp; 337747 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7552 | &nbsp;&nbsp;&nbsp;&nbsp; 44783 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15417 | &nbsp;&nbsp;&nbsp;&nbsp; 273960 |
| &nbsp;&nbsp;&nbsp;Fennec Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp; 13958 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10737 | &nbsp;&nbsp;&nbsp;&nbsp; 43807 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22893 | &nbsp;&nbsp;&nbsp;&nbsp; 157389 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843 | &nbsp;&nbsp;&nbsp;&nbsp; 81356 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp; 26892 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15951 | &nbsp;&nbsp;&nbsp;&nbsp; 550309 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12651 | &nbsp;&nbsp;&nbsp;&nbsp; 355620 |
| &nbsp;&nbsp;&nbsp;Herbalife, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44008 | &nbsp;&nbsp;&nbsp;&nbsp; 343702 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46200 | &nbsp;&nbsp;&nbsp;&nbsp; 86856 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42700 | &nbsp;&nbsp;&nbsp;&nbsp; 25582 |
| &nbsp;&nbsp;&nbsp;Jounce Therapeutics, Inc. CVR#†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15509 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15722 | &nbsp;&nbsp;&nbsp;&nbsp; 185520 |
| &nbsp;&nbsp;&nbsp;Lyell Immunopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51672 | &nbsp;&nbsp;&nbsp;&nbsp; 22565 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642 | &nbsp;&nbsp;&nbsp;&nbsp; 2103537 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;114489 | &nbsp;&nbsp;&nbsp;&nbsp; 475129 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756 | &nbsp;&nbsp;&nbsp;&nbsp; 37598 |
| &nbsp;&nbsp;&nbsp;MediWound, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103 | &nbsp;&nbsp;&nbsp;&nbsp; 68142 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16839 | &nbsp;&nbsp;&nbsp;&nbsp; 748662 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234 | &nbsp;&nbsp;&nbsp;&nbsp; 49998 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp; 85985 |
| &nbsp;&nbsp;&nbsp;Ocugen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;122988 | &nbsp;&nbsp;&nbsp;&nbsp; 102830 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65409 | &nbsp;&nbsp;&nbsp;&nbsp; 523926 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72941 | &nbsp;&nbsp;&nbsp;&nbsp; 2383712 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24470 | &nbsp;&nbsp;&nbsp;&nbsp; 199920 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30041 | &nbsp;&nbsp;&nbsp;&nbsp; 198271 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19056 | &nbsp;&nbsp;&nbsp;&nbsp; 492407 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8682 | &nbsp;&nbsp;&nbsp;&nbsp; 212014 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25248 | &nbsp;&nbsp;&nbsp;&nbsp; 1198523 |
| &nbsp;&nbsp;&nbsp;Regulus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26847 | &nbsp;&nbsp;&nbsp;&nbsp; 212897 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23275 | &nbsp;&nbsp;&nbsp;&nbsp; 1427456 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19398 | &nbsp;&nbsp;$116000 |
| &nbsp;&nbsp;&nbsp;Skye Bioscience, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367 | &nbsp;&nbsp;&nbsp;&nbsp; 16567 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16311 | &nbsp;&nbsp;&nbsp;&nbsp; 249232 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21498 | &nbsp;&nbsp;&nbsp;&nbsp; 681487 |
| &nbsp;&nbsp;&nbsp;Telomir Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10618 | &nbsp;&nbsp;&nbsp;&nbsp; 20652 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31612 | &nbsp;&nbsp;&nbsp;&nbsp; 205794 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | &nbsp;&nbsp;&nbsp;&nbsp; 116612 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23694 | &nbsp;&nbsp;&nbsp;&nbsp; 102832 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52789 | &nbsp;&nbsp;&nbsp;&nbsp; 1715115 |
| &nbsp;&nbsp;&nbsp;Voyager Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19304 | &nbsp;&nbsp;&nbsp;&nbsp; 52893 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61274 | &nbsp;&nbsp;&nbsp;&nbsp; 302694 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14991 | &nbsp;&nbsp;&nbsp;&nbsp; 68959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26229038 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8702 | &nbsp;&nbsp;&nbsp;&nbsp; 244788 |
| &nbsp;&nbsp;&nbsp;Golar LNG, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39937 | &nbsp;&nbsp;&nbsp;&nbsp; 1643807 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15678 | &nbsp;&nbsp;&nbsp;&nbsp; 698298 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46633 | &nbsp;&nbsp;&nbsp;&nbsp; 386121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973014 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| &nbsp;&nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10619 | &nbsp;&nbsp;&nbsp;&nbsp; 154613 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17335 | &nbsp;&nbsp;&nbsp;&nbsp; 188258 |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28656 | &nbsp;&nbsp;&nbsp;&nbsp; 365077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707948 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp; 14256 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41724 | &nbsp;&nbsp;&nbsp;&nbsp; 145617 |
| &nbsp;&nbsp;&nbsp;Compass, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;159654 | &nbsp;&nbsp;&nbsp;&nbsp; 943555 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39479 | &nbsp;&nbsp;&nbsp;&nbsp; 336361 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp; 101157 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48847 | &nbsp;&nbsp;&nbsp;&nbsp; 311155 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689 | &nbsp;&nbsp;&nbsp;&nbsp; 59938 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11328 | &nbsp;&nbsp;&nbsp;&nbsp; 326360 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453 | &nbsp;&nbsp;&nbsp;&nbsp; 23074 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10453 | &nbsp;&nbsp;&nbsp;&nbsp; 1174708 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59080 | &nbsp;&nbsp;&nbsp;&nbsp; 650471 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7608 | &nbsp;&nbsp;&nbsp;&nbsp; 57440 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44849 | &nbsp;&nbsp;&nbsp;&nbsp; 184778 |
| &nbsp;&nbsp;&nbsp;Redfin Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51736 | &nbsp;&nbsp;&nbsp;&nbsp; 516843 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9697 | &nbsp;&nbsp;&nbsp;&nbsp; 146425 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp; 48719 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13853 | &nbsp;&nbsp;&nbsp;&nbsp; 619367 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691 | &nbsp;&nbsp;&nbsp;&nbsp; 30692 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp; 71777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762693 |
| **REITS — 6.2%** | **REITS — 6.2%** | **REITS — 6.2%** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49815 | &nbsp;&nbsp;&nbsp;&nbsp; 959437 |
| &nbsp;&nbsp;&nbsp;Advanced Flower Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16621 | &nbsp;&nbsp;&nbsp;&nbsp; 82440 |
| &nbsp;&nbsp;&nbsp;AG Mtg. Investment Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12237 | &nbsp;&nbsp;&nbsp;&nbsp; 85170 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33224 | &nbsp;&nbsp;&nbsp;&nbsp; 595042 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp; 255140 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8331 | &nbsp;&nbsp;&nbsp;&nbsp; 127631 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20373 | &nbsp;&nbsp;&nbsp;&nbsp; 406238 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64459 | &nbsp;&nbsp;&nbsp;&nbsp; 2252197 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mtg. REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp; 46015 |
| &nbsp;&nbsp;&nbsp;Apartment Investment & Management Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51552 | &nbsp;&nbsp;&nbsp;&nbsp; 411385 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62851 | &nbsp;&nbsp;&nbsp;&nbsp; 617825 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96920 | &nbsp;&nbsp;&nbsp;&nbsp; 1123303 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22709 | &nbsp;&nbsp;&nbsp;&nbsp; 104688 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33519 | &nbsp;&nbsp;&nbsp;&nbsp; 233292 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26346 | &nbsp;&nbsp;$427069 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74760 | &nbsp;&nbsp;&nbsp;&nbsp; 1412216 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30478 | &nbsp;&nbsp;&nbsp;&nbsp; 69490 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82459 | &nbsp;&nbsp;&nbsp;&nbsp; 348802 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54916 | &nbsp;&nbsp;&nbsp;&nbsp; 277875 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81451 | &nbsp;&nbsp;&nbsp;&nbsp; 1295885 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627 | &nbsp;&nbsp;&nbsp;&nbsp; 88682 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79910 | &nbsp;&nbsp;&nbsp;&nbsp; 2298212 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11116 | &nbsp;&nbsp;&nbsp;&nbsp; 280234 |
| &nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7522 | &nbsp;&nbsp;&nbsp;&nbsp; 479527 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26904 | &nbsp;&nbsp;&nbsp;&nbsp; 191825 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34243 | &nbsp;&nbsp;&nbsp;&nbsp; 451323 |
| &nbsp;&nbsp;&nbsp;Claros Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45427 | &nbsp;&nbsp;&nbsp;&nbsp; 116747 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6219 | &nbsp;&nbsp;&nbsp;&nbsp; 23632 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14284 | &nbsp;&nbsp;&nbsp;&nbsp; 233401 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48635 | &nbsp;&nbsp;&nbsp;&nbsp; 1335031 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14688 | &nbsp;&nbsp;&nbsp;&nbsp; 270553 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37405 | &nbsp;&nbsp;&nbsp;&nbsp; 848719 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90898 | &nbsp;&nbsp;&nbsp;&nbsp; 694461 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89830 | &nbsp;&nbsp;&nbsp;&nbsp; 281168 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38929 | &nbsp;&nbsp;&nbsp;&nbsp; 468705 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16935 | &nbsp;&nbsp;&nbsp;&nbsp; 367998 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40320 | &nbsp;&nbsp;&nbsp;&nbsp; 506822 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39700 | &nbsp;&nbsp;&nbsp;&nbsp; 637582 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49894 | &nbsp;&nbsp;&nbsp;&nbsp; 382188 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74456 | &nbsp;&nbsp;&nbsp;&nbsp; 2419820 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23094 | &nbsp;&nbsp;&nbsp;&nbsp; 261424 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41852 | &nbsp;&nbsp;&nbsp;&nbsp; 1155534 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38290 | &nbsp;&nbsp;&nbsp;&nbsp; 422339 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36151 | &nbsp;&nbsp;&nbsp;&nbsp; 65795 |
| &nbsp;&nbsp;&nbsp;FrontView REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 24171 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22733 | &nbsp;&nbsp;&nbsp;&nbsp; 665168 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20765 | &nbsp;&nbsp;&nbsp;&nbsp; 297978 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9035 | &nbsp;&nbsp;&nbsp;&nbsp; 89311 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32017 | &nbsp;&nbsp;&nbsp;&nbsp; 203628 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89892 | &nbsp;&nbsp;&nbsp;&nbsp; 697562 |
| &nbsp;&nbsp;&nbsp;Granite Point Mtg. Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20953 | &nbsp;&nbsp;&nbsp;&nbsp; 54268 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75492 | &nbsp;&nbsp;&nbsp;&nbsp; 140415 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95862 | &nbsp;&nbsp;&nbsp;&nbsp; 1782075 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8807 | &nbsp;&nbsp;&nbsp;&nbsp; 28975 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12618 | &nbsp;&nbsp;&nbsp;&nbsp; 696766 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33966 | &nbsp;&nbsp;&nbsp;&nbsp; 954105 |
| &nbsp;&nbsp;&nbsp;Invesco Mtg. Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32087 | &nbsp;&nbsp;&nbsp;&nbsp; 236802 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92008 | &nbsp;&nbsp;&nbsp;&nbsp; 2035217 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29886 | &nbsp;&nbsp;&nbsp;&nbsp; 266882 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51923 | &nbsp;&nbsp;&nbsp;&nbsp; 546230 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19954 | &nbsp;&nbsp;&nbsp;&nbsp; 706172 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;123571 | &nbsp;&nbsp;&nbsp;&nbsp; 1060239 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;107010 | &nbsp;&nbsp;&nbsp;&nbsp; 1731422 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47645 | &nbsp;&nbsp;&nbsp;&nbsp; 443098 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18842 | &nbsp;&nbsp;&nbsp;&nbsp; 1366233 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7764 | &nbsp;&nbsp;&nbsp;&nbsp; 242314 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30983 | &nbsp;&nbsp;&nbsp;&nbsp; 498826 |
| &nbsp;&nbsp;&nbsp;New York Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36203 | &nbsp;&nbsp;&nbsp;&nbsp; 236406 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13442 | &nbsp;&nbsp;&nbsp;&nbsp; 55919 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5348 | &nbsp;&nbsp;&nbsp;&nbsp; 78990 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8323 | &nbsp;&nbsp;&nbsp;&nbsp; 282982 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6748 | &nbsp;&nbsp;&nbsp;&nbsp; 165191 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39357 | &nbsp;&nbsp;&nbsp;&nbsp; 268808 |
| &nbsp;&nbsp;&nbsp;Orion Office REIT, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32670 | &nbsp;&nbsp;&nbsp;&nbsp; 62400 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63261 | &nbsp;&nbsp;&nbsp;&nbsp; 1045072 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84925 | &nbsp;&nbsp;&nbsp;&nbsp; 513796 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18374 | &nbsp;&nbsp;$227654 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44356 | &nbsp;&nbsp;&nbsp;&nbsp; 407188 |
| &nbsp;&nbsp;&nbsp;PennyMac Mtg. Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40089 | &nbsp;&nbsp;&nbsp;&nbsp; 492293 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52120 | &nbsp;&nbsp;&nbsp;&nbsp; 1848175 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58438 | &nbsp;&nbsp;&nbsp;&nbsp; 416079 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17049 | &nbsp;&nbsp;&nbsp;&nbsp; 276194 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 | &nbsp;&nbsp;&nbsp;&nbsp; 121806 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33916 | &nbsp;&nbsp;&nbsp;&nbsp; 1334255 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75154 | &nbsp;&nbsp;&nbsp;&nbsp; 335938 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62785 | &nbsp;&nbsp;&nbsp;&nbsp; 342178 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69282 | &nbsp;&nbsp;&nbsp;&nbsp; 505759 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24831 | &nbsp;&nbsp;&nbsp;&nbsp; 2411338 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100504 | &nbsp;&nbsp;&nbsp;&nbsp; 1756810 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24730 | &nbsp;&nbsp;&nbsp;&nbsp; 372681 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114 | &nbsp;&nbsp;&nbsp;&nbsp; 138560 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83088 | &nbsp;&nbsp;&nbsp;&nbsp; 192764 |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436 | &nbsp;&nbsp;&nbsp;&nbsp; 64090 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23802 | &nbsp;&nbsp;&nbsp;&nbsp; 283720 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30491 | &nbsp;&nbsp;&nbsp;&nbsp; 1730974 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804 | &nbsp;&nbsp;&nbsp;&nbsp; 49001 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44618 | &nbsp;&nbsp;&nbsp;&nbsp; 195427 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6585 | &nbsp;&nbsp;&nbsp;&nbsp; 70723 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89265 | &nbsp;&nbsp;&nbsp;&nbsp; 799814 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46373 | &nbsp;&nbsp;&nbsp;&nbsp; 1381915 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42070 | &nbsp;&nbsp;&nbsp;&nbsp; 2373589 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31504 | &nbsp;&nbsp;&nbsp;&nbsp; 241951 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47275 | &nbsp;&nbsp;&nbsp;&nbsp; 500642 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29778 | &nbsp;&nbsp;&nbsp;&nbsp; 499973 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111211 | &nbsp;&nbsp;&nbsp;&nbsp; 478207 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608 | &nbsp;&nbsp;&nbsp;&nbsp; 262404 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53544 | &nbsp;&nbsp;&nbsp;&nbsp; 972359 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29603 | &nbsp;&nbsp;&nbsp;&nbsp; 449966 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23102 | &nbsp;&nbsp;&nbsp;&nbsp; 284617 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46974 | &nbsp;&nbsp;&nbsp;&nbsp; 574492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65283819 |
| **Retail — 3.7%** | **Retail — 3.7%** | **Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21079 | &nbsp;&nbsp;&nbsp;&nbsp; 1654491 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29529 | &nbsp;&nbsp;&nbsp;&nbsp; 1208031 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78169 | &nbsp;&nbsp;&nbsp;&nbsp; 856732 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp; 179236 |
| &nbsp;&nbsp;&nbsp;Arko Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28987 | &nbsp;&nbsp;&nbsp;&nbsp; 124064 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364 | &nbsp;&nbsp;&nbsp;&nbsp; 1906239 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 64009 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;&nbsp;&nbsp; 396137 |
| &nbsp;&nbsp;&nbsp;Blink Charging Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25412 | &nbsp;&nbsp;&nbsp;&nbsp; 17865 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36345 | &nbsp;&nbsp;&nbsp;&nbsp; 277312 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061 | &nbsp;&nbsp;&nbsp;&nbsp; 271762 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12581 | &nbsp;&nbsp;&nbsp;&nbsp; 2016860 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18737 | &nbsp;&nbsp;&nbsp;&nbsp; 3234568 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12553 | &nbsp;&nbsp;&nbsp;&nbsp; 534883 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321 | &nbsp;&nbsp;&nbsp;&nbsp; 271584 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16707 | &nbsp;&nbsp;&nbsp;&nbsp; 224709 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20614 | &nbsp;&nbsp;&nbsp;&nbsp; 335184 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21034 | &nbsp;&nbsp;&nbsp;&nbsp; 1160446 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp; 38873 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46020 | &nbsp;&nbsp;&nbsp;&nbsp; 82376 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10247 | &nbsp;&nbsp;&nbsp;&nbsp; 588588 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14135 | &nbsp;&nbsp;&nbsp;&nbsp; 310405 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14585 | &nbsp;&nbsp;&nbsp;&nbsp; 55715 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14505 | &nbsp;&nbsp;&nbsp;&nbsp; 51493 |
| &nbsp;&nbsp;&nbsp;Destination XL Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26557 | &nbsp;&nbsp;&nbsp;&nbsp; 30009 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6387 | &nbsp;&nbsp;&nbsp;&nbsp; 153671 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15422 | &nbsp;&nbsp;$161931 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44894 | &nbsp;&nbsp;&nbsp;&nbsp; 177331 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14784 | &nbsp;&nbsp;&nbsp;&nbsp; 228265 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16292 | &nbsp;&nbsp;&nbsp;&nbsp; 2083910 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35469 | &nbsp;&nbsp;&nbsp;&nbsp; 842743 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786 | &nbsp;&nbsp;&nbsp;&nbsp; 104000 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16875 | &nbsp;&nbsp;&nbsp;&nbsp; 1277944 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5571 | &nbsp;&nbsp;&nbsp;&nbsp; 2361658 |
| &nbsp;&nbsp;&nbsp;GrowGeneration Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17310 | &nbsp;&nbsp;&nbsp;&nbsp; 18695 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238 | &nbsp;&nbsp;&nbsp;&nbsp; 130748 |
| &nbsp;&nbsp;&nbsp;J. Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 | &nbsp;&nbsp;&nbsp;&nbsp; 56032 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7942 | &nbsp;&nbsp;&nbsp;&nbsp; 150620 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp; 180212 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18589 | &nbsp;&nbsp;&nbsp;&nbsp; 778693 |
| &nbsp;&nbsp;&nbsp;Leslie's, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25087 | &nbsp;&nbsp;&nbsp;&nbsp; 18908 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9608 | &nbsp;&nbsp;&nbsp;&nbsp; 203690 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6417 | &nbsp;&nbsp;&nbsp;&nbsp; 103955 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31588 | &nbsp;&nbsp;&nbsp;&nbsp; 625758 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22066 | &nbsp;&nbsp;&nbsp;&nbsp; 190430 |
| &nbsp;&nbsp;&nbsp;ODP Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12463 | &nbsp;&nbsp;&nbsp;&nbsp; 205016 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 25478 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13894 | &nbsp;&nbsp;&nbsp;&nbsp; 628703 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14077 | &nbsp;&nbsp;&nbsp;&nbsp; 1208651 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923 | &nbsp;&nbsp;&nbsp;&nbsp; 321964 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26667 | &nbsp;&nbsp;&nbsp;&nbsp; 97868 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22684 | &nbsp;&nbsp;&nbsp;&nbsp; 272208 |
| &nbsp;&nbsp;&nbsp;Potbelly Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11877 | &nbsp;&nbsp;&nbsp;&nbsp; 126728 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10661 | &nbsp;&nbsp;&nbsp;&nbsp; 1151175 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46556 | &nbsp;&nbsp;&nbsp;&nbsp; 405503 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890 | &nbsp;&nbsp;&nbsp;&nbsp; 59018 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16166 | &nbsp;&nbsp;&nbsp;&nbsp; 2098185 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10121 | &nbsp;&nbsp;&nbsp;&nbsp; 194526 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17882 | &nbsp;&nbsp;&nbsp;&nbsp; 1190405 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940 | &nbsp;&nbsp;&nbsp;&nbsp; 485314 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42948 | &nbsp;&nbsp;&nbsp;&nbsp; 576362 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8078 | &nbsp;&nbsp;&nbsp;&nbsp; 51457 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26648 | &nbsp;&nbsp;&nbsp;&nbsp; 1862695 |
| &nbsp;&nbsp;&nbsp;Vera Bradley, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp; 10080 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34130 | &nbsp;&nbsp;&nbsp;&nbsp; 723897 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39461 | &nbsp;&nbsp;&nbsp;&nbsp; 835389 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp; 458806 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922 | &nbsp;&nbsp;&nbsp;&nbsp; 61476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38791669 |
| **Savings & Loans — 0.8%** | **Savings & Loans — 0.8%** | **Savings & Loans — 0.8%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715 | &nbsp;&nbsp;&nbsp;&nbsp; 1579601 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57772 | &nbsp;&nbsp;&nbsp;&nbsp; 792632 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36672 | &nbsp;&nbsp;&nbsp;&nbsp; 378822 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51568 | &nbsp;&nbsp;&nbsp;&nbsp; 294453 |
| &nbsp;&nbsp;&nbsp;Essa Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564 | &nbsp;&nbsp;&nbsp;&nbsp; 65542 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109545 | &nbsp;&nbsp;&nbsp;&nbsp; 1261958 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13560 | &nbsp;&nbsp;&nbsp;&nbsp; 163127 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032 | &nbsp;&nbsp;&nbsp;&nbsp; 154869 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp; 64549 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp; 204594 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907 | &nbsp;&nbsp;&nbsp;&nbsp; 196913 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6265 | &nbsp;&nbsp;&nbsp;&nbsp; 226104 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16204 | &nbsp;&nbsp;&nbsp;&nbsp; 189263 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52968 | &nbsp;&nbsp;&nbsp;&nbsp; 650447 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26836 | &nbsp;&nbsp;&nbsp;&nbsp; 451113 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39831 | &nbsp;&nbsp;&nbsp;&nbsp; 844417 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868 | &nbsp;&nbsp;&nbsp;&nbsp; 256349 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Savings & Loans (continued)** | **Savings & Loans (continued)** | **Savings & Loans (continued)** |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777 | &nbsp;&nbsp;$145364 |
| &nbsp;&nbsp;&nbsp;WaterStone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6838 | &nbsp;&nbsp;&nbsp;&nbsp; 88347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008464 |
| **Semiconductors — 1.7%** | **Semiconductors — 1.7%** | **Semiconductors — 1.7%** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21798 | &nbsp;&nbsp;&nbsp;&nbsp; 491545 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9914 | &nbsp;&nbsp;&nbsp;&nbsp; 94580 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11192 | &nbsp;&nbsp;&nbsp;&nbsp; 237494 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16398 | &nbsp;&nbsp;&nbsp;&nbsp; 863191 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15424 | &nbsp;&nbsp;&nbsp;&nbsp; 119844 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13459 | &nbsp;&nbsp;&nbsp;&nbsp; 758280 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9797 | &nbsp;&nbsp;&nbsp;&nbsp; 183792 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16668 | &nbsp;&nbsp;&nbsp;&nbsp; 284523 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18524 | &nbsp;&nbsp;&nbsp;&nbsp; 822466 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32915 | &nbsp;&nbsp;&nbsp;&nbsp; 982513 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750 | &nbsp;&nbsp;&nbsp;&nbsp; 1112377 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23223 | &nbsp;&nbsp;&nbsp;&nbsp; 746619 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32013 | &nbsp;&nbsp;&nbsp;&nbsp; 364628 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40887 | &nbsp;&nbsp;&nbsp;&nbsp; 208524 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20056 | &nbsp;&nbsp;&nbsp;&nbsp; 245285 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23950 | &nbsp;&nbsp;&nbsp;&nbsp; 425352 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26860 | &nbsp;&nbsp;&nbsp;&nbsp; 448831 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24062 | &nbsp;&nbsp;&nbsp;&nbsp; 1196603 |
| &nbsp;&nbsp;&nbsp;QuickLogic Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp; 9417 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45426 | &nbsp;&nbsp;&nbsp;&nbsp; 2428928 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368 | &nbsp;&nbsp;&nbsp;&nbsp; 56994 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31453 | &nbsp;&nbsp;&nbsp;&nbsp; 1174140 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13627 | &nbsp;&nbsp;&nbsp;&nbsp; 1642462 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7939 | &nbsp;&nbsp;&nbsp;&nbsp; 1556600 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8499 | &nbsp;&nbsp;&nbsp;&nbsp; 76831 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16831 | &nbsp;&nbsp;&nbsp;&nbsp; 988990 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17795 | &nbsp;&nbsp;&nbsp;&nbsp; 344689 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20605 | &nbsp;&nbsp;&nbsp;&nbsp; 397882 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5662 | &nbsp;&nbsp;&nbsp;&nbsp; 145627 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18409007 |
| **Software — 5.4%** | **Software — 5.4%** | **Software — 5.4%** |
| &nbsp;&nbsp;&nbsp;8x8, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38524 | &nbsp;&nbsp;&nbsp;&nbsp; 63179 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44764 | &nbsp;&nbsp;&nbsp;&nbsp; 2070783 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62908 | &nbsp;&nbsp;&nbsp;&nbsp; 1030433 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49123 | &nbsp;&nbsp;&nbsp;&nbsp; 630739 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9243 | &nbsp;&nbsp;&nbsp;&nbsp; 978926 |
| &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4722 | &nbsp;&nbsp;&nbsp;&nbsp; 24318 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43780 | &nbsp;&nbsp;&nbsp;&nbsp; 672899 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27012 | &nbsp;&nbsp;&nbsp;&nbsp; 773624 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33209 | &nbsp;&nbsp;&nbsp;&nbsp; 411460 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17554 | &nbsp;&nbsp;&nbsp;&nbsp; 552951 |
| &nbsp;&nbsp;&nbsp;Asana, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34975 | &nbsp;&nbsp;&nbsp;&nbsp; 626402 |
| &nbsp;&nbsp;&nbsp;Asure Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14469 | &nbsp;&nbsp;&nbsp;&nbsp; 140349 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54757 | &nbsp;&nbsp;&nbsp;&nbsp; 1021218 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73885 | &nbsp;&nbsp;&nbsp;&nbsp; 723334 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14104 | &nbsp;&nbsp;&nbsp;&nbsp; 197738 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50688 | &nbsp;&nbsp;&nbsp;&nbsp; 210862 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings, Inc., Series 1† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28730 | &nbsp;&nbsp;&nbsp;&nbsp; 144799 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16734 | &nbsp;&nbsp;&nbsp;&nbsp; 1041357 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24808 | &nbsp;&nbsp;&nbsp;&nbsp; 1387512 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;107960 | &nbsp;&nbsp;&nbsp;&nbsp; 395134 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58549 | &nbsp;&nbsp;&nbsp;&nbsp; 2214323 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28955 | &nbsp;&nbsp;&nbsp;&nbsp; 1065544 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47806 | &nbsp;&nbsp;&nbsp;&nbsp; 1271162 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19045 | &nbsp;&nbsp;&nbsp;&nbsp; 162073 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37548 | &nbsp;&nbsp;&nbsp;&nbsp; 929313 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82420 | &nbsp;&nbsp;&nbsp;&nbsp; 1903902 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;$218036 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18214 | &nbsp;&nbsp;&nbsp;&nbsp; 3335894 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7663 | &nbsp;&nbsp;&nbsp;&nbsp; 168356 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15144 | &nbsp;&nbsp;&nbsp;&nbsp; 59667 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12835 | &nbsp;&nbsp;&nbsp;&nbsp; 847880 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 222937 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24429 | &nbsp;&nbsp;&nbsp;&nbsp; 80860 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15495 | &nbsp;&nbsp;&nbsp;&nbsp; 502193 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357 | &nbsp;&nbsp;&nbsp;&nbsp; 96230 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45578 | &nbsp;&nbsp;&nbsp;&nbsp; 215128 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28568 | &nbsp;&nbsp;&nbsp;&nbsp; 808474 |
| &nbsp;&nbsp;&nbsp;Domo, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15296 | &nbsp;&nbsp;&nbsp;&nbsp; 194259 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11933 | &nbsp;&nbsp;&nbsp;&nbsp; 650110 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89557 | &nbsp;&nbsp;&nbsp;&nbsp; 287478 |
| &nbsp;&nbsp;&nbsp;eGain Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5995 | &nbsp;&nbsp;&nbsp;&nbsp; 32313 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11076 | &nbsp;&nbsp;&nbsp;&nbsp; 110871 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46984 | &nbsp;&nbsp;&nbsp;&nbsp; 350031 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59705 | &nbsp;&nbsp;&nbsp;&nbsp; 434652 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89392 | &nbsp;&nbsp;&nbsp;&nbsp; 1365016 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9753 | &nbsp;&nbsp;&nbsp;&nbsp; 171263 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26035 | &nbsp;&nbsp;&nbsp;&nbsp; 98933 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10127 | &nbsp;&nbsp;&nbsp;&nbsp; 250238 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3638 | &nbsp;&nbsp;&nbsp;&nbsp; 104738 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp; 290442 |
| &nbsp;&nbsp;&nbsp;Immersion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19297 | &nbsp;&nbsp;&nbsp;&nbsp; 145113 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12007 | &nbsp;&nbsp;&nbsp;&nbsp; 473916 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9325 | &nbsp;&nbsp;&nbsp;&nbsp; 72922 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23058 | &nbsp;&nbsp;&nbsp;&nbsp; 1270957 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86071 | &nbsp;&nbsp;&nbsp;&nbsp; 3472104 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35220 | &nbsp;&nbsp;&nbsp;&nbsp; 369810 |
| &nbsp;&nbsp;&nbsp;Kaltura, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46580 | &nbsp;&nbsp;&nbsp;&nbsp; 98750 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp; 284196 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27519 | &nbsp;&nbsp;&nbsp;&nbsp; 896569 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16490 | &nbsp;&nbsp;&nbsp;&nbsp; 275218 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32832 | &nbsp;&nbsp;&nbsp;&nbsp; 255761 |
| &nbsp;&nbsp;&nbsp;Olo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45169 | &nbsp;&nbsp;&nbsp;&nbsp; 393422 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16569 | &nbsp;&nbsp;&nbsp;&nbsp; 94278 |
| &nbsp;&nbsp;&nbsp;Outbrain, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16460 | &nbsp;&nbsp;&nbsp;&nbsp; 42467 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Ltd., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16066 | &nbsp;&nbsp;&nbsp;&nbsp; 264125 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37709 | &nbsp;&nbsp;&nbsp;&nbsp; 537730 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10357 | &nbsp;&nbsp;&nbsp;&nbsp; 183319 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24964 | &nbsp;&nbsp;&nbsp;&nbsp; 611368 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98561 | &nbsp;&nbsp;&nbsp;&nbsp; 378474 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50568 | &nbsp;&nbsp;&nbsp;&nbsp; 67761 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36883 | &nbsp;&nbsp;&nbsp;&nbsp; 336373 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43862 | &nbsp;&nbsp;&nbsp;&nbsp; 998299 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18319 | &nbsp;&nbsp;&nbsp;&nbsp; 1127718 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20668 | &nbsp;&nbsp;&nbsp;&nbsp; 363550 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20269 | &nbsp;&nbsp;&nbsp;&nbsp; 237147 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53542 | &nbsp;&nbsp;&nbsp;&nbsp; 61038 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;&nbsp; 227746 |
| &nbsp;&nbsp;&nbsp;ReposiTrak, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 | &nbsp;&nbsp;&nbsp;&nbsp; 106809 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14245 | &nbsp;&nbsp;&nbsp;&nbsp; 408832 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23349 | &nbsp;&nbsp;&nbsp;&nbsp; 504805 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15143 | &nbsp;&nbsp;&nbsp;&nbsp; 149007 |
| &nbsp;&nbsp;&nbsp;Silvaco Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp; 15585 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;&nbsp; 190592 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;139649 | &nbsp;&nbsp;&nbsp;&nbsp; 1411851 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22302 | &nbsp;&nbsp;&nbsp;&nbsp; 486853 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15483 | &nbsp;&nbsp;&nbsp;&nbsp; 2179387 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52345 | &nbsp;&nbsp;&nbsp;&nbsp; 166981 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28054 | &nbsp;&nbsp;&nbsp;&nbsp; 492067 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23337 | &nbsp;&nbsp;$923445 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8520 | &nbsp;&nbsp;&nbsp;&nbsp; 117491 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64698 | &nbsp;&nbsp;&nbsp;&nbsp; 282083 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38868 | &nbsp;&nbsp;&nbsp;&nbsp; 1553943 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21322 | &nbsp;&nbsp;&nbsp;&nbsp; 205757 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47995 | &nbsp;&nbsp;&nbsp;&nbsp; 49915 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21901 | &nbsp;&nbsp;&nbsp;&nbsp; 1473718 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45242 | &nbsp;&nbsp;&nbsp;&nbsp; 303574 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75802 | &nbsp;&nbsp;&nbsp;&nbsp; 996038 |
| &nbsp;&nbsp;&nbsp;Zspace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 7669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57106866 |
| **Telecommunications — 2.0%** | **Telecommunications — 2.0%** | **Telecommunications — 2.0%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32400 | &nbsp;&nbsp;&nbsp;&nbsp; 559224 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33479 | &nbsp;&nbsp;&nbsp;&nbsp; 268836 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103 | &nbsp;&nbsp;&nbsp;&nbsp; 82509 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90321 | &nbsp;&nbsp;&nbsp;&nbsp; 616892 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56950 | &nbsp;&nbsp;&nbsp;&nbsp; 1313836 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216 | &nbsp;&nbsp;&nbsp;&nbsp; 59909 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527 | &nbsp;&nbsp;&nbsp;&nbsp; 97104 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973 | &nbsp;&nbsp;&nbsp;&nbsp; 111598 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25813 | &nbsp;&nbsp;&nbsp;&nbsp; 1193593 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551 | &nbsp;&nbsp;&nbsp;&nbsp; 205998 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93047 | &nbsp;&nbsp;&nbsp;&nbsp; 562004 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60298 | &nbsp;&nbsp;&nbsp;&nbsp; 3675766 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67582 | &nbsp;&nbsp;&nbsp;&nbsp; 747457 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51753 | &nbsp;&nbsp;&nbsp;&nbsp; 917581 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55068 | &nbsp;&nbsp;&nbsp;&nbsp; 862916 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19275 | &nbsp;&nbsp;&nbsp;&nbsp; 355816 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21167 | &nbsp;&nbsp;&nbsp;&nbsp; 224582 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46208 | &nbsp;&nbsp;&nbsp;&nbsp; 416796 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5418 | &nbsp;&nbsp;&nbsp;&nbsp; 333695 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10715 | &nbsp;&nbsp;&nbsp;&nbsp; 2327941 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;430312 | &nbsp;&nbsp;&nbsp;&nbsp; 1686823 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11852 | &nbsp;&nbsp;&nbsp;&nbsp; 347619 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10528 | &nbsp;&nbsp;&nbsp;&nbsp; 143707 |
| &nbsp;&nbsp;&nbsp;Powerfleet, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45621 | &nbsp;&nbsp;&nbsp;&nbsp; 207576 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 158330 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40970 | &nbsp;&nbsp;&nbsp;&nbsp; 138479 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16444 | &nbsp;&nbsp;&nbsp;&nbsp; 206865 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9824 | &nbsp;&nbsp;&nbsp;&nbsp; 159149 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41972 | &nbsp;&nbsp;&nbsp;&nbsp; 1442158 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51804 | &nbsp;&nbsp;&nbsp;&nbsp; 452249 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93396 | &nbsp;&nbsp;&nbsp;&nbsp; 850838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20727846 |
| **Textiles — 0.1%** | **Textiles — 0.1%** | **Textiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6532 | &nbsp;&nbsp;&nbsp;&nbsp; 1231674 |
| **Therapeutics — 0.0%** | **Therapeutics — 0.0%** | **Therapeutics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Tobira Therapeutics, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
| &nbsp;&nbsp;&nbsp;Funko, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550 | &nbsp;&nbsp;&nbsp;&nbsp; 52584 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5521 | &nbsp;&nbsp;&nbsp;&nbsp; 111138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163722 |
| **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10616 | &nbsp;&nbsp;&nbsp;&nbsp; 665517 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21175 | &nbsp;&nbsp;&nbsp;&nbsp; 203492 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624 | &nbsp;&nbsp;&nbsp;&nbsp; 43281 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23122 | &nbsp;&nbsp;&nbsp;&nbsp; 198156 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881 | &nbsp;&nbsp;&nbsp;&nbsp; 156199 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19537 | &nbsp;&nbsp;&nbsp;&nbsp; 117417 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58049 | &nbsp;&nbsp;&nbsp;&nbsp; 672207 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14229 | &nbsp;&nbsp;$304643 |
| &nbsp;&nbsp;&nbsp;FLEX LNG, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11409 | &nbsp;&nbsp;&nbsp;&nbsp; 272675 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12185 | &nbsp;&nbsp;&nbsp;&nbsp; 204464 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21306 | &nbsp;&nbsp;&nbsp;&nbsp; 282091 |
| &nbsp;&nbsp;&nbsp;Golden Ocean Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56809 | &nbsp;&nbsp;&nbsp;&nbsp; 437429 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19824 | &nbsp;&nbsp;&nbsp;&nbsp; 177425 |
| &nbsp;&nbsp;&nbsp;Himalaya Shipping, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12646 | &nbsp;&nbsp;&nbsp;&nbsp; 75623 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26409 | &nbsp;&nbsp;&nbsp;&nbsp; 890247 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18267 | &nbsp;&nbsp;&nbsp;&nbsp; 676792 |
| &nbsp;&nbsp;&nbsp;Marten Transport, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24691 | &nbsp;&nbsp;&nbsp;&nbsp; 321971 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14086 | &nbsp;&nbsp;&nbsp;&nbsp; 1589605 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89938 | &nbsp;&nbsp;&nbsp;&nbsp; 238336 |
| &nbsp;&nbsp;&nbsp;PAMT Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | &nbsp;&nbsp;&nbsp;&nbsp; 64433 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15422 | &nbsp;&nbsp;&nbsp;&nbsp; 69399 |
| &nbsp;&nbsp;&nbsp;Proficient Auto Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp;&nbsp; 78303 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22899 | &nbsp;&nbsp;&nbsp;&nbsp; 136020 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69885 | &nbsp;&nbsp;&nbsp;&nbsp; 1085314 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25674 | &nbsp;&nbsp;&nbsp;&nbsp; 97561 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19664 | &nbsp;&nbsp;&nbsp;&nbsp; 781447 |
| &nbsp;&nbsp;&nbsp;SFL Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53912 | &nbsp;&nbsp;&nbsp;&nbsp; 462565 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25538 | &nbsp;&nbsp;&nbsp;&nbsp; 215796 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp; 443977 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4727 | &nbsp;&nbsp;&nbsp;&nbsp; 113732 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27398 | &nbsp;&nbsp;&nbsp;&nbsp; 710978 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25735 | &nbsp;&nbsp;&nbsp;&nbsp; 704882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12491977 |
| **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15174 | &nbsp;&nbsp;&nbsp;&nbsp; 2416308 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13895 | &nbsp;&nbsp;&nbsp;&nbsp; 626247 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp; 182568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225123 |
| **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16090 | &nbsp;&nbsp;&nbsp;&nbsp; 1269018 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25340 | &nbsp;&nbsp;&nbsp;&nbsp; 1197315 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193 | &nbsp;&nbsp;&nbsp;&nbsp; 113337 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 9490 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;&nbsp; 404143 |
| &nbsp;&nbsp;&nbsp;SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13476 | &nbsp;&nbsp;&nbsp;&nbsp; 707221 |
| &nbsp;&nbsp;&nbsp;York Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561 | &nbsp;&nbsp;&nbsp;&nbsp; 148962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849486 |
| **Total Long-Term Investment Securities<br> (cost $879,053,388)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1019883930 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 5.9%** | **SHORT-TERM INVESTMENTS — 5.9%** |  |
| **Unaffiliated Investment Companies — 5.9%** | **Unaffiliated Investment Companies — 5.9%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(2) | 33001727 | &nbsp;&nbsp;$33001727 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(2)(3) | 29085892 | &nbsp;&nbsp;&nbsp;&nbsp; 29085892 |
| **Total Short-Term Investments<br> (cost $62,087,619)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62087619 |
| **TOTAL INVESTMENTS<br> (cost $941,141,007)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.6% | &nbsp;&nbsp;&nbsp;&nbsp;1081971549 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26985667) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1054985882 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (3) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $64,029,082. This was secured by collateral of $29,085,892, which was received in cash and subsequently invested in short-term investments currently valued at $29,085,892 as reported in the Portfolio of Investments. Additional collateral of $37,984,038 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $99663 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644123 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49454 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271259 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;36918903 |

---

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

CVR—Contingent Value Rights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Banks** |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp; 369 | &nbsp;&nbsp;4.73% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;$24870 | &nbsp;&nbsp;$(328) | &nbsp;&nbsp;$(328) |
| BNP Paribas | &nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;11342 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 303339 | &nbsp;&nbsp;&nbsp;&nbsp; (508) | &nbsp;&nbsp;&nbsp;&nbsp; (508) |
| HSBC Holdings | &nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;28852 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp;1260959 | &nbsp;&nbsp;&nbsp;&nbsp;(24507) | &nbsp;&nbsp;&nbsp;&nbsp;(24507) |
| BNP Paribas | &nbsp;&nbsp;First BanCorp | &nbsp;&nbsp;68817 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp;1401534 | &nbsp;&nbsp;&nbsp;&nbsp;(26570) | &nbsp;&nbsp;&nbsp;&nbsp;(26570) |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;77197 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;&nbsp;1334636 | &nbsp;&nbsp;&nbsp;&nbsp; (2988) | &nbsp;&nbsp;&nbsp;&nbsp; (2988) |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp; 7229 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;&nbsp; 565149 | &nbsp;&nbsp;&nbsp;&nbsp; (925) | &nbsp;&nbsp;&nbsp;&nbsp; (925) |
| BNP Paribas | &nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp; 8476 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 269732 | &nbsp;&nbsp;&nbsp;&nbsp; (2483) | &nbsp;&nbsp;&nbsp;&nbsp; (2483) |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp; 5197 | &nbsp;&nbsp;4.33 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 432651 | &nbsp;&nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp; 1870 |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp; 294 | &nbsp;&nbsp;4.33 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 6783 | &nbsp;&nbsp;&nbsp;&nbsp; (45) | &nbsp;&nbsp;&nbsp;&nbsp; (45) |
| HSBC Holdings | &nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;19083 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 798072 | &nbsp;&nbsp;&nbsp;&nbsp;(12997) | &nbsp;&nbsp;&nbsp;&nbsp;(12997) |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| HSBC Holdings | &nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 1260 | &nbsp;&nbsp;4.73% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;$37110 | &nbsp;&nbsp;$715 | &nbsp;&nbsp;$715 |
| HSBC Holdings | &nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;77450 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp;2369207 | &nbsp;&nbsp;&nbsp;&nbsp;(22472) | &nbsp;&nbsp;&nbsp;&nbsp;(22472) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(91238) | &nbsp;&nbsp;&nbsp;&nbsp;(91238) |
| **Savings & Loans** |  |  |  |  |  |  |  |  |
| JPMorgan Securities, LLC | &nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;53528 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2026 | &nbsp;&nbsp;&nbsp; 899645 | &nbsp;&nbsp;&nbsp;&nbsp; (5727) | &nbsp;&nbsp;&nbsp;&nbsp; (5727) |
| HSBC Holdings | &nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;18253 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 461582 | &nbsp;&nbsp;&nbsp;&nbsp; (9638) | &nbsp;&nbsp;&nbsp;&nbsp; (9638) |
| HSBC Holdings | &nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;24880 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp;1322024 | &nbsp;&nbsp;&nbsp;&nbsp; (6120) | &nbsp;&nbsp;&nbsp;&nbsp; (6120) |
| BNP Paribas | &nbsp;&nbsp;WaFd, Inc. | &nbsp;&nbsp;34370 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 988861 | &nbsp;&nbsp;&nbsp;&nbsp;(12066) | &nbsp;&nbsp;&nbsp;&nbsp;(12066) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(33551) | &nbsp;&nbsp;&nbsp;&nbsp;(33551) |
| **Office/Business Equipment** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp;69816 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 635877 | &nbsp;&nbsp;&nbsp; 83228 | &nbsp;&nbsp;&nbsp; 83228 |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;21140 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp;1084440 | &nbsp;&nbsp;&nbsp;&nbsp; (1226) | &nbsp;&nbsp;&nbsp;&nbsp; (1226) |
| BNP Paribas | &nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp;30045 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp;1705853 | &nbsp;&nbsp;&nbsp; 10017 | &nbsp;&nbsp;&nbsp; 10017 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8791 |
| **REITS** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp;78293 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 711561 | &nbsp;&nbsp;&nbsp; 38485 | &nbsp;&nbsp;&nbsp; 38485 |
| HSBC Holdings | &nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;68657 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 971359 | &nbsp;&nbsp;&nbsp; 5630 | &nbsp;&nbsp;&nbsp; 5630 |
| Bank of America Merrill Lynch | &nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp;34699 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;&nbsp; 598332 | &nbsp;&nbsp;&nbsp;&nbsp; (4979) | &nbsp;&nbsp;&nbsp;&nbsp; (4979) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;39136 | &nbsp;&nbsp;&nbsp;&nbsp;39136 |
| **Insurance** |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Genworth Financial, Inc., | &nbsp;&nbsp;16888 | &nbsp;&nbsp;4.33 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 117675 | &nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp; 1385 |
| HSBC Holdings | &nbsp;&nbsp;Employers Holdings, Inc. | &nbsp;&nbsp;10501 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 511062 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 22 |
| HSBC Holdings | &nbsp;&nbsp;SiriusPoint, Ltd. | &nbsp;&nbsp;39971 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 772621 | &nbsp;&nbsp;&nbsp; 10410 | &nbsp;&nbsp;&nbsp; 10410 |
| JPMorgan Securities, LLC | &nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;31095 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2026 | &nbsp;&nbsp;&nbsp;2530760 | &nbsp;&nbsp;&nbsp; 16232 | &nbsp;&nbsp;&nbsp; 16232 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28049 | &nbsp;&nbsp;&nbsp;&nbsp;28049 |
| **Energy-Alternate Sources** |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Green Plains, Inc. | &nbsp;&nbsp;27089 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 118596 | &nbsp;&nbsp;&nbsp;&nbsp; (5906) | &nbsp;&nbsp;&nbsp;&nbsp; (5906) |
| **Commercial Services** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;27854 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 862176 | &nbsp;&nbsp;&nbsp; 85974 | &nbsp;&nbsp;&nbsp; 85974 |
| HSBC Holdings | &nbsp;&nbsp;Payoneer Global, Inc. | &nbsp;&nbsp; 2648 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 18292 | &nbsp;&nbsp;&nbsp;&nbsp; (259) | &nbsp;&nbsp;&nbsp;&nbsp; (259) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;85715 | &nbsp;&nbsp;&nbsp;&nbsp;85715 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$114224 | &nbsp;&nbsp;$114224 |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 117 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$12203969 | &nbsp;&nbsp;&nbsp;&nbsp;$12099555 | &nbsp;&nbsp;&nbsp;&nbsp;$(104414) |

---

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;$74283081 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$33836 | &nbsp;&nbsp;$74316917 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715231 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26227379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26229038 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896622744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896622744 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62087619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62087619 |
| **Total Investments at Value** | &nbsp;&nbsp;$1081936054 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$35495 | &nbsp;&nbsp;$1081971549 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$253968 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$253968 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$139744 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$139744 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104414 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$104414 | &nbsp;&nbsp;$139744 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$244158 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Special Values Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** |
| **Apparel — 1.4%** | **Apparel — 1.4%** | **Apparel — 1.4%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870 | &nbsp;&nbsp;$598740 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;53485 | &nbsp;&nbsp;&nbsp;&nbsp; 927965 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;39705 | &nbsp;&nbsp;&nbsp;&nbsp; 978728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505433 |
| **Auto Parts & Equipment — 1.4%** | **Auto Parts & Equipment — 1.4%** | **Auto Parts & Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74737 | &nbsp;&nbsp;&nbsp;&nbsp; 2054520 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;239327 | &nbsp;&nbsp;&nbsp;&nbsp; 464295 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518815 |
| **Banks — 11.4%** | **Banks — 11.4%** | **Banks — 11.4%** |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62057 | &nbsp;&nbsp;&nbsp;&nbsp; 1437861 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8987 | &nbsp;&nbsp;&nbsp;&nbsp; 848552 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63509 | &nbsp;&nbsp;&nbsp;&nbsp; 3472037 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;74755 | &nbsp;&nbsp;&nbsp;&nbsp; 1559389 |
| &nbsp;&nbsp;&nbsp;Renasant Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;57733 | &nbsp;&nbsp;&nbsp;&nbsp; 2023542 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35266 | &nbsp;&nbsp;&nbsp;&nbsp; 3096355 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56139 | &nbsp;&nbsp;&nbsp;&nbsp; 5789054 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30380 | &nbsp;&nbsp;&nbsp;&nbsp; 1563962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19790752 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46632 | &nbsp;&nbsp;&nbsp;&nbsp; 1542120 |
| **Building Materials — 5.9%** | **Building Materials — 5.9%** | **Building Materials — 5.9%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21212 | &nbsp;&nbsp;&nbsp;&nbsp; 4289279 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp; 1483354 |
| &nbsp;&nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;66354 | &nbsp;&nbsp;&nbsp;&nbsp; 948862 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35789 | &nbsp;&nbsp;&nbsp;&nbsp; 3491575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10213070 |
| **Chemicals — 9.3%** | **Chemicals — 9.3%** | **Chemicals — 9.3%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108744 | &nbsp;&nbsp;&nbsp;&nbsp; 3928921 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;151949 | &nbsp;&nbsp;&nbsp;&nbsp; 1132020 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62157 | &nbsp;&nbsp;&nbsp;&nbsp; 5288317 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127792 | &nbsp;&nbsp;&nbsp;&nbsp; 730970 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14982 | &nbsp;&nbsp;&nbsp;&nbsp; 850678 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5194 | &nbsp;&nbsp;&nbsp;&nbsp; 3345248 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8463 | &nbsp;&nbsp;&nbsp;&nbsp; 917728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16193882 |
| **Coal — 0.2%** | **Coal — 0.2%** | **Coal — 0.2%** |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp; 314206 |
| **Commercial Services — 4.9%** | **Commercial Services — 4.9%** | **Commercial Services — 4.9%** |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;107650 | &nbsp;&nbsp;&nbsp;&nbsp; 587769 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12417 | &nbsp;&nbsp;&nbsp;&nbsp; 897004 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;131265 | &nbsp;&nbsp;&nbsp;&nbsp; 564439 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51724 | &nbsp;&nbsp;&nbsp;&nbsp; 965687 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12815 | &nbsp;&nbsp;&nbsp;&nbsp; 1387608 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;44359 | &nbsp;&nbsp;&nbsp;&nbsp; 3016856 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;29206 | &nbsp;&nbsp;&nbsp;&nbsp; 626469 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13825 | &nbsp;&nbsp;&nbsp;&nbsp; 372584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8418416 |
| **Computers — 2.7%** | **Computers — 2.7%** | **Computers — 2.7%** |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;23371 | &nbsp;&nbsp;&nbsp;&nbsp; 1125781 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp; 400297 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;57249 | &nbsp;&nbsp;&nbsp;&nbsp; 2235001 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13955 | &nbsp;&nbsp;&nbsp;&nbsp; 1011877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772956 |
| **Cosmetics/Personal Care — 2.8%** | **Cosmetics/Personal Care — 2.8%** | **Cosmetics/Personal Care — 2.8%** |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;17691 | &nbsp;&nbsp;&nbsp;&nbsp; 488625 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Cosmetics/Personal Care (continued)** | **Cosmetics/Personal Care (continued)** | **Cosmetics/Personal Care (continued)** |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;34945 | &nbsp;&nbsp;$935478 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39683 | &nbsp;&nbsp;&nbsp;&nbsp; 3399643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823746 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;VSE Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066 | &nbsp;&nbsp;&nbsp;&nbsp; 528946 |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32224 | &nbsp;&nbsp;&nbsp;&nbsp; 1856425 |
| &nbsp;&nbsp;&nbsp;GlassBridge Enterprises, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 7300 |
| &nbsp;&nbsp;&nbsp;Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;18993 | &nbsp;&nbsp;&nbsp;&nbsp; 819738 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18724 | &nbsp;&nbsp;&nbsp;&nbsp; 276928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960391 |
| **Electrical Components & Equipment — 2.6%** | **Electrical Components & Equipment — 2.6%** | **Electrical Components & Equipment — 2.6%** |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31191 | &nbsp;&nbsp;&nbsp;&nbsp; 3312484 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10322 | &nbsp;&nbsp;&nbsp;&nbsp; 1278070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590554 |
| **Electronics — 2.3%** | **Electronics — 2.3%** | **Electronics — 2.3%** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23040 | &nbsp;&nbsp;&nbsp;&nbsp; 1499904 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34887 | &nbsp;&nbsp;&nbsp;&nbsp; 1256630 |
| &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29958 | &nbsp;&nbsp;&nbsp;&nbsp; 573096 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;37148 | &nbsp;&nbsp;&nbsp;&nbsp; 609599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939229 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| &nbsp;&nbsp;&nbsp;Genius Sports, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;63676 | &nbsp;&nbsp;&nbsp;&nbsp; 610653 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46169 | &nbsp;&nbsp;&nbsp;&nbsp; 1287653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898306 |
| **Food — 5.2%** | **Food — 5.2%** | **Food — 5.2%** |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44072 | &nbsp;&nbsp;&nbsp;&nbsp; 5075772 |
| &nbsp;&nbsp;&nbsp;Nomad Foods, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;152376 | &nbsp;&nbsp;&nbsp;&nbsp; 2666580 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;37054 | &nbsp;&nbsp;&nbsp;&nbsp; 1320975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9063327 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63779 | &nbsp;&nbsp;&nbsp;&nbsp; 1096361 |
| **Hand/Machine Tools — 3.2%** | **Hand/Machine Tools — 3.2%** | **Hand/Machine Tools — 3.2%** |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64407 | &nbsp;&nbsp;&nbsp;&nbsp; 5564121 |
| **Healthcare-Products — 1.9%** | **Healthcare-Products — 1.9%** | **Healthcare-Products — 1.9%** |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23738 | &nbsp;&nbsp;&nbsp;&nbsp; 634279 |
| &nbsp;&nbsp;&nbsp;CONMED Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7844 | &nbsp;&nbsp;&nbsp;&nbsp; 445147 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;23423 | &nbsp;&nbsp;&nbsp;&nbsp; 1585971 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;85538 | &nbsp;&nbsp;&nbsp;&nbsp; 656077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321474 |
| **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ardent Health Partners LLC#† | &nbsp;&nbsp;&nbsp;&nbsp;25773 | &nbsp;&nbsp;&nbsp;&nbsp; 373193 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp;&nbsp; 605724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978917 |
| **Household Products/Wares — 4.0%** | **Household Products/Wares — 4.0%** | **Household Products/Wares — 4.0%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;204461 | &nbsp;&nbsp;&nbsp;&nbsp; 734015 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.† | &nbsp;&nbsp;&nbsp;&nbsp;36118 | &nbsp;&nbsp;&nbsp;&nbsp; 1302415 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;48758 | &nbsp;&nbsp;&nbsp;&nbsp; 1558793 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80849 | &nbsp;&nbsp;&nbsp;&nbsp; 1352604 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33352 | &nbsp;&nbsp;&nbsp;&nbsp; 1926745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6874572 |
| **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** |
| &nbsp;&nbsp;&nbsp;Abacus Life, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;44585 | &nbsp;&nbsp;&nbsp;&nbsp; 344642 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Special Values Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings, Ltd., Class A<br> Class A† | &nbsp;&nbsp;&nbsp;&nbsp;13925 | &nbsp;&nbsp;$477628 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32824 | &nbsp;&nbsp;&nbsp;&nbsp; 1245999 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15799 | &nbsp;&nbsp;&nbsp;&nbsp; 2780308 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53424 | &nbsp;&nbsp;&nbsp;&nbsp; 3223604 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp; 1702699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9774880 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| &nbsp;&nbsp;&nbsp;Angi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10185 | &nbsp;&nbsp;&nbsp;&nbsp; 159395 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13655 | &nbsp;&nbsp;&nbsp;&nbsp; 491034 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16523 | &nbsp;&nbsp;&nbsp;&nbsp; 536006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186435 |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;137434 | &nbsp;&nbsp;&nbsp;&nbsp; 923557 |
| &nbsp;&nbsp;&nbsp;New Mountain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43820 | &nbsp;&nbsp;&nbsp;&nbsp; 471941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395498 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9456 | &nbsp;&nbsp;&nbsp;&nbsp; 708916 |
| **Machinery-Diversified — 3.5%** | **Machinery-Diversified — 3.5%** | **Machinery-Diversified — 3.5%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19345 | &nbsp;&nbsp;&nbsp;&nbsp; 3831084 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp; 763252 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;65982 | &nbsp;&nbsp;&nbsp;&nbsp; 1395519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5989855 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp;DallasNews Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253 | &nbsp;&nbsp;&nbsp;&nbsp; 39510 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;35023 | &nbsp;&nbsp;&nbsp;&nbsp; 465806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505316 |
| **Metal Fabricate/Hardware — 5.3%** | **Metal Fabricate/Hardware — 5.3%** | **Metal Fabricate/Hardware — 5.3%** |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;227377 | &nbsp;&nbsp;&nbsp;&nbsp; 1646210 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;97461 | &nbsp;&nbsp;&nbsp;&nbsp; 796256 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;61763 | &nbsp;&nbsp;&nbsp;&nbsp; 973385 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68884 | &nbsp;&nbsp;&nbsp;&nbsp; 5363997 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925 | &nbsp;&nbsp;&nbsp;&nbsp; 405803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9185651 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67567 | &nbsp;&nbsp;&nbsp;&nbsp; 857425 |
| **Oil & Gas — 3.5%** | **Oil & Gas — 3.5%** | **Oil & Gas — 3.5%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81914 | &nbsp;&nbsp;&nbsp;&nbsp; 195774 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23828 | &nbsp;&nbsp;&nbsp;&nbsp; 2144520 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;88999 | &nbsp;&nbsp;&nbsp;&nbsp; 1913479 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43170 | &nbsp;&nbsp;&nbsp;&nbsp; 1147459 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127174 | &nbsp;&nbsp;&nbsp;&nbsp; 702000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103232 |
| **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** | **Oil & Gas Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10077 | &nbsp;&nbsp;&nbsp;&nbsp; 148535 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62021 | &nbsp;&nbsp;&nbsp;&nbsp; 718823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867358 |
| **Packaging & Containers — 4.7%** | **Packaging & Containers — 4.7%** | **Packaging & Containers — 4.7%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;142585 | &nbsp;&nbsp;&nbsp;&nbsp; 1298949 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79568 | &nbsp;&nbsp;&nbsp;&nbsp; 4381810 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93019 | &nbsp;&nbsp;&nbsp;&nbsp; 2452911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8133670 |
| **REITS — 3.9%** | **REITS — 3.9%** | **REITS — 3.9%** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;225053 | &nbsp;&nbsp;&nbsp;&nbsp; 2011974 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** |  |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11790 | &nbsp;&nbsp;$887787 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;64127 | &nbsp;&nbsp;&nbsp;&nbsp; 1029880 |
| &nbsp;&nbsp;&nbsp;New York Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117777 | &nbsp;&nbsp;&nbsp;&nbsp; 769084 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9496 | &nbsp;&nbsp;&nbsp;&nbsp; 346984 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;159467 | &nbsp;&nbsp;&nbsp;&nbsp; 1688755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734464 |
| **Retail — 1.6%** | **Retail — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Denny's Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;185574 | &nbsp;&nbsp;&nbsp;&nbsp; 708893 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938 | &nbsp;&nbsp;&nbsp;&nbsp; 925332 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;22372 | &nbsp;&nbsp;&nbsp;&nbsp; 424285 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;16721 | &nbsp;&nbsp;&nbsp;&nbsp; 700443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758953 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8507 | &nbsp;&nbsp;&nbsp;&nbsp; 377711 |
| **Software — 0.8%** | **Software — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19861 | &nbsp;&nbsp;&nbsp;&nbsp; 1222643 |
| &nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16788 | &nbsp;&nbsp;&nbsp;&nbsp; 114830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337473 |
| **Special Purpose Acquisition Company — 0.0%** | **Special Purpose Acquisition Company — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine Holdings, Ltd.†(1) | &nbsp;&nbsp;&nbsp;&nbsp;60410 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Transportation — 0.9%** | **Transportation — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;57965 | &nbsp;&nbsp;&nbsp;&nbsp; 1504192 |
| **Total Common Stocks<br> (cost $168,242,484)** |  | &nbsp;&nbsp;&nbsp;&nbsp;169330623 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |  |
| **Special Purpose Acquisition Company — 0.0%** | **Special Purpose Acquisition Company — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Pershing Square SPARC Holdings, Ltd.†(1)(2)<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;15102 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $168,242,484)** |  | &nbsp;&nbsp;&nbsp;&nbsp;169330623 |
| **SHORT-TERM INVESTMENTS — 2.6%** | **SHORT-TERM INVESTMENTS — 2.6%** |  |
| **Unaffiliated Investment Companies — 2.6%** | **Unaffiliated Investment Companies — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(3) | 4161269 | &nbsp;&nbsp;&nbsp;&nbsp; 4161269 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;253203 | &nbsp;&nbsp;&nbsp;&nbsp; 253203 |
| **Total Short-Term Investments<br> (cost $4,414,472)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414472 |
| **TOTAL INVESTMENTS<br> (cost $172,656,956)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2% | &nbsp;&nbsp;&nbsp;&nbsp;173745095 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284725) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$173460370 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan (see Note 2).

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Special Values Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from
registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation
of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under
the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly
traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the
security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Rights</u>** | **<u>Rights</u>** | **<u>Rights</u>** | **<u>Rights</u>** | **<u>Rights</u>** | **<u>Rights</u>** | **<u>Rights</u>** |
| Pershing Square SPARC Holdings, Ltd. | 07/26/2022 | 15102 | $0 | $0 | $0.00 | 0.0% |

---

(3) The rate shown is the 7-day yield as of May 31, 2025.

(4) At May 31, 2025, the Fund had loaned securities with a total value of $10,585,833. This was secured by collateral of $253,203, which was received in cash and
subsequently invested in short-term investments currently valued at $253,203 as reported in the Portfolio of Investments. Additional collateral of $10,785,545 was received in the form of fixed income pooled
securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $70782 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457468 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35123 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192653 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;10029067 |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;$2953091 | &nbsp;&nbsp;$7300 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2960391 |
| &nbsp;&nbsp;&nbsp;Special Purpose Acquisition Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;166370232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;166370232 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414472 |
| **Total Investments at Value** | &nbsp;&nbsp;$173737795 | &nbsp;&nbsp;$7300 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$173745095 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;73108 | &nbsp;&nbsp;$326062 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10432 | &nbsp;&nbsp;&nbsp;&nbsp; 305971 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16328 | &nbsp;&nbsp;&nbsp;&nbsp; 579807 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;55603 | &nbsp;&nbsp;&nbsp;&nbsp; 787339 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11765 | &nbsp;&nbsp;&nbsp;&nbsp; 415540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782686 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp; 887687 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8810 | &nbsp;&nbsp;&nbsp;&nbsp; 340947 |
| **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;104575 | &nbsp;&nbsp;&nbsp;&nbsp; 633724 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67199 | &nbsp;&nbsp;&nbsp;&nbsp; 1117519 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;115048 | &nbsp;&nbsp;&nbsp;&nbsp; 1312698 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17997 | &nbsp;&nbsp;&nbsp;&nbsp; 781070 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;33562 | &nbsp;&nbsp;&nbsp;&nbsp; 242989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088000 |
| **Banks — 18.7%** | **Banks — 18.7%** | **Banks — 18.7%** |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp;&nbsp;&nbsp; 189795 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11159 | &nbsp;&nbsp;&nbsp;&nbsp; 337225 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp; 107862 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;28192 | &nbsp;&nbsp;&nbsp;&nbsp; 1732962 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 | &nbsp;&nbsp;&nbsp;&nbsp; 127342 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp; 209089 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52518 | &nbsp;&nbsp;&nbsp;&nbsp; 2214159 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21792 | &nbsp;&nbsp;&nbsp;&nbsp; 740492 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp; 209363 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066 | &nbsp;&nbsp;&nbsp;&nbsp; 54522 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526 | &nbsp;&nbsp;&nbsp;&nbsp; 51621 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp; 147651 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22218 | &nbsp;&nbsp;&nbsp;&nbsp; 528566 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31235 | &nbsp;&nbsp;&nbsp;&nbsp; 808049 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8607 | &nbsp;&nbsp;&nbsp;&nbsp; 260792 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288 | &nbsp;&nbsp;&nbsp;&nbsp; 161829 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12792 | &nbsp;&nbsp;&nbsp;&nbsp; 341546 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9634 | &nbsp;&nbsp;&nbsp;&nbsp; 208769 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp; 204966 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50838 | &nbsp;&nbsp;&nbsp;&nbsp; 1167749 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27338 | &nbsp;&nbsp;&nbsp;&nbsp; 1393145 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11931 | &nbsp;&nbsp;&nbsp;&nbsp; 223706 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995 | &nbsp;&nbsp;&nbsp;&nbsp; 179492 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90358 | &nbsp;&nbsp;&nbsp;&nbsp; 1355370 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31109 | &nbsp;&nbsp;&nbsp;&nbsp; 1646911 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;28274 | &nbsp;&nbsp;&nbsp;&nbsp; 1100990 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4323 | &nbsp;&nbsp;&nbsp;&nbsp; 188699 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18869 | &nbsp;&nbsp;&nbsp;&nbsp; 487198 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;63744 | &nbsp;&nbsp;&nbsp;&nbsp; 1273605 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249 | &nbsp;&nbsp;&nbsp;&nbsp; 116108 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128 | &nbsp;&nbsp;&nbsp;&nbsp; 80099 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14517 | &nbsp;&nbsp;&nbsp;&nbsp; 752561 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669 | &nbsp;&nbsp;&nbsp;&nbsp; 153913 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27214 | &nbsp;&nbsp;&nbsp;&nbsp; 1025968 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18784 | &nbsp;&nbsp;&nbsp;&nbsp; 662700 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16982 | &nbsp;&nbsp;&nbsp;&nbsp; 928406 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32090 | &nbsp;&nbsp;&nbsp;&nbsp; 735503 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp; 56628 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101312 | &nbsp;&nbsp;&nbsp;&nbsp; 938149 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30883 | &nbsp;&nbsp;$920931 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17397 | &nbsp;&nbsp;&nbsp;&nbsp; 492161 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10317 | &nbsp;&nbsp;&nbsp;&nbsp; 634496 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7560 | &nbsp;&nbsp;&nbsp;&nbsp; 333850 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;15147 | &nbsp;&nbsp;&nbsp;&nbsp; 485007 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8636 | &nbsp;&nbsp;&nbsp;&nbsp; 558490 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp; 74966 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672 | &nbsp;&nbsp;&nbsp;&nbsp; 78863 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168 | &nbsp;&nbsp;&nbsp;&nbsp; 119830 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4249 | &nbsp;&nbsp;&nbsp;&nbsp; 153601 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 95659 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp; 145003 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;25895 | &nbsp;&nbsp;&nbsp;&nbsp; 1065320 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;125922 | &nbsp;&nbsp;&nbsp;&nbsp; 2626733 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62637 | &nbsp;&nbsp;&nbsp;&nbsp; 1036016 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9551 | &nbsp;&nbsp;&nbsp;&nbsp; 325594 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488 | &nbsp;&nbsp;&nbsp;&nbsp; 104849 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20067 | &nbsp;&nbsp;&nbsp;&nbsp; 1566229 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9445 | &nbsp;&nbsp;&nbsp;&nbsp; 258982 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498 | &nbsp;&nbsp;&nbsp;&nbsp; 371767 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21771 | &nbsp;&nbsp;&nbsp;&nbsp; 1465188 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26442 | &nbsp;&nbsp;&nbsp;&nbsp; 926792 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;16491 | &nbsp;&nbsp;&nbsp;&nbsp; 425963 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161 | &nbsp;&nbsp;&nbsp;&nbsp; 113887 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459 | &nbsp;&nbsp;&nbsp;&nbsp; 109927 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20114 | &nbsp;&nbsp;&nbsp;&nbsp; 723501 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13140 | &nbsp;&nbsp;&nbsp;&nbsp; 370417 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7033 | &nbsp;&nbsp;&nbsp;&nbsp; 617497 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9628 | &nbsp;&nbsp;&nbsp;&nbsp; 690231 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;14463 | &nbsp;&nbsp;&nbsp;&nbsp; 499841 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381 | &nbsp;&nbsp;&nbsp;&nbsp; 374302 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp; 156931 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11232 | &nbsp;&nbsp;&nbsp;&nbsp; 1158244 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13589 | &nbsp;&nbsp;&nbsp;&nbsp; 491106 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 103464 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 | &nbsp;&nbsp;&nbsp;&nbsp; 190568 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6522 | &nbsp;&nbsp;&nbsp;&nbsp; 192529 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35673 | &nbsp;&nbsp;&nbsp;&nbsp; 863287 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22645 | &nbsp;&nbsp;&nbsp;&nbsp; 697013 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8056 | &nbsp;&nbsp;&nbsp;&nbsp; 961967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45684502 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15780 | &nbsp;&nbsp;&nbsp;&nbsp; 521845 |
| **Biotechnology — 3.1%** | **Biotechnology — 3.1%** | **Biotechnology — 3.1%** |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6698 | &nbsp;&nbsp;&nbsp;&nbsp; 332556 |
| &nbsp;&nbsp;&nbsp;Alumis Inc#† | &nbsp;&nbsp;&nbsp;&nbsp;35346 | &nbsp;&nbsp;&nbsp;&nbsp; 123711 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10892 | &nbsp;&nbsp;&nbsp;&nbsp; 639578 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38893 | &nbsp;&nbsp;&nbsp;&nbsp; 115512 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;34407 | &nbsp;&nbsp;&nbsp;&nbsp; 269751 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320 | &nbsp;&nbsp;&nbsp;&nbsp; 164814 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;26050 | &nbsp;&nbsp;&nbsp;&nbsp; 412371 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 12440 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12530 | &nbsp;&nbsp;&nbsp;&nbsp; 247843 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;283442 | &nbsp;&nbsp;&nbsp;&nbsp; 595228 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45960 | &nbsp;&nbsp;&nbsp;&nbsp; 127309 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10750 | &nbsp;&nbsp;&nbsp;&nbsp; 333465 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8474 | &nbsp;&nbsp;&nbsp;&nbsp; 112196 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;61425 | &nbsp;&nbsp;&nbsp;&nbsp; 601351 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;174805 | &nbsp;&nbsp;&nbsp;&nbsp; 244727 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;16825 | &nbsp;&nbsp;&nbsp;&nbsp; 115588 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;80180 | &nbsp;&nbsp;&nbsp;&nbsp; 803404 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;57898 | &nbsp;&nbsp;&nbsp;&nbsp; 173694 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26815 | &nbsp;&nbsp;$282630 |
| &nbsp;&nbsp;&nbsp;Tenaya Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;38491 | &nbsp;&nbsp;&nbsp;&nbsp; 17706 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36041 | &nbsp;&nbsp;&nbsp;&nbsp; 541336 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;31810 | &nbsp;&nbsp;&nbsp;&nbsp; 442795 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;49057 | &nbsp;&nbsp;&nbsp;&nbsp; 294833 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;55849 | &nbsp;&nbsp;&nbsp;&nbsp; 638354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643192 |
| **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553 | &nbsp;&nbsp;&nbsp;&nbsp; 482445 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp; 68539 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18058 | &nbsp;&nbsp;&nbsp;&nbsp; 1241487 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;11410 | &nbsp;&nbsp;&nbsp;&nbsp; 1036028 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp; 853650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682149 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp; 40625 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14313 | &nbsp;&nbsp;&nbsp;&nbsp; 517129 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9529 | &nbsp;&nbsp;&nbsp;&nbsp; 70991 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;20478 | &nbsp;&nbsp;&nbsp;&nbsp; 1143082 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp; 639376 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 | &nbsp;&nbsp;&nbsp;&nbsp; 267150 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;81528 | &nbsp;&nbsp;&nbsp;&nbsp; 984043 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;17889 | &nbsp;&nbsp;&nbsp;&nbsp; 101610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764006 |
| **Coal — 0.8%** | **Coal — 0.8%** | **Coal — 0.8%** |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5936 | &nbsp;&nbsp;&nbsp;&nbsp; 411365 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65735 | &nbsp;&nbsp;&nbsp;&nbsp; 865073 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17803 | &nbsp;&nbsp;&nbsp;&nbsp; 144916 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;13866 | &nbsp;&nbsp;&nbsp;&nbsp; 630210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051564 |
| **Commercial Services — 5.2%** | **Commercial Services — 5.2%** | **Commercial Services — 5.2%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37410 | &nbsp;&nbsp;&nbsp;&nbsp; 1969636 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10628 | &nbsp;&nbsp;&nbsp;&nbsp; 1403215 |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19610 | &nbsp;&nbsp;&nbsp;&nbsp; 107071 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;27628 | &nbsp;&nbsp;&nbsp;&nbsp; 1289399 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20238 | &nbsp;&nbsp;&nbsp;&nbsp; 836335 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15424 | &nbsp;&nbsp;&nbsp;&nbsp; 418607 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40693 | &nbsp;&nbsp;&nbsp;&nbsp; 573771 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8466 | &nbsp;&nbsp;&nbsp;&nbsp; 369626 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;19303 | &nbsp;&nbsp;&nbsp;&nbsp; 126435 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16916 | &nbsp;&nbsp;&nbsp;&nbsp; 661754 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Cos., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;61716 | &nbsp;&nbsp;&nbsp;&nbsp; 757255 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 | &nbsp;&nbsp;&nbsp;&nbsp; 219196 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;42163 | &nbsp;&nbsp;&nbsp;&nbsp; 948668 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;159351 | &nbsp;&nbsp;&nbsp;&nbsp; 857308 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;51396 | &nbsp;&nbsp;&nbsp;&nbsp; 363884 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621 | &nbsp;&nbsp;&nbsp;&nbsp; 157299 |
| &nbsp;&nbsp;&nbsp;StoneCo., Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;59576 | &nbsp;&nbsp;&nbsp;&nbsp; 813212 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8561 | &nbsp;&nbsp;&nbsp;&nbsp; 781020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12653691 |
| **Computers — 1.4%** | **Computers — 1.4%** | **Computers — 1.4%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17596 | &nbsp;&nbsp;&nbsp;&nbsp; 929245 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28116 | &nbsp;&nbsp;&nbsp;&nbsp; 459134 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32797 | &nbsp;&nbsp;&nbsp;&nbsp; 522456 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46181 | &nbsp;&nbsp;&nbsp;&nbsp; 559252 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;79539 | &nbsp;&nbsp;$379401 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10246 | &nbsp;&nbsp;&nbsp;&nbsp; 463939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313427 |
| **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10225 | &nbsp;&nbsp;&nbsp;&nbsp; 875976 |
| **Distribution/Wholesale — 2.1%** | **Distribution/Wholesale — 2.1%** | **Distribution/Wholesale — 2.1%** |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;24941 | &nbsp;&nbsp;&nbsp;&nbsp; 724536 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15203 | &nbsp;&nbsp;&nbsp;&nbsp; 108701 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;49329 | &nbsp;&nbsp;&nbsp;&nbsp; 612173 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46323 | &nbsp;&nbsp;&nbsp;&nbsp; 958886 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;34015 | &nbsp;&nbsp;&nbsp;&nbsp; 1688845 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646 | &nbsp;&nbsp;&nbsp;&nbsp; 947907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041048 |
| **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp; 63176 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;99115 | &nbsp;&nbsp;&nbsp;&nbsp; 919787 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701 | &nbsp;&nbsp;&nbsp;&nbsp; 292119 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49108 | &nbsp;&nbsp;&nbsp;&nbsp; 631529 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22072 | &nbsp;&nbsp;&nbsp;&nbsp; 781349 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17550 | &nbsp;&nbsp;&nbsp;&nbsp; 1626359 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;21106 | &nbsp;&nbsp;&nbsp;&nbsp; 211693 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10199 | &nbsp;&nbsp;&nbsp;&nbsp; 1321077 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42816 | &nbsp;&nbsp;&nbsp;&nbsp; 575447 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp; 442413 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734 | &nbsp;&nbsp;&nbsp;&nbsp; 742464 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24104 | &nbsp;&nbsp;&nbsp;&nbsp; 823152 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12422 | &nbsp;&nbsp;&nbsp;&nbsp; 1051584 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038 | &nbsp;&nbsp;&nbsp;&nbsp; 518587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10000736 |
| **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715 | &nbsp;&nbsp;&nbsp;&nbsp; 143065 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12340 | &nbsp;&nbsp;&nbsp;&nbsp; 721520 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17239 | &nbsp;&nbsp;&nbsp;&nbsp; 497345 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711 | &nbsp;&nbsp;&nbsp;&nbsp; 114187 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11451 | &nbsp;&nbsp;&nbsp;&nbsp; 1362096 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812 | &nbsp;&nbsp;&nbsp;&nbsp; 376908 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020 | &nbsp;&nbsp;&nbsp;&nbsp; 233084 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;38233 | &nbsp;&nbsp;&nbsp;&nbsp; 1621079 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15198 | &nbsp;&nbsp;&nbsp;&nbsp; 861575 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26656 | &nbsp;&nbsp;&nbsp;&nbsp; 1461548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392407 |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;13768 | &nbsp;&nbsp;&nbsp;&nbsp; 1151418 |
| **Electronics — 2.6%** | **Electronics — 2.6%** | **Electronics — 2.6%** |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354 | &nbsp;&nbsp;&nbsp;&nbsp; 403542 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22059 | &nbsp;&nbsp;&nbsp;&nbsp; 805595 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 | &nbsp;&nbsp;&nbsp;&nbsp; 116577 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;80422 | &nbsp;&nbsp;&nbsp;&nbsp; 1319725 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;44750 | &nbsp;&nbsp;&nbsp;&nbsp; 854725 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003 | &nbsp;&nbsp;&nbsp;&nbsp; 525434 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;22371 | &nbsp;&nbsp;&nbsp;&nbsp; 1894600 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5477 | &nbsp;&nbsp;&nbsp;&nbsp; 163543 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24457 | &nbsp;&nbsp;&nbsp;&nbsp; 344110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6427851 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17686 | &nbsp;&nbsp;&nbsp;&nbsp; 132468 |
| **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17717 | &nbsp;&nbsp;&nbsp;&nbsp; 1528446 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;17638 | &nbsp;&nbsp;$733388 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7450 | &nbsp;&nbsp;&nbsp;&nbsp; 1168532 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;20051 | &nbsp;&nbsp;&nbsp;&nbsp; 739481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169847 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;110251 | &nbsp;&nbsp;&nbsp;&nbsp; 392494 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4557 | &nbsp;&nbsp;&nbsp;&nbsp; 153890 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;55870 | &nbsp;&nbsp;&nbsp;&nbsp; 821848 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683 | &nbsp;&nbsp;&nbsp;&nbsp; 157161 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;10003 | &nbsp;&nbsp;&nbsp;&nbsp; 448034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973427 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12082 | &nbsp;&nbsp;&nbsp;&nbsp; 1159026 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8012 | &nbsp;&nbsp;&nbsp;&nbsp; 155914 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18302 | &nbsp;&nbsp;&nbsp;&nbsp; 242135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557075 |
| **Gas — 2.1%** | **Gas — 2.1%** | **Gas — 2.1%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5992 | &nbsp;&nbsp;&nbsp;&nbsp; 732163 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17123 | &nbsp;&nbsp;&nbsp;&nbsp; 785774 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;13638 | &nbsp;&nbsp;&nbsp;&nbsp; 558749 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22014 | &nbsp;&nbsp;&nbsp;&nbsp; 1645767 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11699 | &nbsp;&nbsp;&nbsp;&nbsp; 840339 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7414 | &nbsp;&nbsp;&nbsp;&nbsp; 558126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120918 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22553 | &nbsp;&nbsp;&nbsp;&nbsp; 485566 |
| **Healthcare-Products — 1.4%** | **Healthcare-Products — 1.4%** | **Healthcare-Products — 1.4%** |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;33780 | &nbsp;&nbsp;&nbsp;&nbsp; 321586 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;52213 | &nbsp;&nbsp;&nbsp;&nbsp; 649007 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9406 | &nbsp;&nbsp;&nbsp;&nbsp; 99045 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081 | &nbsp;&nbsp;&nbsp;&nbsp; 1089804 |
| &nbsp;&nbsp;&nbsp;Inmode, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;44591 | &nbsp;&nbsp;&nbsp;&nbsp; 653704 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17970 | &nbsp;&nbsp;&nbsp;&nbsp; 545749 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47326 | &nbsp;&nbsp;&nbsp;&nbsp; 136299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495194 |
| **Healthcare-Services — 0.7%** | **Healthcare-Services — 0.7%** | **Healthcare-Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479 | &nbsp;&nbsp;&nbsp;&nbsp; 496766 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11059 | &nbsp;&nbsp;&nbsp;&nbsp; 152614 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;74504 | &nbsp;&nbsp;&nbsp;&nbsp; 1054232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703612 |
| **Home Builders — 2.0%** | **Home Builders — 2.0%** | **Home Builders — 2.0%** |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425 | &nbsp;&nbsp;&nbsp;&nbsp; 333265 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9628 | &nbsp;&nbsp;&nbsp;&nbsp; 629671 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7670 | &nbsp;&nbsp;&nbsp;&nbsp; 448312 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;11311 | &nbsp;&nbsp;&nbsp;&nbsp; 583421 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5597 | &nbsp;&nbsp;&nbsp;&nbsp; 596696 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14023 | &nbsp;&nbsp;&nbsp;&nbsp; 892003 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;17794 | &nbsp;&nbsp;&nbsp;&nbsp; 1001446 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16542 | &nbsp;&nbsp;&nbsp;&nbsp; 487658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972472 |
| **Home Furnishings — 0.7%** | **Home Furnishings — 0.7%** | **Home Furnishings — 0.7%** |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;31041 | &nbsp;&nbsp;&nbsp;&nbsp; 460649 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29851 | &nbsp;&nbsp;&nbsp;&nbsp; 503586 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;81360 | &nbsp;&nbsp;&nbsp;&nbsp; 633794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598029 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18845 | &nbsp;&nbsp;$67653 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;20477 | &nbsp;&nbsp;&nbsp;&nbsp; 654650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722303 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40790 | &nbsp;&nbsp;&nbsp;&nbsp; 1548388 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28289 | &nbsp;&nbsp;&nbsp;&nbsp; 1640762 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31914 | &nbsp;&nbsp;&nbsp;&nbsp; 557857 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;44544 | &nbsp;&nbsp;&nbsp;&nbsp; 314035 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;25384 | &nbsp;&nbsp;&nbsp;&nbsp; 552356 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378 | &nbsp;&nbsp;&nbsp;&nbsp; 107130 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19629 | &nbsp;&nbsp;&nbsp;&nbsp; 1607811 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25541 | &nbsp;&nbsp;&nbsp;&nbsp; 1014489 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446 | &nbsp;&nbsp;&nbsp;&nbsp; 341764 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353 | &nbsp;&nbsp;&nbsp;&nbsp; 439695 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp; 161429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285716 |
| **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;43528 | &nbsp;&nbsp;&nbsp;&nbsp; 712118 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468 | &nbsp;&nbsp;&nbsp;&nbsp; 68226 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;81383 | &nbsp;&nbsp;&nbsp;&nbsp; 459814 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460 | &nbsp;&nbsp;&nbsp;&nbsp; 63837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303995 |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;13029 | &nbsp;&nbsp;&nbsp;&nbsp; 87555 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;27309 | &nbsp;&nbsp;&nbsp;&nbsp; 684091 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;45956 | &nbsp;&nbsp;&nbsp;&nbsp; 701748 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;41228 | &nbsp;&nbsp;&nbsp;&nbsp; 582139 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;77196 | &nbsp;&nbsp;&nbsp;&nbsp; 622972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678505 |
| **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;33215 | &nbsp;&nbsp;&nbsp;&nbsp; 1547487 |
| **Leisure Time — 0.7%** | **Leisure Time — 0.7%** | **Leisure Time — 0.7%** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;37343 | &nbsp;&nbsp;&nbsp;&nbsp; 1068010 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;84181 | &nbsp;&nbsp;&nbsp;&nbsp; 597685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665695 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12642 | &nbsp;&nbsp;&nbsp;&nbsp; 569016 |
| **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3273 | &nbsp;&nbsp;&nbsp;&nbsp; 270612 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;43734 | &nbsp;&nbsp;&nbsp;&nbsp; 690122 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11065 | &nbsp;&nbsp;&nbsp;&nbsp; 287026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247760 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14521 | &nbsp;&nbsp;&nbsp;&nbsp; 95984 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27539 | &nbsp;&nbsp;&nbsp;&nbsp; 109330 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18877 | &nbsp;&nbsp;&nbsp;&nbsp; 326005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531319 |
| **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** | **Metal Fabricate/Hardware — 0.9%** |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;65654 | &nbsp;&nbsp;&nbsp;&nbsp; 475335 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20514 | &nbsp;&nbsp;&nbsp;&nbsp; 1597425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072760 |
| **Mining — 1.1%** | **Mining — 1.1%** | **Mining — 1.1%** |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;130717 | &nbsp;&nbsp;&nbsp;&nbsp; 1056193 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;17019 | &nbsp;&nbsp;&nbsp;&nbsp; 206611 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;132702 | &nbsp;&nbsp;&nbsp;&nbsp; 682088 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;31361 | &nbsp;&nbsp;$371001 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;45143 | &nbsp;&nbsp;&nbsp;&nbsp; 267698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583591 |
| **Multi-National — 0.3%** | **Multi-National — 0.3%** | **Multi-National — 0.3%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp;&nbsp;&nbsp;17916 | &nbsp;&nbsp;&nbsp;&nbsp; 734914 |
| **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683 | &nbsp;&nbsp;&nbsp;&nbsp; 331470 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7189 | &nbsp;&nbsp;&nbsp;&nbsp; 232061 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;15043 | &nbsp;&nbsp;&nbsp;&nbsp; 351856 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103 | &nbsp;&nbsp;&nbsp;&nbsp; 1168724 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14353 | &nbsp;&nbsp;&nbsp;&nbsp; 218883 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;22912 | &nbsp;&nbsp;&nbsp;&nbsp; 985445 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33611 | &nbsp;&nbsp;&nbsp;&nbsp; 703478 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9146 | &nbsp;&nbsp;&nbsp;&nbsp; 226546 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18418 | &nbsp;&nbsp;&nbsp;&nbsp; 659733 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5612 | &nbsp;&nbsp;&nbsp;&nbsp; 121163 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93258 | &nbsp;&nbsp;&nbsp;&nbsp; 514784 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14276 | &nbsp;&nbsp;&nbsp;&nbsp; 271958 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68044 | &nbsp;&nbsp;&nbsp;&nbsp; 858035 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;22249 | &nbsp;&nbsp;&nbsp;&nbsp; 521072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7165208 |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;67853 | &nbsp;&nbsp;&nbsp;&nbsp; 978440 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;18178 | &nbsp;&nbsp;&nbsp;&nbsp; 151241 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13063 | &nbsp;&nbsp;&nbsp;&nbsp; 80860 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83906 | &nbsp;&nbsp;&nbsp;&nbsp; 972470 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;26967 | &nbsp;&nbsp;&nbsp;&nbsp; 145622 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56090 | &nbsp;&nbsp;&nbsp;&nbsp; 450964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779597 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405 | &nbsp;&nbsp;&nbsp;&nbsp; 356118 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;49624 | &nbsp;&nbsp;&nbsp;&nbsp; 650571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006689 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;77010 | &nbsp;&nbsp;&nbsp;&nbsp; 563713 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055 | &nbsp;&nbsp;&nbsp;&nbsp; 192312 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16436 | &nbsp;&nbsp;&nbsp;&nbsp; 97465 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9639 | &nbsp;&nbsp;&nbsp;&nbsp; 149019 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;49348 | &nbsp;&nbsp;&nbsp;&nbsp; 1612693 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38247 | &nbsp;&nbsp;&nbsp;&nbsp; 312478 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41747 | &nbsp;&nbsp;&nbsp;&nbsp; 1078743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006423 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16044 | &nbsp;&nbsp;&nbsp;&nbsp; 451318 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC† | &nbsp;&nbsp;&nbsp;&nbsp;35281 | &nbsp;&nbsp;&nbsp;&nbsp; 353869 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;29723 | &nbsp;&nbsp;&nbsp;&nbsp; 327250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681119 |
| **REITS — 11.8%** | **REITS — 11.8%** | **REITS — 11.8%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119 | &nbsp;&nbsp;&nbsp;&nbsp; 234861 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57269 | &nbsp;&nbsp;&nbsp;&nbsp; 1025688 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27885 | &nbsp;&nbsp;&nbsp;&nbsp; 556027 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5515 | &nbsp;&nbsp;&nbsp;&nbsp; 192694 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5517 | &nbsp;&nbsp;&nbsp;&nbsp; 63942 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13362 | &nbsp;&nbsp;&nbsp;&nbsp; 93000 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132050 | &nbsp;&nbsp;&nbsp;&nbsp; 668173 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97733 | &nbsp;&nbsp;$1554932 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44467 | &nbsp;&nbsp;&nbsp;&nbsp; 1278871 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;88373 | &nbsp;&nbsp;&nbsp;&nbsp; 630099 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15034 | &nbsp;&nbsp;&nbsp;&nbsp; 73366 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6474 | &nbsp;&nbsp;&nbsp;&nbsp; 105785 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;61477 | &nbsp;&nbsp;&nbsp;&nbsp; 1687544 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29769 | &nbsp;&nbsp;&nbsp;&nbsp; 675459 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;118036 | &nbsp;&nbsp;&nbsp;&nbsp; 901795 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;61015 | &nbsp;&nbsp;&nbsp;&nbsp; 467375 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39415 | &nbsp;&nbsp;&nbsp;&nbsp; 1280987 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;50351 | &nbsp;&nbsp;&nbsp;&nbsp; 936025 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25299 | &nbsp;&nbsp;&nbsp;&nbsp; 710649 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;55465 | &nbsp;&nbsp;&nbsp;&nbsp; 1226886 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46146 | &nbsp;&nbsp;&nbsp;&nbsp; 412084 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168781 | &nbsp;&nbsp;&nbsp;&nbsp; 1775576 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;122937 | &nbsp;&nbsp;&nbsp;&nbsp; 1054799 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;22769 | &nbsp;&nbsp;&nbsp;&nbsp; 368402 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20672 | &nbsp;&nbsp;&nbsp;&nbsp; 192250 |
| &nbsp;&nbsp;&nbsp;New York Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60587 | &nbsp;&nbsp;&nbsp;&nbsp; 395633 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15439 | &nbsp;&nbsp;&nbsp;&nbsp; 255052 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36231 | &nbsp;&nbsp;&nbsp;&nbsp; 219198 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37566 | &nbsp;&nbsp;&nbsp;&nbsp; 1332090 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;91720 | &nbsp;&nbsp;&nbsp;&nbsp; 653046 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30497 | &nbsp;&nbsp;&nbsp;&nbsp; 494051 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51564 | &nbsp;&nbsp;&nbsp;&nbsp; 2028528 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27103 | &nbsp;&nbsp;&nbsp;&nbsp; 147711 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;29621 | &nbsp;&nbsp;&nbsp;&nbsp; 216233 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9120 | &nbsp;&nbsp;&nbsp;&nbsp; 885643 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73477 | &nbsp;&nbsp;&nbsp;&nbsp; 1284378 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14150 | &nbsp;&nbsp;&nbsp;&nbsp; 803296 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44120 | &nbsp;&nbsp;&nbsp;&nbsp; 338842 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9063 | &nbsp;&nbsp;&nbsp;&nbsp; 152168 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15352 | &nbsp;&nbsp;&nbsp;&nbsp; 233350 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94107 | &nbsp;&nbsp;&nbsp;&nbsp; 1150929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28757417 |
| **Retail — 3.4%** | **Retail — 3.4%** | **Retail — 3.4%** |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19450 | &nbsp;&nbsp;&nbsp;&nbsp; 213172 |
| &nbsp;&nbsp;&nbsp;Arko Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;35457 | &nbsp;&nbsp;&nbsp;&nbsp; 151756 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4884 | &nbsp;&nbsp;&nbsp;&nbsp; 1113113 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp; 450289 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004 | &nbsp;&nbsp;&nbsp;&nbsp; 312448 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827 | &nbsp;&nbsp;&nbsp;&nbsp; 189183 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp; 322646 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;67778 | &nbsp;&nbsp;&nbsp;&nbsp; 267723 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;17347 | &nbsp;&nbsp;&nbsp;&nbsp; 412165 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp; 801633 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27652 | &nbsp;&nbsp;&nbsp;&nbsp; 547786 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;34769 | &nbsp;&nbsp;&nbsp;&nbsp; 417228 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 | &nbsp;&nbsp;&nbsp;&nbsp; 290245 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7037 | &nbsp;&nbsp;&nbsp;&nbsp; 492097 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23810 | &nbsp;&nbsp;&nbsp;&nbsp; 1664319 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;27321 | &nbsp;&nbsp;&nbsp;&nbsp; 579478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225281 |
| **Savings & Loans — 1.8%** | **Savings & Loans — 1.8%** | **Savings & Loans — 1.8%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15616 | &nbsp;&nbsp;&nbsp;&nbsp; 1085936 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72003 | &nbsp;&nbsp;&nbsp;&nbsp; 987881 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29384 | &nbsp;&nbsp;&nbsp;&nbsp; 303537 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41427 | &nbsp;&nbsp;&nbsp;&nbsp; 236548 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6985 | &nbsp;&nbsp;&nbsp;&nbsp; 252089 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57865 | &nbsp;&nbsp;&nbsp;&nbsp; 972711 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Savings & Loans (continued)** | **Savings & Loans (continued)** | **Savings & Loans (continued)** |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274 | &nbsp;&nbsp;$172409 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8609 | &nbsp;&nbsp;&nbsp;&nbsp; 455330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466441 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp;&nbsp; 235090 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;70379 | &nbsp;&nbsp;&nbsp;&nbsp; 358933 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7749 | &nbsp;&nbsp;&nbsp;&nbsp; 455331 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;16815 | &nbsp;&nbsp;&nbsp;&nbsp; 432482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481836 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18311 | &nbsp;&nbsp;&nbsp;&nbsp; 235113 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;138772 | &nbsp;&nbsp;&nbsp;&nbsp; 577291 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13652 | &nbsp;&nbsp;&nbsp;&nbsp; 116178 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11976 | &nbsp;&nbsp;&nbsp;&nbsp; 263113 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39519 | &nbsp;&nbsp;&nbsp;&nbsp; 186530 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35572 | &nbsp;&nbsp;&nbsp;&nbsp; 135174 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8716 | &nbsp;&nbsp;&nbsp;&nbsp; 250934 |
| &nbsp;&nbsp;&nbsp;Immersion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38528 | &nbsp;&nbsp;&nbsp;&nbsp; 289731 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;34656 | &nbsp;&nbsp;&nbsp;&nbsp; 1129092 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;54759 | &nbsp;&nbsp;&nbsp;&nbsp; 311579 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC† | &nbsp;&nbsp;&nbsp;&nbsp;44090 | &nbsp;&nbsp;&nbsp;&nbsp; 169306 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19514 | &nbsp;&nbsp;&nbsp;&nbsp; 342275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006316 |
| **Telecommunications — 2.2%** | **Telecommunications — 2.2%** | **Telecommunications — 2.2%** |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;54783 | &nbsp;&nbsp;&nbsp;&nbsp; 1263844 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp;&nbsp;&nbsp; 37998 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25655 | &nbsp;&nbsp;&nbsp;&nbsp; 283744 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;11570 | &nbsp;&nbsp;&nbsp;&nbsp; 205136 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47242 | &nbsp;&nbsp;&nbsp;&nbsp; 740282 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;19007 | &nbsp;&nbsp;&nbsp;&nbsp; 201664 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;282821 | &nbsp;&nbsp;&nbsp;&nbsp; 1108658 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27864 | &nbsp;&nbsp;&nbsp;&nbsp; 817251 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19291 | &nbsp;&nbsp;&nbsp;&nbsp; 263322 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11356 | &nbsp;&nbsp;&nbsp;&nbsp; 183967 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9021 | &nbsp;&nbsp;&nbsp;&nbsp; 309962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415828 |
| **Transportation — 2.1%** | **Transportation — 2.1%** | **Transportation — 2.1%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996 | &nbsp;&nbsp;&nbsp;&nbsp; 438579 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861 | &nbsp;&nbsp;&nbsp;&nbsp; 36139 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19306 | &nbsp;&nbsp;&nbsp;&nbsp; 165452 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;16756 | &nbsp;&nbsp;&nbsp;&nbsp; 620810 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11877 | &nbsp;&nbsp;&nbsp;&nbsp; 1340319 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39537 | &nbsp;&nbsp;&nbsp;&nbsp; 234850 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33819 | &nbsp;&nbsp;&nbsp;&nbsp; 128512 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128 | &nbsp;&nbsp;&nbsp;&nbsp; 164047 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;33413 | &nbsp;&nbsp;&nbsp;&nbsp; 1476521 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19942 | &nbsp;&nbsp;&nbsp;&nbsp; 546211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151440 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp; 1582 | &nbsp;&nbsp;$251918 |
| **Water — 0.5%** | **Water — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp; 4990 | &nbsp;&nbsp;&nbsp;&nbsp; 393561 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd.# | &nbsp;&nbsp; 31694 | &nbsp;&nbsp;&nbsp;&nbsp; 856689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250250 |
| **Total Long-Term Investment Securities<br> (cost $244,089,990)** |  | &nbsp;&nbsp;&nbsp;&nbsp;242183915 |
| **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** |  |
| **Unaffiliated Investment Companies — 1.2%** | **Unaffiliated Investment Companies — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(1)(2)<br> (cost $2,923,256) | &nbsp;&nbsp;2923256 | &nbsp;&nbsp;&nbsp;&nbsp; 2923256 |
| **REPURCHASE AGREEMENTS — 1.6%** | **REPURCHASE AGREEMENTS — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $3,896,688 and collateralized by $3,915,000 of United States Treasury Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $3,974,238<br> (cost $3,896,247) | $3896247 | &nbsp;&nbsp;&nbsp;&nbsp; 3896247 |
| **TOTAL INVESTMENTS<br> (cost $250,909,493)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.8% | &nbsp;&nbsp;&nbsp;&nbsp;249003418 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4419010) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$244584408 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of May 31, 2025. |
| (2) | &nbsp;&nbsp;At May 31, 2025, the Fund had loaned securities with a total value of $10,392,259. This was secured by collateral of $2,923,256, which was received in cash and subsequently invested in short-term investments currently valued at $2,923,256 as reported in the Portfolio of Investments. Additional collateral of $8,113,340 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $74456 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;481210 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36946 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;202651 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;7317602 |

---

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

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 36 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3741767 | &nbsp;&nbsp;&nbsp;&nbsp;$3722940 | &nbsp;&nbsp;&nbsp;&nbsp;$(18827) |

---

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$242183915 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$242183915 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923256 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3896247 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896247 |
| **Total Investments at Value** | &nbsp;&nbsp;$245107171 | &nbsp;&nbsp;$3896247 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$249003418 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$18827 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18827 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48097 | &nbsp;&nbsp;$1152404 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25369 | &nbsp;&nbsp;&nbsp;&nbsp; 1863099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015503 |
| **Aerospace/Defense — 2.1%** | **Aerospace/Defense — 2.1%** | **Aerospace/Defense — 2.1%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95897 | &nbsp;&nbsp;&nbsp;&nbsp; 19881366 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32762 | &nbsp;&nbsp;&nbsp;&nbsp; 9123889 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;136916 | &nbsp;&nbsp;&nbsp;&nbsp; 33669014 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51126 | &nbsp;&nbsp;&nbsp;&nbsp; 8685796 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24314 | &nbsp;&nbsp;&nbsp;&nbsp; 5940883 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26637 | &nbsp;&nbsp;&nbsp;&nbsp; 12849156 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17156 | &nbsp;&nbsp;&nbsp;&nbsp; 8316714 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;170378 | &nbsp;&nbsp;&nbsp;&nbsp; 23253190 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7107 | &nbsp;&nbsp;&nbsp;&nbsp; 10436132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132156140 |
| **Agriculture — 0.8%** | **Agriculture — 0.8%** | **Agriculture — 0.8%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215555 | &nbsp;&nbsp;&nbsp;&nbsp; 13064789 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61785 | &nbsp;&nbsp;&nbsp;&nbsp; 2982362 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17235 | &nbsp;&nbsp;&nbsp;&nbsp; 1346915 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198865 | &nbsp;&nbsp;&nbsp;&nbsp; 35913030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53307096 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82843 | &nbsp;&nbsp;&nbsp;&nbsp; 4008773 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76519 | &nbsp;&nbsp;&nbsp;&nbsp; 2554204 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42462 | &nbsp;&nbsp;&nbsp;&nbsp; 3373394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9936371 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19596 | &nbsp;&nbsp;&nbsp;&nbsp; 2067770 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;149383 | &nbsp;&nbsp;&nbsp;&nbsp; 9051116 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | &nbsp;&nbsp;&nbsp;&nbsp; 1425572 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26728 | &nbsp;&nbsp;&nbsp;&nbsp; 2099484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14643942 |
| **Auto Manufacturers — 2.3%** | **Auto Manufacturers — 2.3%** | **Auto Manufacturers — 2.3%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17751 | &nbsp;&nbsp;&nbsp;&nbsp; 5706592 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;502578 | &nbsp;&nbsp;&nbsp;&nbsp; 5216760 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;128466 | &nbsp;&nbsp;&nbsp;&nbsp; 6373198 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67706 | &nbsp;&nbsp;&nbsp;&nbsp; 6354208 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;357909 | &nbsp;&nbsp;&nbsp;&nbsp; 124001152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147651910 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29625 | &nbsp;&nbsp;&nbsp;&nbsp; 1979246 |
| **Banks — 4.4%** | **Banks — 4.4%** | **Banks — 4.4%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;846879 | &nbsp;&nbsp;&nbsp;&nbsp; 37372770 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90511 | &nbsp;&nbsp;&nbsp;&nbsp; 8020180 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239805 | &nbsp;&nbsp;&nbsp;&nbsp; 18062113 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56440 | &nbsp;&nbsp;&nbsp;&nbsp; 2277354 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86487 | &nbsp;&nbsp;&nbsp;&nbsp; 3302939 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39910 | &nbsp;&nbsp;&nbsp;&nbsp; 23963959 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187697 | &nbsp;&nbsp;&nbsp;&nbsp; 2933704 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;357620 | &nbsp;&nbsp;&nbsp;&nbsp; 94411680 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;128609 | &nbsp;&nbsp;&nbsp;&nbsp; 2039739 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21423 | &nbsp;&nbsp;&nbsp;&nbsp; 3912697 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;158261 | &nbsp;&nbsp;&nbsp;&nbsp; 20262156 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25302 | &nbsp;&nbsp;&nbsp;&nbsp; 2700735 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51120 | &nbsp;&nbsp;&nbsp;&nbsp; 8885167 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117362 | &nbsp;&nbsp;&nbsp;&nbsp; 2516241 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37245 | &nbsp;&nbsp;&nbsp;&nbsp; 3585949 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;165212 | &nbsp;&nbsp;&nbsp;&nbsp; 6525874 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;201414 | &nbsp;&nbsp;$8779636 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;419507 | &nbsp;&nbsp;&nbsp;&nbsp; 31370733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280923626 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23515 | &nbsp;&nbsp;&nbsp;&nbsp; 783990 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;495200 | &nbsp;&nbsp;&nbsp;&nbsp; 35703920 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20065 | &nbsp;&nbsp;&nbsp;&nbsp; 3577389 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175342 | &nbsp;&nbsp;&nbsp;&nbsp; 5903765 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22230 | &nbsp;&nbsp;&nbsp;&nbsp; 1191306 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90406 | &nbsp;&nbsp;&nbsp;&nbsp; 5781464 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175414 | &nbsp;&nbsp;&nbsp;&nbsp; 23058170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000004 |
| **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68656 | &nbsp;&nbsp;&nbsp;&nbsp; 19785286 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18899 | &nbsp;&nbsp;&nbsp;&nbsp; 2452901 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88513 | &nbsp;&nbsp;&nbsp;&nbsp; 6266721 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159078 | &nbsp;&nbsp;&nbsp;&nbsp; 17511306 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20739 | &nbsp;&nbsp;&nbsp;&nbsp; 1349279 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43723 | &nbsp;&nbsp;&nbsp;&nbsp; 1161283 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13258 | &nbsp;&nbsp;&nbsp;&nbsp; 6500132 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32714 | &nbsp;&nbsp;&nbsp;&nbsp; 14461224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69488132 |
| **Building Materials — 0.7%** | **Building Materials — 0.7%** | **Building Materials — 0.7%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14859 | &nbsp;&nbsp;&nbsp;&nbsp; 1600017 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101704 | &nbsp;&nbsp;&nbsp;&nbsp; 7241325 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83247 | &nbsp;&nbsp;&nbsp;&nbsp; 8438748 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135 | &nbsp;&nbsp;&nbsp;&nbsp; 2334001 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;&nbsp;&nbsp; 4134002 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27370 | &nbsp;&nbsp;&nbsp;&nbsp; 1708435 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp; 680627 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28508 | &nbsp;&nbsp;&nbsp;&nbsp; 12266137 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17052 | &nbsp;&nbsp;&nbsp;&nbsp; 4519974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42923266 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28023 | &nbsp;&nbsp;&nbsp;&nbsp; 7815895 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15180 | &nbsp;&nbsp;&nbsp;&nbsp; 846437 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22468 | &nbsp;&nbsp;&nbsp;&nbsp; 2038072 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90873 | &nbsp;&nbsp;&nbsp;&nbsp; 2520817 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53975 | &nbsp;&nbsp;&nbsp;&nbsp; 3605530 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14870 | &nbsp;&nbsp;&nbsp;&nbsp; 1165362 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31796 | &nbsp;&nbsp;&nbsp;&nbsp; 8445653 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33012 | &nbsp;&nbsp;&nbsp;&nbsp; 2527399 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60900 | &nbsp;&nbsp;&nbsp;&nbsp; 28475622 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33466 | &nbsp;&nbsp;&nbsp;&nbsp; 1890494 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41012 | &nbsp;&nbsp;&nbsp;&nbsp; 1482174 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29955 | &nbsp;&nbsp;&nbsp;&nbsp; 3319014 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29379 | &nbsp;&nbsp;&nbsp;&nbsp; 10541479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74673948 |
| **Commercial Services — 1.5%** | **Commercial Services — 1.5%** | **Commercial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51930 | &nbsp;&nbsp;&nbsp;&nbsp; 16904773 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43416 | &nbsp;&nbsp;&nbsp;&nbsp; 9833724 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9001 | &nbsp;&nbsp;&nbsp;&nbsp; 2926315 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15318 | &nbsp;&nbsp;&nbsp;&nbsp; 4046862 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31970 | &nbsp;&nbsp;&nbsp;&nbsp; 2417252 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868 | &nbsp;&nbsp;&nbsp;&nbsp; 1053484 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19592 | &nbsp;&nbsp;&nbsp;&nbsp; 9390837 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;125038 | &nbsp;&nbsp;&nbsp;&nbsp; 8787671 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19059 | &nbsp;&nbsp;&nbsp;&nbsp; 6528851 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36261 | &nbsp;&nbsp;&nbsp;&nbsp; 2075942 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40296 | &nbsp;&nbsp;$20666207 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8432 | &nbsp;&nbsp;&nbsp;&nbsp; 5973060 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18232 | &nbsp;&nbsp;&nbsp;&nbsp; 5727401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96332379 |
| **Computers — 7.8%** | **Computers — 7.8%** | **Computers — 7.8%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79998 | &nbsp;&nbsp;&nbsp;&nbsp; 25344966 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp; 19886 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 1921312 | &nbsp;&nbsp;&nbsp;&nbsp; 385895515 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63861 | &nbsp;&nbsp;&nbsp;&nbsp; 5172103 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31361 | &nbsp;&nbsp;&nbsp;&nbsp; 14782635 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38578 | &nbsp;&nbsp;&nbsp;&nbsp; 4292574 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324 | &nbsp;&nbsp;&nbsp;&nbsp; 1277965 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80282 | &nbsp;&nbsp;&nbsp;&nbsp; 8171102 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9919 | &nbsp;&nbsp;&nbsp;&nbsp; 4328850 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;169576 | &nbsp;&nbsp;&nbsp;&nbsp; 2930273 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121081 | &nbsp;&nbsp;&nbsp;&nbsp; 3014917 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117928 | &nbsp;&nbsp;&nbsp;&nbsp; 30550428 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16935 | &nbsp;&nbsp;&nbsp;&nbsp; 2515186 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26250 | &nbsp;&nbsp;&nbsp;&nbsp; 2602950 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27334 | &nbsp;&nbsp;&nbsp;&nbsp; 3223772 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65019 | &nbsp;&nbsp;&nbsp;&nbsp; 2602060 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44909 | &nbsp;&nbsp;&nbsp;&nbsp; 2315059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499040241 |
| **Cosmetics/Personal Care — 1.1%** | **Cosmetics/Personal Care — 1.1%** | **Cosmetics/Personal Care — 1.1%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;102662 | &nbsp;&nbsp;&nbsp;&nbsp; 9541406 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30235 | &nbsp;&nbsp;&nbsp;&nbsp; 2023931 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247540 | &nbsp;&nbsp;&nbsp;&nbsp; 5908780 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;299905 | &nbsp;&nbsp;&nbsp;&nbsp; 50950860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68424977 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;113207 | &nbsp;&nbsp;&nbsp;&nbsp; 5827896 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;148072 | &nbsp;&nbsp;&nbsp;&nbsp; 6121297 |
| &nbsp;&nbsp;&nbsp;LKQ Corp.(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33564 | &nbsp;&nbsp;&nbsp;&nbsp; 1358335 |
| &nbsp;&nbsp;&nbsp;Pool Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp; 1477099 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5722 | &nbsp;&nbsp;&nbsp;&nbsp; 6223018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21007645 |
| **Diversified Financial Services — 4.4%** | **Diversified Financial Services — 4.4%** | **Diversified Financial Services — 4.4%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70984 | &nbsp;&nbsp;&nbsp;&nbsp; 20872845 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12421 | &nbsp;&nbsp;&nbsp;&nbsp; 6325270 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56350 | &nbsp;&nbsp;&nbsp;&nbsp; 7364382 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18602 | &nbsp;&nbsp;&nbsp;&nbsp; 18227914 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81263 | &nbsp;&nbsp;&nbsp;&nbsp; 15370896 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13517 | &nbsp;&nbsp;&nbsp;&nbsp; 3097015 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;217843 | &nbsp;&nbsp;&nbsp;&nbsp; 19244251 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45828 | &nbsp;&nbsp;&nbsp;&nbsp; 13244292 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27104 | &nbsp;&nbsp;&nbsp;&nbsp; 6684388 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40023 | &nbsp;&nbsp;&nbsp;&nbsp; 866098 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73084 | &nbsp;&nbsp;&nbsp;&nbsp; 13140503 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57842 | &nbsp;&nbsp;&nbsp;&nbsp; 836395 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;104161 | &nbsp;&nbsp;&nbsp;&nbsp; 60996682 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53430 | &nbsp;&nbsp;&nbsp;&nbsp; 4463542 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23811 | &nbsp;&nbsp;&nbsp;&nbsp; 3499741 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50192 | &nbsp;&nbsp;&nbsp;&nbsp; 2893569 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28745 | &nbsp;&nbsp;&nbsp;&nbsp; 2690245 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;220417 | &nbsp;&nbsp;&nbsp;&nbsp; 80494084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280312112 |
| **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91802 | &nbsp;&nbsp;&nbsp;&nbsp; 926282 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33131 | &nbsp;&nbsp;$2061742 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34848 | &nbsp;&nbsp;&nbsp;&nbsp; 3376074 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68844 | &nbsp;&nbsp;&nbsp;&nbsp; 7124666 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84145 | &nbsp;&nbsp;&nbsp;&nbsp; 3133560 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38579 | &nbsp;&nbsp;&nbsp;&nbsp; 2709403 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44733 | &nbsp;&nbsp;&nbsp;&nbsp; 4674151 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39731 | &nbsp;&nbsp;&nbsp;&nbsp; 12163646 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108455 | &nbsp;&nbsp;&nbsp;&nbsp; 6146145 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26758 | &nbsp;&nbsp;&nbsp;&nbsp; 3656481 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98531 | &nbsp;&nbsp;&nbsp;&nbsp; 11599069 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49986 | &nbsp;&nbsp;&nbsp;&nbsp; 2781721 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53026 | &nbsp;&nbsp;&nbsp;&nbsp; 4416005 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29693 | &nbsp;&nbsp;&nbsp;&nbsp; 1971912 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47356 | &nbsp;&nbsp;&nbsp;&nbsp; 3069142 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129785 | &nbsp;&nbsp;&nbsp;&nbsp; 5687179 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66224 | &nbsp;&nbsp;&nbsp;&nbsp; 2777435 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262877 | &nbsp;&nbsp;&nbsp;&nbsp; 18569631 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26154 | &nbsp;&nbsp;&nbsp;&nbsp; 4077409 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;283215 | &nbsp;&nbsp;&nbsp;&nbsp; 4780669 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14680 | &nbsp;&nbsp;&nbsp;&nbsp; 1339256 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95322 | &nbsp;&nbsp;&nbsp;&nbsp; 3312439 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64327 | &nbsp;&nbsp;&nbsp;&nbsp; 5212417 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81779 | &nbsp;&nbsp;&nbsp;&nbsp; 6427012 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;139296 | &nbsp;&nbsp;&nbsp;&nbsp; 12536640 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43927 | &nbsp;&nbsp;&nbsp;&nbsp; 7053358 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39206 | &nbsp;&nbsp;&nbsp;&nbsp; 4212293 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74142 | &nbsp;&nbsp;&nbsp;&nbsp; 5197354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150993091 |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29865 | &nbsp;&nbsp;&nbsp;&nbsp; 5338070 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50436 | &nbsp;&nbsp;&nbsp;&nbsp; 16149607 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71183 | &nbsp;&nbsp;&nbsp;&nbsp; 8497826 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7697 | &nbsp;&nbsp;&nbsp;&nbsp; 940035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30925538 |
| **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11224 | &nbsp;&nbsp;&nbsp;&nbsp; 1601665 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;154117 | &nbsp;&nbsp;&nbsp;&nbsp; 13859742 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44053 | &nbsp;&nbsp;&nbsp;&nbsp; 3092080 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19835 | &nbsp;&nbsp;&nbsp;&nbsp; 4025910 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83091 | &nbsp;&nbsp;&nbsp;&nbsp; 18834237 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6930 | &nbsp;&nbsp;&nbsp;&nbsp; 2699789 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14142 | &nbsp;&nbsp;&nbsp;&nbsp; 2375997 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22325 | &nbsp;&nbsp;&nbsp;&nbsp; 3505918 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 | &nbsp;&nbsp;&nbsp;&nbsp; 3121060 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38521 | &nbsp;&nbsp;&nbsp;&nbsp; 6166057 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31735 | &nbsp;&nbsp;&nbsp;&nbsp; 2261753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61544208 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17104 | &nbsp;&nbsp;&nbsp;&nbsp; 707934 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13823 | &nbsp;&nbsp;&nbsp;&nbsp; 2185140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893074 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15822 | &nbsp;&nbsp;&nbsp;&nbsp; 1998319 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27434 | &nbsp;&nbsp;&nbsp;&nbsp; 737426 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20246 | &nbsp;&nbsp;&nbsp;&nbsp; 2777549 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8598 | &nbsp;&nbsp;&nbsp;&nbsp; 1356850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871825 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21333 | &nbsp;&nbsp;$2115807 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26208 | &nbsp;&nbsp;&nbsp;&nbsp; 6743056 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31931 | &nbsp;&nbsp;&nbsp;&nbsp; 3225989 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46319 | &nbsp;&nbsp;&nbsp;&nbsp; 11161490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23246342 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25404 | &nbsp;&nbsp;&nbsp;&nbsp; 864752 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61628 | &nbsp;&nbsp;&nbsp;&nbsp; 1410665 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71171 | &nbsp;&nbsp;&nbsp;&nbsp; 3861738 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19075 | &nbsp;&nbsp;&nbsp;&nbsp; 3065162 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37569 | &nbsp;&nbsp;&nbsp;&nbsp; 1152617 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13740 | &nbsp;&nbsp;&nbsp;&nbsp; 1547261 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34714 | &nbsp;&nbsp;&nbsp;&nbsp; 2868418 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;112629 | &nbsp;&nbsp;&nbsp;&nbsp; 3010573 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85952 | &nbsp;&nbsp;&nbsp;&nbsp; 5864505 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18417 | &nbsp;&nbsp;&nbsp;&nbsp; 1027300 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32604 | &nbsp;&nbsp;&nbsp;&nbsp; 2371289 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;164054 | &nbsp;&nbsp;&nbsp;&nbsp; 11072005 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60505 | &nbsp;&nbsp;&nbsp;&nbsp; 4416865 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36951 | &nbsp;&nbsp;&nbsp;&nbsp; 2075168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44608318 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68076 | &nbsp;&nbsp;&nbsp;&nbsp; 3254714 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20494 | &nbsp;&nbsp;&nbsp;&nbsp; 3170012 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60675 | &nbsp;&nbsp;&nbsp;&nbsp; 2399089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569101 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp; 2169874 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19905 | &nbsp;&nbsp;&nbsp;&nbsp; 1302384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472258 |
| **Healthcare-Products — 2.9%** | **Healthcare-Products — 2.9%** | **Healthcare-Products — 2.9%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;221060 | &nbsp;&nbsp;&nbsp;&nbsp; 29529195 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36834 | &nbsp;&nbsp;&nbsp;&nbsp; 4122461 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061 | &nbsp;&nbsp;&nbsp;&nbsp; 1639497 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65923 | &nbsp;&nbsp;&nbsp;&nbsp; 2010652 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20412 | &nbsp;&nbsp;&nbsp;&nbsp; 987941 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;188467 | &nbsp;&nbsp;&nbsp;&nbsp; 19838036 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25769 | &nbsp;&nbsp;&nbsp;&nbsp; 1759507 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81642 | &nbsp;&nbsp;&nbsp;&nbsp; 15503816 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76150 | &nbsp;&nbsp;&nbsp;&nbsp; 5956453 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59043 | &nbsp;&nbsp;&nbsp;&nbsp; 4164893 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28972 | &nbsp;&nbsp;&nbsp;&nbsp; 1801189 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10572 | &nbsp;&nbsp;&nbsp;&nbsp; 5427242 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9057 | &nbsp;&nbsp;&nbsp;&nbsp; 2943797 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45616 | &nbsp;&nbsp;&nbsp;&nbsp; 25195541 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;163325 | &nbsp;&nbsp;&nbsp;&nbsp; 13552709 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18963 | &nbsp;&nbsp;&nbsp;&nbsp; 4641953 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15713 | &nbsp;&nbsp;&nbsp;&nbsp; 1420769 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17844 | &nbsp;&nbsp;&nbsp;&nbsp; 1304218 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12686 | &nbsp;&nbsp;&nbsp;&nbsp; 3110734 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43848 | &nbsp;&nbsp;&nbsp;&nbsp; 16777999 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48916 | &nbsp;&nbsp;&nbsp;&nbsp; 19704343 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7666 | &nbsp;&nbsp;&nbsp;&nbsp; 2677274 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9351 | &nbsp;&nbsp;&nbsp;&nbsp; 1971658 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25703 | &nbsp;&nbsp;&nbsp;&nbsp; 2369046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188410923 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64028 | &nbsp;&nbsp;$3613740 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603 | &nbsp;&nbsp;&nbsp;&nbsp; 895565 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34745 | &nbsp;&nbsp;&nbsp;&nbsp; 11001657 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682 | &nbsp;&nbsp;&nbsp;&nbsp; 774229 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29464 | &nbsp;&nbsp;&nbsp;&nbsp; 11309462 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23086 | &nbsp;&nbsp;&nbsp;&nbsp; 8804769 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15576 | &nbsp;&nbsp;&nbsp;&nbsp; 3631233 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp; 3031128 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10768 | &nbsp;&nbsp;&nbsp;&nbsp; 2680909 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7166 | &nbsp;&nbsp;&nbsp;&nbsp; 2185917 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14331 | &nbsp;&nbsp;&nbsp;&nbsp; 2484135 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117704 | &nbsp;&nbsp;&nbsp;&nbsp; 35536015 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7582 | &nbsp;&nbsp;&nbsp;&nbsp; 1443234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87391993 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35063 | &nbsp;&nbsp;&nbsp;&nbsp; 4139538 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30150 | &nbsp;&nbsp;&nbsp;&nbsp; 3198312 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 2597314 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26140 | &nbsp;&nbsp;&nbsp;&nbsp; 2562504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12497668 |
| **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10375 | &nbsp;&nbsp;&nbsp;&nbsp; 1843949 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31758 | &nbsp;&nbsp;&nbsp;&nbsp; 3122129 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15906 | &nbsp;&nbsp;&nbsp;&nbsp; 2097683 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42825 | &nbsp;&nbsp;&nbsp;&nbsp; 6156522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13220283 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63907 | &nbsp;&nbsp;&nbsp;&nbsp; 6616931 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34215 | &nbsp;&nbsp;&nbsp;&nbsp; 7180702 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76606 | &nbsp;&nbsp;&nbsp;&nbsp; 6483932 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27390 | &nbsp;&nbsp;&nbsp;&nbsp; 10191271 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46360 | &nbsp;&nbsp;&nbsp;&nbsp; 4406054 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32276 | &nbsp;&nbsp;&nbsp;&nbsp; 11213973 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6622 | &nbsp;&nbsp;&nbsp;&nbsp; 1344134 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;234433 | &nbsp;&nbsp;&nbsp;&nbsp; 118144855 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30642 | &nbsp;&nbsp;&nbsp;&nbsp; 3459482 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47454 | &nbsp;&nbsp;&nbsp;&nbsp; 14103329 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20193 | &nbsp;&nbsp;&nbsp;&nbsp; 3045508 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221 | &nbsp;&nbsp;&nbsp;&nbsp; 1154761 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp; 1926905 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10838 | &nbsp;&nbsp;&nbsp;&nbsp; 1320827 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37133 | &nbsp;&nbsp;&nbsp;&nbsp; 4821349 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22811 | &nbsp;&nbsp;&nbsp;&nbsp; 2036794 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62574 | &nbsp;&nbsp;&nbsp;&nbsp; 14621041 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74747 | &nbsp;&nbsp;&nbsp;&nbsp; 5873619 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27169 | &nbsp;&nbsp;&nbsp;&nbsp; 2116193 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74955 | &nbsp;&nbsp;&nbsp;&nbsp; 21356928 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45706 | &nbsp;&nbsp;&nbsp;&nbsp; 4748396 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28565 | &nbsp;&nbsp;&nbsp;&nbsp; 7875371 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38767 | &nbsp;&nbsp;&nbsp;&nbsp; 2895507 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12887 | &nbsp;&nbsp;&nbsp;&nbsp; 4079380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261017242 |
| **Internet — 12.9%** | **Internet — 12.9%** | **Internet — 12.9%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55890 | &nbsp;&nbsp;&nbsp;&nbsp; 7209810 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;746036 | &nbsp;&nbsp;&nbsp;&nbsp; 128124223 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;604634 | &nbsp;&nbsp;&nbsp;&nbsp; 104510987 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 1206343 | &nbsp;&nbsp;&nbsp;&nbsp; 247312378 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233 | &nbsp;&nbsp;&nbsp;&nbsp; 23361631 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17206 | &nbsp;&nbsp;&nbsp;&nbsp; 3103274 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43802 | &nbsp;&nbsp;&nbsp;&nbsp; 9139287 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59164 | &nbsp;&nbsp;$4329030 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15924 | &nbsp;&nbsp;&nbsp;&nbsp; 2655327 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7444 | &nbsp;&nbsp;&nbsp;&nbsp; 2124369 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70024 | &nbsp;&nbsp;&nbsp;&nbsp; 1994283 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18232 | &nbsp;&nbsp;&nbsp;&nbsp; 3320959 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32420 | &nbsp;&nbsp;&nbsp;&nbsp; 970655 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;280086 | &nbsp;&nbsp;&nbsp;&nbsp; 181352884 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54710 | &nbsp;&nbsp;&nbsp;&nbsp; 66047553 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84485 | &nbsp;&nbsp;&nbsp;&nbsp; 16256604 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;267183 | &nbsp;&nbsp;&nbsp;&nbsp; 22486121 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10504 | &nbsp;&nbsp;&nbsp;&nbsp; 2862025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827161400 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30318 | &nbsp;&nbsp;&nbsp;&nbsp; 3315576 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18282 | &nbsp;&nbsp;&nbsp;&nbsp; 2249966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565542 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;135281 | &nbsp;&nbsp;&nbsp;&nbsp; 3141225 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56772 | &nbsp;&nbsp;&nbsp;&nbsp; 1002026 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31203 | &nbsp;&nbsp;&nbsp;&nbsp; 8018235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12161486 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30306 | &nbsp;&nbsp;&nbsp;&nbsp; 7529223 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44368 | &nbsp;&nbsp;&nbsp;&nbsp; 1826187 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28834 | &nbsp;&nbsp;&nbsp;&nbsp; 7607274 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28886 | &nbsp;&nbsp;&nbsp;&nbsp; 914242 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11565 | &nbsp;&nbsp;&nbsp;&nbsp; 1047095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18924021 |
| **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61151 | &nbsp;&nbsp;&nbsp;&nbsp; 21282383 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35187 | &nbsp;&nbsp;&nbsp;&nbsp; 16642747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37925130 |
| **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32335 | &nbsp;&nbsp;&nbsp;&nbsp; 16369917 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17718 | &nbsp;&nbsp;&nbsp;&nbsp; 3149374 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9777 | &nbsp;&nbsp;&nbsp;&nbsp; 1768757 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52017 | &nbsp;&nbsp;&nbsp;&nbsp; 4246668 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003 | &nbsp;&nbsp;&nbsp;&nbsp; 1484566 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51196 | &nbsp;&nbsp;&nbsp;&nbsp; 4881539 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14599 | &nbsp;&nbsp;&nbsp;&nbsp; 4606714 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21121 | &nbsp;&nbsp;&nbsp;&nbsp; 4273201 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31368 | &nbsp;&nbsp;&nbsp;&nbsp; 3953623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44734359 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12463 | &nbsp;&nbsp;&nbsp;&nbsp; 4938713 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;481474 | &nbsp;&nbsp;&nbsp;&nbsp; 16644556 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp; 2250515 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28127 | &nbsp;&nbsp;&nbsp;&nbsp; 1545297 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp; 856470 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48812 | &nbsp;&nbsp;&nbsp;&nbsp; 1378451 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14424 | &nbsp;&nbsp;&nbsp;&nbsp; 471953 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76817 | &nbsp;&nbsp;&nbsp;&nbsp; 929486 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;231215 | &nbsp;&nbsp;&nbsp;&nbsp; 26136544 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;288226 | &nbsp;&nbsp;&nbsp;&nbsp; 2873613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58025598 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185543 | &nbsp;&nbsp;$7139695 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143175 | &nbsp;&nbsp;&nbsp;&nbsp; 7548186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14687881 |
| **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68835 | &nbsp;&nbsp;&nbsp;&nbsp; 10211672 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15247 | &nbsp;&nbsp;&nbsp;&nbsp; 980535 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9353 | &nbsp;&nbsp;&nbsp;&nbsp; 7018117 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33707 | &nbsp;&nbsp;&nbsp;&nbsp; 8260912 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16339 | &nbsp;&nbsp;&nbsp;&nbsp; 10860533 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6018 | &nbsp;&nbsp;&nbsp;&nbsp; 3002139 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23573 | &nbsp;&nbsp;&nbsp;&nbsp; 1745109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42079017 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634 | &nbsp;&nbsp;&nbsp;&nbsp; 1922334 |
| **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47765 | &nbsp;&nbsp;&nbsp;&nbsp; 812483 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;213757 | &nbsp;&nbsp;&nbsp;&nbsp; 29220582 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;162581 | &nbsp;&nbsp;&nbsp;&nbsp; 13876288 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95084 | &nbsp;&nbsp;&nbsp;&nbsp; 2311492 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84813 | &nbsp;&nbsp;&nbsp;&nbsp; 2566441 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24128 | &nbsp;&nbsp;&nbsp;&nbsp; 3246422 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70915 | &nbsp;&nbsp;&nbsp;&nbsp; 7699241 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77039 | &nbsp;&nbsp;&nbsp;&nbsp; 4247160 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27153 | &nbsp;&nbsp;&nbsp;&nbsp; 3153278 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;556746 | &nbsp;&nbsp;&nbsp;&nbsp; 56955116 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35685 | &nbsp;&nbsp;&nbsp;&nbsp; 4717200 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40799 | &nbsp;&nbsp;&nbsp;&nbsp; 6558031 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87229 | &nbsp;&nbsp;&nbsp;&nbsp; 3557199 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53322 | &nbsp;&nbsp;&nbsp;&nbsp; 6050981 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433 | &nbsp;&nbsp;&nbsp;&nbsp; 2710435 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40875 | &nbsp;&nbsp;&nbsp;&nbsp; 5271649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152953998 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;127835 | &nbsp;&nbsp;&nbsp;&nbsp; 4736287 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;112081 | &nbsp;&nbsp;&nbsp;&nbsp; 2195667 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;180866 | &nbsp;&nbsp;&nbsp;&nbsp; 5977621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12909575 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;294932 | &nbsp;&nbsp;&nbsp;&nbsp; 2686831 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38530 | &nbsp;&nbsp;&nbsp;&nbsp; 2064437 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11513 | &nbsp;&nbsp;&nbsp;&nbsp; 2223966 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63836 | &nbsp;&nbsp;&nbsp;&nbsp; 2766014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9741248 |
| **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225788 | &nbsp;&nbsp;&nbsp;&nbsp; 42021405 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37073 | &nbsp;&nbsp;&nbsp;&nbsp; 6398429 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;257896 | &nbsp;&nbsp;&nbsp;&nbsp; 12451219 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31189 | &nbsp;&nbsp;&nbsp;&nbsp; 4816829 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22283 | &nbsp;&nbsp;&nbsp;&nbsp; 6489701 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;159690 | &nbsp;&nbsp;&nbsp;&nbsp; 10226547 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48212 | &nbsp;&nbsp;&nbsp;&nbsp; 4136590 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;100776 | &nbsp;&nbsp;&nbsp;&nbsp; 74339432 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16098 | &nbsp;&nbsp;&nbsp;&nbsp; 1126699 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;307932 | &nbsp;&nbsp;&nbsp;&nbsp; 47794126 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15914 | &nbsp;&nbsp;&nbsp;&nbsp; 11450282 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;323539 | &nbsp;&nbsp;&nbsp;&nbsp; 24860737 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;723230 | &nbsp;&nbsp;&nbsp;&nbsp; 16988673 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154107 | &nbsp;&nbsp;$1354600 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56631 | &nbsp;&nbsp;&nbsp;&nbsp; 9549685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274004954 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249586 | &nbsp;&nbsp;&nbsp;&nbsp; 6998391 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80106 | &nbsp;&nbsp;&nbsp;&nbsp; 6475769 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26975 | &nbsp;&nbsp;&nbsp;&nbsp; 4260162 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154070 | &nbsp;&nbsp;&nbsp;&nbsp; 9322776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27057098 |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93154 | &nbsp;&nbsp;&nbsp;&nbsp; 12926049 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85609 | &nbsp;&nbsp;&nbsp;&nbsp; 10398069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23324118 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38163 | &nbsp;&nbsp;&nbsp;&nbsp; 4771138 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54411 | &nbsp;&nbsp;&nbsp;&nbsp; 4002473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773611 |
| **REITS — 2.0%** | **REITS — 2.0%** | **REITS — 2.0%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19891 | &nbsp;&nbsp;&nbsp;&nbsp; 1396149 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59430 | &nbsp;&nbsp;&nbsp;&nbsp; 12756650 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18343 | &nbsp;&nbsp;&nbsp;&nbsp; 3792782 |
| &nbsp;&nbsp;&nbsp;BXP, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18789 | &nbsp;&nbsp;&nbsp;&nbsp; 1265063 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13774 | &nbsp;&nbsp;&nbsp;&nbsp; 1618307 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56112 | &nbsp;&nbsp;&nbsp;&nbsp; 5630839 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40856 | &nbsp;&nbsp;&nbsp;&nbsp; 7007621 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12345 | &nbsp;&nbsp;&nbsp;&nbsp; 10972483 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44122 | &nbsp;&nbsp;&nbsp;&nbsp; 3094717 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8299 | &nbsp;&nbsp;&nbsp;&nbsp; 2356086 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27370 | &nbsp;&nbsp;&nbsp;&nbsp; 4136976 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9957 | &nbsp;&nbsp;&nbsp;&nbsp; 950694 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90322 | &nbsp;&nbsp;&nbsp;&nbsp; 1572506 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90253 | &nbsp;&nbsp;&nbsp;&nbsp; 1398019 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73558 | &nbsp;&nbsp;&nbsp;&nbsp; 2478905 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37926 | &nbsp;&nbsp;&nbsp;&nbsp; 3743676 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87730 | &nbsp;&nbsp;&nbsp;&nbsp; 1865140 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15094 | &nbsp;&nbsp;&nbsp;&nbsp; 2364475 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117914 | &nbsp;&nbsp;&nbsp;&nbsp; 12805460 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20349 | &nbsp;&nbsp;&nbsp;&nbsp; 6275835 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp; 6398060 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21075 | &nbsp;&nbsp;&nbsp;&nbsp; 1520561 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13883 | &nbsp;&nbsp;&nbsp;&nbsp; 3219329 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39598 | &nbsp;&nbsp;&nbsp;&nbsp; 6457246 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38874 | &nbsp;&nbsp;&nbsp;&nbsp; 1610550 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56440 | &nbsp;&nbsp;&nbsp;&nbsp; 3627963 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136106 | &nbsp;&nbsp;&nbsp;&nbsp; 4315921 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77371 | &nbsp;&nbsp;&nbsp;&nbsp; 11936798 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93681 | &nbsp;&nbsp;&nbsp;&nbsp; 2427275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128996086 |
| **Retail — 4.8%** | **Retail — 4.8%** | **Retail — 4.8%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 | &nbsp;&nbsp;&nbsp;&nbsp; 7899113 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25120 | &nbsp;&nbsp;&nbsp;&nbsp; 1664954 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19858 | &nbsp;&nbsp;&nbsp;&nbsp; 1280047 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;174990 | &nbsp;&nbsp;&nbsp;&nbsp; 8763499 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56774 | &nbsp;&nbsp;&nbsp;&nbsp; 59055179 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15125 | &nbsp;&nbsp;&nbsp;&nbsp; 3239926 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28396 | &nbsp;&nbsp;&nbsp;&nbsp; 2761511 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26099 | &nbsp;&nbsp;&nbsp;&nbsp; 2355696 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp; 2112763 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17952 | &nbsp;&nbsp;$2271287 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127050 | &nbsp;&nbsp;&nbsp;&nbsp; 46791245 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72074 | &nbsp;&nbsp;&nbsp;&nbsp; 16269264 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13866 | &nbsp;&nbsp;&nbsp;&nbsp; 4390946 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91655 | &nbsp;&nbsp;&nbsp;&nbsp; 28765922 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7282 | &nbsp;&nbsp;&nbsp;&nbsp; 9958135 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42599 | &nbsp;&nbsp;&nbsp;&nbsp; 5967694 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144363 | &nbsp;&nbsp;&nbsp;&nbsp; 12119274 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59161 | &nbsp;&nbsp;&nbsp;&nbsp; 5561726 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143704 | &nbsp;&nbsp;&nbsp;&nbsp; 18236038 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68971 | &nbsp;&nbsp;&nbsp;&nbsp; 3338196 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5988 | &nbsp;&nbsp;&nbsp;&nbsp; 2823102 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92605 | &nbsp;&nbsp;&nbsp;&nbsp; 1041806 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;554831 | &nbsp;&nbsp;&nbsp;&nbsp; 54772916 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15894 | &nbsp;&nbsp;&nbsp;&nbsp; 2571013 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36032 | &nbsp;&nbsp;&nbsp;&nbsp; 5186446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309197698 |
| **Semiconductors — 11.4%** | **Semiconductors — 11.4%** | **Semiconductors — 11.4%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;207258 | &nbsp;&nbsp;&nbsp;&nbsp; 22949678 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63189 | &nbsp;&nbsp;&nbsp;&nbsp; 13521182 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103758 | &nbsp;&nbsp;&nbsp;&nbsp; 16264066 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;599509 | &nbsp;&nbsp;&nbsp;&nbsp; 145123144 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;549970 | &nbsp;&nbsp;&nbsp;&nbsp; 10751913 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16909 | &nbsp;&nbsp;&nbsp;&nbsp; 12798084 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163418 | &nbsp;&nbsp;&nbsp;&nbsp; 13202540 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69439 | &nbsp;&nbsp;&nbsp;&nbsp; 4030240 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141884 | &nbsp;&nbsp;&nbsp;&nbsp; 13402363 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;&nbsp;&nbsp; 4087233 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3132253 | &nbsp;&nbsp;&nbsp;&nbsp; 423261348 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32814 | &nbsp;&nbsp;&nbsp;&nbsp; 6271740 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54410 | &nbsp;&nbsp;&nbsp;&nbsp; 2286308 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141457 | &nbsp;&nbsp;&nbsp;&nbsp; 20539556 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20754 | &nbsp;&nbsp;&nbsp;&nbsp; 1432649 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21027 | &nbsp;&nbsp;&nbsp;&nbsp; 1652722 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116495 | &nbsp;&nbsp;&nbsp;&nbsp; 21301111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732875877 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;&nbsp;&nbsp; 1127122 |
| **Software — 11.2%** | **Software — 11.2%** | **Software — 11.2%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55676 | &nbsp;&nbsp;&nbsp;&nbsp; 23110551 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19396 | &nbsp;&nbsp;&nbsp;&nbsp; 1472738 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11291 | &nbsp;&nbsp;&nbsp;&nbsp; 3735289 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27102 | &nbsp;&nbsp;&nbsp;&nbsp; 8025444 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15108 | &nbsp;&nbsp;&nbsp;&nbsp; 3668676 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34804 | &nbsp;&nbsp;&nbsp;&nbsp; 9991184 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20529 | &nbsp;&nbsp;&nbsp;&nbsp; 1212853 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29330 | &nbsp;&nbsp;&nbsp;&nbsp; 4217067 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153 | &nbsp;&nbsp;&nbsp;&nbsp; 5442961 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68390 | &nbsp;&nbsp;&nbsp;&nbsp; 5444528 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72307 | &nbsp;&nbsp;&nbsp;&nbsp; 11770857 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35801 | &nbsp;&nbsp;&nbsp;&nbsp; 26974980 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9412 | &nbsp;&nbsp;&nbsp;&nbsp; 1705172 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;950801 | &nbsp;&nbsp;&nbsp;&nbsp; 437710748 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10026 | &nbsp;&nbsp;&nbsp;&nbsp; 5654865 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;207483 | &nbsp;&nbsp;&nbsp;&nbsp; 34344661 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;261568 | &nbsp;&nbsp;&nbsp;&nbsp; 34469431 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41375 | &nbsp;&nbsp;&nbsp;&nbsp; 6533526 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080 | &nbsp;&nbsp;&nbsp;&nbsp; 1575267 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15536 | &nbsp;&nbsp;&nbsp;&nbsp; 2615020 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13510 | &nbsp;&nbsp;&nbsp;&nbsp; 7704348 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122400 | &nbsp;&nbsp;&nbsp;&nbsp; 32481288 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26347 | &nbsp;&nbsp;$26639188 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19582 | &nbsp;&nbsp;&nbsp;&nbsp; 9085656 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21193 | &nbsp;&nbsp;&nbsp;&nbsp; 4795552 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526 | &nbsp;&nbsp;&nbsp;&nbsp; 3188447 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27630 | &nbsp;&nbsp;&nbsp;&nbsp; 6844227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720414524 |
| **Telecommunications — 1.9%** | **Telecommunications — 1.9%** | **Telecommunications — 1.9%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;131365 | &nbsp;&nbsp;&nbsp;&nbsp; 11381463 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;918084 | &nbsp;&nbsp;&nbsp;&nbsp; 25522735 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;508119 | &nbsp;&nbsp;&nbsp;&nbsp; 32031822 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99533 | &nbsp;&nbsp;&nbsp;&nbsp; 4935841 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42748 | &nbsp;&nbsp;&nbsp;&nbsp; 1535936 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21578 | &nbsp;&nbsp;&nbsp;&nbsp; 8963070 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61119 | &nbsp;&nbsp;&nbsp;&nbsp; 14803022 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;538418 | &nbsp;&nbsp;&nbsp;&nbsp; 23668855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122842744 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16931 | &nbsp;&nbsp;&nbsp;&nbsp; 1129467 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15327 | &nbsp;&nbsp;&nbsp;&nbsp; 1470932 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;242759 | &nbsp;&nbsp;&nbsp;&nbsp; 7668757 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18073 | &nbsp;&nbsp;&nbsp;&nbsp; 2037369 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28609 | &nbsp;&nbsp;&nbsp;&nbsp; 6239623 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10257 | &nbsp;&nbsp;&nbsp;&nbsp; 1424185 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29236 | &nbsp;&nbsp;&nbsp;&nbsp; 7224800 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24257 | &nbsp;&nbsp;&nbsp;&nbsp; 3885244 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77173 | &nbsp;&nbsp;&nbsp;&nbsp; 17106167 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92468 | &nbsp;&nbsp;&nbsp;&nbsp; 9019329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56076406 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25163 | &nbsp;&nbsp;&nbsp;&nbsp; 3597554 |
| **Total Common Stocks<br> (cost $2,000,854,822)** |  | &nbsp;&nbsp;&nbsp;&nbsp;6415940283 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** |
| &nbsp;&nbsp;&nbsp;iShares Core S&P 500 ETF<br> (cost $2,740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 2961 |
| **Total Long-Term Investment Securities<br> (cost $2,000,857,562)** |  | &nbsp;&nbsp;&nbsp;&nbsp;6415943244 |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |
| **Unaffiliated Investment Companies — 0.4%** | **Unaffiliated Investment Companies — 0.4%** | **Unaffiliated Investment Companies — 0.4%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(2) | 24049231 | &nbsp;&nbsp;&nbsp;&nbsp; 24049231 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Unaffiliated Investment Companies (continued)** | **Unaffiliated Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;722978 | &nbsp;&nbsp;$722978 |
| **Total Short-Term Investments<br> (cost $24,772,209)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24772209 |
| **TOTAL INVESTMENTS<br> (cost $2,025,629,771)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2% | &nbsp;&nbsp;&nbsp;&nbsp;6440715453 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11096536) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$6429618917 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| LKQ Corp. |  | 33564 | $1146382 | $1358335 | $40.47 | 0.0% |

---

(2) The rate shown is the 7-day yield as of May 31, 2025.

(3) At May 31, 2025, the Fund had loaned securities with a total value of $19,225,588. This was secured by collateral of $722,978, which was received in cash and
subsequently invested in short-term investments currently valued at $722,978 as reported in the Portfolio of Investments. Additional collateral of $19,078,810 was received in the form of fixed income pooled
securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $130144 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841124 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64579 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354221 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 05/15/2054 | &nbsp;&nbsp;&nbsp;17687912 |

---

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

ETF—Exchange Traded Fund

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 104 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$30990782 | &nbsp;&nbsp;&nbsp;&nbsp;$30763200 | &nbsp;&nbsp;&nbsp;&nbsp;$(227582) |

---

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$6415940283 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6415940283 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24772209 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24772209 |
| **Total Investments at Value** | &nbsp;&nbsp;$6440715453 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6440715453 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$227582 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$227582 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.2%** | **COMMON STOCKS — 96.2%** | **COMMON STOCKS — 96.2%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9873 | &nbsp;&nbsp;$236557 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp; 297065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533622 |
| **Aerospace/Defense — 1.1%** | **Aerospace/Defense — 1.1%** | **Aerospace/Defense — 1.1%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 136209 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp; 436149 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 648882 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7422 | &nbsp;&nbsp;&nbsp;&nbsp; 1825144 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp; 231359 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp; 542289 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 339877 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp; 835482 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp; 381514 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10171 | &nbsp;&nbsp;&nbsp;&nbsp; 1388138 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3397 | &nbsp;&nbsp;&nbsp;&nbsp; 126980 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp; 584435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476458 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17473 | &nbsp;&nbsp;&nbsp;&nbsp; 1059039 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4986 | &nbsp;&nbsp;&nbsp;&nbsp; 240674 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412 | &nbsp;&nbsp;&nbsp;&nbsp; 266648 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17827 | &nbsp;&nbsp;&nbsp;&nbsp; 555489 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13672 | &nbsp;&nbsp;&nbsp;&nbsp; 2469026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4590876 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192 | &nbsp;&nbsp;&nbsp;&nbsp; 111639 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11886 | &nbsp;&nbsp;&nbsp;&nbsp; 135619 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15162 | &nbsp;&nbsp;&nbsp;&nbsp; 733689 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7365 | &nbsp;&nbsp;&nbsp;&nbsp; 585112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566059 |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574 | &nbsp;&nbsp;&nbsp;&nbsp; 138430 |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;25796 | &nbsp;&nbsp;&nbsp;&nbsp; 467424 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11209 | &nbsp;&nbsp;&nbsp;&nbsp; 351626 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6645 | &nbsp;&nbsp;&nbsp;&nbsp; 423818 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354 | &nbsp;&nbsp;&nbsp;&nbsp; 353914 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9736 | &nbsp;&nbsp;&nbsp;&nbsp; 589904 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp;&nbsp;&nbsp; 405866 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 310304 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7815 | &nbsp;&nbsp;&nbsp;&nbsp; 484843 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11017 | &nbsp;&nbsp;&nbsp;&nbsp; 865385 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;56025 | &nbsp;&nbsp;&nbsp;&nbsp; 375928 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C#† | &nbsp;&nbsp;&nbsp;&nbsp;59328 | &nbsp;&nbsp;&nbsp;&nbsp; 373766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141208 |
| **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp; 421782 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;53627 | &nbsp;&nbsp;&nbsp;&nbsp; 556648 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 73125 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;154972 | &nbsp;&nbsp;&nbsp;&nbsp; 345588 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;36783 | &nbsp;&nbsp;&nbsp;&nbsp; 534457 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20872 | &nbsp;&nbsp;&nbsp;&nbsp; 7231313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9162913 |
| **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8944 | &nbsp;&nbsp;&nbsp;&nbsp; 925883 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7820 | &nbsp;&nbsp;&nbsp;&nbsp; 522454 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15874 | &nbsp;&nbsp;&nbsp;&nbsp; 525271 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11699 | &nbsp;&nbsp;$252347 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454 | &nbsp;&nbsp;&nbsp;&nbsp; 493151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719106 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58596 | &nbsp;&nbsp;&nbsp;&nbsp; 2585842 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13957 | &nbsp;&nbsp;&nbsp;&nbsp; 1236730 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562 | &nbsp;&nbsp;&nbsp;&nbsp; 246563 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18413 | &nbsp;&nbsp;&nbsp;&nbsp; 1386867 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181 | &nbsp;&nbsp;&nbsp;&nbsp; 249403 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643 | &nbsp;&nbsp;&nbsp;&nbsp; 207979 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396 | &nbsp;&nbsp;&nbsp;&nbsp; 276992 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp; 100020 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11556 | &nbsp;&nbsp;&nbsp;&nbsp; 229733 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14502 | &nbsp;&nbsp;&nbsp;&nbsp; 201143 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9786 | &nbsp;&nbsp;&nbsp;&nbsp; 152955 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;31058 | &nbsp;&nbsp;&nbsp;&nbsp; 8199312 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp; 195607 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9534 | &nbsp;&nbsp;&nbsp;&nbsp; 1220638 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp; 540104 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19023 | &nbsp;&nbsp;&nbsp;&nbsp; 228466 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364 | &nbsp;&nbsp;&nbsp;&nbsp; 410887 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 | &nbsp;&nbsp;&nbsp;&nbsp; 502949 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp; 216542 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101 | &nbsp;&nbsp;&nbsp;&nbsp; 152245 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8992 | &nbsp;&nbsp;&nbsp;&nbsp; 865750 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;&nbsp; 100682 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;&nbsp;&nbsp; 113958 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp; 152216 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;31866 | &nbsp;&nbsp;&nbsp;&nbsp; 2382939 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp; 219620 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp; 258523 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp; 247598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22882263 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 | &nbsp;&nbsp;&nbsp;&nbsp; 444530 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;29153 | &nbsp;&nbsp;&nbsp;&nbsp; 2101931 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp; 290065 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11313 | &nbsp;&nbsp;&nbsp;&nbsp; 380909 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;16217 | &nbsp;&nbsp;&nbsp;&nbsp; 869069 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8873 | &nbsp;&nbsp;&nbsp;&nbsp; 567428 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12983 | &nbsp;&nbsp;&nbsp;&nbsp; 1706615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360547 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 362122 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673 | &nbsp;&nbsp;&nbsp;&nbsp; 770305 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp;&nbsp;&nbsp; 851033 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp; 197656 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;&nbsp; 176434 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17733 | &nbsp;&nbsp;&nbsp;&nbsp; 763228 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17320 | &nbsp;&nbsp;&nbsp;&nbsp; 1906585 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 141453 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;&nbsp;&nbsp; 577733 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp; 655014 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;11403 | &nbsp;&nbsp;&nbsp;&nbsp; 125319 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;13222 | &nbsp;&nbsp;&nbsp;&nbsp; 434739 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669 | &nbsp;&nbsp;&nbsp;&nbsp; 851011 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874 | &nbsp;&nbsp;&nbsp;&nbsp; 1270452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9083084 |
| **Building Materials — 0.8%** | **Building Materials — 0.8%** | **Building Materials — 0.8%** |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp; 253366 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284 | &nbsp;&nbsp;$999701 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 84016 |
| &nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp; 120696 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp; 154980 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631 | &nbsp;&nbsp;&nbsp;&nbsp; 368075 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp; 552032 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 161527 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10220 | &nbsp;&nbsp;&nbsp;&nbsp; 637932 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp; 322958 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp; 657828 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp; 134058 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 742216 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023 | &nbsp;&nbsp;&nbsp;&nbsp; 168895 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 116631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474911 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp; 182965 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736 | &nbsp;&nbsp;&nbsp;&nbsp; 115069 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11834 | &nbsp;&nbsp;&nbsp;&nbsp; 625190 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;&nbsp; 372092 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258 | &nbsp;&nbsp;&nbsp;&nbsp; 118117 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 65909 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp; 506272 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11548 | &nbsp;&nbsp;&nbsp;&nbsp; 468387 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078 | &nbsp;&nbsp;&nbsp;&nbsp; 159092 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 | &nbsp;&nbsp;&nbsp;&nbsp; 1371880 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp; 143146 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 317521 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28962 | &nbsp;&nbsp;&nbsp;&nbsp; 562152 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 177834 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4587 | &nbsp;&nbsp;&nbsp;&nbsp; 522184 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 | &nbsp;&nbsp;&nbsp;&nbsp; 942235 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 56043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6706088 |
| **Commercial Services — 2.1%** | **Commercial Services — 2.1%** | **Commercial Services — 2.1%** |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106894 | &nbsp;&nbsp;&nbsp;&nbsp; 889358 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp; 974962 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247 | &nbsp;&nbsp;&nbsp;&nbsp; 273662 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282 | &nbsp;&nbsp;&nbsp;&nbsp; 202664 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264 | &nbsp;&nbsp;&nbsp;&nbsp; 134300 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168 | &nbsp;&nbsp;&nbsp;&nbsp; 1397052 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;134124 | &nbsp;&nbsp;&nbsp;&nbsp; 566003 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 390457 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58655 | &nbsp;&nbsp;&nbsp;&nbsp; 528482 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 | &nbsp;&nbsp;&nbsp;&nbsp; 166426 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp; 231301 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832 | &nbsp;&nbsp;&nbsp;&nbsp; 214128 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;&nbsp; 1109911 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9518 | &nbsp;&nbsp;&nbsp;&nbsp; 391571 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14763 | &nbsp;&nbsp;&nbsp;&nbsp; 840753 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6746 | &nbsp;&nbsp;&nbsp;&nbsp; 282995 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp;&nbsp;&nbsp; 1278346 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp; 236558 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 172256 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp; 355235 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11451 | &nbsp;&nbsp;&nbsp;&nbsp; 524341 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16173 | &nbsp;&nbsp;&nbsp;&nbsp; 925904 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp; 977511 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291 | &nbsp;&nbsp;&nbsp;&nbsp; 256698 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598 | &nbsp;&nbsp;&nbsp;&nbsp; 124455 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;$653097 |
| &nbsp;&nbsp;&nbsp;Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84114 | &nbsp;&nbsp;&nbsp;&nbsp; 518142 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp; 130006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14746574 |
| **Computers — 7.6%** | **Computers — 7.6%** | **Computers — 7.6%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371 | &nbsp;&nbsp;&nbsp;&nbsp; 2652100 |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12157 | &nbsp;&nbsp;&nbsp;&nbsp; 1115526 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp; 2698 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172609 | &nbsp;&nbsp;&nbsp;&nbsp; 34668518 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp; 717756 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16965 | &nbsp;&nbsp;&nbsp;&nbsp; 1373995 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860 | &nbsp;&nbsp;&nbsp;&nbsp; 367765 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp; 636821 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;83315 | &nbsp;&nbsp;&nbsp;&nbsp; 1266388 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216 | &nbsp;&nbsp;&nbsp;&nbsp; 561160 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8537 | &nbsp;&nbsp;&nbsp;&nbsp; 868896 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp; 969725 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16351 | &nbsp;&nbsp;&nbsp;&nbsp; 703911 |
| &nbsp;&nbsp;&nbsp;Globant SA#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021 | &nbsp;&nbsp;&nbsp;&nbsp; 296330 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;33558 | &nbsp;&nbsp;&nbsp;&nbsp; 579882 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17377 | &nbsp;&nbsp;&nbsp;&nbsp; 432687 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10377 | &nbsp;&nbsp;&nbsp;&nbsp; 2688266 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8163 | &nbsp;&nbsp;&nbsp;&nbsp; 318684 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 457442 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720 | &nbsp;&nbsp;&nbsp;&nbsp; 468035 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197 | &nbsp;&nbsp;&nbsp;&nbsp; 226664 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635 | &nbsp;&nbsp;&nbsp;&nbsp; 300533 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9357 | &nbsp;&nbsp;&nbsp;&nbsp; 501442 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784 | &nbsp;&nbsp;&nbsp;&nbsp; 552743 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 151635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52879602 |
| **Cosmetics/Personal Care — 1.1%** | **Cosmetics/Personal Care — 1.1%** | **Cosmetics/Personal Care — 1.1%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;16341 | &nbsp;&nbsp;&nbsp;&nbsp; 1518732 |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;133172 | &nbsp;&nbsp;&nbsp;&nbsp; 656538 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603 | &nbsp;&nbsp;&nbsp;&nbsp; 630281 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072 | &nbsp;&nbsp;&nbsp;&nbsp; 272580 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8056 | &nbsp;&nbsp;&nbsp;&nbsp; 192297 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8278 | &nbsp;&nbsp;&nbsp;&nbsp; 221602 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;25129 | &nbsp;&nbsp;&nbsp;&nbsp; 4269166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7761196 |
| **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709 | &nbsp;&nbsp;&nbsp;&nbsp; 139459 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142 | &nbsp;&nbsp;&nbsp;&nbsp; 336643 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;23358 | &nbsp;&nbsp;&nbsp;&nbsp; 965620 |
| &nbsp;&nbsp;&nbsp;LKQ Corp.(1) | &nbsp;&nbsp;&nbsp;&nbsp;18871 | &nbsp;&nbsp;&nbsp;&nbsp; 763709 |
| &nbsp;&nbsp;&nbsp;Pool Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp; 242276 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp; 274570 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255 | &nbsp;&nbsp;&nbsp;&nbsp; 714372 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 1069071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505720 |
| **Diversified Financial Services — 4.6%** | **Diversified Financial Services — 4.6%** | **Diversified Financial Services — 4.6%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 | &nbsp;&nbsp;&nbsp;&nbsp; 472032 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18759 | &nbsp;&nbsp;&nbsp;&nbsp; 656565 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp; 1339104 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 1395318 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458 | &nbsp;&nbsp;&nbsp;&nbsp; 451926 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp; 308823 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp; 951473 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11872 | &nbsp;&nbsp;&nbsp;&nbsp; 2245589 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp; 455032 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5926 | &nbsp;&nbsp;$523503 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353 | &nbsp;&nbsp;&nbsp;&nbsp; 969017 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 183732 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 145607 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10930 | &nbsp;&nbsp;&nbsp;&nbsp; 236525 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp; 223938 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614 | &nbsp;&nbsp;&nbsp;&nbsp; 829597 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29429 | &nbsp;&nbsp;&nbsp;&nbsp; 425543 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9194 | &nbsp;&nbsp;&nbsp;&nbsp; 334018 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405 | &nbsp;&nbsp;&nbsp;&nbsp; 457083 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7255 | &nbsp;&nbsp;&nbsp;&nbsp; 314867 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752 | &nbsp;&nbsp;&nbsp;&nbsp; 1065464 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8560 | &nbsp;&nbsp;&nbsp;&nbsp; 5012736 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190 | &nbsp;&nbsp;&nbsp;&nbsp; 350033 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14844 | &nbsp;&nbsp;&nbsp;&nbsp; 769513 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407 | &nbsp;&nbsp;&nbsp;&nbsp; 500761 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843 | &nbsp;&nbsp;&nbsp;&nbsp; 412914 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16570 | &nbsp;&nbsp;&nbsp;&nbsp; 536371 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9591 | &nbsp;&nbsp;&nbsp;&nbsp; 127560 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6060 | &nbsp;&nbsp;&nbsp;&nbsp; 570973 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;16220 | &nbsp;&nbsp;&nbsp;&nbsp; 935083 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302 | &nbsp;&nbsp;&nbsp;&nbsp; 309034 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 | &nbsp;&nbsp;&nbsp;&nbsp; 340469 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925 | &nbsp;&nbsp;&nbsp;&nbsp; 358696 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17153 | &nbsp;&nbsp;&nbsp;&nbsp; 6264104 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10411 | &nbsp;&nbsp;&nbsp;&nbsp; 692540 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;106999 | &nbsp;&nbsp;&nbsp;&nbsp; 992951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32158494 |
| **Electric — 1.9%** | **Electric — 1.9%** | **Electric — 1.9%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5457 | &nbsp;&nbsp;&nbsp;&nbsp; 339589 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997 | &nbsp;&nbsp;&nbsp;&nbsp; 290349 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp; 458461 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9139 | &nbsp;&nbsp;&nbsp;&nbsp; 340336 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16422 | &nbsp;&nbsp;&nbsp;&nbsp; 473775 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;14629 | &nbsp;&nbsp;&nbsp;&nbsp; 450134 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381 | &nbsp;&nbsp;&nbsp;&nbsp; 377908 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp;&nbsp;&nbsp; 263837 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 | &nbsp;&nbsp;&nbsp;&nbsp; 474839 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470 | &nbsp;&nbsp;&nbsp;&nbsp; 196645 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp; 356383 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7157 | &nbsp;&nbsp;&nbsp;&nbsp; 842522 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;&nbsp;&nbsp; 170567 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp; 270493 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6126 | &nbsp;&nbsp;&nbsp;&nbsp; 406828 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 126379 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12485 | &nbsp;&nbsp;&nbsp;&nbsp; 547093 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7269 | &nbsp;&nbsp;&nbsp;&nbsp; 304862 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 | &nbsp;&nbsp;&nbsp;&nbsp; 352568 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6459 | &nbsp;&nbsp;&nbsp;&nbsp; 456264 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp; 1449870 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8369 | &nbsp;&nbsp;&nbsp;&nbsp; 372169 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19961 | &nbsp;&nbsp;&nbsp;&nbsp; 336942 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp; 316842 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673 | &nbsp;&nbsp;&nbsp;&nbsp; 266637 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107 | &nbsp;&nbsp;&nbsp;&nbsp; 332790 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp; 235613 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8185 | &nbsp;&nbsp;&nbsp;&nbsp; 736650 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6874 | &nbsp;&nbsp;&nbsp;&nbsp; 1103758 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp; 343486 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913 | &nbsp;&nbsp;&nbsp;&nbsp; 414501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13409090 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4237 | &nbsp;&nbsp;$1101154 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp; 346398 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 107587 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 72225 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 231437 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp; 332402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191203 |
| **Electronics — 1.2%** | **Electronics — 1.2%** | **Electronics — 1.2%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404 | &nbsp;&nbsp;&nbsp;&nbsp; 343051 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6927 | &nbsp;&nbsp;&nbsp;&nbsp; 622945 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10616 | &nbsp;&nbsp;&nbsp;&nbsp; 1256722 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24014 | &nbsp;&nbsp;&nbsp;&nbsp; 1200940 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031 | &nbsp;&nbsp;&nbsp;&nbsp; 282936 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp;&nbsp;&nbsp; 409188 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462 | &nbsp;&nbsp;&nbsp;&nbsp; 784732 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699 | &nbsp;&nbsp;&nbsp;&nbsp; 453459 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp; 149659 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 545405 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041 | &nbsp;&nbsp;&nbsp;&nbsp; 265898 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;32734 | &nbsp;&nbsp;&nbsp;&nbsp; 853048 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8066 | &nbsp;&nbsp;&nbsp;&nbsp; 978728 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp; 177890 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9290 | &nbsp;&nbsp;&nbsp;&nbsp; 332117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8656718 |
| **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
| &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685 | &nbsp;&nbsp;&nbsp;&nbsp; 624497 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp; 469973 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 | &nbsp;&nbsp;&nbsp;&nbsp; 271166 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439 | &nbsp;&nbsp;&nbsp;&nbsp; 536243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901879 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp; 212134 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716 | &nbsp;&nbsp;&nbsp;&nbsp; 123312 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp;&nbsp;&nbsp; 185366 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp; 213056 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 375792 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp;&nbsp;&nbsp; 198683 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 68713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377056 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 68717 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 137662 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 | &nbsp;&nbsp;&nbsp;&nbsp; 687221 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862 | &nbsp;&nbsp;&nbsp;&nbsp; 491208 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673 | &nbsp;&nbsp;&nbsp;&nbsp; 885083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269891 |
| **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36606 | &nbsp;&nbsp;&nbsp;&nbsp; 813751 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24730 | &nbsp;&nbsp;&nbsp;&nbsp; 566070 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38608 | &nbsp;&nbsp;&nbsp;&nbsp; 652475 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118 | &nbsp;&nbsp;&nbsp;&nbsp; 223443 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;11557 | &nbsp;&nbsp;&nbsp;&nbsp; 156944 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp; 242963 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671 | &nbsp;&nbsp;&nbsp;&nbsp; 143306 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 688644 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 | &nbsp;&nbsp;&nbsp;&nbsp; 159794 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 181786 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;18883 | &nbsp;&nbsp;&nbsp;&nbsp; 504743 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;23026 | &nbsp;&nbsp;&nbsp;&nbsp; 1571064 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;$230772 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;&nbsp;&nbsp; 417696 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126 | &nbsp;&nbsp;&nbsp;&nbsp; 369524 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;10455 | &nbsp;&nbsp;&nbsp;&nbsp; 513968 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8943 | &nbsp;&nbsp;&nbsp;&nbsp; 989006 |
| &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 157954 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9081 | &nbsp;&nbsp;&nbsp;&nbsp; 212314 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8864 | &nbsp;&nbsp;&nbsp;&nbsp; 647072 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6622 | &nbsp;&nbsp;&nbsp;&nbsp; 371891 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp; 925704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10740884 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6752 | &nbsp;&nbsp;&nbsp;&nbsp; 273456 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp; 164323 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp; 367520 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12679 | &nbsp;&nbsp;&nbsp;&nbsp; 217952 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583 | &nbsp;&nbsp;&nbsp;&nbsp; 295741 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6495 | &nbsp;&nbsp;&nbsp;&nbsp; 256812 |
| &nbsp;&nbsp;&nbsp;UGI Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;24794 | &nbsp;&nbsp;&nbsp;&nbsp; 894071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032096 |
| **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 229791 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp; 432848 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535 | &nbsp;&nbsp;&nbsp;&nbsp; 605151 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp; 658179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925969 |
| **Healthcare-Products — 2.0%** | **Healthcare-Products — 2.0%** | **Healthcare-Products — 2.0%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;13705 | &nbsp;&nbsp;&nbsp;&nbsp; 1830714 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 | &nbsp;&nbsp;&nbsp;&nbsp; 185116 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp; 264172 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25115 | &nbsp;&nbsp;&nbsp;&nbsp; 324235 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp; 89792 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;11793 | &nbsp;&nbsp;&nbsp;&nbsp; 1241331 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 96685 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp; 555647 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30642 | &nbsp;&nbsp;&nbsp;&nbsp; 489659 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp; 117174 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 61943 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;41498 | &nbsp;&nbsp;&nbsp;&nbsp; 758168 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995 | &nbsp;&nbsp;&nbsp;&nbsp; 310539 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp; 679689 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946 | &nbsp;&nbsp;&nbsp;&nbsp; 268937 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp; 480719 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;&nbsp;&nbsp; 753392 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8644 | &nbsp;&nbsp;&nbsp;&nbsp; 717279 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993 | &nbsp;&nbsp;&nbsp;&nbsp; 472086 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp; 347328 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9863 | &nbsp;&nbsp;&nbsp;&nbsp; 445117 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp; 360331 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 361440 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624 | &nbsp;&nbsp;&nbsp;&nbsp; 1004047 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 | &nbsp;&nbsp;&nbsp;&nbsp; 373779 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp;&nbsp;&nbsp; 1074321 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 174969 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp; 252269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14090878 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529 | &nbsp;&nbsp;$614183 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641 | &nbsp;&nbsp;&nbsp;&nbsp; 318378 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062 | &nbsp;&nbsp;&nbsp;&nbsp; 415299 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp; 581738 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154 | &nbsp;&nbsp;&nbsp;&nbsp; 1315323 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp; 398697 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp; 360426 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 374790 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;112124 | &nbsp;&nbsp;&nbsp;&nbsp; 482133 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp; 622810 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp; 430125 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 132752 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp; 421506 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 | &nbsp;&nbsp;&nbsp;&nbsp; 506499 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799 | &nbsp;&nbsp;&nbsp;&nbsp; 641157 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9349 | &nbsp;&nbsp;&nbsp;&nbsp; 2822557 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp;&nbsp; 603790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11042163 |
| **Home Builders — 0.4%** | **Home Builders — 0.4%** | **Home Builders — 0.4%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | &nbsp;&nbsp;&nbsp;&nbsp; 184882 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837 | &nbsp;&nbsp;&nbsp;&nbsp; 407029 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863 | &nbsp;&nbsp;&nbsp;&nbsp; 391322 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 426956 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp; 303403 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543 | &nbsp;&nbsp;&nbsp;&nbsp; 450036 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624 | &nbsp;&nbsp;&nbsp;&nbsp; 377802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541430 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260 | &nbsp;&nbsp;&nbsp;&nbsp; 539128 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18775 | &nbsp;&nbsp;&nbsp;&nbsp; 170101 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp; 209233 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469 | &nbsp;&nbsp;&nbsp;&nbsp; 225693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144155 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp; 244557 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268 | &nbsp;&nbsp;&nbsp;&nbsp; 419587 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668 | &nbsp;&nbsp;&nbsp;&nbsp; 615616 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6076 | &nbsp;&nbsp;&nbsp;&nbsp; 873486 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431 | &nbsp;&nbsp;&nbsp;&nbsp; 164076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317322 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13826 | &nbsp;&nbsp;&nbsp;&nbsp; 73278 |
| **Insurance — 5.1%** | **Insurance — 5.1%** | **Insurance — 5.1%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9153 | &nbsp;&nbsp;&nbsp;&nbsp; 947702 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp; 419950 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 285154 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp; 312068 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp; 871783 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599 | &nbsp;&nbsp;&nbsp;&nbsp; 532129 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016 | &nbsp;&nbsp;&nbsp;&nbsp; 1047879 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp; 302237 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp; 264811 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456 | &nbsp;&nbsp;&nbsp;&nbsp; 566333 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;20627 | &nbsp;&nbsp;&nbsp;&nbsp; 10395183 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7246 | &nbsp;&nbsp;&nbsp;&nbsp; 433383 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201 | &nbsp;&nbsp;&nbsp;&nbsp; 474293 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387 | &nbsp;&nbsp;&nbsp;&nbsp; 1303816 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;&nbsp; 375994 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8130 | &nbsp;&nbsp;&nbsp;&nbsp; 389508 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10860 | &nbsp;&nbsp;$574168 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp; 362814 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8426 | &nbsp;&nbsp;&nbsp;&nbsp; 461492 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052 | &nbsp;&nbsp;&nbsp;&nbsp; 281952 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;&nbsp;&nbsp; 333193 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp; 243732 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7453 | &nbsp;&nbsp;&nbsp;&nbsp; 967698 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5802 | &nbsp;&nbsp;&nbsp;&nbsp; 369761 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp; 150093 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14666 | &nbsp;&nbsp;&nbsp;&nbsp; 486031 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8496 | &nbsp;&nbsp;&nbsp;&nbsp; 758608 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 510667 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6816 | &nbsp;&nbsp;&nbsp;&nbsp; 1592627 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961 | &nbsp;&nbsp;&nbsp;&nbsp; 389835 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24341 | &nbsp;&nbsp;&nbsp;&nbsp; 643819 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20062 | &nbsp;&nbsp;&nbsp;&nbsp; 758344 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp; 474903 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935 | &nbsp;&nbsp;&nbsp;&nbsp; 384387 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp; 1421801 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp; 372134 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | &nbsp;&nbsp;&nbsp;&nbsp; 420607 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 465917 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385 | &nbsp;&nbsp;&nbsp;&nbsp; 260205 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509 | &nbsp;&nbsp;&nbsp;&nbsp; 251139 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986 | &nbsp;&nbsp;&nbsp;&nbsp; 823240 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;14858 | &nbsp;&nbsp;&nbsp;&nbsp; 1214047 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5763 | &nbsp;&nbsp;&nbsp;&nbsp; 430438 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 285568 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 433674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35045117 |
| **Internet — 10.8%** | **Internet — 10.8%** | **Internet — 10.8%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;62338 | &nbsp;&nbsp;&nbsp;&nbsp; 10705928 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;51620 | &nbsp;&nbsp;&nbsp;&nbsp; 8922517 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;105706 | &nbsp;&nbsp;&nbsp;&nbsp; 21670787 |
| &nbsp;&nbsp;&nbsp;Angi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;56498 | &nbsp;&nbsp;&nbsp;&nbsp; 884194 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 1870917 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743 | &nbsp;&nbsp;&nbsp;&nbsp; 494727 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17517 | &nbsp;&nbsp;&nbsp;&nbsp; 491352 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664 | &nbsp;&nbsp;&nbsp;&nbsp; 555844 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350 | &nbsp;&nbsp;&nbsp;&nbsp; 464629 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8528 | &nbsp;&nbsp;&nbsp;&nbsp; 472025 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp; 548274 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp; 656089 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25247 | &nbsp;&nbsp;&nbsp;&nbsp; 719035 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp; 772498 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17729 | &nbsp;&nbsp;&nbsp;&nbsp; 637535 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;29888 | &nbsp;&nbsp;&nbsp;&nbsp; 455493 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367 | &nbsp;&nbsp;&nbsp;&nbsp; 280448 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23992 | &nbsp;&nbsp;&nbsp;&nbsp; 15534580 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277 | &nbsp;&nbsp;&nbsp;&nbsp; 3956093 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 | &nbsp;&nbsp;&nbsp;&nbsp; 752170 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11825 | &nbsp;&nbsp;&nbsp;&nbsp; 367876 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597 | &nbsp;&nbsp;&nbsp;&nbsp; 237941 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp; 832090 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17614 | &nbsp;&nbsp;&nbsp;&nbsp; 250823 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7956 | &nbsp;&nbsp;&nbsp;&nbsp; 669577 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4662 | &nbsp;&nbsp;&nbsp;&nbsp; 1270255 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;13575 | &nbsp;&nbsp;&nbsp;&nbsp; 559833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;75033530 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;$513021 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;22472 | &nbsp;&nbsp;&nbsp;&nbsp; 521800 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17845 | &nbsp;&nbsp;&nbsp;&nbsp; 432027 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;18163 | &nbsp;&nbsp;&nbsp;&nbsp; 320577 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 | &nbsp;&nbsp;&nbsp;&nbsp; 186533 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp; 274444 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12953 | &nbsp;&nbsp;&nbsp;&nbsp; 395844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131225 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7007 | &nbsp;&nbsp;&nbsp;&nbsp; 525315 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 | &nbsp;&nbsp;&nbsp;&nbsp; 237778 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp; 462595 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp; 75653 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 373319 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International#† | &nbsp;&nbsp;&nbsp;&nbsp;20815 | &nbsp;&nbsp;&nbsp;&nbsp; 658795 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615 | &nbsp;&nbsp;&nbsp;&nbsp; 175581 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;&nbsp;&nbsp; 230791 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp; 87643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827470 |
| **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp; 205105 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068 | &nbsp;&nbsp;&nbsp;&nbsp; 1067756 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp; 840012 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393 | &nbsp;&nbsp;&nbsp;&nbsp; 258277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371150 |
| **Machinery-Diversified — 0.9%** | **Machinery-Diversified — 0.9%** | **Machinery-Diversified — 0.9%** |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;38435 | &nbsp;&nbsp;&nbsp;&nbsp; 480822 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp; 612068 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;&nbsp;&nbsp; 306263 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp; 260739 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 | &nbsp;&nbsp;&nbsp;&nbsp; 147933 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;44477 | &nbsp;&nbsp;&nbsp;&nbsp; 940689 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | &nbsp;&nbsp;&nbsp;&nbsp; 435999 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp; 206057 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp; 208182 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 289191 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 210718 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975 | &nbsp;&nbsp;&nbsp;&nbsp; 569716 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp; 130190 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp; 923389 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp; 196118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918074 |
| **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp; 533776 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;40815 | &nbsp;&nbsp;&nbsp;&nbsp; 1410974 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp; 434889 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18887 | &nbsp;&nbsp;&nbsp;&nbsp; 1037652 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;18427 | &nbsp;&nbsp;&nbsp;&nbsp; 926509 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;61873 | &nbsp;&nbsp;&nbsp;&nbsp; 595837 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;79679 | &nbsp;&nbsp;&nbsp;&nbsp; 787228 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp; 128655 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 | &nbsp;&nbsp;&nbsp;&nbsp; 287949 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8805 | &nbsp;&nbsp;&nbsp;&nbsp; 502942 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25911 | &nbsp;&nbsp;&nbsp;&nbsp; 731727 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;24940 | &nbsp;&nbsp;&nbsp;&nbsp; 816037 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359 | &nbsp;&nbsp;&nbsp;&nbsp; 742861 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4243 | &nbsp;&nbsp;&nbsp;&nbsp; 96104 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;34353 | &nbsp;&nbsp;&nbsp;&nbsp; 415671 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35020 | &nbsp;&nbsp;$759234 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998 | &nbsp;&nbsp;&nbsp;&nbsp; 1017134 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;93348 | &nbsp;&nbsp;&nbsp;&nbsp; 930679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12155858 |
| **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp; 72354 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp; 249235 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp; 270970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592559 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11149 | &nbsp;&nbsp;&nbsp;&nbsp; 298459 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp; 225114 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp; 144634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668207 |
| **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311 | &nbsp;&nbsp;&nbsp;&nbsp; 491187 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp; 357757 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 365425 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp; 445571 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7867 | &nbsp;&nbsp;&nbsp;&nbsp; 547150 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp; 835968 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp; 164540 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 162851 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp; 502851 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421 | &nbsp;&nbsp;&nbsp;&nbsp; 549377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4422677 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 205737 |
| **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17625 | &nbsp;&nbsp;&nbsp;&nbsp; 299801 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13054 | &nbsp;&nbsp;&nbsp;&nbsp; 1784482 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;19673 | &nbsp;&nbsp;&nbsp;&nbsp; 538450 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051 | &nbsp;&nbsp;&nbsp;&nbsp; 601803 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019 | &nbsp;&nbsp;&nbsp;&nbsp; 436343 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094 | &nbsp;&nbsp;&nbsp;&nbsp; 225702 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp; 151201 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40001 | &nbsp;&nbsp;&nbsp;&nbsp; 4092102 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp; 112229 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16087 | &nbsp;&nbsp;&nbsp;&nbsp; 581223 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 | &nbsp;&nbsp;&nbsp;&nbsp; 1029379 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp; 127611 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7651 | &nbsp;&nbsp;&nbsp;&nbsp; 312008 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;&nbsp;&nbsp; 318082 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp; 162648 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp;&nbsp;&nbsp; 744931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11517995 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5213 | &nbsp;&nbsp;&nbsp;&nbsp; 193142 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;25353 | &nbsp;&nbsp;&nbsp;&nbsp; 496665 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52322 | &nbsp;&nbsp;&nbsp;&nbsp; 627864 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5525 | &nbsp;&nbsp;&nbsp;&nbsp; 182601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500272 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;53419 | &nbsp;&nbsp;&nbsp;&nbsp; 486647 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp; 286229 |
| &nbsp;&nbsp;&nbsp;Ardagh Group SA#† | &nbsp;&nbsp;&nbsp;&nbsp;10044 | &nbsp;&nbsp;&nbsp;&nbsp; 97929 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657 | &nbsp;&nbsp;&nbsp;&nbsp; 458714 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 | &nbsp;&nbsp;$111122 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp; 340752 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112 | &nbsp;&nbsp;&nbsp;&nbsp; 164606 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9738 | &nbsp;&nbsp;&nbsp;&nbsp; 536272 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596 | &nbsp;&nbsp;&nbsp;&nbsp; 155815 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9779 | &nbsp;&nbsp;&nbsp;&nbsp; 445336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083422 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16921 | &nbsp;&nbsp;&nbsp;&nbsp; 3149167 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp; 293058 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5799 | &nbsp;&nbsp;&nbsp;&nbsp; 365047 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;30906 | &nbsp;&nbsp;&nbsp;&nbsp; 1492142 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683 | &nbsp;&nbsp;&nbsp;&nbsp; 723242 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp; 828578 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9942 | &nbsp;&nbsp;&nbsp;&nbsp; 636686 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp; 135821 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;89370 | &nbsp;&nbsp;&nbsp;&nbsp; 1201133 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7913 | &nbsp;&nbsp;&nbsp;&nbsp; 5837183 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;10421 | &nbsp;&nbsp;&nbsp;&nbsp; 729366 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6805 | &nbsp;&nbsp;&nbsp;&nbsp; 735416 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;26767 | &nbsp;&nbsp;&nbsp;&nbsp; 4154506 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 736059 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26162 | &nbsp;&nbsp;&nbsp;&nbsp; 2010288 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp; 117976 |
| &nbsp;&nbsp;&nbsp;Organon & Co.# | &nbsp;&nbsp;&nbsp;&nbsp;33859 | &nbsp;&nbsp;&nbsp;&nbsp; 312180 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25421 | &nbsp;&nbsp;&nbsp;&nbsp; 597139 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;40905 | &nbsp;&nbsp;&nbsp;&nbsp; 939997 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113243 | &nbsp;&nbsp;&nbsp;&nbsp; 995406 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp; 774180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26764570 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20176 | &nbsp;&nbsp;&nbsp;&nbsp; 378905 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp;&nbsp; 665942 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734 | &nbsp;&nbsp;&nbsp;&nbsp; 495839 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18697 | &nbsp;&nbsp;&nbsp;&nbsp; 524264 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;&nbsp; 345753 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;&nbsp; 347604 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10843 | &nbsp;&nbsp;&nbsp;&nbsp; 656110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414417 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp; 504948 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp; 293447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798395 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp; 189405 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 | &nbsp;&nbsp;&nbsp;&nbsp; 459653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649058 |
| **REITS — 2.2%** | **REITS — 2.2%** | **REITS — 2.2%** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;70309 | &nbsp;&nbsp;&nbsp;&nbsp; 628562 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835 | &nbsp;&nbsp;&nbsp;&nbsp; 364075 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918 | &nbsp;&nbsp;&nbsp;&nbsp; 204814 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902 | &nbsp;&nbsp;&nbsp;&nbsp; 223391 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp; 420929 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21890 | &nbsp;&nbsp;&nbsp;&nbsp; 362717 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19554 | &nbsp;&nbsp;&nbsp;&nbsp; 370548 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp;&nbsp; 287824 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8790 | &nbsp;&nbsp;&nbsp;&nbsp; 223354 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819 | &nbsp;&nbsp;&nbsp;&nbsp; 257133 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841 | &nbsp;&nbsp;&nbsp;&nbsp; 333789 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13197 | &nbsp;&nbsp;$370440 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp; 104565 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp; 73804 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp; 148193 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 123772 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627 | &nbsp;&nbsp;&nbsp;&nbsp; 257678 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp; 223983 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771 | &nbsp;&nbsp;&nbsp;&nbsp; 239722 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp; 208105 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 130594 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp; 157256 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633 | &nbsp;&nbsp;&nbsp;&nbsp; 179579 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6455 | &nbsp;&nbsp;&nbsp;&nbsp; 301449 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16195 | &nbsp;&nbsp;&nbsp;&nbsp; 480991 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44154 | &nbsp;&nbsp;&nbsp;&nbsp; 683945 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024 | &nbsp;&nbsp;&nbsp;&nbsp; 169309 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921 | &nbsp;&nbsp;&nbsp;&nbsp; 387042 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;15206 | &nbsp;&nbsp;&nbsp;&nbsp; 489633 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 193776 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4312 | &nbsp;&nbsp;&nbsp;&nbsp; 120175 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938 | &nbsp;&nbsp;&nbsp;&nbsp; 206211 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6886 | &nbsp;&nbsp;&nbsp;&nbsp; 254782 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60478 | &nbsp;&nbsp;&nbsp;&nbsp; 626552 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 269859 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086 | &nbsp;&nbsp;&nbsp;&nbsp; 120538 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8392 | &nbsp;&nbsp;&nbsp;&nbsp; 475155 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp; 266234 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91274 | &nbsp;&nbsp;&nbsp;&nbsp; 1017705 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp; 174648 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 | &nbsp;&nbsp;&nbsp;&nbsp; 152816 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;13495 | &nbsp;&nbsp;&nbsp;&nbsp; 266526 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348 | &nbsp;&nbsp;&nbsp;&nbsp; 289837 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532 | &nbsp;&nbsp;&nbsp;&nbsp; 146331 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 | &nbsp;&nbsp;&nbsp;&nbsp; 305844 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11359 | &nbsp;&nbsp;&nbsp;&nbsp; 360194 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;11313 | &nbsp;&nbsp;&nbsp;&nbsp; 426161 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4286 | &nbsp;&nbsp;&nbsp;&nbsp; 661244 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557 | &nbsp;&nbsp;&nbsp;&nbsp; 92162 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8306 | &nbsp;&nbsp;&nbsp;&nbsp; 521285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15355231 |
| **Retail — 5.9%** | **Retail — 5.9%** | **Retail — 5.9%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762 | &nbsp;&nbsp;&nbsp;&nbsp; 276173 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp; 283864 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 1332695 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16591 | &nbsp;&nbsp;&nbsp;&nbsp; 466539 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8494 | &nbsp;&nbsp;&nbsp;&nbsp; 562982 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924 | &nbsp;&nbsp;&nbsp;&nbsp; 444236 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727 | &nbsp;&nbsp;&nbsp;&nbsp; 394222 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 | &nbsp;&nbsp;&nbsp;&nbsp; 113063 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 254203 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 1006848 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp; 77125 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4625 | &nbsp;&nbsp;&nbsp;&nbsp; 231620 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842 | &nbsp;&nbsp;&nbsp;&nbsp; 5036552 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 139022 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 | &nbsp;&nbsp;&nbsp;&nbsp; 512733 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp; 384931 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659 | &nbsp;&nbsp;&nbsp;&nbsp; 453088 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5188 | &nbsp;&nbsp;&nbsp;&nbsp; 468269 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp; 508883 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653 | &nbsp;&nbsp;&nbsp;&nbsp; 483748 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;$120009 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45095 | &nbsp;&nbsp;&nbsp;&nbsp; 1006069 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086 | &nbsp;&nbsp;&nbsp;&nbsp; 516961 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11172 | &nbsp;&nbsp;&nbsp;&nbsp; 4114536 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;27447 | &nbsp;&nbsp;&nbsp;&nbsp; 223144 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7932 | &nbsp;&nbsp;&nbsp;&nbsp; 1790490 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp; 616556 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90891 | &nbsp;&nbsp;&nbsp;&nbsp; 1080694 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5409 | &nbsp;&nbsp;&nbsp;&nbsp; 1697615 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723 | &nbsp;&nbsp;&nbsp;&nbsp; 627108 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 469469 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp; 113568 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp; 1556215 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151 | &nbsp;&nbsp;&nbsp;&nbsp; 845691 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462 | &nbsp;&nbsp;&nbsp;&nbsp; 484992 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp; 185865 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009 | &nbsp;&nbsp;&nbsp;&nbsp; 658916 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp; 291449 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14555 | &nbsp;&nbsp;&nbsp;&nbsp; 1847030 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;12774 | &nbsp;&nbsp;&nbsp;&nbsp; 618262 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp; 670416 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52678 | &nbsp;&nbsp;&nbsp;&nbsp; 5200372 |
| &nbsp;&nbsp;&nbsp;Wendy's Co.# | &nbsp;&nbsp;&nbsp;&nbsp;17093 | &nbsp;&nbsp;&nbsp;&nbsp; 194860 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp;&nbsp;&nbsp; 835490 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp; 537494 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241 | &nbsp;&nbsp;&nbsp;&nbsp; 898330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;40632397 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;15465 | &nbsp;&nbsp;&nbsp;&nbsp; 204293 |
| **Semiconductors — 8.7%** | **Semiconductors — 8.7%** | **Semiconductors — 8.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373 | &nbsp;&nbsp;&nbsp;&nbsp; 373492 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31824 | &nbsp;&nbsp;&nbsp;&nbsp; 573468 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 93723 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9659 | &nbsp;&nbsp;&nbsp;&nbsp; 1514048 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43141 | &nbsp;&nbsp;&nbsp;&nbsp; 10443142 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11371 | &nbsp;&nbsp;&nbsp;&nbsp; 1118452 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11730 | &nbsp;&nbsp;&nbsp;&nbsp; 229322 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630 | &nbsp;&nbsp;&nbsp;&nbsp; 240524 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp; 881008 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13967 | &nbsp;&nbsp;&nbsp;&nbsp; 1128394 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032 | &nbsp;&nbsp;&nbsp;&nbsp; 181198 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7735 | &nbsp;&nbsp;&nbsp;&nbsp; 635740 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;276797 | &nbsp;&nbsp;&nbsp;&nbsp; 37403579 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;13888 | &nbsp;&nbsp;&nbsp;&nbsp; 583574 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12715 | &nbsp;&nbsp;&nbsp;&nbsp; 966594 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14169 | &nbsp;&nbsp;&nbsp;&nbsp; 2057339 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8934 | &nbsp;&nbsp;&nbsp;&nbsp; 616714 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317 | &nbsp;&nbsp;&nbsp;&nbsp; 260716 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579 | &nbsp;&nbsp;&nbsp;&nbsp; 1020120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;60321147 |
| **Software — 11.1%** | **Software — 11.1%** | **Software — 11.1%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011 | &nbsp;&nbsp;&nbsp;&nbsp; 2080016 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520 | &nbsp;&nbsp;&nbsp;&nbsp; 570994 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 | &nbsp;&nbsp;&nbsp;&nbsp; 513433 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 293104 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 1768500 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089 | &nbsp;&nbsp;&nbsp;&nbsp; 641369 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177 | &nbsp;&nbsp;&nbsp;&nbsp; 940773 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5815 | &nbsp;&nbsp;&nbsp;&nbsp; 277550 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14213 | &nbsp;&nbsp;&nbsp;&nbsp; 620824 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp; 347733 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237 | &nbsp;&nbsp;$642176 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;55649 | &nbsp;&nbsp;&nbsp;&nbsp; 488598 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263 | &nbsp;&nbsp;&nbsp;&nbsp; 375409 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;14510 | &nbsp;&nbsp;&nbsp;&nbsp; 812052 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp; 114579 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051 | &nbsp;&nbsp;&nbsp;&nbsp; 536179 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;32596 | &nbsp;&nbsp;&nbsp;&nbsp; 940721 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 129383 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp; 187577 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681 | &nbsp;&nbsp;&nbsp;&nbsp; 673034 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 975348 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859 | &nbsp;&nbsp;&nbsp;&nbsp; 790997 |
| &nbsp;&nbsp;&nbsp;Five9, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15810 | &nbsp;&nbsp;&nbsp;&nbsp; 419123 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp; 308339 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 493746 |
| &nbsp;&nbsp;&nbsp;Informatica, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;28019 | &nbsp;&nbsp;&nbsp;&nbsp; 672736 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp; 1940939 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp; 406545 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 | &nbsp;&nbsp;&nbsp;&nbsp; 541232 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87306 | &nbsp;&nbsp;&nbsp;&nbsp; 40192190 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 387513 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 135202 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 191767 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10113 | &nbsp;&nbsp;&nbsp;&nbsp; 775566 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9501 | &nbsp;&nbsp;&nbsp;&nbsp; 1572701 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15433 | &nbsp;&nbsp;&nbsp;&nbsp; 2033761 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 | &nbsp;&nbsp;&nbsp;&nbsp; 508944 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6564 | &nbsp;&nbsp;&nbsp;&nbsp; 644257 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74655 | &nbsp;&nbsp;&nbsp;&nbsp; 353865 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873 | &nbsp;&nbsp;&nbsp;&nbsp; 125809 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp; 478870 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;32215 | &nbsp;&nbsp;&nbsp;&nbsp; 835335 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838 | &nbsp;&nbsp;&nbsp;&nbsp; 246849 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp; 780700 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7971 | &nbsp;&nbsp;&nbsp;&nbsp; 2115264 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 | &nbsp;&nbsp;&nbsp;&nbsp; 1820973 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7136 | &nbsp;&nbsp;&nbsp;&nbsp; 576660 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 335458 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp; 326748 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;34831 | &nbsp;&nbsp;&nbsp;&nbsp; 764889 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7952 | &nbsp;&nbsp;&nbsp;&nbsp; 935950 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 411394 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp; 274710 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217 | &nbsp;&nbsp;&nbsp;&nbsp; 667631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;76996015 |
| **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340 | &nbsp;&nbsp;&nbsp;&nbsp; 549298 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77447 | &nbsp;&nbsp;&nbsp;&nbsp; 2153027 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp; 112724 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36757 | &nbsp;&nbsp;&nbsp;&nbsp; 2317161 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9145 | &nbsp;&nbsp;&nbsp;&nbsp; 453501 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18288 | &nbsp;&nbsp;&nbsp;&nbsp; 657088 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807 | &nbsp;&nbsp;&nbsp;&nbsp; 1165972 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296 | &nbsp;&nbsp;&nbsp;&nbsp; 1040491 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 818250 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43162 | &nbsp;&nbsp;&nbsp;&nbsp; 1897401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11164913 |
| **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22411 | &nbsp;&nbsp;&nbsp;&nbsp; 424464 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4142 | &nbsp;&nbsp;$397508 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7233 | &nbsp;&nbsp;&nbsp;&nbsp; 228491 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 | &nbsp;&nbsp;&nbsp;&nbsp; 254995 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453 | &nbsp;&nbsp;&nbsp;&nbsp; 316899 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3442 | &nbsp;&nbsp;&nbsp;&nbsp; 380823 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664 | &nbsp;&nbsp;&nbsp;&nbsp; 502774 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005 | &nbsp;&nbsp;&nbsp;&nbsp; 115966 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp; 483662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681118 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697 | &nbsp;&nbsp;&nbsp;&nbsp; 242620 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | &nbsp;&nbsp;&nbsp;&nbsp; 120368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362988 |
| **Total Common Stocks<br> (cost $450,016,913)** |  | &nbsp;&nbsp;&nbsp;&nbsp;667655832 |
| **UNAFFILIATED INVESTMENT COMPANIES — 2.8%** | **UNAFFILIATED INVESTMENT COMPANIES — 2.8%** | **UNAFFILIATED INVESTMENT COMPANIES — 2.8%** |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 1000 ETF #<br> (cost $19,057,693) | &nbsp;&nbsp;&nbsp;&nbsp;71340 | &nbsp;&nbsp;&nbsp;&nbsp; 19120547 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. (2)<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $469,074,606)** |  | &nbsp;&nbsp;&nbsp;&nbsp;686776379 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(3)(4)<br> (cost $2,130,549) | 2130549 | &nbsp;&nbsp;$2130549 |
| **TOTAL INVESTMENTS<br> (cost $471,205,155)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.3% | &nbsp;&nbsp;&nbsp;&nbsp;688906928 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918696 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$693825624 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| LKQ Corp. |  | 18871 | $746264 | $763709 | $40.47 | 0.1% |

---

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

(3) The rate shown is the 7-day yield as of May 31, 2025.

(4) At May 31, 2025, the Fund had loaned securities with a total value of $18,535,434. This was secured by collateral of $2,130,549, which was received in cash and
subsequently invested in short-term investments currently valued at $2,130,549 as reported in the Portfolio of Investments. Additional collateral of $17,028,832 was received in the form of fixed income pooled
securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $73795 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476938 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36618 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200852 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;16240158 |

---

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

ETF—Exchange Traded Fund

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Packaging & Containers | &nbsp;&nbsp;$2985493 | &nbsp;&nbsp;$97929 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3083422 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;664572410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;664572410 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;19120547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19120547 |
| Escrows and Litigation Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130549 |
| **Total Investments at Value** | &nbsp;&nbsp;$688808999 | &nbsp;&nbsp;$97929 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$688906928 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;$434031 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp; 160008 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 10419 | &nbsp;&nbsp;&nbsp;&nbsp; 2457217 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp; 283716 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp; 625165 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 327460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287597 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4892 | &nbsp;&nbsp;&nbsp;&nbsp; 498984 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | 29097 | &nbsp;&nbsp;&nbsp;&nbsp; 3070315 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 10847 | &nbsp;&nbsp;&nbsp;&nbsp; 657220 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | 12723 | &nbsp;&nbsp;&nbsp;&nbsp; 789335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015854 |
| **Auto Manufacturers — 2.7%** | **Auto Manufacturers — 2.7%** | **Auto Manufacturers — 2.7%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | 76642 | &nbsp;&nbsp;&nbsp;&nbsp; 26553387 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;6936 | &nbsp;&nbsp;&nbsp;&nbsp; 888016 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4956 | &nbsp;&nbsp;&nbsp;&nbsp; 513095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401111 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp; 821944 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 21608 | &nbsp;&nbsp;&nbsp;&nbsp; 1557937 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp; 199012 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 44420 | &nbsp;&nbsp;&nbsp;&nbsp; 5839009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417902 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 824195 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | 71436 | &nbsp;&nbsp;&nbsp;&nbsp; 3074605 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | 25016 | &nbsp;&nbsp;&nbsp;&nbsp; 1627541 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 965851 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | 10501 | &nbsp;&nbsp;&nbsp;&nbsp; 394838 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3696 | &nbsp;&nbsp;&nbsp;&nbsp; 1633817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8520847 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 245895 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp; 185425 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 331422 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 362377 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp; 135285 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 477600 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp; 102317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840321 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4078 | &nbsp;&nbsp;&nbsp;&nbsp; 215441 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5418 | &nbsp;&nbsp;&nbsp;&nbsp; 1439129 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2856 | &nbsp;&nbsp;&nbsp;&nbsp; 325127 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp; 902407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882104 |
| **Commercial Services — 2.5%** | **Commercial Services — 2.5%** | **Commercial Services — 2.5%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 10451 | &nbsp;&nbsp;&nbsp;&nbsp; 3402114 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7687 | &nbsp;&nbsp;&nbsp;&nbsp; 474672 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7320 | &nbsp;&nbsp;&nbsp;&nbsp; 777750 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp; 170673 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 16866 | &nbsp;&nbsp;&nbsp;&nbsp; 3820149 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp; 488965 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | 15560 | &nbsp;&nbsp;&nbsp;&nbsp; 3078468 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 10080 | &nbsp;&nbsp;$574056 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 15452 | &nbsp;&nbsp;&nbsp;&nbsp; 7406453 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8263 | &nbsp;&nbsp;&nbsp;&nbsp; 2548474 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp; 306249 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 14301 | &nbsp;&nbsp;&nbsp;&nbsp; 818732 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp; 103226 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp; 118737 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4164 | &nbsp;&nbsp;&nbsp;&nbsp; 144033 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp; 692679 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp; 158586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25084016 |
| **Computers — 10.6%** | **Computers — 10.6%** | **Computers — 10.6%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 476966 | &nbsp;&nbsp;&nbsp;&nbsp; 95798621 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 271038 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;6132 | &nbsp;&nbsp;&nbsp;&nbsp; 682308 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6846 | &nbsp;&nbsp;&nbsp;&nbsp; 1194559 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | 32281 | &nbsp;&nbsp;&nbsp;&nbsp; 3285560 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp; 693471 |
| &nbsp;&nbsp;&nbsp;Globant SA#† | &nbsp;&nbsp;&nbsp;&nbsp;3899 | &nbsp;&nbsp;&nbsp;&nbsp; 382453 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 15630 | &nbsp;&nbsp;&nbsp;&nbsp; 389187 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6586 | &nbsp;&nbsp;&nbsp;&nbsp; 343723 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2806 | &nbsp;&nbsp;&nbsp;&nbsp; 278243 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5492 | &nbsp;&nbsp;&nbsp;&nbsp; 566610 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;5967 | &nbsp;&nbsp;&nbsp;&nbsp; 319771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;104205544 |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;8273 | &nbsp;&nbsp;&nbsp;&nbsp; 768893 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp; 182459 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp; 86955 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;7988 | &nbsp;&nbsp;&nbsp;&nbsp; 1357081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395388 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp; 178687 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | 10680 | &nbsp;&nbsp;&nbsp;&nbsp; 585371 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 22638 | &nbsp;&nbsp;&nbsp;&nbsp; 935855 |
| &nbsp;&nbsp;&nbsp;Pool Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 224541 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3840 | &nbsp;&nbsp;&nbsp;&nbsp; 448550 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp; 1058196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431200 |
| **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** | **Diversified Financial Services — 5.5%** |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 20750 | &nbsp;&nbsp;&nbsp;&nbsp; 726250 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;4932 | &nbsp;&nbsp;&nbsp;&nbsp; 1450255 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036960 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9227 | &nbsp;&nbsp;&nbsp;&nbsp; 1205877 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 226735 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;6951 | &nbsp;&nbsp;&nbsp;&nbsp; 1714256 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 63958 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 11601 | &nbsp;&nbsp;&nbsp;&nbsp; 2026463 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 12174 | &nbsp;&nbsp;&nbsp;&nbsp; 591656 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp;&nbsp; 1359706 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 23957 | &nbsp;&nbsp;&nbsp;&nbsp; 14029219 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 16800 | &nbsp;&nbsp;&nbsp;&nbsp; 2426760 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 69161 | &nbsp;&nbsp;&nbsp;&nbsp; 25256905 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | 104896 | &nbsp;&nbsp;&nbsp;&nbsp; 973435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;54088435 |
| **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 68272 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 12569 | &nbsp;&nbsp;$1959507 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;&nbsp;&nbsp; 946078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973857 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3181 | &nbsp;&nbsp;&nbsp;&nbsp; 388495 |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 81517 | &nbsp;&nbsp;&nbsp;&nbsp; 7330824 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1228 | &nbsp;&nbsp;&nbsp;&nbsp; 278351 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5604 | &nbsp;&nbsp;&nbsp;&nbsp; 941528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550703 |
| **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** | **Engineering & Construction — 1.1%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 11827 | &nbsp;&nbsp;&nbsp;&nbsp; 5656026 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9481 | &nbsp;&nbsp;&nbsp;&nbsp; 4473705 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp; 629147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10758878 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 160390 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp; 341466 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1691 | &nbsp;&nbsp;&nbsp;&nbsp; 321104 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp; 108258 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp; 74799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006017 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4654 | &nbsp;&nbsp;&nbsp;&nbsp; 162611 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp; 227418 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4113 | &nbsp;&nbsp;&nbsp;&nbsp; 991110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381139 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | 13886 | &nbsp;&nbsp;&nbsp;&nbsp; 1243630 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.# | 31167 | &nbsp;&nbsp;&nbsp;&nbsp; 1532170 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 11067 | &nbsp;&nbsp;&nbsp;&nbsp; 807891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583691 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 93698 |
| **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp; 200662 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp; 687389 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2933 | &nbsp;&nbsp;&nbsp;&nbsp; 405341 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp; 109535 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp; 1237242 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2413 | &nbsp;&nbsp;&nbsp;&nbsp; 392113 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp; 242746 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 20493 | &nbsp;&nbsp;&nbsp;&nbsp; 5016481 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4416 | &nbsp;&nbsp;&nbsp;&nbsp; 1689738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9981247 |
| **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;&nbsp;&nbsp; 1225559 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;2879 | &nbsp;&nbsp;&nbsp;&nbsp; 911606 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5717 | &nbsp;&nbsp;&nbsp;&nbsp; 778998 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 271375 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | 63596 | &nbsp;&nbsp;&nbsp;&nbsp; 273463 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp; 289475 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2836 | &nbsp;&nbsp;&nbsp;&nbsp; 397976 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 94368 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;$189735 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 224621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657176 |
| **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | 25005 | &nbsp;&nbsp;&nbsp;&nbsp; 2298710 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp; 171758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470468 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 219852 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;2917 | &nbsp;&nbsp;&nbsp;&nbsp; 384694 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4190 | &nbsp;&nbsp;&nbsp;&nbsp; 602354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206900 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;&nbsp; 215746 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 531583 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 46598 | &nbsp;&nbsp;&nbsp;&nbsp; 5260914 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 10716 | &nbsp;&nbsp;&nbsp;&nbsp; 566555 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 524257 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp; 753380 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 12161 | &nbsp;&nbsp;&nbsp;&nbsp; 2841539 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 22619 | &nbsp;&nbsp;&nbsp;&nbsp; 6444832 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;&nbsp;&nbsp; 222616 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3792 | &nbsp;&nbsp;&nbsp;&nbsp; 271393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17632815 |
| **Internet — 21.6%** | **Internet — 21.6%** | **Internet — 21.6%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 204727 | &nbsp;&nbsp;&nbsp;&nbsp; 35159815 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 177066 | &nbsp;&nbsp;&nbsp;&nbsp; 30605858 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 317836 | &nbsp;&nbsp;&nbsp;&nbsp; 65159558 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp; 8394293 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;&nbsp;&nbsp; 636490 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | 23295 | &nbsp;&nbsp;&nbsp;&nbsp; 653425 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;7376 | &nbsp;&nbsp;&nbsp;&nbsp; 1539002 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9850 | &nbsp;&nbsp;&nbsp;&nbsp; 545198 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp; 912123 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp; 1214940 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | 35026 | &nbsp;&nbsp;&nbsp;&nbsp; 533796 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 71086 | &nbsp;&nbsp;&nbsp;&nbsp; 46027474 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | 11667 | &nbsp;&nbsp;&nbsp;&nbsp; 14084752 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3969 | &nbsp;&nbsp;&nbsp;&nbsp; 763715 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | 13208 | &nbsp;&nbsp;&nbsp;&nbsp; 410901 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3996 | &nbsp;&nbsp;&nbsp;&nbsp; 289550 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp;&nbsp;&nbsp; 2933267 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | 42494 | &nbsp;&nbsp;&nbsp;&nbsp; 605115 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | 11797 | &nbsp;&nbsp;&nbsp;&nbsp; 992836 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5574 | &nbsp;&nbsp;&nbsp;&nbsp; 1518748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;212980856 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | 19090 | &nbsp;&nbsp;&nbsp;&nbsp; 336938 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 448413 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | 83632 | &nbsp;&nbsp;&nbsp;&nbsp; 2555794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341145 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2014 | &nbsp;&nbsp;&nbsp;&nbsp; 255134 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 538121 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;3153 | &nbsp;&nbsp;&nbsp;&nbsp; 416291 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8713 | &nbsp;&nbsp;&nbsp;&nbsp; 358627 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;$158441 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 296518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023132 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp; 188149 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp; 198725 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 10381 | &nbsp;&nbsp;&nbsp;&nbsp; 1120421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507295 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp; 43966 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp; 231880 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;&nbsp;&nbsp; 303838 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;4001 | &nbsp;&nbsp;&nbsp;&nbsp; 386216 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5905 | &nbsp;&nbsp;&nbsp;&nbsp; 1006330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928264 |
| **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp; 199234 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 248369 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 157395 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3855 | &nbsp;&nbsp;&nbsp;&nbsp; 944783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549781 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp; 492899 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.# | 16241 | &nbsp;&nbsp;&nbsp;&nbsp; 444516 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp; 157042 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;8872 | &nbsp;&nbsp;&nbsp;&nbsp; 381585 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5491 | &nbsp;&nbsp;&nbsp;&nbsp; 69241 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp; 179359 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3983 | &nbsp;&nbsp;&nbsp;&nbsp; 158085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389828 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7324 | &nbsp;&nbsp;&nbsp;&nbsp; 235833 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9125 | &nbsp;&nbsp;&nbsp;&nbsp; 1698254 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4889 | &nbsp;&nbsp;&nbsp;&nbsp; 755057 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 22925 | &nbsp;&nbsp;&nbsp;&nbsp; 6676677 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 25727 | &nbsp;&nbsp;&nbsp;&nbsp; 18978036 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 854058 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 110927 | &nbsp;&nbsp;&nbsp;&nbsp; 8523631 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp;&nbsp;&nbsp; 463785 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp; 554456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38503954 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 27796 | &nbsp;&nbsp;&nbsp;&nbsp; 522009 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4888 | &nbsp;&nbsp;&nbsp;&nbsp; 1158407 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp; 539489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219905 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp; 412117 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2218 | &nbsp;&nbsp;&nbsp;&nbsp; 269398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681515 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4068 | &nbsp;&nbsp;$905944 |
| **REITS — 0.2%** | **REITS — 0.2%** | **REITS — 0.2%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3408 | &nbsp;&nbsp;&nbsp;&nbsp; 731527 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 80883 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5092 | &nbsp;&nbsp;&nbsp;&nbsp; 502631 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1804 | &nbsp;&nbsp;&nbsp;&nbsp; 217454 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp; 202934 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 225037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960466 |
| **Retail — 4.4%** | **Retail — 4.4%** | **Retail — 4.4%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp; 1638805 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp; 186953 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5481 | &nbsp;&nbsp;&nbsp;&nbsp; 353305 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;4717 | &nbsp;&nbsp;&nbsp;&nbsp; 1543214 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 948188 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp; 63066 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4025 | &nbsp;&nbsp;&nbsp;&nbsp; 201572 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 12368 | &nbsp;&nbsp;&nbsp;&nbsp; 12864946 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp; 101964 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp; 389168 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp;&nbsp;&nbsp; 576639 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp; 220814 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 28391 | &nbsp;&nbsp;&nbsp;&nbsp; 10456121 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | 10069 | &nbsp;&nbsp;&nbsp;&nbsp; 3188550 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp; 319499 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp; 925281 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp; 1548010 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2638 | &nbsp;&nbsp;&nbsp;&nbsp; 369557 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp; 218942 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp; 418335 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 16241 | &nbsp;&nbsp;&nbsp;&nbsp; 2060983 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 11700 | &nbsp;&nbsp;&nbsp;&nbsp; 566280 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2969 | &nbsp;&nbsp;&nbsp;&nbsp; 1399765 |
| &nbsp;&nbsp;&nbsp;Wendy's Co.# | 16110 | &nbsp;&nbsp;&nbsp;&nbsp; 183654 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 1108056 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1992 | &nbsp;&nbsp;&nbsp;&nbsp; 680666 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4799 | &nbsp;&nbsp;&nbsp;&nbsp; 690768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43223101 |
| **Semiconductors — 16.3%** | **Semiconductors — 16.3%** | **Semiconductors — 16.3%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8467 | &nbsp;&nbsp;&nbsp;&nbsp; 937551 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 17711 | &nbsp;&nbsp;&nbsp;&nbsp; 2776199 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6681 | &nbsp;&nbsp;&nbsp;&nbsp; 606100 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 158186 | &nbsp;&nbsp;&nbsp;&nbsp; 38292085 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6824 | &nbsp;&nbsp;&nbsp;&nbsp; 5164949 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 14719 | &nbsp;&nbsp;&nbsp;&nbsp; 1189148 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8129 | &nbsp;&nbsp;&nbsp;&nbsp; 668123 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 798648 | &nbsp;&nbsp;&nbsp;&nbsp;107921304 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 16775 | &nbsp;&nbsp;&nbsp;&nbsp; 2435730 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp; 152314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;160143503 |
| **Software — 18.6%** | **Software — 18.6%** | **Software — 18.6%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | 18024 | &nbsp;&nbsp;&nbsp;&nbsp; 7481582 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp; 266497 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | 12859 | &nbsp;&nbsp;&nbsp;&nbsp; 5053587 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp; 462807 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp;&nbsp;&nbsp; 959429 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 13679 | &nbsp;&nbsp;&nbsp;&nbsp; 652899 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | 13173 | &nbsp;&nbsp;&nbsp;&nbsp; 575397 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2823 | &nbsp;&nbsp;&nbsp;&nbsp; 685509 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4612 | &nbsp;&nbsp;&nbsp;&nbsp; 1323967 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | 15720 | &nbsp;&nbsp;$1392949 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | 13488 | &nbsp;&nbsp;&nbsp;&nbsp; 702590 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | 37353 | &nbsp;&nbsp;&nbsp;&nbsp; 1078008 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | 52302 | &nbsp;&nbsp;&nbsp;&nbsp; 2824831 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp; 1919623 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | 12589 | &nbsp;&nbsp;&nbsp;&nbsp; 2049363 |
| &nbsp;&nbsp;&nbsp;Five9, Inc.† | 13662 | &nbsp;&nbsp;&nbsp;&nbsp; 362180 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 248348 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp; 455403 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 10936 | &nbsp;&nbsp;&nbsp;&nbsp; 8239948 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp; 481389 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 242059 | &nbsp;&nbsp;&nbsp;&nbsp;111434281 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 86729 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;6435 | &nbsp;&nbsp;&nbsp;&nbsp; 493500 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 32944 | &nbsp;&nbsp;&nbsp;&nbsp; 5453220 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | 46339 | &nbsp;&nbsp;&nbsp;&nbsp; 6106553 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 18545 | &nbsp;&nbsp;&nbsp;&nbsp; 2928441 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3832 | &nbsp;&nbsp;&nbsp;&nbsp; 992833 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 11819 | &nbsp;&nbsp;&nbsp;&nbsp; 1160035 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp;&nbsp; 559832 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | 34144 | &nbsp;&nbsp;&nbsp;&nbsp; 885354 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2927 | &nbsp;&nbsp;&nbsp;&nbsp; 254590 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 19270 | &nbsp;&nbsp;&nbsp;&nbsp; 5113680 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp; 4317354 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp; 2061463 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | 29726 | &nbsp;&nbsp;&nbsp;&nbsp; 652783 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | 10775 | &nbsp;&nbsp;&nbsp;&nbsp; 1268218 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp; 1146479 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4168 | &nbsp;&nbsp;&nbsp;&nbsp; 1165790 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp; 405749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;183703190 |
| **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | 42939 | &nbsp;&nbsp;&nbsp;&nbsp; 3720235 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 19539 | &nbsp;&nbsp;&nbsp;&nbsp; 496291 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp; 929620 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1901 | &nbsp;&nbsp;&nbsp;&nbsp; 751446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5897592 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp; 153166 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4071 | &nbsp;&nbsp;&nbsp;&nbsp; 458924 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp; 338918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797842 |
| **Total Common Stocks<br> (cost $638,252,325)** |  | &nbsp;&nbsp;&nbsp;&nbsp;976491967 |
| **CONVERTIBLE PREFERRED STOCKS — 0.1%** | **CONVERTIBLE PREFERRED STOCKS — 0.1%** | **CONVERTIBLE PREFERRED STOCKS — 0.1%** |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series G †(1)(2)<br> (cost $323,874) | &nbsp;&nbsp;&nbsp;&nbsp;5478 | &nbsp;&nbsp;&nbsp;&nbsp; 520684 |
| **UNAFFILIATED INVESTMENT COMPANIES — 1.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.0%** |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 Growth ETF<br> (cost $9,450,939) | 25008 | &nbsp;&nbsp;&nbsp;&nbsp; 9988945 |
| **Total Long-Term Investment Securities<br> (cost $648,027,138)** |  | &nbsp;&nbsp;&nbsp;&nbsp;987001596 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.0%** | **SHORT-TERM INVESTMENTS — 0.0%** |  |
| **Unaffiliated Investment Companies — 0.0%** | **Unaffiliated Investment Companies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;$179 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
| **Total Short-Term Investments<br> (cost $934)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
| **TOTAL INVESTMENTS<br> (cost $648,028,072)(5)** | &nbsp;&nbsp;&nbsp;100.2% | &nbsp;&nbsp;&nbsp;&nbsp;987002531 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1481346) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$985521185 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (2) | &nbsp;&nbsp;Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2025, the Fund held the following restricted securities: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** |
| Databricks, Inc.<br> Series G | 02/01/2021 | 5478 | $323874 | $520684 | $95.05 | 0.1% |

---

(3) The rate shown is the 7-day yield as of May 31, 2025.

(4) At May 31, 2025, the Fund had loaned securities with a total value of $4,109,802. This was secured by collateral of $756, which was received in cash and
subsequently invested in short-term investments currently valued at $756 as reported in the Portfolio of Investments. Additional collateral of $4,216,097 was received in the form of fixed income pooled securities,
which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $11289 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72963 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30727 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 07/15/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;4095444 |

---

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

ETF—Exchange Traded Fund

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Growth Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$976491967 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$976491967 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;520684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520684 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9988945 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9988945 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
| **Total Investments at Value** | &nbsp;&nbsp;$986481847 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$520684 | &nbsp;&nbsp;$987002531 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.3%** | **COMMON STOCKS — 99.3%** | **COMMON STOCKS — 99.3%** |
| **Advertising — 0.5%** | **Advertising — 0.5%** | **Advertising — 0.5%** |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31199 | &nbsp;&nbsp;$2291254 |
| **Aerospace/Defense — 4.1%** | **Aerospace/Defense — 4.1%** | **Aerospace/Defense — 4.1%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12651 | &nbsp;&nbsp;&nbsp;&nbsp; 5567832 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20113 | &nbsp;&nbsp;&nbsp;&nbsp; 5601269 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402 | &nbsp;&nbsp;&nbsp;&nbsp; 1087636 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26903 | &nbsp;&nbsp;&nbsp;&nbsp; 3671721 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp; 2765054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18693512 |
| **Agriculture — 2.0%** | **Agriculture — 2.0%** | **Agriculture — 2.0%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30626 | &nbsp;&nbsp;&nbsp;&nbsp; 1856242 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40290 | &nbsp;&nbsp;&nbsp;&nbsp; 7275971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132213 |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43652 | &nbsp;&nbsp;&nbsp;&nbsp; 3428865 |
| **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 | &nbsp;&nbsp;&nbsp;&nbsp; 784411 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;67163 | &nbsp;&nbsp;&nbsp;&nbsp; 3331957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116368 |
| **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24099 | &nbsp;&nbsp;&nbsp;&nbsp; 2494728 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;23460 | &nbsp;&nbsp;&nbsp;&nbsp; 1567363 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37310 | &nbsp;&nbsp;&nbsp;&nbsp; 1234588 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19932 | &nbsp;&nbsp;&nbsp;&nbsp; 429933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726612 |
| **Banks — 8.0%** | **Banks — 8.0%** | **Banks — 8.0%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91118 | &nbsp;&nbsp;&nbsp;&nbsp; 4021038 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68433 | &nbsp;&nbsp;&nbsp;&nbsp; 6063848 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331 | &nbsp;&nbsp;&nbsp;&nbsp; 552171 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16470 | &nbsp;&nbsp;&nbsp;&nbsp; 1502064 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;67416 | &nbsp;&nbsp;&nbsp;&nbsp; 17797824 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15395 | &nbsp;&nbsp;&nbsp;&nbsp; 1643262 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40476 | &nbsp;&nbsp;&nbsp;&nbsp; 3897029 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;14781 | &nbsp;&nbsp;&nbsp;&nbsp; 1105323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36582559 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32142 | &nbsp;&nbsp;&nbsp;&nbsp; 4225066 |
| **Biotechnology — 5.2%** | **Biotechnology — 5.2%** | **Biotechnology — 5.2%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15673 | &nbsp;&nbsp;&nbsp;&nbsp; 4516645 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;81039 | &nbsp;&nbsp;&nbsp;&nbsp; 3487919 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55829 | &nbsp;&nbsp;&nbsp;&nbsp; 6145656 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;21610 | &nbsp;&nbsp;&nbsp;&nbsp; 830040 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18174 | &nbsp;&nbsp;&nbsp;&nbsp; 1494630 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;52996 | &nbsp;&nbsp;&nbsp;&nbsp; 3447920 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18560 | &nbsp;&nbsp;&nbsp;&nbsp; 492954 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10963 | &nbsp;&nbsp;&nbsp;&nbsp; 3495552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23911316 |
| **Building Materials — 0.9%** | **Building Materials — 0.9%** | **Building Materials — 0.9%** |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9626 | &nbsp;&nbsp;&nbsp;&nbsp; 4141779 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;11374 | &nbsp;&nbsp;&nbsp;&nbsp; 642517 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;27210 | &nbsp;&nbsp;&nbsp;&nbsp; 983370 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39616 | &nbsp;&nbsp;&nbsp;&nbsp; 4389453 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21280 | &nbsp;&nbsp;&nbsp;&nbsp; 2422515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8437855 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services — 1.7%** | **Commercial Services — 1.7%** | **Commercial Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14704 | &nbsp;&nbsp;$7541093 |
| **Computers — 6.2%** | **Computers — 6.2%** | **Computers — 6.2%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8528 | &nbsp;&nbsp;&nbsp;&nbsp; 2701841 |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23838 | &nbsp;&nbsp;&nbsp;&nbsp; 2187375 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;52869 | &nbsp;&nbsp;&nbsp;&nbsp; 1092274 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949 | &nbsp;&nbsp;&nbsp;&nbsp; 834172 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;45397 | &nbsp;&nbsp;&nbsp;&nbsp; 3676703 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co.# | &nbsp;&nbsp;&nbsp;&nbsp;20686 | &nbsp;&nbsp;&nbsp;&nbsp; 1108976 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;25715 | &nbsp;&nbsp;&nbsp;&nbsp; 2861308 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;28224 | &nbsp;&nbsp;&nbsp;&nbsp; 487711 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84405 | &nbsp;&nbsp;&nbsp;&nbsp; 2101684 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22210 | &nbsp;&nbsp;&nbsp;&nbsp; 5753723 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27533 | &nbsp;&nbsp;&nbsp;&nbsp; 4089201 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11208 | &nbsp;&nbsp;&nbsp;&nbsp; 1294972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28189940 |
| **Cosmetics/Personal Care — 1.5%** | **Cosmetics/Personal Care — 1.5%** | **Cosmetics/Personal Care — 1.5%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8072 | &nbsp;&nbsp;&nbsp;&nbsp; 750212 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;34841 | &nbsp;&nbsp;&nbsp;&nbsp; 5919137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6669349 |
| **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9444 | &nbsp;&nbsp;&nbsp;&nbsp; 2777008 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1509031 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22559 | &nbsp;&nbsp;&nbsp;&nbsp; 6519551 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439 | &nbsp;&nbsp;&nbsp;&nbsp; 601506 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;108882 | &nbsp;&nbsp;&nbsp;&nbsp; 3955683 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;89006 | &nbsp;&nbsp;&nbsp;&nbsp; 5131196 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40262 | &nbsp;&nbsp;&nbsp;&nbsp; 3768121 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6918 | &nbsp;&nbsp;&nbsp;&nbsp; 999305 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;87212 | &nbsp;&nbsp;&nbsp;&nbsp; 3505050 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;105264 | &nbsp;&nbsp;&nbsp;&nbsp; 976850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29743301 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10995 | &nbsp;&nbsp;&nbsp;&nbsp; 3366119 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20022 | &nbsp;&nbsp;&nbsp;&nbsp; 3121430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487549 |
| **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12506 | &nbsp;&nbsp;&nbsp;&nbsp; 3250184 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;20177 | &nbsp;&nbsp;&nbsp;&nbsp; 6460676 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;24414 | &nbsp;&nbsp;&nbsp;&nbsp; 2914543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12625403 |
| **Electronics — 2.9%** | **Electronics — 2.9%** | **Electronics — 2.9%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;72750 | &nbsp;&nbsp;&nbsp;&nbsp; 6542408 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4179 | &nbsp;&nbsp;&nbsp;&nbsp; 494710 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5797 | &nbsp;&nbsp;&nbsp;&nbsp; 1176617 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11448 | &nbsp;&nbsp;&nbsp;&nbsp; 2594918 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp; 712152 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13553 | &nbsp;&nbsp;&nbsp;&nbsp; 1644521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13165326 |
| **Engineering & Construction — 1.4%** | **Engineering & Construction — 1.4%** | **Engineering & Construction — 1.4%** |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11480 | &nbsp;&nbsp;&nbsp;&nbsp; 5416953 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942 | &nbsp;&nbsp;&nbsp;&nbsp; 832262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249215 |
| **Food — 1.8%** | **Food — 1.8%** | **Food — 1.8%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;139154 | &nbsp;&nbsp;&nbsp;&nbsp; 3093393 |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;33187 | &nbsp;&nbsp;&nbsp;&nbsp; 1129686 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42878 | &nbsp;&nbsp;&nbsp;&nbsp; 724638 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17628 | &nbsp;&nbsp;$540827 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;58466 | &nbsp;&nbsp;&nbsp;&nbsp; 2874189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362733 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;54960 | &nbsp;&nbsp;&nbsp;&nbsp; 4536398 |
| **Hand/Machine Tools — 1.1%** | **Hand/Machine Tools — 1.1%** | **Hand/Machine Tools — 1.1%** |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113 | &nbsp;&nbsp;&nbsp;&nbsp; 670296 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13584 | &nbsp;&nbsp;&nbsp;&nbsp; 4357068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5027364 |
| **Healthcare-Products — 4.1%** | **Healthcare-Products — 4.1%** | **Healthcare-Products — 4.1%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;32934 | &nbsp;&nbsp;&nbsp;&nbsp; 3466633 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9904 | &nbsp;&nbsp;&nbsp;&nbsp; 586118 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 | &nbsp;&nbsp;&nbsp;&nbsp; 464285 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;40462 | &nbsp;&nbsp;&nbsp;&nbsp; 3357537 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19024 | &nbsp;&nbsp;&nbsp;&nbsp; 4656885 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16709 | &nbsp;&nbsp;&nbsp;&nbsp; 6393532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18924990 |
| **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;&nbsp;&nbsp; 912388 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13119 | &nbsp;&nbsp;&nbsp;&nbsp; 3960757 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839 | &nbsp;&nbsp;&nbsp;&nbsp; 1682504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555649 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702 | &nbsp;&nbsp;&nbsp;&nbsp; 524185 |
| **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414 | &nbsp;&nbsp;&nbsp;&nbsp; 630560 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18888 | &nbsp;&nbsp;&nbsp;&nbsp; 2715339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345899 |
| **Insurance — 9.9%** | **Insurance — 9.9%** | **Insurance — 9.9%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9969 | &nbsp;&nbsp;&nbsp;&nbsp; 1032190 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406 | &nbsp;&nbsp;&nbsp;&nbsp; 2011465 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 553472 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;41191 | &nbsp;&nbsp;&nbsp;&nbsp; 20758616 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33334 | &nbsp;&nbsp;&nbsp;&nbsp; 1993707 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37766 | &nbsp;&nbsp;&nbsp;&nbsp; 4263781 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26026 | &nbsp;&nbsp;&nbsp;&nbsp; 1425444 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36140 | &nbsp;&nbsp;&nbsp;&nbsp; 4404382 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154963 | &nbsp;&nbsp;&nbsp;&nbsp; 4098771 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16922 | &nbsp;&nbsp;&nbsp;&nbsp; 4821585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45363413 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715 | &nbsp;&nbsp;&nbsp;&nbsp; 1630947 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40451 | &nbsp;&nbsp;&nbsp;&nbsp; 1454618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085565 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760 | &nbsp;&nbsp;&nbsp;&nbsp; 1772323 |
| **Media — 4.2%** | **Media — 4.2%** | **Media — 4.2%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;190452 | &nbsp;&nbsp;&nbsp;&nbsp; 6583926 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;74686 | &nbsp;&nbsp;&nbsp;&nbsp; 4103249 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;177204 | &nbsp;&nbsp;&nbsp;&nbsp; 2144168 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;54138 | &nbsp;&nbsp;&nbsp;&nbsp; 6119759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18951102 |
| **Mining — 0.8%** | **Mining — 0.8%** | **Mining — 0.8%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70915 | &nbsp;&nbsp;&nbsp;&nbsp; 3738639 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas — 4.0%** | **Oil & Gas — 4.0%** | **Oil & Gas — 4.0%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49135 | &nbsp;&nbsp;$835786 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp; 651239 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18776 | &nbsp;&nbsp;&nbsp;&nbsp; 2180457 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87593 | &nbsp;&nbsp;&nbsp;&nbsp; 8960764 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;46935 | &nbsp;&nbsp;&nbsp;&nbsp; 2018674 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99780 | &nbsp;&nbsp;&nbsp;&nbsp; 3574120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18221040 |
| **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15037 | &nbsp;&nbsp;&nbsp;&nbsp; 2381861 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;21328 | &nbsp;&nbsp;&nbsp;&nbsp; 4119929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501790 |
| **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30700 | &nbsp;&nbsp;&nbsp;&nbsp; 1932565 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8891 | &nbsp;&nbsp;&nbsp;&nbsp; 1373126 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;39517 | &nbsp;&nbsp;&nbsp;&nbsp; 4270602 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;70855 | &nbsp;&nbsp;&nbsp;&nbsp; 10997405 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963 | &nbsp;&nbsp;&nbsp;&nbsp; 1412398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19986096 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8698 | &nbsp;&nbsp;&nbsp;&nbsp; 703146 |
| **REITS — 5.4%** | **REITS — 5.4%** | **REITS — 5.4%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55710 | &nbsp;&nbsp;&nbsp;&nbsp; 4194963 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102286 | &nbsp;&nbsp;&nbsp;&nbsp; 2599087 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135812 | &nbsp;&nbsp;&nbsp;&nbsp; 2887363 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29399 | &nbsp;&nbsp;&nbsp;&nbsp; 4605354 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13749 | &nbsp;&nbsp;&nbsp;&nbsp; 508713 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;89081 | &nbsp;&nbsp;&nbsp;&nbsp; 5043766 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132450 | &nbsp;&nbsp;&nbsp;&nbsp; 4712571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24551817 |
| **Retail — 3.7%** | **Retail — 3.7%** | **Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;13945 | &nbsp;&nbsp;&nbsp;&nbsp; 1764321 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53464 | &nbsp;&nbsp;&nbsp;&nbsp; 635687 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12250 | &nbsp;&nbsp;&nbsp;&nbsp; 3844663 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108554 | &nbsp;&nbsp;&nbsp;&nbsp; 10716451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16961122 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8585 | &nbsp;&nbsp;&nbsp;&nbsp; 516731 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33567 | &nbsp;&nbsp;&nbsp;&nbsp; 3170739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687470 |
| **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| &nbsp;&nbsp;&nbsp;Concentrix Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;24231 | &nbsp;&nbsp;&nbsp;&nbsp; 1356088 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8862 | &nbsp;&nbsp;&nbsp;&nbsp; 5053733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409821 |
| **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49022 | &nbsp;&nbsp;&nbsp;&nbsp; 3090347 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16978 | &nbsp;&nbsp;&nbsp;&nbsp; 1629379 |
| **Total Long-Term Investment Securities<br> (cost $389,927,857)** |  | &nbsp;&nbsp;&nbsp;&nbsp;453288863 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |
| **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.32%(1)(2)<br> (cost $874,314) | &nbsp;&nbsp;&nbsp;&nbsp;874314 | &nbsp;&nbsp;&nbsp;&nbsp; 874314 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I Systematic Value Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 1.0%** | **REPURCHASE AGREEMENTS — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 05/30/2025, to be repurchased 06/02/2025 in the amount of $4,692,805 and collateralized by $4,714,900 of United States Treasury Notes, bearing interest at 4.13% due 01/31/2027 and having an approximate value of $4,786,284<br> (cost $4,692,273) | $4692273 | &nbsp;&nbsp;$4692273 |
| **TOTAL INVESTMENTS<br> (cost $395,494,444)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.5% | &nbsp;&nbsp;&nbsp;&nbsp;458855450 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2345856) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$456509594 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan (see Note 2).

(1) The rate shown is the 7-day yield as of May 31, 2025.

(2) At May 31, 2025, the Fund had loaned securities with a total value of $6,162,217. This was secured by collateral of $874,314, which was received in cash and
subsequently invested in short-term investments currently valued at $874,314 as reported in the Portfolio of Investments. Additional collateral of $5,536,861 was received in the form of fixed income pooled securities,
which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 02/15/2055 | $5536861 |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$453288863 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$453288863 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874314 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4692273 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692273 |
| **Total Investments at Value** | &nbsp;&nbsp;$454163177 | &nbsp;&nbsp;$4692273 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$458855450 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I U.S. Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **Aerospace/Defense — 0.6%** | **Aerospace/Defense — 0.6%** | **Aerospace/Defense — 0.6%** |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19031 | &nbsp;&nbsp;$3233177 |
| **Airlines — 0.9%** | **Airlines — 0.9%** | **Airlines — 0.9%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53419 | &nbsp;&nbsp;&nbsp;&nbsp; 2584946 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29239 | &nbsp;&nbsp;&nbsp;&nbsp; 2322892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907838 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929 | &nbsp;&nbsp;&nbsp;&nbsp; 520108 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp; 9621 |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp; 1470926 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 | &nbsp;&nbsp;&nbsp;&nbsp; 422532 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp; 280458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173916 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100727 | &nbsp;&nbsp;&nbsp;&nbsp; 3391478 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;66389 | &nbsp;&nbsp;&nbsp;&nbsp; 4245577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7637055 |
| **Biotechnology — 1.5%** | **Biotechnology — 1.5%** | **Biotechnology — 1.5%** |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp; 178980 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 | &nbsp;&nbsp;&nbsp;&nbsp; 578904 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9617 | &nbsp;&nbsp;&nbsp;&nbsp; 255428 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp; 2186159 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11366 | &nbsp;&nbsp;&nbsp;&nbsp; 5024340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8223811 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp; 953048 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755 | &nbsp;&nbsp;&nbsp;&nbsp; 1605127 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104 | &nbsp;&nbsp;&nbsp;&nbsp; 1621344 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;17356 | &nbsp;&nbsp;&nbsp;&nbsp; 8115318 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 2242563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13584352 |
| **Commercial Services — 4.3%** | **Commercial Services — 4.3%** | **Commercial Services — 4.3%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21497 | &nbsp;&nbsp;&nbsp;&nbsp; 6997918 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20546 | &nbsp;&nbsp;&nbsp;&nbsp; 4653669 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230 | &nbsp;&nbsp;&nbsp;&nbsp; 2506844 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20336 | &nbsp;&nbsp;&nbsp;&nbsp; 1429214 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15694 | &nbsp;&nbsp;&nbsp;&nbsp; 8048825 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp; 236233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23872703 |
| **Computers — 7.5%** | **Computers — 7.5%** | **Computers — 7.5%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;21206 | &nbsp;&nbsp;&nbsp;&nbsp; 6718485 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17808 | &nbsp;&nbsp;&nbsp;&nbsp; 1442270 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8584 | &nbsp;&nbsp;&nbsp;&nbsp; 4046240 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;27644 | &nbsp;&nbsp;&nbsp;&nbsp; 3075948 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp; 132787 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36709 | &nbsp;&nbsp;&nbsp;&nbsp; 3736242 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp; 517594 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;180867 | &nbsp;&nbsp;&nbsp;&nbsp; 3125382 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192153 | &nbsp;&nbsp;&nbsp;&nbsp; 4784610 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57922 | &nbsp;&nbsp;&nbsp;&nbsp; 5743545 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;36940 | &nbsp;&nbsp;&nbsp;&nbsp; 4356704 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;19117 | &nbsp;&nbsp;$765062 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67798 | &nbsp;&nbsp;&nbsp;&nbsp; 3494987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41939856 |
| **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80501 | &nbsp;&nbsp;&nbsp;&nbsp; 1921559 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29676 | &nbsp;&nbsp;&nbsp;&nbsp; 1527720 |
| **Diversified Financial Services — 9.6%** | **Diversified Financial Services — 9.6%** | **Diversified Financial Services — 9.6%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;20387 | &nbsp;&nbsp;&nbsp;&nbsp; 5994797 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284 | &nbsp;&nbsp;&nbsp;&nbsp; 1163104 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096 | &nbsp;&nbsp;&nbsp;&nbsp; 6953300 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38791 | &nbsp;&nbsp;&nbsp;&nbsp; 3426797 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13533 | &nbsp;&nbsp;&nbsp;&nbsp; 3911037 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp; 587449 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23469 | &nbsp;&nbsp;&nbsp;&nbsp; 4219726 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;21171 | &nbsp;&nbsp;&nbsp;&nbsp; 12397738 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp; 255298 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;40765 | &nbsp;&nbsp;&nbsp;&nbsp; 14886970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;53796216 |
| **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28656 | &nbsp;&nbsp;&nbsp;&nbsp; 2994265 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;28826 | &nbsp;&nbsp;&nbsp;&nbsp; 1868213 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103925 | &nbsp;&nbsp;&nbsp;&nbsp; 4553993 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42058 | &nbsp;&nbsp;&nbsp;&nbsp; 1763913 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125930 | &nbsp;&nbsp;&nbsp;&nbsp; 4376068 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12827 | &nbsp;&nbsp;&nbsp;&nbsp; 1378133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16934585 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;12078 | &nbsp;&nbsp;&nbsp;&nbsp; 3867376 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887 | &nbsp;&nbsp;&nbsp;&nbsp; 702790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570166 |
| **Electronics — 0.8%** | **Electronics — 0.8%** | **Electronics — 0.8%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;45068 | &nbsp;&nbsp;&nbsp;&nbsp; 4052965 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp; 209052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4262017 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 | &nbsp;&nbsp;&nbsp;&nbsp; 825198 |
| **Environmental Control — 1.4%** | **Environmental Control — 1.4%** | **Environmental Control — 1.4%** |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13480 | &nbsp;&nbsp;&nbsp;&nbsp; 3468269 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18468 | &nbsp;&nbsp;&nbsp;&nbsp; 4450234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918503 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24396 | &nbsp;&nbsp;&nbsp;&nbsp; 1323727 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8190 | &nbsp;&nbsp;&nbsp;&nbsp; 676740 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;56211 | &nbsp;&nbsp;&nbsp;&nbsp; 1502520 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661 | &nbsp;&nbsp;&nbsp;&nbsp; 338994 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp; 110449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952430 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781 | &nbsp;&nbsp;&nbsp;&nbsp; 276390 |
| **Healthcare-Products — 3.6%** | **Healthcare-Products — 3.6%** | **Healthcare-Products — 3.6%** |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9319 | &nbsp;&nbsp;&nbsp;&nbsp; 1769678 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16291 | &nbsp;&nbsp;&nbsp;&nbsp; 1274282 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13103 | &nbsp;&nbsp;&nbsp;&nbsp; 924286 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | &nbsp;&nbsp;&nbsp;&nbsp; 1286994 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I U.S. Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143 | &nbsp;&nbsp;$1346599 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644 | &nbsp;&nbsp;&nbsp;&nbsp; 1626385 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 401899 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20136 | &nbsp;&nbsp;&nbsp;&nbsp; 7704839 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686 | &nbsp;&nbsp;&nbsp;&nbsp; 3498894 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 44426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19878282 |
| **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8244 | &nbsp;&nbsp;&nbsp;&nbsp; 465291 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424 | &nbsp;&nbsp;&nbsp;&nbsp; 2849628 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp; 1816942 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp; 414039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545900 |
| **Household Products/Wares — 1.0%** | **Household Products/Wares — 1.0%** | **Household Products/Wares — 1.0%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20212 | &nbsp;&nbsp;&nbsp;&nbsp; 1987042 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26864 | &nbsp;&nbsp;&nbsp;&nbsp; 3861968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5849010 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092 | &nbsp;&nbsp;&nbsp;&nbsp; 423686 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp; 958106 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7637 | &nbsp;&nbsp;&nbsp;&nbsp; 2653399 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998 | &nbsp;&nbsp;&nbsp;&nbsp; 2971405 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13777 | &nbsp;&nbsp;&nbsp;&nbsp; 3219134 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16796 | &nbsp;&nbsp;&nbsp;&nbsp; 4785684 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp; 972670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15984084 |
| **Internet — 6.5%** | **Internet — 6.5%** | **Internet — 6.5%** |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 7483669 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15318 | &nbsp;&nbsp;&nbsp;&nbsp; 3196101 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78462 | &nbsp;&nbsp;&nbsp;&nbsp; 5741065 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;&nbsp; 935467 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10575 | &nbsp;&nbsp;&nbsp;&nbsp; 12766457 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33387 | &nbsp;&nbsp;&nbsp;&nbsp; 6424327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36547086 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp; 51508 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18364 | &nbsp;&nbsp;&nbsp;&nbsp; 4562352 |
| **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9794 | &nbsp;&nbsp;&nbsp;&nbsp; 3408606 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606 | &nbsp;&nbsp;&nbsp;&nbsp; 2331833 |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;&nbsp;&nbsp; 1143239 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;124974 | &nbsp;&nbsp;&nbsp;&nbsp; 4320351 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;50411 | &nbsp;&nbsp;&nbsp;&nbsp; 5698460 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;126262 | &nbsp;&nbsp;&nbsp;&nbsp; 1258832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12420882 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20908 | &nbsp;&nbsp;&nbsp;&nbsp; 1102270 |
| **Oil & Gas — 1.5%** | **Oil & Gas — 1.5%** | **Oil & Gas — 1.5%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7529 | &nbsp;&nbsp;&nbsp;&nbsp; 1013027 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29222 | &nbsp;&nbsp;&nbsp;&nbsp; 3172632 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15237 | &nbsp;&nbsp;&nbsp;&nbsp; 840016 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9639 | &nbsp;&nbsp;&nbsp;&nbsp; 1274179 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;$202065 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp; 1394766 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781 | &nbsp;&nbsp;&nbsp;&nbsp; 616606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8513291 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8965 | &nbsp;&nbsp;&nbsp;&nbsp; 769197 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2518285 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25760 | &nbsp;&nbsp;&nbsp;&nbsp; 4343909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7631391 |
| **Pipelines — 1.7%** | **Pipelines — 1.7%** | **Pipelines — 1.7%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83645 | &nbsp;&nbsp;&nbsp;&nbsp; 2345406 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22506 | &nbsp;&nbsp;&nbsp;&nbsp; 1819385 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13070 | &nbsp;&nbsp;&nbsp;&nbsp; 2064145 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53898 | &nbsp;&nbsp;&nbsp;&nbsp; 3261368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490304 |
| **Private Equity — 0.7%** | **Private Equity — 0.7%** | **Private Equity — 0.7%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26545 | &nbsp;&nbsp;&nbsp;&nbsp; 3683384 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp; 282295 |
| **REITS — 3.7%** | **REITS — 3.7%** | **REITS — 3.7%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11933 | &nbsp;&nbsp;&nbsp;&nbsp; 2561419 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp; 872179 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986 | &nbsp;&nbsp;&nbsp;&nbsp; 2654017 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623 | &nbsp;&nbsp;&nbsp;&nbsp; 547616 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33547 | &nbsp;&nbsp;&nbsp;&nbsp; 3643204 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596 | &nbsp;&nbsp;&nbsp;&nbsp; 1109042 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40939 | &nbsp;&nbsp;&nbsp;&nbsp; 2317966 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44074 | &nbsp;&nbsp;&nbsp;&nbsp; 6799737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20505180 |
| **Retail — 5.0%** | **Retail — 5.0%** | **Retail — 5.0%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 1250568 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47416 | &nbsp;&nbsp;&nbsp;&nbsp; 2374593 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp; 478331 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp; 392890 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp; 211479 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21974 | &nbsp;&nbsp;&nbsp;&nbsp; 8092804 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16994 | &nbsp;&nbsp;&nbsp;&nbsp; 3836056 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp; 1134312 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp; 2488850 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp; 633347 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45317 | &nbsp;&nbsp;&nbsp;&nbsp; 5750727 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63410 | &nbsp;&nbsp;&nbsp;&nbsp; 713363 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 | &nbsp;&nbsp;&nbsp;&nbsp; 710488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28067808 |
| **Semiconductors — 15.4%** | **Semiconductors — 15.4%** | **Semiconductors — 15.4%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32280 | &nbsp;&nbsp;&nbsp;&nbsp; 3574365 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14941 | &nbsp;&nbsp;&nbsp;&nbsp; 3197075 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17159 | &nbsp;&nbsp;&nbsp;&nbsp; 2689673 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70373 | &nbsp;&nbsp;&nbsp;&nbsp; 17035192 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63504 | &nbsp;&nbsp;&nbsp;&nbsp; 1241503 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp;&nbsp;&nbsp; 2551443 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30697 | &nbsp;&nbsp;&nbsp;&nbsp; 2480011 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18716 | &nbsp;&nbsp;&nbsp;&nbsp; 1767913 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 223722 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;321306 | &nbsp;&nbsp;&nbsp;&nbsp; 43418080 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp;&nbsp;&nbsp; 251909 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I U.S. Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25757 | &nbsp;&nbsp;$3739917 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23638 | &nbsp;&nbsp;&nbsp;&nbsp; 4322208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;86493011 |
| **Software — 11.3%** | **Software — 11.3%** | **Software — 11.3%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13590 | &nbsp;&nbsp;&nbsp;&nbsp; 5641073 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp; 381766 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12176 | &nbsp;&nbsp;&nbsp;&nbsp; 3605557 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8533 | &nbsp;&nbsp;&nbsp;&nbsp; 2449568 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7566 | &nbsp;&nbsp;&nbsp;&nbsp; 1087840 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp; 1296436 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16647 | &nbsp;&nbsp;&nbsp;&nbsp; 2709965 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9892 | &nbsp;&nbsp;&nbsp;&nbsp; 7453325 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41693 | &nbsp;&nbsp;&nbsp;&nbsp; 6901442 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17518 | &nbsp;&nbsp;&nbsp;&nbsp; 2766268 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6544 | &nbsp;&nbsp;&nbsp;&nbsp; 3731847 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29067 | &nbsp;&nbsp;&nbsp;&nbsp; 7713510 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8462 | &nbsp;&nbsp;&nbsp;&nbsp; 8555844 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp; 2756505 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9807 | &nbsp;&nbsp;&nbsp;&nbsp; 2219128 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp; 1272263 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11585 | &nbsp;&nbsp;&nbsp;&nbsp; 2869720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;63412057 |
| **Telecommunications — 3.2%** | **Telecommunications — 3.2%** | **Telecommunications — 3.2%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40759 | &nbsp;&nbsp;&nbsp;&nbsp; 3531360 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151189 | &nbsp;&nbsp;&nbsp;&nbsp; 9530954 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14585 | &nbsp;&nbsp;&nbsp;&nbsp; 723270 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp; 873544 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71253 | &nbsp;&nbsp;&nbsp;&nbsp; 3132282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17791410 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15975 | &nbsp;&nbsp;&nbsp;&nbsp; 504650 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp; 248104 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544 | &nbsp;&nbsp;&nbsp;&nbsp; 1893863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646617 |
| **Total Long-Term Investment Securities<br> (cost $382,978,503)** |  | &nbsp;&nbsp;&nbsp;&nbsp;559238830 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(1)<br> (cost $1,676,301) | 1676301 | &nbsp;&nbsp;$1676301 |
| **TOTAL INVESTMENTS<br> (cost $384,654,804)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2% | &nbsp;&nbsp;&nbsp;&nbsp;560915131 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1052436) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$559862695 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan.<br> At May 31, 2025, the Fund had loaned securities with a total value of $2,071,768. This was secured by collateral of $2,129,856 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> May 31, 2025** |
| Federal Farm Credit Bank | 0.55% to 0.78% | 06/16/2025 to 09/16/2025 | $37562 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;242765 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18639 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;102236 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| United States Treasury Notes/Bonds | 0.00% to 5.50% | 06/15/2025 to 05/15/2054 | &nbsp;&nbsp;&nbsp;1728414 |

---

(1) The rate shown is the 7-day yield as of May 31, 2025.

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

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2072498 | &nbsp;&nbsp;&nbsp;&nbsp;$2070600 | &nbsp;&nbsp;&nbsp;&nbsp;$(1898) |

---

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I U.S. Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — May 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$559238830 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$559238830 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676301 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676301 |
| **Total Investments at Value** | &nbsp;&nbsp;$560915131 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$560915131 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$1898 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1898 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive<br> Growth<br> Lifestyle Fund** | &nbsp;&nbsp;**Asset<br> Allocation<br> Fund** | &nbsp;&nbsp;**Capital<br> Appreciation<br> Fund** | &nbsp;&nbsp;**Conservative<br> Growth<br> Lifestyle Fund** | &nbsp;&nbsp;**Core Bond<br> Fund** | &nbsp;&nbsp;**Dividend<br> Value Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$4641625 | &nbsp;&nbsp;$142724253 | &nbsp;&nbsp;$326407096 | &nbsp;&nbsp;$1246086 | &nbsp;&nbsp;$2689308520 | &nbsp;&nbsp;$678877089 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706657887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277433690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246700 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23963279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14369 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18775293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043706 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327682 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10588 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17693 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87728 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720249682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145886545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328102238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283190803 | &nbsp;&nbsp;&nbsp;&nbsp;2735978003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681625629 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208097 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6925922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9308211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419452 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39010 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21860 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123902 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17482408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105780 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29162364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918393 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$712945234 | &nbsp;&nbsp;$145087535 | &nbsp;&nbsp;$327817067 | &nbsp;&nbsp;$279749303 | &nbsp;&nbsp;$2706815639 | &nbsp;&nbsp;$680707236 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$629423 | &nbsp;&nbsp;$125095 | &nbsp;&nbsp;$160366 | &nbsp;&nbsp;$242628 | &nbsp;&nbsp;$2798615 | &nbsp;&nbsp;$553089 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589785855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122502369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252856666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277518471 | &nbsp;&nbsp;&nbsp;&nbsp;3029499058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551484356 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122529956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22460071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74800035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988204 | &nbsp;&nbsp;&nbsp;&nbsp;(325482034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128669791 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$712945234 | &nbsp;&nbsp;$145087535 | &nbsp;&nbsp;$327817067 | &nbsp;&nbsp;$279749303 | &nbsp;&nbsp;$2706815639 | &nbsp;&nbsp;$680707236 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62942265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12509460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24262813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279861508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55308931 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$11.33 | &nbsp;&nbsp;$11.60 | &nbsp;&nbsp;$20.44 | &nbsp;&nbsp;$11.53 | &nbsp;&nbsp;$9.67 | &nbsp;&nbsp;$12.31 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$4641625 | &nbsp;&nbsp;$130946511 | &nbsp;&nbsp;$270432481 | &nbsp;&nbsp;$1246085 | &nbsp;&nbsp;$2849899316 | &nbsp;&nbsp;$602938168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$616516770 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$271830795 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$39 | &nbsp;&nbsp;$84 |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$4872513 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$28129869 | &nbsp;&nbsp;$7755836 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Dynamic<br> Allocation<br> Fund** | &nbsp;&nbsp;**Emerging<br> Economies<br> Fund** | &nbsp;&nbsp;**Global Real<br> Estate Fund** | &nbsp;&nbsp;**Global<br> Strategy<br> Fund** | &nbsp;&nbsp;**Government<br> Securities<br> Fund** | &nbsp;&nbsp;**Growth Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$25774652 | &nbsp;&nbsp;$710849908 | &nbsp;&nbsp;$245403035 | &nbsp;&nbsp;$226169467 | &nbsp;&nbsp;$152280563 | &nbsp;&nbsp;$1721046714 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106067471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18491 |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244066 |
| Cash collateral on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16542 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720659 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15110127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435999 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33455 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229354 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133224096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729256726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247525598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229188794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156932119 | &nbsp;&nbsp;&nbsp;&nbsp;1722747266 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496296 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21576616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432613 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963592 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95612 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42658 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140224 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100151 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24040143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271521 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$130698040 | &nbsp;&nbsp;$705216583 | &nbsp;&nbsp;$246562372 | &nbsp;&nbsp;$226062869 | &nbsp;&nbsp;$156749800 | &nbsp;&nbsp;$1720475745 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$125963 | &nbsp;&nbsp;$1067010 | &nbsp;&nbsp;$356694 | &nbsp;&nbsp;$219841 | &nbsp;&nbsp;$169577 | &nbsp;&nbsp;$1017481 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127300278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705916201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320797943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206566612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180717967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963396063 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1766628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74592265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19276416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24137744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756062201 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$130698040 | &nbsp;&nbsp;$705216583 | &nbsp;&nbsp;$246562372 | &nbsp;&nbsp;$226062869 | &nbsp;&nbsp;$156749800 | &nbsp;&nbsp;$1720475745 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12596305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106700954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35669447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21984059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16957723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101748102 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$10.38 | &nbsp;&nbsp;$6.61 | &nbsp;&nbsp;$6.91 | &nbsp;&nbsp;$10.28 | &nbsp;&nbsp;$9.24 | &nbsp;&nbsp;$16.91 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$26484695 | &nbsp;&nbsp;$658644485 | &nbsp;&nbsp;$237469395 | &nbsp;&nbsp;$200052628 | &nbsp;&nbsp;$164191520 | &nbsp;&nbsp;$1156786556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$97687123 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$1367100 | &nbsp;&nbsp;$174147 | &nbsp;&nbsp;$20190 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18340 |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$18781530 | &nbsp;&nbsp;$4437607 | &nbsp;&nbsp;$4881476 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3540788 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High Yield<br> Bond Fund** | &nbsp;&nbsp;**Inflation<br> Protected<br> Fund** | &nbsp;&nbsp;**International<br> Equities<br> Index Fund** | &nbsp;&nbsp;**International<br> Government<br> Bond Fund** | &nbsp;&nbsp;**International<br> Growth Fund** | &nbsp;&nbsp;**International<br> Opportunities<br> Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$434835022 | &nbsp;&nbsp;$383567091 | &nbsp;&nbsp;$1744568368 | &nbsp;&nbsp;$54141157 | &nbsp;&nbsp;$381892467 | &nbsp;&nbsp;$334214431 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20982650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13480721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957231 |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15181198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444059 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8742633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16895661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8911838 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32210 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42538 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8608 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465535189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408576855 | &nbsp;&nbsp;&nbsp;&nbsp;1783048324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55626189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387067132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346616660 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7393336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551229 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35812337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10516773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731648 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238032 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19138 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44256 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279861 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90365 |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46769203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53352381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10558352 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12663 |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49937096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41900167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76441653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18025809 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$415598093 | &nbsp;&nbsp;$366676688 | &nbsp;&nbsp;$1706606671 | &nbsp;&nbsp;$55486100 | &nbsp;&nbsp;$380780132 | &nbsp;&nbsp;$328590851 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$598318 | &nbsp;&nbsp;$426733 | &nbsp;&nbsp;$1889259 | &nbsp;&nbsp;$53533 | &nbsp;&nbsp;$282363 | &nbsp;&nbsp;$203355 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444965144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483584295 | &nbsp;&nbsp;&nbsp;&nbsp;1124799696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79647728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246554677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299041478 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29965369) | &nbsp;&nbsp;&nbsp;&nbsp;(117334340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579917716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24215161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133943092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29346018 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$415598093 | &nbsp;&nbsp;$366676688 | &nbsp;&nbsp;$1706606671 | &nbsp;&nbsp;$55486100 | &nbsp;&nbsp;$380780132 | &nbsp;&nbsp;$328590851 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59831752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42673304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188925906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28236330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20335462 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$6.95 | &nbsp;&nbsp;$8.59 | &nbsp;&nbsp;$9.03 | &nbsp;&nbsp;$10.36 | &nbsp;&nbsp;$13.49 | &nbsp;&nbsp;$16.16 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$435132255 | &nbsp;&nbsp;$419753193 | &nbsp;&nbsp;$1257599602 | &nbsp;&nbsp;$56502336 | &nbsp;&nbsp;$252160858 | &nbsp;&nbsp;$291432798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$714164 | &nbsp;&nbsp;$33200 | &nbsp;&nbsp;$2101975 | &nbsp;&nbsp;$358323 | &nbsp;&nbsp;$1691724 | &nbsp;&nbsp;$953661 |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$47289279 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$63781440 | &nbsp;&nbsp;$1977129 | &nbsp;&nbsp;$5710683 | &nbsp;&nbsp;$23739607 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**International<br> Socially<br> Responsible Fund** | &nbsp;&nbsp;**International<br> Value Fund** | &nbsp;&nbsp;**Large Capital<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap<br> Index Fund** | &nbsp;&nbsp;**Mid Cap<br> Strategic<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap<br> Value Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$548629931 | &nbsp;&nbsp;$391870526 | &nbsp;&nbsp;$587584681 | &nbsp;&nbsp;$2561092008 | &nbsp;&nbsp;$1171425496 | &nbsp;&nbsp;$594353906 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835989 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27969513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553479 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796664 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14853494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204827 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19122 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56278 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573798189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401156209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588277540 | &nbsp;&nbsp;&nbsp;&nbsp;2564183059 | &nbsp;&nbsp;&nbsp;&nbsp;1200740842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598820345 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175489 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15953252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657982 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393184 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37069 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57650 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165896 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11729819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896790 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16516802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14151566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10416607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384448 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$557281387 | &nbsp;&nbsp;$396880244 | &nbsp;&nbsp;$587484620 | &nbsp;&nbsp;$2550031493 | &nbsp;&nbsp;$1190324235 | &nbsp;&nbsp;$594435897 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$205682 | &nbsp;&nbsp;$346442 | &nbsp;&nbsp;$355488 | &nbsp;&nbsp;$1091995 | &nbsp;&nbsp;$563082 | &nbsp;&nbsp;$368851 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411932115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311379937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377268016 | &nbsp;&nbsp;&nbsp;&nbsp;1664105262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919246245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514759890 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145143590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85153865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209861116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884834236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270514908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79307156 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$557281387 | &nbsp;&nbsp;$396880244 | &nbsp;&nbsp;$587484620 | &nbsp;&nbsp;$2550031493 | &nbsp;&nbsp;$1190324235 | &nbsp;&nbsp;$594435897 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20568163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34644234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35548814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109199453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56308247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36885145 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$27.09 | &nbsp;&nbsp;$11.46 | &nbsp;&nbsp;$16.53 | &nbsp;&nbsp;$23.35 | &nbsp;&nbsp;$21.14 | &nbsp;&nbsp;$16.12 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$426305951 | &nbsp;&nbsp;$340921430 | &nbsp;&nbsp;$450000425 | &nbsp;&nbsp;$1958973540 | &nbsp;&nbsp;$974735103 | &nbsp;&nbsp;$568877139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$5141245 | &nbsp;&nbsp;$155278 | &nbsp;&nbsp;$94166 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$69 | &nbsp;&nbsp;$49 |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$12140821 | &nbsp;&nbsp;$5313830 | &nbsp;&nbsp;$70593953 | &nbsp;&nbsp;$24110588 | &nbsp;&nbsp;$18328178 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Moderate<br> Growth<br> Lifestyle Fund** | &nbsp;&nbsp;**Nasdaq-100®<br> Index Fund** | &nbsp;&nbsp;**Science &<br> Technology<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Growth Fund** | &nbsp;&nbsp;**Small Cap<br> Index Fund** | &nbsp;&nbsp;**Small Cap<br> Special<br> Values Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$6513372 | &nbsp;&nbsp;$1017374051 | &nbsp;&nbsp;$2801878411 | &nbsp;&nbsp;$542761349 | &nbsp;&nbsp;$1081971549 | &nbsp;&nbsp;$173745095 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987307839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14048594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8704 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175372 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180166 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10951 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;1011323016 | &nbsp;&nbsp;&nbsp;&nbsp;1018326229 | &nbsp;&nbsp;&nbsp;&nbsp;2817338729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546754764 | &nbsp;&nbsp;&nbsp;&nbsp;1085222275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174121477 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138853 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13946152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60392 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112117 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9971 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8171 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78108 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36411214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4147388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29085892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253203 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14518694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39524448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8416123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30236393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661107 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$996804322 | &nbsp;&nbsp;$1017619199 | &nbsp;&nbsp;$2777814281 | &nbsp;&nbsp;$538338641 | &nbsp;&nbsp;$1054985882 | &nbsp;&nbsp;$173460370 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$685498 | &nbsp;&nbsp;$441349 | &nbsp;&nbsp;$840180 | &nbsp;&nbsp;$342363 | &nbsp;&nbsp;$724926 | &nbsp;&nbsp;$168730 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877298937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377504270 | &nbsp;&nbsp;&nbsp;&nbsp;1859976936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614125889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871361812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160085458 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118819887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639673580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916997165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76129611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182899144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13206182 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$996804322 | &nbsp;&nbsp;$1017619199 | &nbsp;&nbsp;$2777814281 | &nbsp;&nbsp;$538338641 | &nbsp;&nbsp;$1054985882 | &nbsp;&nbsp;$173460370 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68549845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44134889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84017976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34236268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72492595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16872955 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$14.54 | &nbsp;&nbsp;$23.06 | &nbsp;&nbsp;$33.06 | &nbsp;&nbsp;$15.72 | &nbsp;&nbsp;$14.55 | &nbsp;&nbsp;$10.28 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$6513372 | &nbsp;&nbsp;$478458591 | &nbsp;&nbsp;$2070505814 | &nbsp;&nbsp;$543403284 | &nbsp;&nbsp;$941141007 | &nbsp;&nbsp;$172656956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$899154651 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1054 | &nbsp;&nbsp;$490 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$3552374 | &nbsp;&nbsp;$34703466 | &nbsp;&nbsp;$27570545 | &nbsp;&nbsp;$64029082 | &nbsp;&nbsp;$10585833 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap<br> Value Fund** | &nbsp;&nbsp;**Stock Index<br> Fund** | &nbsp;&nbsp;**Systematic<br> Core Fund** | &nbsp;&nbsp;**Systematic<br> Growth Fund** | &nbsp;&nbsp;**Systematic<br> Value Fund** | &nbsp;&nbsp;**U.S. Socially<br> Responsible<br> Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$245107171 | &nbsp;&nbsp;$6440715453 | &nbsp;&nbsp;$688906928 | &nbsp;&nbsp;$987002531 | &nbsp;&nbsp;$454163177 | &nbsp;&nbsp;$560915131 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10041226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153065 |
| Cash collateral on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100002 |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87659 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6909319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384242 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47749 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250141834 | &nbsp;&nbsp;&nbsp;&nbsp;6450889040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701438658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991600360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459552619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561697711 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18411190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5288799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504147 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4889104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120545 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32161 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51374 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126453 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5557426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21270123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3043025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835016 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$244584408 | &nbsp;&nbsp;$6429618917 | &nbsp;&nbsp;$693825624 | &nbsp;&nbsp;$985521185 | &nbsp;&nbsp;$456509594 | &nbsp;&nbsp;$559862695 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$223522 | &nbsp;&nbsp;$1101319 | &nbsp;&nbsp;$213905 | &nbsp;&nbsp;$543471 | &nbsp;&nbsp;$308746 | &nbsp;&nbsp;$310730 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213443859 | &nbsp;&nbsp;&nbsp;&nbsp;1295475018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433619890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518134596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347754377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313119599 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30917027 | &nbsp;&nbsp;&nbsp;&nbsp;5133042580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259991829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466843118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108446471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246432366 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$244584408 | &nbsp;&nbsp;$6429618917 | &nbsp;&nbsp;$693825624 | &nbsp;&nbsp;$985521185 | &nbsp;&nbsp;$456509594 | &nbsp;&nbsp;$559862695 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22352239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110131929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21390549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54347072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30874601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31072999 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$10.94 | &nbsp;&nbsp;$58.38 | &nbsp;&nbsp;$32.44 | &nbsp;&nbsp;$18.13 | &nbsp;&nbsp;$14.79 | &nbsp;&nbsp;$18.02 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$247013246 | &nbsp;&nbsp;$2025629771 | &nbsp;&nbsp;$471205155 | &nbsp;&nbsp;$648028072 | &nbsp;&nbsp;$390802171 | &nbsp;&nbsp;$384654804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$10392259 | &nbsp;&nbsp;$19225588 | &nbsp;&nbsp;$18535434 | &nbsp;&nbsp;$4109802 | &nbsp;&nbsp;$6162217 | &nbsp;&nbsp;$2071768 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive<br> Growth<br> Lifestyle Fund** | &nbsp;&nbsp;**Asset<br> Allocation<br> Fund** | &nbsp;&nbsp;**Capital<br> Appreciation<br> Fund** | &nbsp;&nbsp;**Conservative<br> Growth<br> Lifestyle Fund** | &nbsp;&nbsp;**Core Bond<br> Fund** | &nbsp;&nbsp;**Dividend<br> Value Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$265871 | &nbsp;&nbsp;$1034418 | &nbsp;&nbsp;$1399179 | &nbsp;&nbsp;$106760 | &nbsp;&nbsp;$2144497 | &nbsp;&nbsp;$18102665 |
| Dividends (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15220382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8433162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53242 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2239773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;109957248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;15486253 | &nbsp;&nbsp;&nbsp;&nbsp;3280444 | &nbsp;&nbsp;&nbsp;&nbsp;1399203 | &nbsp;&nbsp;&nbsp;&nbsp;8539922 | &nbsp;&nbsp;&nbsp;&nbsp;112184780 | &nbsp;&nbsp;&nbsp;&nbsp;18157067 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746675 | &nbsp;&nbsp;&nbsp;&nbsp;1285745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288846 | &nbsp;&nbsp;&nbsp;&nbsp;10698944 | &nbsp;&nbsp;&nbsp;&nbsp;5243807 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489825 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56757 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40403 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25907 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59020 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14810 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968422 | &nbsp;&nbsp;&nbsp;&nbsp;1047929 | &nbsp;&nbsp;&nbsp;&nbsp;1694897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454728 | &nbsp;&nbsp;&nbsp;&nbsp;13299650 | &nbsp;&nbsp;&nbsp;&nbsp;5999326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(776171) | &nbsp;&nbsp;&nbsp;&nbsp;(1004217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972376 | &nbsp;&nbsp;&nbsp;&nbsp;1694897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368074 | &nbsp;&nbsp;&nbsp;&nbsp;12523479 | &nbsp;&nbsp;&nbsp;&nbsp;4993967 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14730982 | &nbsp;&nbsp;&nbsp;&nbsp;2308068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295694) | &nbsp;&nbsp;&nbsp;&nbsp;8171848 | &nbsp;&nbsp;&nbsp;&nbsp;99661301 | &nbsp;&nbsp;&nbsp;&nbsp;13163100 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9094353 | &nbsp;&nbsp;&nbsp;&nbsp;19214660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(17133317) | &nbsp;&nbsp;&nbsp;&nbsp;61466655 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10288316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1380506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15619 |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15364343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3143571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase from reimbursement of investment violation (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;25652659 | &nbsp;&nbsp;&nbsp;&nbsp;9133479 | &nbsp;&nbsp;&nbsp;&nbsp;19214660 | &nbsp;&nbsp;&nbsp;&nbsp;4524077 | &nbsp;&nbsp;&nbsp;&nbsp;(17676730) | &nbsp;&nbsp;&nbsp;&nbsp;61482274 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523482 | &nbsp;&nbsp;&nbsp;&nbsp;19874095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;63380560 | &nbsp;&nbsp;&nbsp;&nbsp;(6215058) |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30208646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9003363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29893 |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;30208646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523844 | &nbsp;&nbsp;&nbsp;&nbsp;19874095 | &nbsp;&nbsp;&nbsp;&nbsp;9003363 | &nbsp;&nbsp;&nbsp;&nbsp;64437314 | &nbsp;&nbsp;&nbsp;&nbsp;(6185165) |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;55861305 | &nbsp;&nbsp;&nbsp;&nbsp;9657323 | &nbsp;&nbsp;&nbsp;&nbsp;39088755 | &nbsp;&nbsp;&nbsp;&nbsp;13527440 | &nbsp;&nbsp;&nbsp;&nbsp;46760584 | &nbsp;&nbsp;&nbsp;&nbsp;55297109 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$70592287 | &nbsp;&nbsp;$11965391 | &nbsp;&nbsp;$38793061 | &nbsp;&nbsp;$21699288 | &nbsp;&nbsp;$146421885 | &nbsp;&nbsp;$68460209 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$5106 | &nbsp;&nbsp;$2779 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$723 | &nbsp;&nbsp;$315623 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Dynamic<br> Allocation<br> Fund** | &nbsp;&nbsp;**Emerging<br> Economies<br> Fund** | &nbsp;&nbsp;**Global Real<br> Estate Fund** | &nbsp;&nbsp;**Global<br> Strategy<br> Fund** | &nbsp;&nbsp;**Government<br> Securities<br> Fund** | &nbsp;&nbsp;**Growth Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$265392 | &nbsp;&nbsp;$20262243 | &nbsp;&nbsp;$10691458 | &nbsp;&nbsp;$3096420 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8219831 |
| Dividends (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1872178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11442 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174076 | &nbsp;&nbsp;&nbsp;&nbsp;5737899 | &nbsp;&nbsp;&nbsp;&nbsp;4439087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2949845 | &nbsp;&nbsp;&nbsp;&nbsp;20329255 | &nbsp;&nbsp;&nbsp;&nbsp;10884569 | &nbsp;&nbsp;&nbsp;&nbsp;8886755 | &nbsp;&nbsp;&nbsp;&nbsp;4440020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8242745 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346032 | &nbsp;&nbsp;&nbsp;&nbsp;5575674 | &nbsp;&nbsp;&nbsp;&nbsp;2523231 | &nbsp;&nbsp;&nbsp;&nbsp;1096993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664601 | &nbsp;&nbsp;&nbsp;&nbsp;11405725 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132796 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69002 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82813 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40402 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58817 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153872 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13428 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40632 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572266 | &nbsp;&nbsp;&nbsp;&nbsp;7463790 | &nbsp;&nbsp;&nbsp;&nbsp;3109198 | &nbsp;&nbsp;&nbsp;&nbsp;1520896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915836 | &nbsp;&nbsp;&nbsp;&nbsp;13076305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2716337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494244 | &nbsp;&nbsp;&nbsp;&nbsp;7463790 | &nbsp;&nbsp;&nbsp;&nbsp;3084380 | &nbsp;&nbsp;&nbsp;&nbsp;1389257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844335 | &nbsp;&nbsp;&nbsp;&nbsp;10359968 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2455601 | &nbsp;&nbsp;&nbsp;&nbsp;12865465 | &nbsp;&nbsp;&nbsp;&nbsp;7800189 | &nbsp;&nbsp;&nbsp;&nbsp;7497498 | &nbsp;&nbsp;&nbsp;&nbsp;3595685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2117223) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423062) | &nbsp;&nbsp;&nbsp;&nbsp;7663407 | &nbsp;&nbsp;&nbsp;&nbsp;8849811 | &nbsp;&nbsp;&nbsp;&nbsp;14870312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23387) | &nbsp;&nbsp;&nbsp;&nbsp;192971893 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(973566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333973 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1140149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6898) |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4149686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471853) |
| Net increase from reimbursement of investment violation (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471853 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;2674574 | &nbsp;&nbsp;&nbsp;&nbsp;6722843 | &nbsp;&nbsp;&nbsp;&nbsp;8727106 | &nbsp;&nbsp;&nbsp;&nbsp;13711651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23387) | &nbsp;&nbsp;&nbsp;&nbsp;193298968 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1055423 | &nbsp;&nbsp;&nbsp;&nbsp;53622475 | &nbsp;&nbsp;&nbsp;&nbsp;7381128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773703) | &nbsp;&nbsp;&nbsp;&nbsp;2825513 | &nbsp;&nbsp;&nbsp;&nbsp;58330338 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5951065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(792251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13273) |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438 |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;6214237 | &nbsp;&nbsp;&nbsp;&nbsp;53504861 | &nbsp;&nbsp;&nbsp;&nbsp;7404559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(578944) | &nbsp;&nbsp;&nbsp;&nbsp;2825513 | &nbsp;&nbsp;&nbsp;&nbsp;58320503 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;8888811 | &nbsp;&nbsp;&nbsp;&nbsp;60227704 | &nbsp;&nbsp;&nbsp;&nbsp;16131665 | &nbsp;&nbsp;&nbsp;&nbsp;13132707 | &nbsp;&nbsp;&nbsp;&nbsp;2802126 | &nbsp;&nbsp;&nbsp;&nbsp;251619471 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$11344412 | &nbsp;&nbsp;$73093169 | &nbsp;&nbsp;$23931854 | &nbsp;&nbsp;$20630205 | &nbsp;&nbsp;$6397811 | &nbsp;&nbsp;$249502248 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$2714293 | &nbsp;&nbsp;$400379 | &nbsp;&nbsp;$392208 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$75873 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$1182724 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2784 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High Yield<br> Bond Fund** | &nbsp;&nbsp;**Inflation<br> Protected<br> Fund** | &nbsp;&nbsp;**International<br> Equities<br> Index Fund** | &nbsp;&nbsp;**International<br> Government<br> Bond Fund** | &nbsp;&nbsp;**International<br> Growth Fund** | &nbsp;&nbsp;**International<br> Opportunities<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$51386232 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3308404 | &nbsp;&nbsp;$8765666 |
| Dividends (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114737 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25591533 | &nbsp;&nbsp;&nbsp;&nbsp;12167799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676587 | &nbsp;&nbsp;&nbsp;&nbsp;2628851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;25887341 | &nbsp;&nbsp;&nbsp;&nbsp;12168572 | &nbsp;&nbsp;&nbsp;&nbsp;52240024 | &nbsp;&nbsp;&nbsp;&nbsp;2632532 | &nbsp;&nbsp;&nbsp;&nbsp;3462943 | &nbsp;&nbsp;&nbsp;&nbsp;8970591 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;2292941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4949802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311168 | &nbsp;&nbsp;&nbsp;&nbsp;3479895 | &nbsp;&nbsp;&nbsp;&nbsp;3190870 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257780 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229264 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84930 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53694 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17542 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34242 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14995 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;2829140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7692489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533775 | &nbsp;&nbsp;&nbsp;&nbsp;4011393 | &nbsp;&nbsp;&nbsp;&nbsp;4019910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894647) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;2525819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7692489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525618 | &nbsp;&nbsp;&nbsp;&nbsp;3116746 | &nbsp;&nbsp;&nbsp;&nbsp;3903959 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23361522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9780440 | &nbsp;&nbsp;&nbsp;&nbsp;44547535 | &nbsp;&nbsp;&nbsp;&nbsp;2106914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346197 | &nbsp;&nbsp;&nbsp;&nbsp;5066632 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923813) | &nbsp;&nbsp;&nbsp;&nbsp;(15726254) | &nbsp;&nbsp;&nbsp;&nbsp;76316447 | &nbsp;&nbsp;&nbsp;&nbsp;(1696621) | &nbsp;&nbsp;&nbsp;&nbsp;20953275 | &nbsp;&nbsp;&nbsp;&nbsp;27834951 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1468453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9771818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64858 |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase from reimbursement of investment violation (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1179429) | &nbsp;&nbsp;&nbsp;&nbsp;(7385317) | &nbsp;&nbsp;&nbsp;&nbsp;79399520 | &nbsp;&nbsp;&nbsp;&nbsp;(1644217) | &nbsp;&nbsp;&nbsp;&nbsp;20924138 | &nbsp;&nbsp;&nbsp;&nbsp;27899809 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9188850 | &nbsp;&nbsp;&nbsp;&nbsp;18643166 | &nbsp;&nbsp;&nbsp;&nbsp;67859256 | &nbsp;&nbsp;&nbsp;&nbsp;3149300 | &nbsp;&nbsp;&nbsp;&nbsp;41712745 | &nbsp;&nbsp;&nbsp;&nbsp;2049381 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(999403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1038429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37971) | &nbsp;&nbsp;&nbsp;&nbsp;(6376695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114574 |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13722 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;9153270 | &nbsp;&nbsp;&nbsp;&nbsp;11297805 | &nbsp;&nbsp;&nbsp;&nbsp;67425466 | &nbsp;&nbsp;&nbsp;&nbsp;3161224 | &nbsp;&nbsp;&nbsp;&nbsp;41326189 | &nbsp;&nbsp;&nbsp;&nbsp;2177677 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;7973841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912488 | &nbsp;&nbsp;&nbsp;&nbsp;146824986 | &nbsp;&nbsp;&nbsp;&nbsp;1517007 | &nbsp;&nbsp;&nbsp;&nbsp;62250327 | &nbsp;&nbsp;&nbsp;&nbsp;30077486 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$31335363 | &nbsp;&nbsp;$13692928 | &nbsp;&nbsp;$191372521 | &nbsp;&nbsp;$3623921 | &nbsp;&nbsp;$62596524 | &nbsp;&nbsp;$35144118 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4850702 | &nbsp;&nbsp;$2975 | &nbsp;&nbsp;$467258 | &nbsp;&nbsp;$948742 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$72025 | &nbsp;&nbsp;$154173 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**International<br> Socially<br> Responsible Fund** | &nbsp;&nbsp;**International<br> Value Fund** | &nbsp;&nbsp;**Large Capital<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap<br> Index Fund** | &nbsp;&nbsp;**Mid Cap<br> Strategic<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap<br> Value Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$14202899 | &nbsp;&nbsp;$16296698 | &nbsp;&nbsp;$6311631 | &nbsp;&nbsp;$41854412 | &nbsp;&nbsp;$6895629 | &nbsp;&nbsp;$13062037 |
| Dividends (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50123 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;14412337 | &nbsp;&nbsp;&nbsp;&nbsp;16311359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6471182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42505087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7581224 | &nbsp;&nbsp;&nbsp;&nbsp;13167022 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;2441291 | &nbsp;&nbsp;&nbsp;&nbsp;3162620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6685502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207719 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494637 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48701 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119697 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53694 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29213 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67917 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15342 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;3119777 | &nbsp;&nbsp;&nbsp;&nbsp;3920804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7809579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;2856587 | &nbsp;&nbsp;&nbsp;&nbsp;3608073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10156633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7761662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096947 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11555750 | &nbsp;&nbsp;&nbsp;&nbsp;12703286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32348454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7070075 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;16957702 | &nbsp;&nbsp;&nbsp;&nbsp;24400841 | &nbsp;&nbsp;&nbsp;&nbsp;72053891 | &nbsp;&nbsp;&nbsp;&nbsp;276423843 | &nbsp;&nbsp;&nbsp;&nbsp;115611897 | &nbsp;&nbsp;&nbsp;&nbsp;69117091 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8344296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase from reimbursement of investment violation (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;17577540 | &nbsp;&nbsp;&nbsp;&nbsp;24425719 | &nbsp;&nbsp;&nbsp;&nbsp;72041265 | &nbsp;&nbsp;&nbsp;&nbsp;268071665 | &nbsp;&nbsp;&nbsp;&nbsp;115618855 | &nbsp;&nbsp;&nbsp;&nbsp;69117148 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26650624 | &nbsp;&nbsp;&nbsp;&nbsp;29583240 | &nbsp;&nbsp;&nbsp;&nbsp;(34358619) | &nbsp;&nbsp;&nbsp;&nbsp;(249528472) | &nbsp;&nbsp;&nbsp;&nbsp;29959730 | &nbsp;&nbsp;&nbsp;&nbsp;(58928601) |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;26424628 | &nbsp;&nbsp;&nbsp;&nbsp;29760629 | &nbsp;&nbsp;&nbsp;&nbsp;(34355909) | &nbsp;&nbsp;&nbsp;&nbsp;(249464265) | &nbsp;&nbsp;&nbsp;&nbsp;29959741 | &nbsp;&nbsp;&nbsp;&nbsp;(58928599) |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;44002168 | &nbsp;&nbsp;&nbsp;&nbsp;54186348 | &nbsp;&nbsp;&nbsp;&nbsp;37685356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18607400 | &nbsp;&nbsp;&nbsp;&nbsp;145578596 | &nbsp;&nbsp;&nbsp;&nbsp;10188549 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$55557918 | &nbsp;&nbsp;$66889634 | &nbsp;&nbsp;$39648995 | &nbsp;&nbsp;$50955854 | &nbsp;&nbsp;$145398158 | &nbsp;&nbsp;$17258624 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$1606795 | &nbsp;&nbsp;$1397910 | &nbsp;&nbsp;$118127 | &nbsp;&nbsp;$23309 | &nbsp;&nbsp;$94914 | &nbsp;&nbsp;$30365 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Moderate<br> Growth<br> Lifestyle Fund** | &nbsp;&nbsp;**Nasdaq-100®<br> Index Fund** | &nbsp;&nbsp;**Science &<br> Technology<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Growth Fund** | &nbsp;&nbsp;**Small Cap<br> Index Fund** | &nbsp;&nbsp;**Small Cap<br> Special<br> Values Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$374361 | &nbsp;&nbsp;$7744276 | &nbsp;&nbsp;$11916859 | &nbsp;&nbsp;$1933796 | &nbsp;&nbsp;$13088611 | &nbsp;&nbsp;$4204867 |
| Dividends (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25931782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16352 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;26306143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8035264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12164904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010036 | &nbsp;&nbsp;&nbsp;&nbsp;14503557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221243 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;1023598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24046455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508913 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134232 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15438 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25033 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40400 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18626 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18814 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;1341052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26670728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4683364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(803428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1399792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1033973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25202566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803151 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25272170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850600 | &nbsp;&nbsp;&nbsp;&nbsp;(13037662) | &nbsp;&nbsp;&nbsp;&nbsp;(2601622) | &nbsp;&nbsp;&nbsp;&nbsp;10428639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418092 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96780577 | &nbsp;&nbsp;&nbsp;&nbsp;556986282 | &nbsp;&nbsp;&nbsp;&nbsp;51028329 | &nbsp;&nbsp;&nbsp;&nbsp;55512805 | &nbsp;&nbsp;&nbsp;&nbsp;13093919 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16543079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12905133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16461111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase from reimbursement of investment violation (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;33004190 | &nbsp;&nbsp;&nbsp;&nbsp;97250818 | &nbsp;&nbsp;&nbsp;&nbsp;556780610 | &nbsp;&nbsp;&nbsp;&nbsp;51513784 | &nbsp;&nbsp;&nbsp;&nbsp;42576542 | &nbsp;&nbsp;&nbsp;&nbsp;13093919 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40347823 | &nbsp;&nbsp;&nbsp;&nbsp;(128699566) | &nbsp;&nbsp;&nbsp;&nbsp;(33118405) | &nbsp;&nbsp;&nbsp;&nbsp;(35509525) | &nbsp;&nbsp;&nbsp;&nbsp;(30173880) |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31267177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1560196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;31267177 | &nbsp;&nbsp;&nbsp;&nbsp;40758670 | &nbsp;&nbsp;&nbsp;&nbsp;(128711301) | &nbsp;&nbsp;&nbsp;&nbsp;(33597963) | &nbsp;&nbsp;&nbsp;&nbsp;(36955496) | &nbsp;&nbsp;&nbsp;&nbsp;(30173880) |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;64271367 | &nbsp;&nbsp;&nbsp;&nbsp;138009488 | &nbsp;&nbsp;&nbsp;&nbsp;428069309 | &nbsp;&nbsp;&nbsp;&nbsp;17915821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621046 | &nbsp;&nbsp;&nbsp;&nbsp;(17079961) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$89543537 | &nbsp;&nbsp;$141860088 | &nbsp;&nbsp;$415031647 | &nbsp;&nbsp;$15314199 | &nbsp;&nbsp;$16049685 | &nbsp;&nbsp;$(14661869) |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$16241 | &nbsp;&nbsp;$699472 | &nbsp;&nbsp;$8007 | &nbsp;&nbsp;$34158 | &nbsp;&nbsp;$14657 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2025 — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap<br> Value Fund** | &nbsp;&nbsp;**Stock Index<br> Fund** | &nbsp;&nbsp;**Systematic<br> Core Fund** | &nbsp;&nbsp;**Systematic<br> Growth Fund** | &nbsp;&nbsp;**Systematic<br> Value Fund** | &nbsp;&nbsp;**U.S. Socially<br> Responsible<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$5760050 | &nbsp;&nbsp;$86723009 | &nbsp;&nbsp;$8157183 | &nbsp;&nbsp;$6117522 | &nbsp;&nbsp;$9219674 | &nbsp;&nbsp;$8873861 |
| Dividends (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977205 | &nbsp;&nbsp;&nbsp;&nbsp;87581150 | &nbsp;&nbsp;&nbsp;&nbsp;8292838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6182021 | &nbsp;&nbsp;&nbsp;&nbsp;9285306 | &nbsp;&nbsp;&nbsp;&nbsp;9120021 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267547 | &nbsp;&nbsp;&nbsp;&nbsp;14430984 | &nbsp;&nbsp;&nbsp;&nbsp;4521751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212725 | &nbsp;&nbsp;&nbsp;&nbsp;3100356 | &nbsp;&nbsp;&nbsp;&nbsp;1622597 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4417479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433047 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23206 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99657 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67969 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27065 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59472 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6912 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874383 | &nbsp;&nbsp;&nbsp;&nbsp;20433216 | &nbsp;&nbsp;&nbsp;&nbsp;5186711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8227761 | &nbsp;&nbsp;&nbsp;&nbsp;3622347 | &nbsp;&nbsp;&nbsp;&nbsp;2399444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5408504) | &nbsp;&nbsp;&nbsp;&nbsp;(1334187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1771352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(883956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813652 | &nbsp;&nbsp;&nbsp;&nbsp;15024712 | &nbsp;&nbsp;&nbsp;&nbsp;3852524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6456409 | &nbsp;&nbsp;&nbsp;&nbsp;2738391 | &nbsp;&nbsp;&nbsp;&nbsp;2389494 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163553 | &nbsp;&nbsp;&nbsp;&nbsp;72556438 | &nbsp;&nbsp;&nbsp;&nbsp;4440314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274388) | &nbsp;&nbsp;&nbsp;&nbsp;6546915 | &nbsp;&nbsp;&nbsp;&nbsp;6730527 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;40129934 | &nbsp;&nbsp;&nbsp;&nbsp;677114979 | &nbsp;&nbsp;&nbsp;&nbsp;38568187 | &nbsp;&nbsp;&nbsp;&nbsp;133688695 | &nbsp;&nbsp;&nbsp;&nbsp;40593082 | &nbsp;&nbsp;&nbsp;&nbsp;63661254 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1498678 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase from reimbursement of investment violation (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;40480293 | &nbsp;&nbsp;&nbsp;&nbsp;683201162 | &nbsp;&nbsp;&nbsp;&nbsp;38568187 | &nbsp;&nbsp;&nbsp;&nbsp;133688695 | &nbsp;&nbsp;&nbsp;&nbsp;40593082 | &nbsp;&nbsp;&nbsp;&nbsp;65159932 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(44900688) | &nbsp;&nbsp;&nbsp;&nbsp;64881093 | &nbsp;&nbsp;&nbsp;&nbsp;29190507 | &nbsp;&nbsp;&nbsp;&nbsp;10733109 | &nbsp;&nbsp;&nbsp;&nbsp;7796827 | &nbsp;&nbsp;&nbsp;&nbsp;(6357372) |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(662234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(819480) |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(44919039) | &nbsp;&nbsp;&nbsp;&nbsp;63924516 | &nbsp;&nbsp;&nbsp;&nbsp;29190507 | &nbsp;&nbsp;&nbsp;&nbsp;10733109 | &nbsp;&nbsp;&nbsp;&nbsp;7796827 | &nbsp;&nbsp;&nbsp;&nbsp;(7176852) |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(4438746) | &nbsp;&nbsp;&nbsp;&nbsp;747125678 | &nbsp;&nbsp;&nbsp;&nbsp;67758694 | &nbsp;&nbsp;&nbsp;&nbsp;144421804 | &nbsp;&nbsp;&nbsp;&nbsp;48389909 | &nbsp;&nbsp;&nbsp;&nbsp;57983080 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$(1275193) | &nbsp;&nbsp;$819682116 | &nbsp;&nbsp;$72199008 | &nbsp;&nbsp;$144147416 | &nbsp;&nbsp;$54936824 | &nbsp;&nbsp;$64713607 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$15212 | &nbsp;&nbsp;$19313 | &nbsp;&nbsp;$1250 | &nbsp;&nbsp;$1348 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$654 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive Growth Lifestyle Fund** | &nbsp;&nbsp;**Aggressive Growth Lifestyle Fund** | &nbsp;&nbsp;**Asset Allocation<br> Fund** | &nbsp;&nbsp;**Asset Allocation<br> Fund** | &nbsp;&nbsp;**Capital Appreciation Fund** | &nbsp;&nbsp;**Capital Appreciation Fund** | &nbsp;&nbsp;**Conservative Growth<br> Lifestyle Fund** | &nbsp;&nbsp;**Conservative Growth<br> Lifestyle Fund** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$14730982 | &nbsp;&nbsp;$11701542 | &nbsp;&nbsp;$2308068 | &nbsp;&nbsp;$2152337 | &nbsp;&nbsp;$(295694) | &nbsp;&nbsp;$(103724) | &nbsp;&nbsp;$8171848 | &nbsp;&nbsp;$7624871 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;25652659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8144830 | &nbsp;&nbsp;&nbsp;&nbsp;19214660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435556 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;30208646 | &nbsp;&nbsp;&nbsp;&nbsp;95431637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523844 | &nbsp;&nbsp;&nbsp;&nbsp;12896382 | &nbsp;&nbsp;&nbsp;&nbsp;19874095 | &nbsp;&nbsp;&nbsp;&nbsp;21946171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9003363 | &nbsp;&nbsp;&nbsp;&nbsp;20289495 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;70592287 | &nbsp;&nbsp;&nbsp;&nbsp;117082328 | &nbsp;&nbsp;&nbsp;&nbsp;11965391 | &nbsp;&nbsp;&nbsp;&nbsp;23193549 | &nbsp;&nbsp;&nbsp;&nbsp;38793061 | &nbsp;&nbsp;&nbsp;&nbsp;26246457 | &nbsp;&nbsp;&nbsp;&nbsp;21699288 | &nbsp;&nbsp;&nbsp;&nbsp;29349922 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;(18268533) | &nbsp;&nbsp;&nbsp;&nbsp;(14374215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7933999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2200405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4286202) | &nbsp;&nbsp;&nbsp;&nbsp;(13718380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7642651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7056285) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(35180768) | &nbsp;&nbsp;&nbsp;&nbsp;(37053011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6576396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7883954) | &nbsp;&nbsp;&nbsp;&nbsp;80147540 | &nbsp;&nbsp;&nbsp;&nbsp;139123790 | &nbsp;&nbsp;&nbsp;&nbsp;(27869115) | &nbsp;&nbsp;&nbsp;&nbsp;(32245412) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;17142986 | &nbsp;&nbsp;&nbsp;&nbsp;65655102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2545004) | &nbsp;&nbsp;&nbsp;&nbsp;13109190 | &nbsp;&nbsp;&nbsp;&nbsp;114654399 | &nbsp;&nbsp;&nbsp;&nbsp;151651867 | &nbsp;&nbsp;&nbsp;&nbsp;(13812478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9951775) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;695802248 | &nbsp;&nbsp;&nbsp;&nbsp;630147146 | &nbsp;&nbsp;&nbsp;&nbsp;147632539 | &nbsp;&nbsp;&nbsp;&nbsp;134523349 | &nbsp;&nbsp;&nbsp;&nbsp;213162668 | &nbsp;&nbsp;&nbsp;&nbsp;61510801 | &nbsp;&nbsp;&nbsp;&nbsp;293561781 | &nbsp;&nbsp;&nbsp;&nbsp;303513556 |
| End of period<br>| &nbsp;&nbsp;$712945234 | &nbsp;&nbsp;$695802248 | &nbsp;&nbsp;$145087535 | &nbsp;&nbsp;$147632539 | &nbsp;&nbsp;$327817067 | &nbsp;&nbsp;$213162668 | &nbsp;&nbsp;$279749303 | &nbsp;&nbsp;$293561781 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Dividend Value Fund** | &nbsp;&nbsp;**Dividend Value Fund** | &nbsp;&nbsp;**Dynamic<br> Allocation Fund** | &nbsp;&nbsp;**Dynamic<br> Allocation Fund** | &nbsp;&nbsp;**Emerging Economies<br> Fund** | &nbsp;&nbsp;**Emerging Economies<br> Fund** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$99661301 | &nbsp;&nbsp;$98925537 | &nbsp;&nbsp;$13163100 | &nbsp;&nbsp;$14837202 | &nbsp;&nbsp;$2455601 | &nbsp;&nbsp;$2790046 | &nbsp;&nbsp;$12865465 | &nbsp;&nbsp;$16679446 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17676730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96164450) | &nbsp;&nbsp;&nbsp;&nbsp;61482274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28381795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1383538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6722843 | &nbsp;&nbsp;&nbsp;&nbsp;38498180 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64437314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62820806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6185165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101227914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214237 | &nbsp;&nbsp;&nbsp;&nbsp;19792003 | &nbsp;&nbsp;&nbsp;&nbsp;53504861 | &nbsp;&nbsp;&nbsp;&nbsp;53794426 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146421885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65581893 | &nbsp;&nbsp;&nbsp;&nbsp;68460209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144446911 | &nbsp;&nbsp;&nbsp;&nbsp;11344412 | &nbsp;&nbsp;&nbsp;&nbsp;21198511 | &nbsp;&nbsp;&nbsp;&nbsp;73093169 | &nbsp;&nbsp;&nbsp;&nbsp;108972052 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;(101852375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95661726) | &nbsp;&nbsp;&nbsp;&nbsp;(42334802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41453139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4111064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8944739) | &nbsp;&nbsp;&nbsp;&nbsp;(26325689) | &nbsp;&nbsp;&nbsp;&nbsp;(15305018) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85342413 | &nbsp;&nbsp;&nbsp;&nbsp;(201777283) | &nbsp;&nbsp;&nbsp;&nbsp;(12840788) | &nbsp;&nbsp;&nbsp;&nbsp;(485408680) | &nbsp;&nbsp;&nbsp;&nbsp;(18101879) | &nbsp;&nbsp;&nbsp;&nbsp;(17780676) | &nbsp;&nbsp;&nbsp;&nbsp;14112125 | &nbsp;&nbsp;&nbsp;&nbsp;(96542349) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129911923 | &nbsp;&nbsp;&nbsp;&nbsp;(231857116) | &nbsp;&nbsp;&nbsp;&nbsp;13284619 | &nbsp;&nbsp;&nbsp;&nbsp;(382414908) | &nbsp;&nbsp;&nbsp;&nbsp;(10868531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5526904) | &nbsp;&nbsp;&nbsp;&nbsp;60879605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2875315) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;2576903716 | &nbsp;&nbsp;&nbsp;&nbsp;2808760832 | &nbsp;&nbsp;&nbsp;&nbsp;667422617 | &nbsp;&nbsp;&nbsp;&nbsp;1049837525 | &nbsp;&nbsp;&nbsp;&nbsp;141566571 | &nbsp;&nbsp;&nbsp;&nbsp;147093475 | &nbsp;&nbsp;&nbsp;&nbsp;644336978 | &nbsp;&nbsp;&nbsp;&nbsp;647212293 |
| End of period<br>| &nbsp;&nbsp;$2706815639 | &nbsp;&nbsp;$2576903716 | &nbsp;&nbsp;$680707236 | &nbsp;&nbsp;$667422617 | &nbsp;&nbsp;$130698040 | &nbsp;&nbsp;$141566571 | &nbsp;&nbsp;$705216583 | &nbsp;&nbsp;$644336978 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Global Real<br> Estate Fund** | &nbsp;&nbsp;**Global Real<br> Estate Fund** | &nbsp;&nbsp;**Global Strategy<br> Fund** | &nbsp;&nbsp;**Global Strategy<br> Fund** | &nbsp;&nbsp;**Government Securities<br> Fund** | &nbsp;&nbsp;**Government Securities<br> Fund** | &nbsp;&nbsp;**Growth Fund** | &nbsp;&nbsp;**Growth Fund** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$7800189 | &nbsp;&nbsp;$5898934 | &nbsp;&nbsp;$7497498 | &nbsp;&nbsp;$7010530 | &nbsp;&nbsp;$3595685 | &nbsp;&nbsp;$3343265 | &nbsp;&nbsp;$(2117223) | &nbsp;&nbsp;$894765 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8727106 | &nbsp;&nbsp;&nbsp;&nbsp;(13146971) | &nbsp;&nbsp;&nbsp;&nbsp;13711651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(792352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193298968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95641979 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404559 | &nbsp;&nbsp;&nbsp;&nbsp;29958747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(578944) | &nbsp;&nbsp;&nbsp;&nbsp;30190497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2089468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58320503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349782403 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23931854 | &nbsp;&nbsp;&nbsp;&nbsp;22710710 | &nbsp;&nbsp;&nbsp;&nbsp;20630205 | &nbsp;&nbsp;&nbsp;&nbsp;38541228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6397811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249502248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446319147 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6623573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7143934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8347100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3794637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4723224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53217747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1517258) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(117357384) | &nbsp;&nbsp;&nbsp;&nbsp;53636644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7647182) | &nbsp;&nbsp;&nbsp;&nbsp;(24309333) | &nbsp;&nbsp;&nbsp;&nbsp;24918622 | &nbsp;&nbsp;&nbsp;&nbsp;(16665901) | &nbsp;&nbsp;&nbsp;&nbsp;(132379260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195486114 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(100049103) | &nbsp;&nbsp;&nbsp;&nbsp;69203420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635923 | &nbsp;&nbsp;&nbsp;&nbsp;14231895 | &nbsp;&nbsp;&nbsp;&nbsp;27521796 | &nbsp;&nbsp;&nbsp;&nbsp;(20927680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63905241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640288003 |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;346611475 | &nbsp;&nbsp;&nbsp;&nbsp;277408055 | &nbsp;&nbsp;&nbsp;&nbsp;221426946 | &nbsp;&nbsp;&nbsp;&nbsp;207195051 | &nbsp;&nbsp;&nbsp;&nbsp;129228004 | &nbsp;&nbsp;&nbsp;&nbsp;150155684 | &nbsp;&nbsp;&nbsp;&nbsp;1656570504 | &nbsp;&nbsp;&nbsp;&nbsp;1016282501 |
| End of period<br>| &nbsp;&nbsp;$246562372 | &nbsp;&nbsp;$346611475 | &nbsp;&nbsp;$226062869 | &nbsp;&nbsp;$221426946 | &nbsp;&nbsp;$156749800 | &nbsp;&nbsp;$129228004 | &nbsp;&nbsp;$1720475745 | &nbsp;&nbsp;$1656570504 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High Yield Bond Fund** | &nbsp;&nbsp;**High Yield Bond Fund** | &nbsp;&nbsp;**Inflation Protected<br> Fund** | &nbsp;&nbsp;**Inflation Protected<br> Fund** | &nbsp;&nbsp;**International Equities<br> Index Fund** | &nbsp;&nbsp;**International Equities<br> Index Fund** | &nbsp;&nbsp;**International Government<br> Bond Fund** | &nbsp;&nbsp;**International Government<br> Bond Fund** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$23361522 | &nbsp;&nbsp;$23390432 | &nbsp;&nbsp;$9780440 | &nbsp;&nbsp;$13624889 | &nbsp;&nbsp;$44547535 | &nbsp;&nbsp;$48770933 | &nbsp;&nbsp;$2106914 | &nbsp;&nbsp;$2001493 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1179429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6386325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7385317) | &nbsp;&nbsp;&nbsp;&nbsp;(22517041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79399520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43501005 | &nbsp;&nbsp;&nbsp;&nbsp;(1644217) | &nbsp;&nbsp;&nbsp;&nbsp;(4132571) |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9153270 | &nbsp;&nbsp;&nbsp;&nbsp;18968028 | &nbsp;&nbsp;&nbsp;&nbsp;11297805 | &nbsp;&nbsp;&nbsp;&nbsp;12658711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67425466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230142093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161224 | &nbsp;&nbsp;&nbsp;&nbsp;3218900 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;31335363 | &nbsp;&nbsp;&nbsp;&nbsp;35972135 | &nbsp;&nbsp;&nbsp;&nbsp;13692928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191372521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322414031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623921 | &nbsp;&nbsp;&nbsp;&nbsp;1087822 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;(22356353) | &nbsp;&nbsp;&nbsp;&nbsp;(23745472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6616286) | &nbsp;&nbsp;&nbsp;&nbsp;(47722963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81110488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44308254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6191821) | &nbsp;&nbsp;&nbsp;&nbsp;14509673 | &nbsp;&nbsp;&nbsp;&nbsp;(31588373) | &nbsp;&nbsp;&nbsp;&nbsp;(48002709) | &nbsp;&nbsp;&nbsp;&nbsp;(330261754) | &nbsp;&nbsp;&nbsp;&nbsp;(329424021) | &nbsp;&nbsp;&nbsp;&nbsp;(12596917) | &nbsp;&nbsp;&nbsp;&nbsp;(6094685) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787189 | &nbsp;&nbsp;&nbsp;&nbsp;26736336 | &nbsp;&nbsp;&nbsp;&nbsp;(24511731) | &nbsp;&nbsp;&nbsp;&nbsp;(91959113) | &nbsp;&nbsp;&nbsp;&nbsp;(219999721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51318244) | &nbsp;&nbsp;&nbsp;&nbsp;(8972996) | &nbsp;&nbsp;&nbsp;&nbsp;(5006863) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;412810904 | &nbsp;&nbsp;&nbsp;&nbsp;386074568 | &nbsp;&nbsp;&nbsp;&nbsp;391188419 | &nbsp;&nbsp;&nbsp;&nbsp;483147532 | &nbsp;&nbsp;&nbsp;&nbsp;1926606392 | &nbsp;&nbsp;&nbsp;&nbsp;1977924636 | &nbsp;&nbsp;&nbsp;&nbsp;64459096 | &nbsp;&nbsp;&nbsp;&nbsp;69465959 |
| End of period<br>| &nbsp;&nbsp;$415598093 | &nbsp;&nbsp;$412810904 | &nbsp;&nbsp;$366676688 | &nbsp;&nbsp;$391188419 | &nbsp;&nbsp;$1706606671 | &nbsp;&nbsp;$1926606392 | &nbsp;&nbsp;$55486100 | &nbsp;&nbsp;$64459096 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**International<br> Growth Fund** | &nbsp;&nbsp;**International<br> Growth Fund** | &nbsp;&nbsp;**International<br> Opportunities Fund** | &nbsp;&nbsp;**International<br> Opportunities Fund** | &nbsp;&nbsp;**International Socially<br> Responsible Fund** | &nbsp;&nbsp;**International Socially<br> Responsible Fund** | &nbsp;&nbsp;**International Value<br> Fund** | &nbsp;&nbsp;**International Value<br> Fund** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$346197 | &nbsp;&nbsp;$527551 | &nbsp;&nbsp;$5066632 | &nbsp;&nbsp;$5331313 | &nbsp;&nbsp;$11555750 | &nbsp;&nbsp;$10227860 | &nbsp;&nbsp;$12703286 | &nbsp;&nbsp;$14941533 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;20924138 | &nbsp;&nbsp;&nbsp;&nbsp;(10705411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27899809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15199444 | &nbsp;&nbsp;&nbsp;&nbsp;17577540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6198658 | &nbsp;&nbsp;&nbsp;&nbsp;24425719 | &nbsp;&nbsp;&nbsp;&nbsp;43649850 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;41326189 | &nbsp;&nbsp;&nbsp;&nbsp;26914891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45890189 | &nbsp;&nbsp;&nbsp;&nbsp;26424628 | &nbsp;&nbsp;&nbsp;&nbsp;54072336 | &nbsp;&nbsp;&nbsp;&nbsp;29760629 | &nbsp;&nbsp;&nbsp;&nbsp;41646297 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;62596524 | &nbsp;&nbsp;&nbsp;&nbsp;16737031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35144118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66420946 | &nbsp;&nbsp;&nbsp;&nbsp;55557918 | &nbsp;&nbsp;&nbsp;&nbsp;70498854 | &nbsp;&nbsp;&nbsp;&nbsp;66889634 | &nbsp;&nbsp;&nbsp;&nbsp;100237680 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10029083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4274825) | &nbsp;&nbsp;&nbsp;&nbsp;(17294252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8091651) | &nbsp;&nbsp;&nbsp;&nbsp;(44473241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8235367) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(58227499) | &nbsp;&nbsp;&nbsp;&nbsp;(55990791) | &nbsp;&nbsp;&nbsp;&nbsp;(106736364) | &nbsp;&nbsp;&nbsp;&nbsp;(118273439) | &nbsp;&nbsp;&nbsp;&nbsp;19569864 | &nbsp;&nbsp;&nbsp;&nbsp;36390486 | &nbsp;&nbsp;&nbsp;&nbsp;(95556445) | &nbsp;&nbsp;&nbsp;&nbsp;(96351149) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369025 | &nbsp;&nbsp;&nbsp;&nbsp;(39253760) | &nbsp;&nbsp;&nbsp;&nbsp;(81621329) | &nbsp;&nbsp;&nbsp;&nbsp;(56127318) | &nbsp;&nbsp;&nbsp;&nbsp;57833530 | &nbsp;&nbsp;&nbsp;&nbsp;98797689 | &nbsp;&nbsp;&nbsp;&nbsp;(73140052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4348836) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;376411107 | &nbsp;&nbsp;&nbsp;&nbsp;415664867 | &nbsp;&nbsp;&nbsp;&nbsp;410212180 | &nbsp;&nbsp;&nbsp;&nbsp;466339498 | &nbsp;&nbsp;&nbsp;&nbsp;499447857 | &nbsp;&nbsp;&nbsp;&nbsp;400650168 | &nbsp;&nbsp;&nbsp;&nbsp;470020296 | &nbsp;&nbsp;&nbsp;&nbsp;474369132 |
| End of period<br>| &nbsp;&nbsp;$380780132 | &nbsp;&nbsp;$376411107 | &nbsp;&nbsp;$328590851 | &nbsp;&nbsp;$410212180 | &nbsp;&nbsp;$557281387 | &nbsp;&nbsp;$499447857 | &nbsp;&nbsp;$396880244 | &nbsp;&nbsp;$470020296 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Capital<br> Growth Fund** | &nbsp;&nbsp;**Large Capital<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap<br> Index Fund** | &nbsp;&nbsp;**Mid Cap<br> Index Fund** | &nbsp;&nbsp;**Mid Cap Strategic<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap Strategic<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap Value Fund** | &nbsp;&nbsp;**Mid Cap Value Fund** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$1963639 | &nbsp;&nbsp;$1762343 | &nbsp;&nbsp;$32348454 | &nbsp;&nbsp;$35472990 | &nbsp;&nbsp;$(180438) | &nbsp;&nbsp;$951071 | &nbsp;&nbsp;$7070075 | &nbsp;&nbsp;$5926947 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72041265 | &nbsp;&nbsp;&nbsp;&nbsp;131035487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268071665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312230063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115618855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44999898 | &nbsp;&nbsp;&nbsp;&nbsp;69117148 | &nbsp;&nbsp;&nbsp;&nbsp;60331009 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(34355909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9770408 | &nbsp;&nbsp;&nbsp;&nbsp;(249464265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326917400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29959741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161082193 | &nbsp;&nbsp;&nbsp;&nbsp;(58928599) | &nbsp;&nbsp;&nbsp;&nbsp;69298329 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39648995 | &nbsp;&nbsp;&nbsp;&nbsp;142568238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50955854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674620453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145398158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207033162 | &nbsp;&nbsp;&nbsp;&nbsp;17258624 | &nbsp;&nbsp;&nbsp;&nbsp;135556285 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;(130629161) | &nbsp;&nbsp;&nbsp;&nbsp;(42379434) | &nbsp;&nbsp;&nbsp;&nbsp;(350985209) | &nbsp;&nbsp;&nbsp;&nbsp;(159151537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(954220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158955) | &nbsp;&nbsp;&nbsp;&nbsp;(67031458) | &nbsp;&nbsp;&nbsp;&nbsp;(84125102) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48246620 | &nbsp;&nbsp;&nbsp;&nbsp;(184420034) | &nbsp;&nbsp;&nbsp;&nbsp;(137712543) | &nbsp;&nbsp;&nbsp;&nbsp;(422785463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72917086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141429700 | &nbsp;&nbsp;&nbsp;&nbsp;(41132980) | &nbsp;&nbsp;&nbsp;&nbsp;14206481 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(42733546) | &nbsp;&nbsp;&nbsp;&nbsp;(84231230) | &nbsp;&nbsp;&nbsp;&nbsp;(437741898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92683453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71526852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348303907 | &nbsp;&nbsp;&nbsp;&nbsp;(90905814) | &nbsp;&nbsp;&nbsp;&nbsp;65637664 |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;630218166 | &nbsp;&nbsp;&nbsp;&nbsp;714449396 | &nbsp;&nbsp;&nbsp;&nbsp;2987773391 | &nbsp;&nbsp;&nbsp;&nbsp;2895089938 | &nbsp;&nbsp;&nbsp;&nbsp;1118797383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770493476 | &nbsp;&nbsp;&nbsp;&nbsp;685341711 | &nbsp;&nbsp;&nbsp;&nbsp;619704047 |
| End of period<br>| &nbsp;&nbsp;$587484620 | &nbsp;&nbsp;$630218166 | &nbsp;&nbsp;$2550031493 | &nbsp;&nbsp;$2987773391 | &nbsp;&nbsp;$1190324235 | &nbsp;&nbsp;$1118797383 | &nbsp;&nbsp;$594435897 | &nbsp;&nbsp;$685341711 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Moderate Growth Lifestyle Fund** | &nbsp;&nbsp;**Moderate Growth Lifestyle Fund** | &nbsp;&nbsp;**Nasdaq-100®<br> Index Fund** | &nbsp;&nbsp;**Nasdaq-100®<br> Index Fund** | &nbsp;&nbsp;**Science & Technology Fund** | &nbsp;&nbsp;**Science & Technology Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$25272170 | &nbsp;&nbsp;$21944090 | &nbsp;&nbsp;$3850600 | &nbsp;&nbsp;$4456523 | &nbsp;&nbsp;$(13037662) | &nbsp;&nbsp;$(11650329) | &nbsp;&nbsp;$(2601622) | &nbsp;&nbsp;$(2129724) |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33004190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1420256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97250818 | &nbsp;&nbsp;&nbsp;&nbsp;183714495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556780610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149143314 | &nbsp;&nbsp;&nbsp;&nbsp;51513784 | &nbsp;&nbsp;&nbsp;&nbsp;(37731512) |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31267177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118199484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40758670 | &nbsp;&nbsp;&nbsp;&nbsp;44044836 | &nbsp;&nbsp;&nbsp;&nbsp;(128711301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616075771 | &nbsp;&nbsp;&nbsp;&nbsp;(33597963) | &nbsp;&nbsp;&nbsp;&nbsp;126045811 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89543537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138723318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141860088 | &nbsp;&nbsp;&nbsp;&nbsp;232215854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415031647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753568756 | &nbsp;&nbsp;&nbsp;&nbsp;15314199 | &nbsp;&nbsp;&nbsp;&nbsp;86184575 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22050761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22957106) | &nbsp;&nbsp;&nbsp;&nbsp;(186693827) | &nbsp;&nbsp;&nbsp;&nbsp;(40346335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96625979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76872175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100107137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184075) | &nbsp;&nbsp;&nbsp;&nbsp;(328181190) | &nbsp;&nbsp;&nbsp;&nbsp;(228735737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9116308) | &nbsp;&nbsp;&nbsp;&nbsp;(94063507) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29133203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38894037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55273398 | &nbsp;&nbsp;&nbsp;&nbsp;191685444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86850457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524833019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7878932) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1025937525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987043488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962345801 | &nbsp;&nbsp;&nbsp;&nbsp;770660357 | &nbsp;&nbsp;&nbsp;&nbsp;2690963824 | &nbsp;&nbsp;&nbsp;&nbsp;2166130805 | &nbsp;&nbsp;&nbsp;&nbsp;533037474 | &nbsp;&nbsp;&nbsp;&nbsp;540916406 |
| End of period<br>| &nbsp;&nbsp;$996804322 | &nbsp;&nbsp;$1025937525 | &nbsp;&nbsp;$1017619199 | &nbsp;&nbsp;$962345801 | &nbsp;&nbsp;$2777814281 | &nbsp;&nbsp;$2690963824 | &nbsp;&nbsp;$538338641 | &nbsp;&nbsp;$533037474 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap Index Fund** | &nbsp;&nbsp;**Small Cap Index Fund** | &nbsp;&nbsp;**Small Cap Special<br> Values Fund** | &nbsp;&nbsp;**Small Cap Special<br> Values Fund** | &nbsp;&nbsp;**Small Cap Value Fund** | &nbsp;&nbsp;**Small Cap Value Fund** | &nbsp;&nbsp;**Stock Index Fund** | &nbsp;&nbsp;**Stock Index Fund** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$10428639 | &nbsp;&nbsp;$10799579 | &nbsp;&nbsp;$2418092 | &nbsp;&nbsp;$2469317 | &nbsp;&nbsp;$3163553 | &nbsp;&nbsp;$4175795 | &nbsp;&nbsp;$72556438 | &nbsp;&nbsp;$75555546 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42576542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35195293 | &nbsp;&nbsp;&nbsp;&nbsp;13093919 | &nbsp;&nbsp;&nbsp;&nbsp;16303147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40480293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22721198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683201162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114439929 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36955496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128953529 | &nbsp;&nbsp;&nbsp;&nbsp;(30173880) | &nbsp;&nbsp;&nbsp;&nbsp;29001715 | &nbsp;&nbsp;&nbsp;&nbsp;(44919039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67106253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63924516 | &nbsp;&nbsp;&nbsp;&nbsp;1250241673 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16049685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174948401 | &nbsp;&nbsp;&nbsp;&nbsp;(14661869) | &nbsp;&nbsp;&nbsp;&nbsp;47774179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1275193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94003246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819682116 | &nbsp;&nbsp;&nbsp;&nbsp;1440237148 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46742863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12701686) | &nbsp;&nbsp;&nbsp;&nbsp;(18601622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9440906) | &nbsp;&nbsp;&nbsp;&nbsp;(21283530) | &nbsp;&nbsp;&nbsp;&nbsp;(16746692) | &nbsp;&nbsp;&nbsp;&nbsp;(178246666) | &nbsp;&nbsp;&nbsp;&nbsp;(431109681) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25225903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8663011) | &nbsp;&nbsp;&nbsp;&nbsp;(11693140) | &nbsp;&nbsp;&nbsp;&nbsp;(109003157) | &nbsp;&nbsp;&nbsp;&nbsp;(134586122) | &nbsp;&nbsp;&nbsp;&nbsp;(654998453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73326213 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25488901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187472618 | &nbsp;&nbsp;&nbsp;&nbsp;(41926502) | &nbsp;&nbsp;&nbsp;&nbsp;26640133 | &nbsp;&nbsp;&nbsp;&nbsp;(131561880) | &nbsp;&nbsp;&nbsp;&nbsp;(57329568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13563003) | &nbsp;&nbsp;&nbsp;&nbsp;1082453680 |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1080474783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893002165 | &nbsp;&nbsp;&nbsp;&nbsp;215386872 | &nbsp;&nbsp;&nbsp;&nbsp;188746739 | &nbsp;&nbsp;&nbsp;&nbsp;376146288 | &nbsp;&nbsp;&nbsp;&nbsp;433475856 | &nbsp;&nbsp;&nbsp;&nbsp;6443181920 | &nbsp;&nbsp;&nbsp;&nbsp;5360728240 |
| End of period<br>| &nbsp;&nbsp;$1054985882 | &nbsp;&nbsp;$1080474783 | &nbsp;&nbsp;$173460370 | &nbsp;&nbsp;$215386872 | &nbsp;&nbsp;$244584408 | &nbsp;&nbsp;$376146288 | &nbsp;&nbsp;$6429618917 | &nbsp;&nbsp;$6443181920 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Systematic Core Fund** | &nbsp;&nbsp;**Systematic Core Fund** | &nbsp;&nbsp;**Systematic Growth Fund** | &nbsp;&nbsp;**Systematic Growth Fund** | &nbsp;&nbsp;**Systematic Value Fund** | &nbsp;&nbsp;**Systematic Value Fund** | &nbsp;&nbsp;**U.S. Socially<br> Responsible Fund** | &nbsp;&nbsp;**U.S. Socially<br> Responsible Fund** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$4440314 | &nbsp;&nbsp;$4815335 | &nbsp;&nbsp;$(274388) | &nbsp;&nbsp;$886509 | &nbsp;&nbsp;$6546915 | &nbsp;&nbsp;$7592341 | &nbsp;&nbsp;$6730527 | &nbsp;&nbsp;$8570876 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;38568187 | &nbsp;&nbsp;&nbsp;&nbsp;22019843 | &nbsp;&nbsp;&nbsp;&nbsp;133688695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84742897 | &nbsp;&nbsp;&nbsp;&nbsp;40593082 | &nbsp;&nbsp;&nbsp;&nbsp;24773067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65159932 | &nbsp;&nbsp;&nbsp;&nbsp;104149669 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;29190507 | &nbsp;&nbsp;&nbsp;&nbsp;110569042 | &nbsp;&nbsp;&nbsp;&nbsp;10733109 | &nbsp;&nbsp;&nbsp;&nbsp;192189076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796827 | &nbsp;&nbsp;&nbsp;&nbsp;57511062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7176852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67919770 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;72199008 | &nbsp;&nbsp;&nbsp;&nbsp;137404220 | &nbsp;&nbsp;&nbsp;&nbsp;144147416 | &nbsp;&nbsp;&nbsp;&nbsp;277818482 | &nbsp;&nbsp;&nbsp;&nbsp;54936824 | &nbsp;&nbsp;&nbsp;&nbsp;89876470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64713607 | &nbsp;&nbsp;&nbsp;&nbsp;180640315 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;(26840231) | &nbsp;&nbsp;&nbsp;&nbsp;(11328023) | &nbsp;&nbsp;&nbsp;&nbsp;(80524325) | &nbsp;&nbsp;&nbsp;&nbsp;(111024774) | &nbsp;&nbsp;&nbsp;&nbsp;(26986609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7983557) | &nbsp;&nbsp;&nbsp;&nbsp;(108333269) | &nbsp;&nbsp;&nbsp;&nbsp;(64793249) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;63140303 | &nbsp;&nbsp;&nbsp;&nbsp;(71881104) | &nbsp;&nbsp;&nbsp;&nbsp;(51257512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33086537 | &nbsp;&nbsp;&nbsp;&nbsp;(24058505) | &nbsp;&nbsp;&nbsp;&nbsp;(31030009) | &nbsp;&nbsp;&nbsp;&nbsp;(57950450) | &nbsp;&nbsp;&nbsp;&nbsp;(139752924) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;108499080 | &nbsp;&nbsp;&nbsp;&nbsp;54195093 | &nbsp;&nbsp;&nbsp;&nbsp;12365579 | &nbsp;&nbsp;&nbsp;&nbsp;199880245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891710 | &nbsp;&nbsp;&nbsp;&nbsp;50862904 | &nbsp;&nbsp;&nbsp;&nbsp;(101570112) | &nbsp;&nbsp;&nbsp;&nbsp;(23905858) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;585326544 | &nbsp;&nbsp;&nbsp;&nbsp;531131451 | &nbsp;&nbsp;&nbsp;&nbsp;973155606 | &nbsp;&nbsp;&nbsp;&nbsp;773275361 | &nbsp;&nbsp;&nbsp;&nbsp;452617884 | &nbsp;&nbsp;&nbsp;&nbsp;401754980 | &nbsp;&nbsp;&nbsp;&nbsp;661432807 | &nbsp;&nbsp;&nbsp;&nbsp;685338665 |
| End of period<br>| &nbsp;&nbsp;$693825624 | &nbsp;&nbsp;$585326544 | &nbsp;&nbsp;$985521185 | &nbsp;&nbsp;$973155606 | &nbsp;&nbsp;$456509594 | &nbsp;&nbsp;$452617884 | &nbsp;&nbsp;$559862695 | &nbsp;&nbsp;$661432807 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS

------

#### Note 1 — Organization
&nbsp;&nbsp;&nbsp;&nbsp;VALIC Company I (the "Series" or "VC I"), a Maryland Corporation, is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Series is comprised of 36 funds (each, a "Fund," and collectively, the "Funds"). Variable Annuity Life Insurance Company ("VALIC" or the "Adviser"), an indirect wholly owned subsidiary of Corebridge Financial, Inc. ("Corebridge"), serves as investment adviser for all the Funds of the Series. Prior to January 13, 2025, for purposes of the Investment Advisers Act and the 1940 Act, American International Group, Inc.'s ("AIG") share ownership of Corebridge, and the rights granted to AIG by Corebridge as part of a separation agreement between AIG and Corebridge, provided AIG with control over Corebridge's corporate and business activities. Since January 13, 2025, for purposes of the Investment Advisers Act and the 1940 Act, AIG no longer has control over Corebridge's corporate and business activities.

&nbsp;&nbsp;&nbsp;&nbsp;Shares of the Funds are issued and redeemed in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the "Variable Contracts") offered by life insurance companies affiliated with the Adviser (the "Life Companies"), and are also offered to certain employer-ponsored retirement plans and individual retirement accounts and certain affiliated mutual funds. All shares may be purchased or redeemed at net asset value without any sales or redemption charges.

&nbsp;&nbsp;&nbsp;&nbsp;The Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund and Moderate Growth Lifestyle Fund (the "Lifestyle Funds") are structured as fund-of-funds and invest in affiliated mutual funds (the "Underlying Funds"). The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is diversified with the exception of Growth Fund, International Government Bond Fund, Nasdaq-100® Index Fund, Science & Technology Fund and Systematic Growth Fund, which are non-diversified as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**Indemnifications:** The Funds' organizational documents provide current and former officers and directors with a limited indemnification against liabilities arising out of the performance of their duties to the Funds. In addition, pursuant to Indemnification Agreements between the Funds and each of the current (and certain former) directors who is not an "interested person," as defined in Section 2(a)(19) of the 1940 Act, of the Funds (collectively, the "Disinterested Directors"), the Funds provide the Disinterested Directors with a limited indemnification against liabilities arising out of the performance of their duties to the Funds, whether such liabilities are asserted during or after their service as directors. In addition, in the normal course of business the Funds enter into contracts that contain the obligation to indemnify others. The Funds' maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

#### Note 2 — Significant Accounting Policies
&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. Each Fund is an investment company and accordingly, follows the investment company accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of significant accounting policies consistently followed by the Series, in the preparation of its financial statements:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures adopted by the Board of Directors (the "Board")

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;The summary of the Funds' assets and liabilities classified in the fair value hierarchy as of May 31, 2025, is reported on a schedule at the end of each Fund's Portfolio of Investments.

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

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

&nbsp;&nbsp;&nbsp;&nbsp;Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from an independent pricing service and are generally categorized as Level 2. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. Typically, these securities are valued assuming orderly transactions of institutional round lot sizes, but a Fund may hold or, from time to time, transact in such securities in smaller, odd lot sizes in which case they may be fair valued in accordance with pricing procedures adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Senior floating rate loans ("Loans") are valued at the average of available bids in the market for such Loans, as provided by an independent loan pricing service, and are generally categorized as Level 2.

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

&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by an independent pricing service, and are generally categorized as Level 1. Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using daily swap curves and models that incorporate market data and discounted cash flows and are generally categorized as Level 2. Total return and contracts for difference swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using models that incorporate market trades and fair value of the underlying reference instrument and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by an independent pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the over-the-counter ("OTC") market are valued at the mid valuation provided by an independent pricing service, and are generally categorized as Level 2. Forward foreign currency contracts ("forward contracts") are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. Because there is no single standard for making fair value determinations, the Funds' fair determinations may vary from fair value determinations made by other funds for the same securities.

&nbsp;&nbsp;&nbsp;&nbsp;The Board must determine fair value in good faith for portfolio holdings for which market quotations are not readily available or are unreliable. The Board has designated VALIC as the valuation designee ("Valuation Designee") to perform the fair valuation determinations relating to any or all fund investments. VALIC, as the Valuation Designee, has adopted policies and procedures and has established a pricing review committee to determine the fair value of the designated portfolio holdings on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;**Inflation-Indexed Bonds:** Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation- indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

&nbsp;&nbsp;&nbsp;&nbsp;**Loans:** Certain Funds invest in senior loans which generally consist of direct debt obligations of companies (collectively, "Borrowers"), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower's business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis.

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#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;**Mortgage-Backed Dollar Rolls:** Certain Funds may enter into dollar rolls using "to be announced" ("TBA") mortgage-backed securities ("TBA Rolls"). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds' policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements:** The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission ("SEC"), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust's custodian takes possession of the collateral pledged for investments in such repurchase agreements ("repo" or collectively "repos"). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

&nbsp;&nbsp;&nbsp;&nbsp;**Stripped Mortgage-Backed Securities:** Stripped Mortgage-Backed Securities ("SMBS") are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the "principal only" class) from the mortgage pool, while the other class will receive all or most of the interest (the "interest only" class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund's yield.

&nbsp;&nbsp;&nbsp;&nbsp;**When-Issued Securities and Forward Commitments:** Certain Funds may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**Investment Securities Loaned:** To realize additional income, each Fund, except for the Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Dynamic Allocation Fund and the Moderate Growth Lifestyle Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund's available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund's Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series' policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;**Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders:** Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities. Distributions from income from underlying mutual fund investments, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from underlying mutual fund investments, if any, are recorded to realized gains on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries' tax regulations require that taxes be paid on capital gains realized by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;In consideration of recent decisions rendered by the European courts, certain Funds filed reclaims to recover taxes withheld on dividends earned from certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the current fiscal year, such amounts recovered, excluding any foreign exchange gain (loss) and interest income amounted to $218,504 for the International Equities Index Fund, and are reflected as Dividends (unaffiliated) in the Statement of Operations. No other amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of the proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

&nbsp;&nbsp;&nbsp;&nbsp;Distributions received from Real Estate Investment Trust ("REIT") investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;Expenses common to all Funds are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis. The expenses included in the accompanying financial statements reflect the expenses of each of the respective funds and do not include indirect expenses associated with the investments in the Underlying Funds. "Fees paid indirectly" in the Statement of Operations represents expense reductions used to offset non-affiliated expenses resulting from participation in a commission recapture program. Custodian fees in the Statement of Operations include adjustments for the overbilling of fees in prior years for the Small Cap Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income and capital gain distributions, if any, are paid annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of recognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. The Funds federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Recent Accounting and Regulatory Developments
&nbsp;&nbsp;&nbsp;&nbsp;In June 2022, FASB issued Accounting Standards Update ("ASU") No. 2022-03, "Fair Value Measurement", which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASU 2022-03. The Rule became effective for fiscal years beginning after December 15, 2023. Adoption of the Rule had no material impact on the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures". ASU 2023-09 requires public entities to enhance the transparency and decision usefulness of income tax disclosures for investors. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption of ASU 2023-09 is permitted. Management is currently evaluating the impact, if any, of applying ASU 2023-09.

&nbsp;&nbsp;&nbsp;&nbsp;In this reporting period, the Funds adopted FASB ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures". Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic

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#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available.

&nbsp;&nbsp;&nbsp;&nbsp;The Funds' Administrator acts as the Funds' CODM and has determined that the Funds have a single operating segment. The financial information provided to and reviewed by the CODM to assess segment performance and to make resource allocations is consistent with that presented within the Funds' Portfolio of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

#### Note 3 — Derivative Instruments
&nbsp;&nbsp;&nbsp;&nbsp;**Forward Foreign Currency Contracts**: A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

&nbsp;&nbsp;&nbsp;&nbsp;Risks to a Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund's loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund's maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

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

&nbsp;&nbsp;&nbsp;&nbsp;**Futures:** A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the "broker"). Subsequent payments are made or received by the Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statements of Assets and Liabilities as receivable/payable for variation margin on futures contracts and as cash collateral on futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

&nbsp;&nbsp;&nbsp;&nbsp;The primary risk to a Fund of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Fund will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Fund since the futures contracts are generally exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;**Options:** An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund's Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

&nbsp;&nbsp;&nbsp;&nbsp;Risks to a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of assets and liabilities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

&nbsp;&nbsp;&nbsp;&nbsp;Option contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

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#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;***Contracts for Difference:*** A contract for difference ("CFD") is a privately negotiated over-the-counter derivative contract between two parties, buyer and seller, stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument's value at the end of the contract. As an over-the-counter derivative contract, CFDs are not traded on an exchange. A CFD offers exposure to price changes in an underlying security without ownership of such security, typically by providing investors the ability to trade on margin. When entering into a CFD, the Fund attempts to predict either that the price of the underlying security will fall (taking a short position) or that the price of the security will rise (taking a long position). CFDs are subject to illiquidity risk because the liquidity of contracts for difference is based on the liquidity of the underlying instrument. CFDs are also subject to the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Fund to deposit additional sums to maintain proper margin coverage, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss to the Fund. As is the case with owning any financial instrument, there is the risk of loss associated with buying a CFD. For example, if the Fund buys a long CFD and the underlying security is worth less at the end of the contract, the Fund would be required to make a payment to the seller and would suffer a loss.

&nbsp;&nbsp;&nbsp;&nbsp;CFD contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swaps on corporate issues or sovereign issues of an emerging market country as of period end are reported on a schedule at the end of each Fund's Portfolio of Investments and serve as an indicator of the current status of the payment / performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-based securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swaps outstanding at the end of the period, for which a Fund is the seller of protection, if any, are disclosed on a schedule following each Fund's Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swaps entered into by a Fund for the same referenced entity or entities.

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

&nbsp;&nbsp;&nbsp;&nbsp;***Inflation Swap Agreements:*** In an inflation swap, one party pays a fixed rate on a notional principal amount while the other party pays a floating rate linked to an inflation index on the same notional amount. The party paying the floating rate pays the inflation adjusted rate multiplied by the notional principal amount. If the average inflation rate over the term of the swap is the same as the fixed rate of the swap, the two legs will have the same value and the swap will break even.

&nbsp;&nbsp;&nbsp;&nbsp;Inflation swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Interest Rate Swap Agreements:*** Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments.

&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund's risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

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

&nbsp;&nbsp;&nbsp;&nbsp;**Master Agreements:** Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements ("Master Agreements") with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund's net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a Fund's net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in a Fund's net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty's long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty's credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund's counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund's financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;The following tables represent the value of derivatives held as of May 31, 2025, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended May 31, 2025. For a detailed presentation of derivatives held as of May 31, 2025, please refer to the schedule at the end of each Fund's Portfolio of Investments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swaps<br> Contracts(2)** | &nbsp;&nbsp;**Purchased<br> Options<br> Contracts(3)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(4)** | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Options<br> Written<br> Contracts(5)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(6)** |
| **Fund** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** |
| Inflation Protected | &nbsp;&nbsp;$— | &nbsp;&nbsp;$188910 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;1065011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353567 | &nbsp;&nbsp;&nbsp;&nbsp;16887 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;620655 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swaps<br> Contracts(2)** | &nbsp;&nbsp;**Purchased<br> Options<br> Contracts(3)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(4)** | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Options<br> Written<br> Contracts(5)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(6)** |
| **Fund** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| Dynamic Allocation<br>| &nbsp;&nbsp;$20024 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$895967 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$390995 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;106985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;14288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;14263 | &nbsp;&nbsp;&nbsp;&nbsp;10292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 | &nbsp;&nbsp;&nbsp;&nbsp;13791 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;23943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;250489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22762 | &nbsp;&nbsp;&nbsp;166102 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;45393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;253968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;104414 | &nbsp;&nbsp;&nbsp;139744 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;227582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236929 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32798 |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;250963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5538382 |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;372733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218783 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;162645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642226 |

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(1) Amount represents cumulative appreciation/depreciation on futures contracts as disclosed in the Portfolio of Investments. Only the current day's variation margin is separately disclosed within the Statements of Assets and Liabilities.

(2) For centrally cleared swaps, the amount represents cumulative appreciation/depreciation as disclosed in the Portfolio of Investments. Only the current day's variation margin is separately disclosed within the Statements of Assets and Liabilities. For OTC swaps, the amount represents unrealized appreciation/depreciation on over-the-counter swap contracts as disclosed within the Statements of Assets and Liabilities.

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

(5) Call and put options written, at value

(6) Unrealized depreciation on forward foreign currency contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Written<br> Options(3)** | &nbsp;&nbsp;**Purchased<br> Options(4)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(5)** |
| **Fund** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** |
| Inflation Protected<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$73500 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1468453) | &nbsp;&nbsp;&nbsp;(30797) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;330664 | &nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(732624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(439) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;(8344296) | &nbsp;&nbsp;&nbsp;&nbsp;(7882) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;(12905133) | &nbsp;&nbsp;&nbsp;(31130) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Written<br> Options(3)** | &nbsp;&nbsp;**Purchased<br> Options(4)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(5)** |
| **Fund** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$7670 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(142975) |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(286859) |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9771818 |
| International Value<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205408 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486930 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(6)** | &nbsp;&nbsp;**Swap<br> Contracts(7)** | &nbsp;&nbsp;**Written<br> Options(8)** | &nbsp;&nbsp;**Purchased<br> Options(9)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(10)** |
| **Fund** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** |
| Inflation Protected<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$161468 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;1056749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(999403) | &nbsp;&nbsp;&nbsp;&nbsp;16887 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(792251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(122575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;(1038429) | &nbsp;&nbsp;&nbsp;&nbsp;(3499) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20180) | &nbsp;&nbsp;&nbsp;&nbsp;84387 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;(1560196) | &nbsp;&nbsp;&nbsp;114224 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(819480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18933) |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37971) |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6376695) |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25770 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479581) |

---

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

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

(3) Net realized gain (loss) on written options contracts

(4) Net realized gain (loss) on investments

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

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

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

(8) Change in unrealized appreciation (depreciation) on written options contracts

(9) Change in unrealized appreciation (depreciation) on investments

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The following table represents the average monthly balances of derivatives held during the year ended May 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** |
| **Fund** | **Futures<br> Contracts(1)** | **Forward<br> Foreign<br> Currency<br> Contracts(1)** | **Purchased<br> Put Options<br> Contracts(2)** | **Inflation<br> Swap<br> Contracts(1)** | **Interest<br> Rate Swap<br> Contracts(1)** | **Credit<br> Default<br> Swap<br> Contracts(1)** | **Equity<br> Swaps(2)** |
| Asset Allocation<br>| $46558 | $— | $— | $— | $— | $— | $— |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;135597183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;22672906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1160001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;14075012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;17716510 | &nbsp;&nbsp;&nbsp;&nbsp;26457280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14150557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;145321277 | &nbsp;&nbsp;&nbsp;164829154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;36939167 | &nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;45501050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;136158 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;13464787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45842 |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;85038076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;37482578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1876099 |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;14767925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12130277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;31430408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1926230 |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8501210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;44624519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;12117713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(1) Amounts represent notional amounts in US dollars.

(2) Amounts represent values in US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;The following table represents the Fund's objectives for using derivative instruments for the year ended May 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** |
| **Fund** | &nbsp;&nbsp;**Futures<br> Contracts** | &nbsp;&nbsp;**Forward<br> Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Options<br> Contracts** | &nbsp;&nbsp;**Inflation<br> Swap<br> Contracts** | &nbsp;&nbsp;**Interest<br> Rate Swap<br> Contracts** | &nbsp;&nbsp;**Credit<br> Default Swap<br> Contracts** | &nbsp;&nbsp;**Contracts For<br> Difference<br> Swap<br> Contracts** |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Core Bond<br>| &nbsp;&nbsp;1, 2 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Global Strategy<br>| &nbsp;&nbsp;1, 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;4, 5 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Inflation Protected<br>| &nbsp;&nbsp;1, 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;2, 5, 6 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |

---

------

(1) To manage exposures in certain securities markets.

(2) To manage interest rate risk and the duration of the portfolio.

(3) To manage foreign currency exchange rate risk.

(4) To manage credit risk.

(5) To manage against or gain exposure to certain securities and/or sectors.

(6) To manage inflation risk and the duration of the portfolio.

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth the Funds' derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged (received) as of May 31, 2025. The repurchase agreements held by the Funds as of May 31, 2025, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Funds' holdings in repurchase agreements.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Citibank, N.A.<br>| $— | $— | $516608 | $516608 | $— | $— | $— | $— | $516608 | $(470000) | $46608 |
| Goldman Sachs International<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;280942 | &nbsp;&nbsp;280942 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;280942 | &nbsp;&nbsp;(280942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JP Morgan Chase Bank, N.A.<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;65567 | &nbsp;&nbsp;&nbsp;&nbsp;65567 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;65567 | &nbsp;&nbsp;&nbsp;&nbsp;(65567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| UBS AG<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32850 | &nbsp;&nbsp;&nbsp;&nbsp;32850 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32850 | &nbsp;&nbsp;&nbsp;&nbsp;(32850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total<br>**  | $— | $— | $895967 | $895967 | $— | $— | $— | $— | $895967 | $(849359) | $46608 |

---

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

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

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Citibank, N.A.<br>| $18990 | $— | $— | $18990 | $94499 | $— | $— | $94499 | $(75509) | $75509 | $— |
| HSBC Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;127796 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;127796 | &nbsp;&nbsp;(123316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(123316) |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;656 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;14634 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14634 | &nbsp;&nbsp;&nbsp;&nbsp;(13978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(13978) |
| **Total<br>**  | $23470 | $656 | $— | $24126 | $236929 | $— | $— | $236929 | $(212803) | $75509 | $(137294) |

---

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

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

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Deutsche Bank AG<br>| $— | $— | $— | $— | $14005 | $— | $— | $14005 | $(14005) | $— | $(14005) |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;18793 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;18793 | &nbsp;&nbsp;(18793) | &nbsp;&nbsp;— | &nbsp;&nbsp;(18793) |
| **Total<br>**  | $— | $— | $— | $— | $32798 | $— | $— | $32798 | $(32798) | $— | $(32798) |

---

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

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

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Australia & New Zealand Banking Group<br>| $18327 | $— | $— | $18327 | $770898 | $— | $— | $770898 | $(752571) | $— | $(752571) |
| Bank of America, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;39665 | &nbsp;&nbsp;150206 | &nbsp;&nbsp;— | &nbsp;&nbsp;189871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;189871 | &nbsp;&nbsp;(189871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Barclays Bank PLC<br>| &nbsp;&nbsp;100399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;100399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;100001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;100001 |
| BNP Paribas SA<br>| &nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 |
| Citibank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;231429 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;231429 | &nbsp;&nbsp;&nbsp;&nbsp;(231429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(231429) |
| Credit Agricole SA<br>| &nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377 |
| Deutsche Bank AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1857238 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1857238 | &nbsp;&nbsp;(1857238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1857238) |
| Goldman Sachs International<br>| &nbsp;&nbsp;&nbsp;&nbsp;61648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;61648 | &nbsp;&nbsp;&nbsp;&nbsp;592984 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;592984 | &nbsp;&nbsp;&nbsp;&nbsp;(531336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(531336) |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| HSBC Bank PLC<br>| $— | $— | $— | $— | $1930 | $— | $— | $1930 | $(1930) | $— | $(1930) |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27574 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27574) | &nbsp;&nbsp;&nbsp;&nbsp;27574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Morgan Stanley & Co. International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;4806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27065 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22259) |
| Natwest Markets PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1080528 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1080528 | &nbsp;&nbsp;(1080528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1080528) |
| Standard Chartered Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5051) |
| State Street Bank & Trust Company<br>| &nbsp;&nbsp;&nbsp;&nbsp;21318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21318 |
| Wells Fargo & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;943287 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;943287 | &nbsp;&nbsp;&nbsp;&nbsp;(943287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(943287) |
| **Total<br>**  | $250963 | $150206 | $— | $401169 | $5538382 | $— | $— | $5538382 | $(5137213) | $(162297) | $(5299510) |

---

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

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

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Goldman Sachs and Co. LLC<br>| $— | $— | $— | $— | $— | $13791 | $— | $13791 | $(13791) | $— | $(13791) |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;10292 | &nbsp;&nbsp;— | &nbsp;&nbsp;10292 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10292 | &nbsp;&nbsp;(10000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| **Total<br>**  | $— | $10292 | $— | $10292 | $— | $13791 | $— | $13791 | $(3499) | $(10000) | $(13499) |

---

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

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

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| BNP Paribas<br>| $— | $665 | $— | $665 | $— | $— | $— | $— | $665 | $— | $665 |
| Goldman Sachs and Co. LLC<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;3344 | &nbsp;&nbsp;— | &nbsp;&nbsp;3344 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;(3344) | &nbsp;&nbsp;&nbsp;— |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;4309 | &nbsp;&nbsp;— | &nbsp;&nbsp;4309 | &nbsp;&nbsp;(4309) | &nbsp;&nbsp;&nbsp;4309 | &nbsp;&nbsp;&nbsp;— |
| **Total<br>**  | $— | $4009 | $— | $4009 | $— | $4309 | $— | $4309 | $(300) | $965 | $665 |

---

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

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

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Barclays Bank PLC<br>| $53494 | $— | $— | $53494 | $10350 | $— | $— | $10350 | $43144 | $— | $43144 |
| Citibank, N.A.<br>| &nbsp;&nbsp;144847 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;144847 | &nbsp;&nbsp;&nbsp;&nbsp;2113 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2113 | &nbsp;&nbsp;&nbsp;142734 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;142734 |
| Goldman Sachs and Co. LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;4747 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4747 | &nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 |
| HSBC Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;96153 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96153 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96153 |
| Morgan Stanley & Co. International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;150780 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;150780 | &nbsp;&nbsp;(150780) | &nbsp;&nbsp;— | &nbsp;&nbsp;(150780) |
| State Street Bank & Trust Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45550 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45550 | &nbsp;&nbsp;&nbsp;&nbsp;(45550) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(45550) |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| UBS AG<br>| $70513 | $— | $— | $70513 | $— | $— | $— | $— | $70513 | $— | $70513 |
| Wells Fargo & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp;&nbsp;&nbsp;6088 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6088 | &nbsp;&nbsp;&nbsp;&nbsp;(3109) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3109) |
| **Total<br>**  | $372733 | $— | $— | $372733 | $218783 | $— | $— | $218783 | $153950 | $— | $153950 |

---

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

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

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| BNP Paribas<br>| $— | $250489 | $— | $250489 | $— | $— | $— | $— | $250489 | $— | $250489 |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;166102 | &nbsp;&nbsp;— | &nbsp;&nbsp;166102 | &nbsp;&nbsp;(166102) | &nbsp;&nbsp;— | &nbsp;&nbsp;(166102) |
| **Total<br>**  | $— | $250489 | $— | $250489 | $— | $166102 | $— | $166102 | $84387 | $— | $84387 |

---

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

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

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Citibank, N.A.<br>| $162645 | $— | $— | $162645 | $642226 | $— | $— | $642226 | $(479581) | $— | $(479581) |
| **Total<br>**  | $162645 | $— | $— | $162645 | $642226 | $— | $— | $642226 | $(479581) | $— | $(479581) |

---

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

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

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Bank of America Merrill Lynch<br>| $— | $— | $— | $— | $— | $8892 | $— | $8892 | $(8892) | $— | $(8892) |
| BNP Paribas<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;217704 | &nbsp;&nbsp;— | &nbsp;&nbsp;217704 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41627 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41627 | &nbsp;&nbsp;176077 | &nbsp;&nbsp;— | &nbsp;&nbsp;176077 |
| Goldman Sachs and Co. LLC<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3255 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3255 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3210 |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16777 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16777 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;83453 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;83453 | &nbsp;&nbsp;&nbsp;(66676) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(66676) |
| JPMorgan Securities, LLC<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16232 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16232 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5727 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5727 | &nbsp;&nbsp;&nbsp;&nbsp;10505 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10505 |
| **Total<br>**  | $— | $253968 | $— | $253968 | $— | $139744 | $— | $139744 | $114224 | $— | $114224 |

---

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

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

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

#### Note 4 — Federal Income Taxes
&nbsp;&nbsp;&nbsp;&nbsp;The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October capital losses, investments in

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, foreign taxes payable, contingent payment debt securities, inflation securities, late year ordinary losses, investments in partnerships, treatment of defaulted securities and derivative transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended May 31, 2025** | &nbsp;&nbsp;**For the year ended May 31, 2025** | &nbsp;&nbsp;**For the year ended May 31, 2025** | &nbsp;&nbsp;**For the year ended May 31, 2025** | &nbsp;&nbsp;**For the year ended May 31, 2025** |
| **Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-term<br> Gains/Capital<br> Loss Carryover** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital<br> Gains** |
| Aggressive Growth Lifestyle<br>| &nbsp;&nbsp;$19550484 | &nbsp;&nbsp;$23308724 | &nbsp;&nbsp;$79680861 | &nbsp;&nbsp;$11802505 | &nbsp;&nbsp;$6466028 |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;2781121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11313557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079850 |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;3449708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15563051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55790055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461037 |
| Conservative Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;9096059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4200889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2900817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;92633478 | &nbsp;&nbsp;&nbsp;(255893268) | &nbsp;&nbsp;&nbsp;&nbsp;(161932685) | &nbsp;&nbsp;&nbsp;101852375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;17817361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51369594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59498036 | &nbsp;&nbsp;&nbsp;&nbsp;22887153 | &nbsp;&nbsp;&nbsp;&nbsp;19447649 |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;5745223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(892694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321854 |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;15224659 | &nbsp;&nbsp;&nbsp;&nbsp;(50742397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33854018 | &nbsp;&nbsp;&nbsp;&nbsp;26325689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;8350236 | &nbsp;&nbsp;&nbsp;&nbsp;(86904835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6623573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;7102334 | &nbsp;&nbsp;&nbsp;&nbsp;(12242113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24606780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8347100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;3499756 | &nbsp;&nbsp;&nbsp;&nbsp;(15718437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11910957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;193694632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562384573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821167 | &nbsp;&nbsp;&nbsp;&nbsp;52396580 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;21002817 | &nbsp;&nbsp;&nbsp;&nbsp;(50371327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521037) | &nbsp;&nbsp;&nbsp;&nbsp;22356353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;9349199 | &nbsp;&nbsp;&nbsp;&nbsp;(82266617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36344855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;45291899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78662916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456403576 | &nbsp;&nbsp;&nbsp;&nbsp;62125144 | &nbsp;&nbsp;&nbsp;&nbsp;18985344 |
| International Government Bond\*\*,\*\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(21145967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1541754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8495869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125043734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;12907031 | &nbsp;&nbsp;&nbsp;&nbsp;(18225645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34816261 | &nbsp;&nbsp;&nbsp;&nbsp;10029083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;13687610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15556465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116048883 | &nbsp;&nbsp;&nbsp;&nbsp;13674793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619459 |
| International Value<br>| &nbsp;&nbsp;&nbsp;26944269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10694256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47684217 | &nbsp;&nbsp;&nbsp;&nbsp;24553110 | &nbsp;&nbsp;&nbsp;&nbsp;19920131 |
| Large Capital Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;5183117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69089738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135593924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950197 | &nbsp;&nbsp;&nbsp;125678964 |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;59467930 | &nbsp;&nbsp;&nbsp;&nbsp;241562657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583845429 | &nbsp;&nbsp;&nbsp;&nbsp;66373714 | &nbsp;&nbsp;&nbsp;284611495 |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79831288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190693883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;24413360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58827729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3912861) | &nbsp;&nbsp;&nbsp;&nbsp;24700391 | &nbsp;&nbsp;&nbsp;&nbsp;42331067 |
| Moderate Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;30285160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30553125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57997696 | &nbsp;&nbsp;&nbsp;&nbsp;22050761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;3476221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97753434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538450337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052206 | &nbsp;&nbsp;&nbsp;181641621 |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;208797690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708225812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;12758808 | &nbsp;&nbsp;&nbsp;&nbsp;(81678809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7179373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;9935502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56948138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116030352 | &nbsp;&nbsp;&nbsp;&nbsp;13144640 | &nbsp;&nbsp;&nbsp;&nbsp;33598223 |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;3545499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11184739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1521046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288087 | &nbsp;&nbsp;&nbsp;&nbsp;15313535 |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;4611396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33188863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6871860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7105987 | &nbsp;&nbsp;&nbsp;&nbsp;14177543 |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;71275704 | &nbsp;&nbsp;&nbsp;&nbsp;674666306 | &nbsp;&nbsp;&nbsp;4388449417 | &nbsp;&nbsp;&nbsp;&nbsp;88228718 | &nbsp;&nbsp;&nbsp;&nbsp;90017948 |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;6618387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35970057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217430188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409005 | &nbsp;&nbsp;&nbsp;&nbsp;20431226 |
| Systematic Growth<br>| &nbsp;&nbsp;&nbsp;15775105 | &nbsp;&nbsp;&nbsp;&nbsp;118597995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332477683 | &nbsp;&nbsp;&nbsp;&nbsp;36008347 | &nbsp;&nbsp;&nbsp;&nbsp;44515978 |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;18379497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27516504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62559171 | &nbsp;&nbsp;&nbsp;&nbsp;20532189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454420 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;6040966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65089997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175319325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8351348 | &nbsp;&nbsp;&nbsp;&nbsp;99981921 |

---

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

\*\* The Fund's Long-term Gains/Capital Loss Carryover includes both Long-term Capital Capital Gains and Capital Loss Carryforward due to ownership change limitations.

\*\*\* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2024.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended<br> May 31, 2024** | &nbsp;&nbsp;**For the year ended<br> May 31, 2024** |
| **Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** |
| Aggressive Growth Lifestyle<br>| &nbsp;&nbsp;$14374215 | &nbsp;&nbsp;$— |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;2200405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94520 | &nbsp;&nbsp;&nbsp;&nbsp;13623860 |
| Conservative Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;7056285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;95661726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;29760431 | &nbsp;&nbsp;&nbsp;&nbsp;11692708 |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;4141294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803445 |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;15305018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;7143934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;4723224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;1517258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended<br> May 31, 2024** | &nbsp;&nbsp;**For the year ended<br> May 31, 2024** |
| **Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** |
| High Yield Bond<br>| &nbsp;&nbsp;$23745472 | &nbsp;&nbsp;$— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;47722963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;44308254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;4274825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;8091651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;8235367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Capital Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;2443228 | &nbsp;&nbsp;&nbsp;&nbsp;39936206 |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;43953689 | &nbsp;&nbsp;&nbsp;115197848 |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;15906384 | &nbsp;&nbsp;&nbsp;&nbsp;68218718 |
| Moderate Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;22957106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;3264352 | &nbsp;&nbsp;&nbsp;&nbsp;37081983 |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;12701686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;3413365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027541 |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;7767609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8979083 |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;75316096 | &nbsp;&nbsp;&nbsp;355793585 |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;6038799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289224 |
| Systematic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;111024774 |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;7983557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;9999973 | &nbsp;&nbsp;&nbsp;&nbsp;54793276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of May 31, 2025, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Unlimited** | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Unlimited** |
| **Fund** | &nbsp;&nbsp;**ST** | &nbsp;&nbsp;**LT** |
| Conservative Growth Lifestyle\*<br>| &nbsp;&nbsp;$3582790 | &nbsp;&nbsp;$618099 |
| Core Bond\*<br>| &nbsp;&nbsp;&nbsp;64913130 | &nbsp;&nbsp;&nbsp;190980137 |
| Emerging Economies\*<br>| &nbsp;&nbsp;&nbsp;43388816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8849617 |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;15737738 | &nbsp;&nbsp;&nbsp;&nbsp;71167097 |
| Global Strategy\*<br>| &nbsp;&nbsp;&nbsp;12242113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;4712052 | &nbsp;&nbsp;&nbsp;&nbsp;11006385 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;3336397 | &nbsp;&nbsp;&nbsp;&nbsp;47034930 |
| Inflation Protected\*<br>| &nbsp;&nbsp;&nbsp;17304007 | &nbsp;&nbsp;&nbsp;&nbsp;64962610 |
| International Government Bond\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;6402108 | &nbsp;&nbsp;&nbsp;&nbsp;14743859 |
| International Opportunities\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;5757690 | &nbsp;&nbsp;&nbsp;&nbsp;12467955 |
| Small Cap Growth\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;3216820 | &nbsp;&nbsp;&nbsp;&nbsp;78461989 |

---

\* The Funds had a change in ownership as defined in the Internal Revenue Code section 382 during the fiscal year ended May 31, 2025. The capital loss carryforwards amounts may be subject to limitations pursuant to applicable federal income tax regulations.

\*\* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;The Funds indicated below, utilized capital loss carryforwards, which offset net realized taxable gains in the year ended May 31, 2025.

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Utilized** |
| Conservative Growth Lifestyle<br>| &nbsp;&nbsp;$7445911 |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9194928 |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522963 |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;13753232 |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;11368533 |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;21573496 |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;35972978 |
| Moderate Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7478962 |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;320642638 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;19137360 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;Under the current law, capital losses realized after October 31 and specified ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2025, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Deferred Late Year<br> Ordinary Loss** | &nbsp;&nbsp;**Deferred Post-October<br> Short-Term Capital<br> Loss** | &nbsp;&nbsp;**Deferred Post-October<br> Long-Term Capital<br> Loss** |
| International Government Bond\*<br>| &nbsp;&nbsp;$1014330 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

 <br> \* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended May 31, 2025, the reclassifications between total accumulated earnings (loss) and paid-in capital resulting from book/tax differences were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Accumulated<br> Earnings(Loss)** | &nbsp;&nbsp;**Paid-In<br> Capital** |
| Global Real Estate<br>| &nbsp;&nbsp;$11370 | &nbsp;&nbsp;$(11370) |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;2124121 | &nbsp;&nbsp;&nbsp;&nbsp;(2124121) |
| International Government Bond\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115449) |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173480) |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;18297142 | &nbsp;&nbsp;&nbsp;(18297142) |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2930) |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4317) |

---

 <br> \* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Gain** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Loss** | &nbsp;&nbsp;**Net<br> Unrealized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Cost of<br> Investments** |
| Aggressive Growth Lifestyle<br>| &nbsp;&nbsp;$90623346 | &nbsp;&nbsp;$(10942485) | &nbsp;&nbsp;$79680861 | &nbsp;&nbsp;$631618651 |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18314822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7001217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11313605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133934116 |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62354361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6564306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55790055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270617041 |
| Conservative Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12517875 | &nbsp;&nbsp;&nbsp;&nbsp;(15418692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2900817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281580593 |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20625992 | &nbsp;&nbsp;&nbsp;(182558680) | &nbsp;&nbsp;&nbsp;&nbsp;(161932688) | &nbsp;&nbsp;&nbsp;2851241208 |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103728324 | &nbsp;&nbsp;&nbsp;&nbsp;(44245010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59483314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619393775 |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10231445 | &nbsp;&nbsp;&nbsp;&nbsp;(11124139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(892694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132734817 |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84343401 | &nbsp;&nbsp;&nbsp;&nbsp;(50178593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34164808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676684987 |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14405176 | &nbsp;&nbsp;&nbsp;&nbsp;(10459619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241457478 |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32444857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7849519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24595338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201574129 |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240936 | &nbsp;&nbsp;&nbsp;&nbsp;(12151893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11910957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167681049 |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576501185 | &nbsp;&nbsp;&nbsp;&nbsp;(14119137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562382048 | &nbsp;&nbsp;&nbsp;1158664666 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7564997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8089853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456342528 |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8035334 | &nbsp;&nbsp;&nbsp;&nbsp;(44399058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36363724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433986247 |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539599864 | &nbsp;&nbsp;&nbsp;&nbsp;(83823321) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455776543 | &nbsp;&nbsp;&nbsp;1288805393 |
| International Government Bond\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3268740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2380005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56521162 |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139313884 | &nbsp;&nbsp;&nbsp;&nbsp;(13480627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125833257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256059210 |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55159108 | &nbsp;&nbsp;&nbsp;&nbsp;(20308741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34850367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299362689 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138930421 | &nbsp;&nbsp;&nbsp;&nbsp;(23048832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115881589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432761990 |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65472718 | &nbsp;&nbsp;&nbsp;&nbsp;(17854618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47618100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344217858 |
| Large Capital Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163629536 | &nbsp;&nbsp;&nbsp;&nbsp;(28038408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135591128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451993553 |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775716218 | &nbsp;&nbsp;&nbsp;(191870789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583845429 | &nbsp;&nbsp;&nbsp;1977246579 |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279684196 | &nbsp;&nbsp;&nbsp;&nbsp;(88990324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190693872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980731624 |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50578726 | &nbsp;&nbsp;&nbsp;&nbsp;(54491588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3912862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601102757 |
| Moderate Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88360285 | &nbsp;&nbsp;&nbsp;&nbsp;(30362589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57997696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935823515 |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553421977 | &nbsp;&nbsp;&nbsp;&nbsp;(14971640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538450337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478923714 |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791927922 | &nbsp;&nbsp;&nbsp;&nbsp;(83711232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708216690 | &nbsp;&nbsp;&nbsp;2093661721 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54999127 | &nbsp;&nbsp;&nbsp;&nbsp;(62178523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7179396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549940745 |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282216806 | &nbsp;&nbsp;&nbsp;(166186454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116030352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965941194 |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35414406 | &nbsp;&nbsp;&nbsp;&nbsp;(36935452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1521046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175266141 |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19990319 | &nbsp;&nbsp;&nbsp;&nbsp;(26862179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6871860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255875278 |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;4521947274 | &nbsp;&nbsp;&nbsp;(133497857) | &nbsp;&nbsp;&nbsp;4388449417 | &nbsp;&nbsp;&nbsp;2052266036 |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249847297 | &nbsp;&nbsp;&nbsp;&nbsp;(32417109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217430188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471476740 |
| Systematic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357587196 | &nbsp;&nbsp;&nbsp;&nbsp;(25109513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332477683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654524848 |

---

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Gain** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Loss** | &nbsp;&nbsp;**Net<br> Unrealized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Cost of<br> Investments** |
| Systematic Value<br>| &nbsp;&nbsp;$80549541 | &nbsp;&nbsp;$(17990370) | &nbsp;&nbsp;$62559171 | &nbsp;&nbsp;$396296279 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192801393 | &nbsp;&nbsp;&nbsp;&nbsp;(17482068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175319325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385595806 |

---

 <br> \* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2024.

#### Note 5 — Advisory Fees and Other Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;VALIC serves as investment adviser to the Series and employs investment subadvisers that make investment decisions for the Funds. The Funds pay VALIC a monthly fee, calculated daily based on net assets at the annual rates set forth in the table below. VALIC has contractually (unless otherwise indicated) agreed to waive a portion of its advisory fee for certain Funds. The subadvisers are compensated for their services by VALIC.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;**Advisory Fee after Waiver** |
| Aggressive Growth Lifestyle | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.07% |
| Asset Allocation | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.500% on the first $300 million<br> 0.475% on the next $200 million<br> 0.450% on assets over $500 million | &nbsp;&nbsp;0.450% on the first $300 million<br> 0.425% on the next $200 million<br> 0.400% on assets over $500 million |
| Capital Appreciation | &nbsp;&nbsp;Columbia Management Investment Advisers, LLC | &nbsp;&nbsp;0.550% on the first $1 billion<br> 0.525% on assets over $1 billion | &nbsp;&nbsp;No fee waiver |
| Conservative Growth Lifestyle | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.07% |
| Core Bond | &nbsp;&nbsp;PineBridge Investments LLC<br> J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.50% on the first $200 million<br> 0.45% on the next $300 million<br> 0.40% on assets over $500 million | &nbsp;&nbsp;0.47% on the first $200 million<br> 0.42% on the next $300 million<br> 0.37% on assets over $500 million |
| Dividend Value | &nbsp;&nbsp;BlackRock Investment Management, LLC<br> ClearBridge Investments, LLC | &nbsp;&nbsp;0.75% on the first $250 million<br> 0.72% on the next $250 million<br> 0.67% on the next $500 million<br> 0.62% on assets over $1 billion | &nbsp;&nbsp;0.60% on the first $250 million<br> 0.57% on the next $250 million<br> 0.52% on the next $500 million<br> 0.47% on assets over $1 billion(1) |
| Dynamic Allocation | &nbsp;&nbsp;SunAmerica Asset Management, LLC<br> AllianceBernstein LP | &nbsp;&nbsp;0.25% on the first $1 billion<br> 0.22% on the next $1 billion<br> 0.20% on assets over $2 billion | &nbsp;&nbsp;Voluntary Waiver(2) |
| Emerging Economies | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.81% on the first $250 million<br> 0.76% on the next $250 million<br> 0.71% on assets over $500 million<br> 0.66% on assets over $1 billion | &nbsp;&nbsp;No fee waiver |
| Global Real Estate | &nbsp;&nbsp;Duff & Phelps Investment Management Co.<br> Massachusetts Financial Services Company | &nbsp;&nbsp;0.75% on the first $250 million<br> 0.70% on the next $250 million<br> 0.65% on assets over $500 million | &nbsp;&nbsp;0.74% on the first $250 million<br> 0.69% on the next $250 million<br> 0.64% on assets over $500 million(3) |
| Global Strategy | &nbsp;&nbsp;Franklin Advisers, Inc. | &nbsp;&nbsp;0.50% on the first $500 million<br> 0.46% on assets over $500 million | &nbsp;&nbsp;0.44% on the first $500 million<br> 0.40% on assets over $500 million |
| Government Securities | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.50% on the first $250 million<br> 0.45% on the next $250 million<br> 0.40% on the next $500 million<br> 0.35% on assets over $1 billion | &nbsp;&nbsp;0.42% on the first $250 million<br> 0.37% on the next $250 million<br> 0.32% on the next $500 million<br> 0.27% on assets over $1 billion(4) |
| Growth | &nbsp;&nbsp;BlackRock Investment Management, LLC(5) | &nbsp;&nbsp;0.73% on the first $500 million<br> 0.67% on the next $500 million<br> 0.64% on the next $500 million<br> 0.61% on assets over $1.5 billion | &nbsp;&nbsp;0.57% on the first $500 million<br> 0.51% on the next $500 million<br> 0.48% on the next $500 million<br> 0.45% on assets over $1.5 billion |
| High Yield Bond | &nbsp;&nbsp;Wellington Management Company LLP | &nbsp;&nbsp;0.65% on the first $150 million<br> 0.60% on the next $350 million<br> 0.55% on assets over $500 million | &nbsp;&nbsp;No fee waiver |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;**Advisory Fee after Waiver** |
| Inflation Protected | &nbsp;&nbsp;Wellington Management Company LLP | &nbsp;&nbsp;0.50% on the first $250 million<br> 0.45% on the next $250 million<br> 0.40% on assets over $500 million | &nbsp;&nbsp;0.47% on the first $250 million<br> 0.42% on the next $250 million<br> 0.37% on assets over $500 million |
| International Equities Index | &nbsp;&nbsp;BlackRock Investment Management, LLC(5) | &nbsp;&nbsp;0.35% on the first $500 million<br> 0.25% on the next $500 million<br> 0.24% on assets over $1 billion | &nbsp;&nbsp;No fee waiver |
| International Government Bond | &nbsp;&nbsp;PineBridge Investments LLC | &nbsp;&nbsp;0.50% on the first $250 million<br> 0.45% on the next $250 million<br> 0.40% on the next $500 million<br> 0.35% on assets over $1 billion | &nbsp;&nbsp;0.48% on the first $250 million<br> 0.43% on the next $250 million<br> 0.38% on the next $500 million<br> 0.33% on assets over $1 billion(6) |
| International Growth | &nbsp;&nbsp;Morgan Stanley Investment Management Inc. | &nbsp;&nbsp;0.95% on the first $250 million<br> 0.90% on the next $250 million<br> 0.85% on the next $500 million<br> 0.80% on assets over $1 billion | &nbsp;&nbsp;0.69% on the first $250 million<br> 0.64% on the next $250 million<br> 0.59% on the next $500 million<br> 0.54% on assets over $1 billion(7) |
| International Opportunities | &nbsp;&nbsp;Invesco Advisers, Inc.<br> Wellington Management Company LLP | &nbsp;&nbsp;0.90% on the first $100 million<br> 0.80% on the next $650 million<br> 0.75% on assets over $750 million | &nbsp;&nbsp;0.87% on the first $100 million<br> 0.77% on the next $650 million<br> 0.72% on assets over $750 million |
| International Socially Responsible | &nbsp;&nbsp;BlackRock Investment Management, LLC(5) | &nbsp;&nbsp;0.500% on the first $500 million<br> 0.475% on the next $500 million<br> 0.450% on assets over $1 billion | &nbsp;&nbsp;0.410% on the first $500 million<br> 0.385% on the next $500 million<br> 0.360% on assets over $1 billion(8) |
| International Value | &nbsp;&nbsp;Columbia Management Investment Advisers, LLC<br> Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp;0.73% on the first $250 million<br> 0.68% on the next $250 million<br> 0.63% on the next $500 million<br> 0.58% on assets over $1 billion | &nbsp;&nbsp;0.66% on the first $250 million<br> 0.61% on the next $250 million<br> 0.56% on the next $500 million<br> 0.51% on assets over $1 billion |
| Large Capital Growth | &nbsp;&nbsp;Massachusetts Financial Services Company | &nbsp;&nbsp;0.64% on the first $750 million<br> 0.59% on assets over $750 million | &nbsp;&nbsp;0.59% on the first $750 million<br> 0.54% on assets over $750 million(9) |
| Mid Cap Index | &nbsp;&nbsp;BlackRock Investment Management, LLC(5) | &nbsp;&nbsp;0.35% on the first $500 million<br> 0.25% on the next $2.5 billion<br> 0.20% on the next $2 billion<br> 0.15% on assets over $5 billion | &nbsp;&nbsp;0.34% on the first $500 million<br> 0.24% on the next $2.5 billion<br> 0.19% on the next $2 billion<br> 0.14% on assets over $5 billion(10) |
| Mid Cap Strategic Growth | &nbsp;&nbsp;Voya Investment Management Co. LLC<br> Janus Henderson Investors US LLC | &nbsp;&nbsp;0.70% on the first $250 million<br> 0.65% on the next $250 million<br> 0.60% on assets over $500 million | &nbsp;&nbsp;No fee waiver |
| Mid Cap Value | &nbsp;&nbsp;Wellington Management Company LLP<br> Boston Partners Global Investors, Inc. d/b/a Boston Partners | &nbsp;&nbsp;0.750% on the first $100 million<br> 0.725% on the next $150 million<br> 0.700% on the next $250 million<br> 0.675% on next $250 million<br> 0.650% on assets over $750 million | &nbsp;&nbsp;No fee waiver |
| Moderate Growth Lifestyle | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.07% |
| Nasdaq-100® Index | &nbsp;&nbsp;BlackRock Investment Management, LLC(5) | &nbsp;&nbsp;0.40% on the first $250 million<br> 0.38% on the next $250 million<br> 0.36% on assets over $500 million | &nbsp;&nbsp;0.32% on the first $250 million<br> 0.30% on the next $250 million<br> 0.28% on assets over $500 million |
| Science & Technology | &nbsp;&nbsp;BlackRock Investment Management, LLC(11)<br> Voya Investment Management Co. LLC(11) | &nbsp;&nbsp;0.90% on the first $500 million<br> 0.85% on assets over $500 million | &nbsp;&nbsp;0.85% on the first $500 million<br> 0.80% on assets over $500 million |
| Small Cap Growth | &nbsp;&nbsp;T. Rowe Price Associates, Inc.<br> American Century Investment Management, Inc.(12) | &nbsp;&nbsp;0.85% on the first $100 million<br> 0.80% on assets over $100 million | &nbsp;&nbsp;0.80% on the first $100 million<br> 0.75% on assets over $100 million(13) |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;**Advisory Fee after Waiver** |
| Small Cap Index | &nbsp;&nbsp;BlackRock Investment Management, LLC(5) | &nbsp;&nbsp;0.35% on the first $500 million<br> 0.25% on the next $2.5 billion<br> 0.20% on the next $2 billion<br> 0.15% on assets over $5 billion | &nbsp;&nbsp;0.29% on the first $500 million<br> 0.19% on the next $2.5 billion<br> 0.14% on the next $2 billion<br> 0.09% on assets over $5 billion(14) |
| Small Cap Special Values | &nbsp;&nbsp;Allspring Global Investments, LLC | &nbsp;&nbsp;0.75% on the first $500 million<br> 0.70% on assets over $500 million | &nbsp;&nbsp;No fee waiver |
| Small Cap Value | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.75% on the first $50 million<br> 0.65% on assets over $50 million | &nbsp;&nbsp;No fee waiver |
| Stock Index | &nbsp;&nbsp;BlackRock Investment Management, LLC(5) | &nbsp;&nbsp;0.35% on the first $500 million<br> 0.25% on the next $2.5 billion<br> 0.20% on the next $2 billion<br> 0.15% on assets over $5 billion | &nbsp;&nbsp;0.265% on the first $500 million<br> 0.165% on the next $2.5 billion<br> 0.115% on the next $2 billion<br> 0.065% on assets over $5 billion(15) |
| Systematic Core | &nbsp;&nbsp;Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp;0.750% on the first $500 million<br> 0.725% on assets over $500 million | &nbsp;&nbsp;0.530% on the first $500 million<br> 0.505% on assets over $500 million |
| Systematic Growth | &nbsp;&nbsp;Goldman Sachs Asset Management, L.P.<br> Wellington Management Company LLP | &nbsp;&nbsp;0.750% on the first $250 million<br> 0.725% on the next $250 million<br> 0.700% on assets over $500 million | &nbsp;&nbsp;0.580% on the first $250 million<br> 0.555% on the next $250 million<br> 0.530% on the next $300 million<br> 0.505% on the next $200 million<br> 0.450% on assets over $1 billion |
| Systematic Value | &nbsp;&nbsp;Wellington Management Company LLP | &nbsp;&nbsp;0.70% on the first $250 million<br> 0.65% on the next $250 million<br> 0.60% on the next $500 million<br> 0.55% on assets over $1 billion | &nbsp;&nbsp;0.56% on the first $250 million<br> 0.51% on the next $250 million<br> 0.46% on the next $500 million<br> 0.41% on assets over $1 billion(16) |
| U.S. Socially Responsible | &nbsp;&nbsp;BlackRock Investment Management, LLC(5) | &nbsp;&nbsp;0.25% on the first $1 billion<br> 0.24% on assets over $1 billion | &nbsp;&nbsp;0.23% on the first $1 billion<br> 0.22% on assets over $1 billion(17) |

---

(1) The information presented represents the rates that became effective on September 30, 2024 for the Dividend Value Fund. Prior to that date, the Advisory Fee after Waiver was 0.64% on the first $250 million, 0.61% on the next $250 million, 0.56% on the next $500 million and 0.51% on assets over $1 billion.

(2) VALIC has voluntarily agreed, until further notice, to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees voluntarily waived by the Dynamic Allocation Fund's Subadviser, AllianceBernstein L.P. ("AB"), in connection with the Fund's investments in the AB Government Money Market Portfolio, a series of AB Fixed-Income Shares, Inc. managed by AB (the "AB Fund Waiver"). The AB Fund Waiver may be terminated at any time by the Adviser.

(3) The information presented represents the rates that became effective on September 30, 2024 for the Global Real Estate Fund. Prior to that date there was no advisory fee waiver.

(4) The information presented represents the rates that became effective on September 30, 2024 for the Government Securities Fund. Prior to that date there was no advisory fee waiver.

(5) Effective April 30, 2025, BlackRock Investment Management, LLC replaced SunAmerica Asset Management, LLC as subadviser for International Equities Index Fund, International Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, U.S. Socially Responsible Fund and a portion of the Growth Fund.

(6) The information presented represents the rates that became effective on September 30, 2024 for the International Government Bond Fund. Prior to that date there was no advisory fee waiver.

(7) The information presented represents the rates that became effective on September 30, 2024 for International Growth Fund. Prior to that date, the Advisory Fee after Waiver was 0.75% on the first $250 million, 0.70% on the next $250 million, 0.65% on the next $500 million and 0.60% on assets over $1 billion.

(8) The information presented represents the rates that became effective on April 30, 2025 for the International Socially Responsible Fund. Prior to that date, the Advisory Fee after Waiver was 0.450% on the first $500 million, 0.425% on the next $500 million and 0.400% on assets over $1 billion.

(9) The information presented represents the rates that became effective on September 30, 2024 for the Large Capital Growth Fund. Prior to that date there was no advisory fee waiver.

(10) The information presented represents the rates that became effective on September 30, 2024 for the Mid Cap Index Fund. Prior to that date there was no advisory fee waiver.

(11) Effective September 30, 2024, BlackRock Investment Management, LLC and Voya Investment Management Co. LLC replaced Wellington Management Company LLP as subadvisers for the Science & Technology Fund.

(12) Effective September 30, 2024, American Century Investment Management, Inc. replaced J.P. Morgan Investment Management, Inc. as subadviser for a portion of the Small Cap Growth Fund.

(13) The information presented represents the rates that became effective on September 30, 2024 for Small Cap Growth Fund. Prior to that date, the Advisory Fee after Waiver was 0.82% on the first $100 million and 0.77% on assets over $100 million.

(14) The information presented represents the rates that became effective on September 30, 2024 for Small Cap Index Fund. Prior to that date, the Advisory Fee after Waiver was 0.30% on the first $500 million, 0.20% on the next $2.5 billion, 0.15% on the next $2 billion and 0.10% on assets over $5 billion.

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

(15) The information presented represents the rates that became effective on September 30, 2024 for Stock Index Fund. Prior to that date, the Advisory Fee after Waiver was 0.275% on the
first $500 million, 0.175% on the next $2.5 billion ,0.125% on the next $2 billion and 0.075% on assets over $5 billion.

(16) The information presented represents the rates that became effective on September 30, 2024 for Systematic Value Fund. Prior to that date, the Advisory Fee after Waiver was 0.40% on
the first $250 million, 0.35% on the next $250 million, 0.30% on the next $500 million and 0.25% on assets over $1 billion.

(17) The information presented represents the rates that became effective on April 30, 2025 for the U.S. Socially Responsible Fund. Prior to that date there was no
advisory fee waiver.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended May 31, 2025, advisory fees waived were as follows:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Amount** |
| Aggressive Growth Lifestyle<br>| &nbsp;&nbsp;$213151 |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74668 |
| Conservative Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86654 |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776171 |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;1004217 |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10734 |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23343 |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131639 |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71501 |
| Growth<br>| &nbsp;&nbsp;&nbsp;2716337 |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118749 |
| International Government Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8157 |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894647 |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115908 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263190 |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312697 |
| Large Capital Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207030 |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186997 |
| Moderate Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307079 |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803428 |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;1399792 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224970 |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608446 |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;5408504 |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;1334187 |
| Systematic Growth<br>| &nbsp;&nbsp;&nbsp;1771352 |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883956 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to waive its fees and/or reimburse expenses, if necessary, to keep annual operating expenses at or below certain percentages of the following Funds' average net assets. This agreement may be modified or discontinued prior to September 30, 2026, only with the approval of the Board, including a majority of the trustees who are not "interested persons" of the Trust as defined in the 1940 Act. For purposes of the waived fees and reimbursed expense calculations, annual Fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Fund's business. During the period ended May 31, 2025, the Adviser waived its fees and/or reimbursed expenses, if necessary, to keep annual operating expenses at or below the following percentages:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Maximum Expense<br> Limitation** |
| Dynamic Allocation<br>| &nbsp;&nbsp;0.32% |
| High Yield Bond<br>| &nbsp;&nbsp;0.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;The expense limitation agreement with respect to the Stock Index Fund was terminated on September 30, 2024. Prior to that date, the Fund's maximum expense limitation was 0.26%.

&nbsp;&nbsp;&nbsp;&nbsp;The Adviser may also voluntarily waive additional fees and/or reimburse additional expenses. The Adviser may terminate all such voluntary waivers and/or reimbursements at any time.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended May 31, 2025, expenses reimbursed were as follows:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Amount** |
| Dynamic Allocation<br>| &nbsp;&nbsp;$67288 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;303321 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;Waivers or reimbursements made by the Adviser with respect to a the Dynamic Allocation Fund, with the exception of advisory fee waivers, are subject to recoupment from that Fund within the following two years, provided that the Fund is able to effect such payment to the Adviser without exceeding the applicable expense limitations in effect at the time such waivers and/or reimbursements occurred or the current expense limitation of that share class.

&nbsp;&nbsp;&nbsp;&nbsp;At May 31, 2025, expenses previously reimbursed by the Adviser that are subject to recoupment and expire during the time period indicated below are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Balance Subject to<br> Recoupment** | &nbsp;&nbsp;**Balance Subject to<br> Recoupment** |
| **Fund** | &nbsp;&nbsp;**May 31, 2026** | &nbsp;&nbsp;**May 31, 2027** |
| Dynamic Allocation<br>| &nbsp;&nbsp;$60854 | &nbsp;&nbsp;$67288 |

---

&nbsp;&nbsp;&nbsp;&nbsp;VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica Asset Management, LLC (the "Administrator"), an affiliate of the Adviser. The Administrator receives from each Fund, other than the "Fund-of-Funds Component" of the Dynamic Allocation Fund and the Lifestyle Funds, an annual fee of 0.06% based upon each Fund's average daily net assets, plus the following Accounting Basis Point Fee: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. In determining the basis points for the Accounting Basis Point Fee,the average net assets for all registered management investment companies managed and/or administered by the Administrator and VALIC, other than "funds-of-funds" and "feeder funds",are included. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. During the year ended May 31, 2025, SunAmerica earned fees as reflected in the Statement of Operations based on the aforementioned rates.

&nbsp;&nbsp;&nbsp;&nbsp;VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company ("VRSCO"), an affiliate of VALIC. VRSCO receives from the Series an annual fee of $132,510, which is allocated to each Fund in the Series based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides "Blue Sky" registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the year ended May 31, 2025, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned agreement.

&nbsp;&nbsp;&nbsp;&nbsp;On January 23, 2001, the Board ratified a Deferred Compensation Plan (the "Plan") for its independent directors who are not officers, directors, or employees of VALIC, or anaffiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the Plan, Directors may elect to defer allor a portion of their compensation. Amounts deferred may be invested in investment options that are specified in the Plan as selected by the Directors. For the year ended May 31, 2025, no amounts have been deferred under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;During the period, the Growth Fund had a trade error due to incorrect weightings for the S&P 500 Growth Index. The error was corrected resulting in a loss of $471,853 which was reimbursed by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;During the period, the International Socially Responsible Fund had a compliance violation due to the purchase of a security in excess of a Fund investment restriction. The violation was corrected resulting in a loss of $2,804 which will be reimbursed by the subadviser, BlackRock Investment Management, LLC.

#### Note 6 — Purchases and Sales of Investment Securities
&nbsp;&nbsp;&nbsp;&nbsp;The cost of purchases and proceeds from sales and maturities of long—term investments during the year ended May 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Purchases of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Sales of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Purchase of U.S.<br> Government<br> Securities** | &nbsp;&nbsp;**Sales of U.S.<br> Government<br> Securities** |
| Aggressive Growth Lifestyle<br>| &nbsp;&nbsp;$156228028 | &nbsp;&nbsp;$210406607 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42089029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52251222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9744041 | &nbsp;&nbsp;&nbsp;&nbsp;12012854 |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191169433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122513502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Conservative Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56348325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91598829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613847636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457037615 | &nbsp;&nbsp;&nbsp;534449347 | &nbsp;&nbsp;&nbsp;656558219 |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409016990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452735700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14758256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35853410 | &nbsp;&nbsp;&nbsp;&nbsp;12244765 | &nbsp;&nbsp;&nbsp;&nbsp;13193956 |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;1099750815 | &nbsp;&nbsp;&nbsp;1101167706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182386765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295646543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105766679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119947300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053868 |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491440 | &nbsp;&nbsp;&nbsp;&nbsp;37108552 | &nbsp;&nbsp;&nbsp;&nbsp;15743013 |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738445040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927523761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204272892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230657179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41110777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60240680 | &nbsp;&nbsp;&nbsp;&nbsp;33637105 | &nbsp;&nbsp;&nbsp;&nbsp;52476496 |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218597101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521736197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Government Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47856638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54993143 | &nbsp;&nbsp;&nbsp;&nbsp;17284780 | &nbsp;&nbsp;&nbsp;&nbsp;20460153 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Purchases of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Sales of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Purchase of U.S.<br> Government<br> Securities** | &nbsp;&nbsp;**Sales of U.S.<br> Government<br> Securities** |
| International Growth<br>| &nbsp;&nbsp;$60911059 | &nbsp;&nbsp;$119272571 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230656469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341504362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103564667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79540397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209915229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335459537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Capital Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110450365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190395840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518285311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974906074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550308291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655393691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;1020903990 | &nbsp;&nbsp;&nbsp;1126262602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Moderate Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216355263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335564112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94624932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150778889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;1846783456 | &nbsp;&nbsp;&nbsp;2183656895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843340499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864994159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298529238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294101374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42249077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66698825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266589771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380431598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216567757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961392491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258073968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220363091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456581420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583491672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250522794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296946632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165659498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304229812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Note 7 — Capital Share Transactions
&nbsp;&nbsp;&nbsp;&nbsp;Transactions in capital shares of each class of each Fund were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aggressive Growth Lifestyle** | **Aggressive Growth Lifestyle** | **Aggressive Growth Lifestyle** | **Aggressive Growth Lifestyle** | &nbsp;&nbsp;**Asset Allocation** | &nbsp;&nbsp;**Asset Allocation** | &nbsp;&nbsp;**Asset Allocation** | &nbsp;&nbsp;**Asset Allocation** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694074 | &nbsp;&nbsp;$7733591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055802 | &nbsp;&nbsp;$10176775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505880 | &nbsp;&nbsp;$5979490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444367 | &nbsp;&nbsp;$4618165 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;1657762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18268533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14374215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7933999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200405 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(5541429) | &nbsp;&nbsp;&nbsp;&nbsp;(61182892) | &nbsp;&nbsp;&nbsp;&nbsp;(6296087) | &nbsp;&nbsp;&nbsp;&nbsp;(61604001) | &nbsp;&nbsp;&nbsp;(1723273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20489885) | &nbsp;&nbsp;&nbsp;(1401123) | &nbsp;&nbsp;&nbsp;&nbsp;(14702524) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(3189593) | &nbsp;&nbsp;$(35180768) | &nbsp;&nbsp;&nbsp;&nbsp;(3854150) | &nbsp;&nbsp;$(37053011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521428) | &nbsp;&nbsp;$(6576396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(759940) | &nbsp;&nbsp;$(7883954) |
|  | **Capital Appreciation** | **Capital Appreciation** | **Capital Appreciation** | **Capital Appreciation** | &nbsp;&nbsp;**Conservative Growth Lifestyle** | &nbsp;&nbsp;**Conservative Growth Lifestyle** | &nbsp;&nbsp;**Conservative Growth Lifestyle** | &nbsp;&nbsp;**Conservative Growth Lifestyle** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;5543469 | &nbsp;&nbsp;&nbsp;&nbsp;105231906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280499 | &nbsp;&nbsp;&nbsp;&nbsp;133988903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621563 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4286202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13718380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7056285 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(1437200) | &nbsp;&nbsp;&nbsp;&nbsp;(29370568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8583493) | &nbsp;&nbsp;&nbsp;(3771239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43235406) | &nbsp;&nbsp;&nbsp;(4239647) | &nbsp;&nbsp;&nbsp;&nbsp;(44923260) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;4326300 | &nbsp;&nbsp;$80147540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533529 | &nbsp;&nbsp;$139123790 | &nbsp;&nbsp;&nbsp;(2422516) | &nbsp;&nbsp;$(27869115) | &nbsp;&nbsp;&nbsp;(3062690) | &nbsp;&nbsp;$(32245412) |
|  | **Core Bond** | **Core Bond** | **Core Bond** | **Core Bond** | &nbsp;&nbsp;**Dividend Value** | &nbsp;&nbsp;**Dividend Value** | &nbsp;&nbsp;**Dividend Value** | &nbsp;&nbsp;**Dividend Value** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;50848228 | &nbsp;&nbsp;&nbsp;&nbsp;496709010 | &nbsp;&nbsp;&nbsp;&nbsp;34228847 | &nbsp;&nbsp;&nbsp;&nbsp;331587161 | &nbsp;&nbsp;&nbsp;13319694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161908366 | &nbsp;&nbsp;&nbsp;&nbsp;4627245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55081482 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;10543724 | &nbsp;&nbsp;&nbsp;&nbsp;101852375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9964763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95661726 | &nbsp;&nbsp;&nbsp;&nbsp;3510348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42334802 | &nbsp;&nbsp;&nbsp;&nbsp;3576630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41453139 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (52407040) | &nbsp;&nbsp;&nbsp;(513218972) | &nbsp;&nbsp;&nbsp;&nbsp;(65788459) | &nbsp;&nbsp;&nbsp;(629026170) | &nbsp;&nbsp;(17406439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217083956) | &nbsp;&nbsp;(51899738) | &nbsp;&nbsp;&nbsp;(581943301) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;8984912 | &nbsp;&nbsp;$85342413 | &nbsp;&nbsp;&nbsp;&nbsp;(21594849) | &nbsp;&nbsp;$(201777283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576397) | &nbsp;&nbsp;$(12840788) | &nbsp;&nbsp;(43695863) | &nbsp;&nbsp;$(485408680) |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Allocation** | **Dynamic Allocation** | **Dynamic Allocation** | **Dynamic Allocation** | &nbsp;&nbsp;**Emerging Economies** | &nbsp;&nbsp;**Emerging Economies** | &nbsp;&nbsp;**Emerging Economies** | &nbsp;&nbsp;**Emerging Economies** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;1205270 | &nbsp;&nbsp;$12276274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352448 | &nbsp;&nbsp;$22455674 | &nbsp;&nbsp;&nbsp;31754064 | &nbsp;&nbsp;$206829591 | &nbsp;&nbsp;&nbsp;24721065 | &nbsp;&nbsp;$141423539 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8944739 | &nbsp;&nbsp;&nbsp;&nbsp;4106972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26325689 | &nbsp;&nbsp;&nbsp;&nbsp;2533943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15305018 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(3317455) | &nbsp;&nbsp;&nbsp;&nbsp;(34489217) | &nbsp;&nbsp;&nbsp;&nbsp;(5105374) | &nbsp;&nbsp;&nbsp;&nbsp;(49181089) | &nbsp;&nbsp;(34182458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219043155) | &nbsp;&nbsp;(43274877) | &nbsp;&nbsp;&nbsp;(253270906) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1709928) | &nbsp;&nbsp;$(18101879) | &nbsp;&nbsp;&nbsp;&nbsp;(1844831) | &nbsp;&nbsp;$(17780676) | &nbsp;&nbsp;&nbsp;&nbsp;1678578 | &nbsp;&nbsp;$14112125 | &nbsp;&nbsp;(16019869) | &nbsp;&nbsp;$(96542349) |
|  | **Global Real Estate** | **Global Real Estate** | **Global Real Estate** | **Global Real Estate** | &nbsp;&nbsp;**Global Strategy** | &nbsp;&nbsp;**Global Strategy** | &nbsp;&nbsp;**Global Strategy** | &nbsp;&nbsp;**Global Strategy** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;17790503 | &nbsp;&nbsp;&nbsp;&nbsp;126108695 | &nbsp;&nbsp;&nbsp;&nbsp;16444602 | &nbsp;&nbsp;&nbsp;&nbsp;103460476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9460333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108167 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6623573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7143934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8347100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (37255327) | &nbsp;&nbsp;&nbsp;(250089652) | &nbsp;&nbsp;&nbsp;&nbsp;(9161251) | &nbsp;&nbsp;&nbsp;&nbsp;(56967766) | &nbsp;&nbsp;&nbsp;(2515839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25454615) | &nbsp;&nbsp;&nbsp;(2985612) | &nbsp;&nbsp;&nbsp;&nbsp;(26417500) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (18467298) | &nbsp;&nbsp;$(117357384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8387514 | &nbsp;&nbsp;$53636644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(730016) | &nbsp;&nbsp;$(7647182) | &nbsp;&nbsp;&nbsp;(2756802) | &nbsp;&nbsp;$(24309333) |
|  | **Government Securities** | **Government Securities** | **Government Securities** | **Government Securities** | &nbsp;&nbsp;**Growth** | &nbsp;&nbsp;**Growth** | &nbsp;&nbsp;**Growth** | &nbsp;&nbsp;**Growth** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;4451036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41295225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12412228 | &nbsp;&nbsp;&nbsp;&nbsp;7931293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130365167 | &nbsp;&nbsp;&nbsp;37726465 | &nbsp;&nbsp;&nbsp;&nbsp;459866525 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4723224 | &nbsp;&nbsp;&nbsp;&nbsp;3391826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53217747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517258 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(2155828) | &nbsp;&nbsp;&nbsp;&nbsp;(20171240) | &nbsp;&nbsp;&nbsp;&nbsp;(3674820) | &nbsp;&nbsp;&nbsp;&nbsp;(33801353) | &nbsp;&nbsp;(19344748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315962174) | &nbsp;&nbsp;(19333822) | &nbsp;&nbsp;&nbsp;(265897669) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;2706328 | &nbsp;&nbsp;$24918622 | &nbsp;&nbsp;&nbsp;&nbsp;(1811721) | &nbsp;&nbsp;$(16665901) | &nbsp;&nbsp;&nbsp;(8021629) | &nbsp;&nbsp;$(132379260) | &nbsp;&nbsp;&nbsp;18494884 | &nbsp;&nbsp;$195486114 |
|  | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | &nbsp;&nbsp;**Inflation Protected** | &nbsp;&nbsp;**Inflation Protected** | &nbsp;&nbsp;**Inflation Protected** | &nbsp;&nbsp;**Inflation Protected** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;12665442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86845415 | &nbsp;&nbsp;&nbsp;&nbsp;11192451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78889707 | &nbsp;&nbsp;&nbsp;&nbsp;6013448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51961134 | &nbsp;&nbsp;&nbsp;&nbsp;3809286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32941458 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;3249470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22356353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23745472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616286 | &nbsp;&nbsp;&nbsp;&nbsp;5647688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47722963 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (16332808) | &nbsp;&nbsp;&nbsp;(115393589) | &nbsp;&nbsp;&nbsp;&nbsp;(12863540) | &nbsp;&nbsp;&nbsp;&nbsp;(88125506) | &nbsp;&nbsp;(10477772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90165793) | &nbsp;&nbsp;(13923674) | &nbsp;&nbsp;&nbsp;(128667130) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(417896) | &nbsp;&nbsp;$(6191821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795403 | &nbsp;&nbsp;$14509673 | &nbsp;&nbsp;&nbsp;(3693195) | &nbsp;&nbsp;$(31588373) | &nbsp;&nbsp;&nbsp;(4466700) | &nbsp;&nbsp;$(48002709) |
|  | **International Equities Index** | **International Equities Index** | **International Equities Index** | **International Equities Index** | &nbsp;&nbsp;**International Government Bond** | &nbsp;&nbsp;**International Government Bond** | &nbsp;&nbsp;**International Government Bond** | &nbsp;&nbsp;**International Government Bond** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;25905892 | &nbsp;&nbsp;&nbsp;&nbsp;220005773 | &nbsp;&nbsp;&nbsp;&nbsp;29375310 | &nbsp;&nbsp;&nbsp;&nbsp;228386965 | &nbsp;&nbsp;&nbsp;&nbsp;1293361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13178824 | &nbsp;&nbsp;&nbsp;&nbsp;2778604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26853651 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;9508850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81110488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44308254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (75150770) | &nbsp;&nbsp;&nbsp;(631378015) | &nbsp;&nbsp;&nbsp;&nbsp;(77193285) | &nbsp;&nbsp;&nbsp;(602119240) | &nbsp;&nbsp;&nbsp;(2534916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25775741) | &nbsp;&nbsp;&nbsp;(3446053) | &nbsp;&nbsp;&nbsp;&nbsp;(32948336) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (39736028) | &nbsp;&nbsp;$(330261754) | &nbsp;&nbsp;&nbsp;&nbsp;(42453780) | &nbsp;&nbsp;$(329424021) | &nbsp;&nbsp;&nbsp;(1241555) | &nbsp;&nbsp;$(12596917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(667449) | &nbsp;&nbsp;$(6094685) |
|  | **International Growth** | **International Growth** | **International Growth** | **International Growth** | &nbsp;&nbsp;**International Opportunities** | &nbsp;&nbsp;**International Opportunities** | &nbsp;&nbsp;**International Opportunities** | &nbsp;&nbsp;**International Opportunities** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;2052934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25219330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20887470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8977718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12170041 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10029083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274825 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(6867141) | &nbsp;&nbsp;&nbsp;&nbsp;(83446829) | &nbsp;&nbsp;&nbsp;&nbsp;(6938425) | &nbsp;&nbsp;&nbsp;&nbsp;(76878261) | &nbsp;&nbsp;&nbsp;(8371134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125743165) | &nbsp;&nbsp;&nbsp;(9364668) | &nbsp;&nbsp;&nbsp;(134718305) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(4814207) | &nbsp;&nbsp;$(58227499) | &nbsp;&nbsp;&nbsp;&nbsp;(5002811) | &nbsp;&nbsp;$(55990791) | &nbsp;&nbsp;&nbsp;(7091096) | &nbsp;&nbsp;$(106736364) | &nbsp;&nbsp;&nbsp;(8178311) | &nbsp;&nbsp;$(118273439) |
|  | **International Socially Responsible** | **International Socially Responsible** | **International Socially Responsible** | **International Socially Responsible** | &nbsp;&nbsp;**International Value** | &nbsp;&nbsp;**International Value** | &nbsp;&nbsp;**International Value** | &nbsp;&nbsp;**International Value** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;3488899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88673475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96536281 | &nbsp;&nbsp;&nbsp;&nbsp;2798652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30571320 | &nbsp;&nbsp;&nbsp;&nbsp;3626497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35735248 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17294252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8091651 | &nbsp;&nbsp;&nbsp;&nbsp;4183748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44473241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8235367 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(3377077) | &nbsp;&nbsp;&nbsp;&nbsp;(86397863) | &nbsp;&nbsp;&nbsp;&nbsp;(2955305) | &nbsp;&nbsp;&nbsp;&nbsp;(68237446) | &nbsp;&nbsp;(15686637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170601006) | &nbsp;&nbsp;(13943176) | &nbsp;&nbsp;&nbsp;(140321764) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788701 | &nbsp;&nbsp;$19569864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441439 | &nbsp;&nbsp;$36390486 | &nbsp;&nbsp;&nbsp;(8704237) | &nbsp;&nbsp;$(95556445) | &nbsp;&nbsp;&nbsp;(9526337) | &nbsp;&nbsp;$(96351149) |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Capital Growth** | **Large Capital Growth** | **Large Capital Growth** | **Large Capital Growth** | &nbsp;&nbsp;**Mid Cap Index** | &nbsp;&nbsp;**Mid Cap Index** | &nbsp;&nbsp;**Mid Cap Index** | &nbsp;&nbsp;**Mid Cap Index** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458973 | &nbsp;&nbsp;$9133123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350787 | &nbsp;&nbsp;$6556115 | &nbsp;&nbsp;&nbsp;&nbsp;4440818 | &nbsp;&nbsp;$125378692 | &nbsp;&nbsp;&nbsp;&nbsp;4970312 | &nbsp;&nbsp;$126280203 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;7955491 | &nbsp;&nbsp;&nbsp;&nbsp;130629161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42379434 | &nbsp;&nbsp;&nbsp;15227124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350985209 | &nbsp;&nbsp;&nbsp;&nbsp;6060607 | &nbsp;&nbsp;&nbsp;&nbsp;159151537 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(4840846) | &nbsp;&nbsp;&nbsp;&nbsp;(91515664) | &nbsp;&nbsp;&nbsp;&nbsp;(12285616) | &nbsp;&nbsp;&nbsp;(233355583) | &nbsp;&nbsp;(23403637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614076444) | &nbsp;&nbsp;(28391138) | &nbsp;&nbsp;&nbsp;(708217203) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;3573618 | &nbsp;&nbsp;$48246620 | &nbsp;&nbsp;&nbsp;&nbsp;(9753695) | &nbsp;&nbsp;$(184420034) | &nbsp;&nbsp;&nbsp;(3735695) | &nbsp;&nbsp;$(137712543) | &nbsp;&nbsp;(17360219) | &nbsp;&nbsp;$(422785463) |
|  | **Mid Cap Strategic Growth** | **Mid Cap Strategic Growth** | **Mid Cap Strategic Growth** | **Mid Cap Strategic Growth** | &nbsp;&nbsp;**Mid Cap Value** | &nbsp;&nbsp;**Mid Cap Value** | &nbsp;&nbsp;**Mid Cap Value** | &nbsp;&nbsp;**Mid Cap Value** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;13589277 | &nbsp;&nbsp;&nbsp;&nbsp;275417691 | &nbsp;&nbsp;&nbsp;&nbsp;14409651 | &nbsp;&nbsp;&nbsp;&nbsp;240661169 | &nbsp;&nbsp;&nbsp;12181180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216940664 | &nbsp;&nbsp;&nbsp;&nbsp;6424207 | &nbsp;&nbsp;&nbsp;&nbsp;110273416 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158955 | &nbsp;&nbsp;&nbsp;&nbsp;4210519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67031458 | &nbsp;&nbsp;&nbsp;&nbsp;4925357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84125102 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (17261500) | &nbsp;&nbsp;&nbsp;(349288997) | &nbsp;&nbsp;&nbsp;&nbsp;(5869810) | &nbsp;&nbsp;&nbsp;&nbsp;(99390424) | &nbsp;&nbsp;(19539651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325105102) | &nbsp;&nbsp;(10194225) | &nbsp;&nbsp;&nbsp;(180192037) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(3623314) | &nbsp;&nbsp;$(72917086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8548278 | &nbsp;&nbsp;$141429700 | &nbsp;&nbsp;&nbsp;(3147952) | &nbsp;&nbsp;$(41132980) | &nbsp;&nbsp;&nbsp;&nbsp;1155339 | &nbsp;&nbsp;$14206481 |
|  | **Moderate Growth Lifestyle** | **Moderate Growth Lifestyle** | **Moderate Growth Lifestyle** | **Moderate Growth Lifestyle** | &nbsp;&nbsp;**Nasdaq-100® Index** | &nbsp;&nbsp;**Nasdaq-100® Index** | &nbsp;&nbsp;**Nasdaq-100® Index** | &nbsp;&nbsp;**Nasdaq-100® Index** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8118808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15498307 | &nbsp;&nbsp;&nbsp;&nbsp;1300150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34395858 | &nbsp;&nbsp;&nbsp;&nbsp;2179135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48670493 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;1547422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22050761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22957106 | &nbsp;&nbsp;&nbsp;&nbsp;8619290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186693827 | &nbsp;&nbsp;&nbsp;&nbsp;1658978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40346335 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(8876467) | &nbsp;&nbsp;&nbsp;(126795548) | &nbsp;&nbsp;&nbsp;&nbsp;(8947733) | &nbsp;&nbsp;&nbsp;(115327588) | &nbsp;&nbsp;&nbsp;(4812717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120982548) | &nbsp;&nbsp;&nbsp;(3914807) | &nbsp;&nbsp;&nbsp;&nbsp;(89200903) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(6763871) | &nbsp;&nbsp;$(96625979) | &nbsp;&nbsp;&nbsp;&nbsp;(6033106) | &nbsp;&nbsp;$(76872175) | &nbsp;&nbsp;&nbsp;&nbsp;5106723 | &nbsp;&nbsp;$100107137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76694) | &nbsp;&nbsp;$(184075) |
|  | **Science & Technology** | **Science & Technology** | **Science & Technology** | **Science & Technology** | &nbsp;&nbsp;**Small Cap Growth** | &nbsp;&nbsp;**Small Cap Growth** | &nbsp;&nbsp;**Small Cap Growth** | &nbsp;&nbsp;**Small Cap Growth** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19116411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20317341 | &nbsp;&nbsp;&nbsp;&nbsp;6957376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110294321 | &nbsp;&nbsp;&nbsp;&nbsp;7599431 | &nbsp;&nbsp;&nbsp;&nbsp;105868731 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (11194759) | &nbsp;&nbsp;&nbsp;(347297601) | &nbsp;&nbsp;&nbsp;&nbsp;(10232058) | &nbsp;&nbsp;&nbsp;(249053078) | &nbsp;&nbsp;&nbsp;(7439807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120307353) | &nbsp;&nbsp;(13338613) | &nbsp;&nbsp;&nbsp;(199932238) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (10582604) | &nbsp;&nbsp;$(328181190) | &nbsp;&nbsp;&nbsp;&nbsp;(9399991) | &nbsp;&nbsp;$(228735737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421595) | &nbsp;&nbsp;$(9116308) | &nbsp;&nbsp;&nbsp;(5739182) | &nbsp;&nbsp;$(94063507) |
|  | **Small Cap Index** | **Small Cap Index** | **Small Cap Index** | **Small Cap Index** | &nbsp;&nbsp;**Small Cap Special Values** | &nbsp;&nbsp;**Small Cap Special Values** | &nbsp;&nbsp;**Small Cap Special Values** | &nbsp;&nbsp;**Small Cap Special Values** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;9144046 | &nbsp;&nbsp;&nbsp;&nbsp;139309163 | &nbsp;&nbsp;&nbsp;&nbsp;16061934 | &nbsp;&nbsp;&nbsp;&nbsp;231349171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369740 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;3214777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46742863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12701686 | &nbsp;&nbsp;&nbsp;&nbsp;1716017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18601622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9440906 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (11182013) | &nbsp;&nbsp;&nbsp;(180847749) | &nbsp;&nbsp;&nbsp;&nbsp;(15241418) | &nbsp;&nbsp;&nbsp;(218824954) | &nbsp;&nbsp;&nbsp;(2696530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32116135) | &nbsp;&nbsp;&nbsp;(2196160) | &nbsp;&nbsp;&nbsp;&nbsp;(25503786) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;1176810 | &nbsp;&nbsp;$5204277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655055 | &nbsp;&nbsp;$25225903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582761) | &nbsp;&nbsp;$(8663011) | &nbsp;&nbsp;&nbsp;(1052380) | &nbsp;&nbsp;$(11693140) |
|  | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | &nbsp;&nbsp;**Stock Index** | &nbsp;&nbsp;**Stock Index** | &nbsp;&nbsp;**Stock Index** | &nbsp;&nbsp;**Stock Index** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;4681485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53898711 | &nbsp;&nbsp;&nbsp;&nbsp;16984034 | &nbsp;&nbsp;&nbsp;&nbsp;195049666 | &nbsp;&nbsp;&nbsp;&nbsp;3095411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177896782 | &nbsp;&nbsp;&nbsp;&nbsp;8443834 | &nbsp;&nbsp;&nbsp;&nbsp;426210915 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;1893552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21283530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16746692 | &nbsp;&nbsp;&nbsp;&nbsp;3153134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178246666 | &nbsp;&nbsp;&nbsp;&nbsp;8333843 | &nbsp;&nbsp;&nbsp;&nbsp;431109681 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (15300914) | &nbsp;&nbsp;&nbsp;(184185398) | &nbsp;&nbsp;&nbsp;&nbsp;(29393910) | &nbsp;&nbsp;&nbsp;(346382480) | &nbsp;&nbsp;(17538586) | &nbsp;&nbsp;&nbsp;(1011141901) | &nbsp;&nbsp;(15723414) | &nbsp;&nbsp;&nbsp;(783994383) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(8725877) | &nbsp;&nbsp;$(109003157) | &nbsp;&nbsp;&nbsp;&nbsp;(11014318) | &nbsp;&nbsp;$(134586122) | &nbsp;&nbsp;(11290041) | &nbsp;&nbsp;$(654998453) | &nbsp;&nbsp;&nbsp;&nbsp;1054263 | &nbsp;&nbsp;$73326213 |
|  | **Systematic Core** | **Systematic Core** | **Systematic Core** | **Systematic Core** | &nbsp;&nbsp;**Systematic Growth** | &nbsp;&nbsp;**Systematic Growth** | &nbsp;&nbsp;**Systematic Growth** | &nbsp;&nbsp;**Systematic Growth** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;3412865 | &nbsp;&nbsp;&nbsp;&nbsp;105344621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922818 | &nbsp;&nbsp;&nbsp;&nbsp;2084326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37022253 | &nbsp;&nbsp;&nbsp;&nbsp;7373258 | &nbsp;&nbsp;&nbsp;&nbsp;118014922 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26840231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11328023 | &nbsp;&nbsp;&nbsp;&nbsp;4695296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80524325 | &nbsp;&nbsp;&nbsp;&nbsp;6708446 | &nbsp;&nbsp;&nbsp;&nbsp;111024774 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(2086077) | &nbsp;&nbsp;&nbsp;&nbsp;(69044549) | &nbsp;&nbsp;&nbsp;&nbsp;(3165938) | &nbsp;&nbsp;&nbsp;&nbsp;(88131945) | &nbsp;&nbsp;&nbsp;(9077181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168804090) | &nbsp;&nbsp;(11997903) | &nbsp;&nbsp;&nbsp;(195953159) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;2175625 | &nbsp;&nbsp;$63140303 | &nbsp;&nbsp;&nbsp;&nbsp;(2606067) | &nbsp;&nbsp;$(71881104) | &nbsp;&nbsp;&nbsp;(2297559) | &nbsp;&nbsp;$(51257512) | &nbsp;&nbsp;&nbsp;&nbsp;2083801 | &nbsp;&nbsp;$33086537 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Systematic Value** | **Systematic Value** | **Systematic Value** | **Systematic Value** | &nbsp;&nbsp;**U.S. Socially Responsible** | &nbsp;&nbsp;**U.S. Socially Responsible** | &nbsp;&nbsp;**U.S. Socially Responsible** | &nbsp;&nbsp;**U.S. Socially Responsible** |
|  | **Year Ended 5/31/25** | **Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/24** | &nbsp;&nbsp;**Year Ended 5/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799599 | &nbsp;&nbsp;$11709171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896340 | &nbsp;&nbsp;$35887839 | &nbsp;&nbsp;&nbsp;&nbsp;1156105 | &nbsp;&nbsp;$23726251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929099 | &nbsp;&nbsp;$17098864 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;1872770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26986609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7983557 | &nbsp;&nbsp;&nbsp;&nbsp;6342697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108333269 | &nbsp;&nbsp;&nbsp;&nbsp;3357163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64793249 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(4157165) | &nbsp;&nbsp;&nbsp;&nbsp;(62754285) | &nbsp;&nbsp;&nbsp;&nbsp;(5773159) | &nbsp;&nbsp;&nbsp;&nbsp;(74901405) | &nbsp;&nbsp;(10185644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190009970) | &nbsp;&nbsp;(11450188) | &nbsp;&nbsp;&nbsp;(221645037) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1484796) | &nbsp;&nbsp;$(24058505) | &nbsp;&nbsp;&nbsp;&nbsp;(2292371) | &nbsp;&nbsp;$(31030009) | &nbsp;&nbsp;&nbsp;(2686842) | &nbsp;&nbsp;$(57950450) | &nbsp;&nbsp;&nbsp;(7163926) | &nbsp;&nbsp;$(139752924) |

---

#### Note 8 — Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;Transactions in shares of Underlying Funds and affiliated companies for the year ended May 31, 2025 are shown in the tables below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** | **Aggressive Growth Lifestyle Fund** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2024** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> May 31,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Core Bond Fund<br>| $5725755 | $— | $131916718 | $75464664 | $55436728 | $(4372909) | $6049506 | $153621251 |
| Emerging Economies Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14174476 | &nbsp;&nbsp;&nbsp;&nbsp;13783916 | &nbsp;&nbsp;&nbsp;&nbsp;(390560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7074714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7220156 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;5049958 | &nbsp;&nbsp;&nbsp;&nbsp;1674795 | &nbsp;&nbsp;&nbsp;139925322 | &nbsp;&nbsp;&nbsp;&nbsp;25013989 | &nbsp;&nbsp;&nbsp;&nbsp;32673106 | &nbsp;&nbsp;&nbsp;&nbsp;8769672 | &nbsp;&nbsp;&nbsp;&nbsp;1558767 | &nbsp;&nbsp;&nbsp;142594644 |
| Mid Cap Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130585 | &nbsp;&nbsp;&nbsp;&nbsp;1169832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19892788 | &nbsp;&nbsp;&nbsp;&nbsp;16398169 | &nbsp;&nbsp;&nbsp;(3494619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24225954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8113125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98605) | &nbsp;&nbsp;&nbsp;&nbsp;17765084 |
| Small Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958226 | &nbsp;&nbsp;&nbsp;&nbsp;22685419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8382268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38011) | &nbsp;&nbsp;&nbsp;(1409160) | &nbsp;&nbsp;&nbsp;&nbsp;16041958 |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;2796147 | &nbsp;&nbsp;&nbsp;&nbsp;3771429 | &nbsp;&nbsp;&nbsp;245587510 | &nbsp;&nbsp;&nbsp;&nbsp;24116240 | &nbsp;&nbsp;&nbsp;&nbsp;56204674 | &nbsp;&nbsp;&nbsp;&nbsp;4976888 | &nbsp;&nbsp;&nbsp;18852641 | &nbsp;&nbsp;&nbsp;237328605 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55334 | &nbsp;&nbsp;&nbsp;&nbsp;5046305 | &nbsp;&nbsp;&nbsp;&nbsp;62367297 | &nbsp;&nbsp;&nbsp;&nbsp;11825317 | &nbsp;&nbsp;&nbsp;&nbsp;11330419 | &nbsp;&nbsp;&nbsp;&nbsp;3271130 | &nbsp;&nbsp;&nbsp;&nbsp;1598267 | &nbsp;&nbsp;&nbsp;&nbsp;67731592 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1090020 | &nbsp;&nbsp;&nbsp;&nbsp;2743756 | &nbsp;&nbsp;&nbsp;&nbsp;63046559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581986 | &nbsp;&nbsp;&nbsp;&nbsp;3511788 | &nbsp;&nbsp;&nbsp;&nbsp;64354597 |
|  | $15220382 | $15364343 | $689754779 | $186812753 | $210406607 | $10288316 | $30208646 | $706657887 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** | **Conservative Growth Lifestyle Fund** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2024** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> May 31,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Core Bond Fund<br>| $6617077 | $— | $172953618 | $31761489 | $35174703 | $(7078357) | $9940327 | $172402374 |
| Emerging Economies Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5837229 | &nbsp;&nbsp;&nbsp;&nbsp;5676002 | &nbsp;&nbsp;&nbsp;&nbsp;(161227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2812518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870338 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;944605 | &nbsp;&nbsp;&nbsp;&nbsp;313274 | &nbsp;&nbsp;&nbsp;&nbsp;29545650 | &nbsp;&nbsp;&nbsp;&nbsp;7021072 | &nbsp;&nbsp;&nbsp;10783520 | &nbsp;&nbsp;&nbsp;&nbsp;2980848 | &nbsp;&nbsp;&nbsp;&nbsp;(801812) | &nbsp;&nbsp;&nbsp;&nbsp;27962238 |
| Mid Cap Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51565 | &nbsp;&nbsp;&nbsp;&nbsp;461941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7924526 | &nbsp;&nbsp;&nbsp;&nbsp;6537363 | &nbsp;&nbsp;&nbsp;(1387163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299831 | &nbsp;&nbsp;&nbsp;&nbsp;3633829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802237 | &nbsp;&nbsp;&nbsp;&nbsp;(515609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830888 |
| Small Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72884 | &nbsp;&nbsp;&nbsp;&nbsp;207695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555176 | &nbsp;&nbsp;&nbsp;&nbsp;3337481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410262 | &nbsp;&nbsp;&nbsp;&nbsp;(619189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757979 |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;527747 | &nbsp;&nbsp;&nbsp;&nbsp;711823 | &nbsp;&nbsp;&nbsp;&nbsp;51585498 | &nbsp;&nbsp;&nbsp;&nbsp;6982596 | &nbsp;&nbsp;&nbsp;20082197 | &nbsp;&nbsp;&nbsp;&nbsp;4630478 | &nbsp;&nbsp;&nbsp;&nbsp;286969 | &nbsp;&nbsp;&nbsp;&nbsp;43403344 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10318 | &nbsp;&nbsp;&nbsp;&nbsp;940993 | &nbsp;&nbsp;&nbsp;&nbsp;12436175 | &nbsp;&nbsp;&nbsp;&nbsp;3359003 | &nbsp;&nbsp;&nbsp;&nbsp;3479434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645182 | &nbsp;&nbsp;&nbsp;&nbsp;331248 | &nbsp;&nbsp;&nbsp;&nbsp;13292174 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;201753 | &nbsp;&nbsp;&nbsp;&nbsp;507845 | &nbsp;&nbsp;&nbsp;&nbsp;12575182 | &nbsp;&nbsp;&nbsp;&nbsp;1371618 | &nbsp;&nbsp;&nbsp;&nbsp;2894300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538246 | &nbsp;&nbsp;&nbsp;&nbsp;323609 | &nbsp;&nbsp;&nbsp;&nbsp;11914355 |
|  | $8433162 | $3143571 | $290723592 | $67925058 | $91598829 | $1380506 | $9003363 | $277433690 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2024** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> May 31,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Capital Appreciation Fund<br>| $— | $118145 | $5354127 | $1418418 | $1500185 | $(19794) | $714912 | $5967478 |
| Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;642084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17465142 | &nbsp;&nbsp;&nbsp;3431129 | &nbsp;&nbsp;&nbsp;4698555 | &nbsp;&nbsp;&nbsp;(989664) | &nbsp;&nbsp;&nbsp;1340543 | &nbsp;&nbsp;&nbsp;16548595 |
| Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;182438 | &nbsp;&nbsp;&nbsp;323954 | &nbsp;&nbsp;&nbsp;&nbsp;7885050 | &nbsp;&nbsp;&nbsp;2341611 | &nbsp;&nbsp;&nbsp;2170530 | &nbsp;&nbsp;&nbsp;&nbsp;(68127) | &nbsp;&nbsp;&nbsp;&nbsp;320622 | &nbsp;&nbsp;&nbsp;&nbsp;8308626 |
| Emerging Economies Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;10812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34537 | &nbsp;&nbsp;&nbsp;&nbsp;488011 | &nbsp;&nbsp;&nbsp;(104730) | &nbsp;&nbsp;&nbsp;&nbsp;142856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302075 |
| Global Real Estate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;24619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1594029 | &nbsp;&nbsp;&nbsp;&nbsp;143243 | &nbsp;&nbsp;&nbsp;&nbsp;430051 | &nbsp;&nbsp;&nbsp;&nbsp;(33868) | &nbsp;&nbsp;&nbsp;&nbsp;162471 | &nbsp;&nbsp;&nbsp;&nbsp;1435824 |
| Government Securities Fund<br>| &nbsp;&nbsp;&nbsp;150401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5314303 | &nbsp;&nbsp;&nbsp;1193263 | &nbsp;&nbsp;&nbsp;1596191 | &nbsp;&nbsp;&nbsp;(308812) | &nbsp;&nbsp;&nbsp;&nbsp;419513 | &nbsp;&nbsp;&nbsp;&nbsp;5022076 |
| Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;151991 | &nbsp;&nbsp;&nbsp;&nbsp;5407226 | &nbsp;&nbsp;&nbsp;&nbsp;502514 | &nbsp;&nbsp;&nbsp;1581043 | &nbsp;&nbsp;&nbsp;&nbsp;78001 | &nbsp;&nbsp;&nbsp;&nbsp;567552 | &nbsp;&nbsp;&nbsp;&nbsp;4974250 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2024** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> May 31,<br> 2025** |
| High Yield Bond Fund<br>| $61012 | $— | $1060830 | $140094 | $290034 | $(7448) | $29777 | $933219 |
| Inflation Protected Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456055 | &nbsp;&nbsp;&nbsp;(184289) | &nbsp;&nbsp;&nbsp;&nbsp;217240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439263 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619074 | &nbsp;&nbsp;&nbsp;&nbsp;158640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323125 |
| International Government Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140017 | &nbsp;&nbsp;&nbsp;&nbsp;(35278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404879 |
| International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606071 | &nbsp;&nbsp;&nbsp;&nbsp;(73440) | &nbsp;&nbsp;&nbsp;&nbsp;463293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320384 |
| International Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88009 | &nbsp;&nbsp;&nbsp;&nbsp;(48339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356724 |
| International Socially Responsible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479056 | &nbsp;&nbsp;&nbsp;&nbsp;(28080) | &nbsp;&nbsp;&nbsp;&nbsp;155360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798421 |
| International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;127324 | &nbsp;&nbsp;&nbsp;&nbsp;191597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552215 | &nbsp;&nbsp;&nbsp;&nbsp;1357100 | &nbsp;&nbsp;&nbsp;&nbsp;206125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530108 |
| Large Capital Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12367 | &nbsp;&nbsp;&nbsp;&nbsp;958326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730817 | &nbsp;&nbsp;&nbsp;&nbsp;1328537 | &nbsp;&nbsp;&nbsp;&nbsp;1998516 | &nbsp;&nbsp;&nbsp;&nbsp;71936 | &nbsp;&nbsp;&nbsp;&nbsp;(662058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470716 |
| Mid Cap Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17157 | &nbsp;&nbsp;&nbsp;&nbsp;153695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365042 | &nbsp;&nbsp;&nbsp;&nbsp;55137 | &nbsp;&nbsp;&nbsp;&nbsp;(193654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282397 |
| Mid Cap Strategic Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414048 | &nbsp;&nbsp;&nbsp;&nbsp;(89195) | &nbsp;&nbsp;&nbsp;&nbsp;294566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655450 |
| Mid Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11027 | &nbsp;&nbsp;&nbsp;&nbsp;115565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539039 | &nbsp;&nbsp;&nbsp;(129893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415232 |
| Small Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907317 |
| Small Cap Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150017 | &nbsp;&nbsp;&nbsp;&nbsp;(54902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497584 |
| Small Cap Special Values Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6318) | &nbsp;&nbsp;&nbsp;&nbsp;(109110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627265 |
| Small Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5692) | &nbsp;&nbsp;&nbsp;&nbsp;(10629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212800 |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;164849 | &nbsp;&nbsp;&nbsp;&nbsp;222348 | &nbsp;&nbsp;&nbsp;&nbsp;12655981 | &nbsp;&nbsp;&nbsp;&nbsp;3644115 | &nbsp;&nbsp;&nbsp;&nbsp;3568967 | &nbsp;&nbsp;&nbsp;&nbsp;683171 | &nbsp;&nbsp;&nbsp;&nbsp;624528 | &nbsp;&nbsp;&nbsp;&nbsp;14038828 |
| Systematic Core Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67693 | &nbsp;&nbsp;&nbsp;&nbsp;299759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9229033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964162 | &nbsp;&nbsp;&nbsp;&nbsp;2983197 | &nbsp;&nbsp;&nbsp;&nbsp;416324 | &nbsp;&nbsp;&nbsp;&nbsp;246779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873101 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp;299643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560844 | &nbsp;&nbsp;&nbsp;&nbsp;1255846 | &nbsp;&nbsp;&nbsp;(111455) | &nbsp;&nbsp;&nbsp;&nbsp;395866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688445 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;143023 | &nbsp;&nbsp;&nbsp;&nbsp;360011 | &nbsp;&nbsp;&nbsp;&nbsp;10572737 | &nbsp;&nbsp;&nbsp;&nbsp;1163366 | &nbsp;&nbsp;&nbsp;&nbsp;4045008 | &nbsp;&nbsp;&nbsp;&nbsp;645536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380920 |
| U.S. Socially Responsible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69253 | &nbsp;&nbsp;&nbsp;&nbsp;829098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7652975 | &nbsp;&nbsp;&nbsp;&nbsp;1337606 | &nbsp;&nbsp;&nbsp;&nbsp;3470696 | &nbsp;&nbsp;&nbsp;(685869) | &nbsp;&nbsp;&nbsp;&nbsp;518353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352369 |
|  | $1872178 | $4149686 | $115860551 | $20780120 | $35853410 | $(670855) | $5951065 | $106067471 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** | **Moderate Growth Lifestyle Fund** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2024** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> May 31,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Core Bond Fund<br>| $15935607 | $— | $399363538 | $114874179 | $106187810 | $(17660836) | $23802158 | $414191229 |
| Emerging Economies Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20592059 | &nbsp;&nbsp;&nbsp;&nbsp;20024062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10000020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205580 | &nbsp;&nbsp;&nbsp;&nbsp;10205600 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;5284652 | &nbsp;&nbsp;&nbsp;&nbsp;1752631 | &nbsp;&nbsp;&nbsp;&nbsp;154317269 | &nbsp;&nbsp;&nbsp;&nbsp;29789094 | &nbsp;&nbsp;&nbsp;&nbsp;45976958 | &nbsp;&nbsp;&nbsp;&nbsp;12528561 | &nbsp;&nbsp;&nbsp;(1310687) | &nbsp;&nbsp;&nbsp;149347279 |
| Mid Cap Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185450 | &nbsp;&nbsp;&nbsp;&nbsp;1661334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28442409 | &nbsp;&nbsp;&nbsp;&nbsp;23469510 | &nbsp;&nbsp;&nbsp;&nbsp;(4972899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27654921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38849 | &nbsp;&nbsp;&nbsp;&nbsp;11300848 | &nbsp;&nbsp;&nbsp;&nbsp;1827085 | &nbsp;&nbsp;&nbsp;&nbsp;(582466) | &nbsp;&nbsp;&nbsp;&nbsp;17637541 |
| Small Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392460 | &nbsp;&nbsp;&nbsp;&nbsp;1118373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28794752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771308 | &nbsp;&nbsp;&nbsp;&nbsp;12861926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549513 | &nbsp;&nbsp;&nbsp;(2098921) | &nbsp;&nbsp;&nbsp;&nbsp;17154726 |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;2919979 | &nbsp;&nbsp;&nbsp;&nbsp;3938454 | &nbsp;&nbsp;&nbsp;&nbsp;273061572 | &nbsp;&nbsp;&nbsp;&nbsp;33595998 | &nbsp;&nbsp;&nbsp;&nbsp;89065850 | &nbsp;&nbsp;&nbsp;&nbsp;19469699 | &nbsp;&nbsp;&nbsp;&nbsp;7112146 | &nbsp;&nbsp;&nbsp;244173565 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56757 | &nbsp;&nbsp;&nbsp;&nbsp;5176062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65790988 | &nbsp;&nbsp;&nbsp;&nbsp;13922476 | &nbsp;&nbsp;&nbsp;&nbsp;15150677 | &nbsp;&nbsp;&nbsp;&nbsp;3057056 | &nbsp;&nbsp;&nbsp;&nbsp;2098103 | &nbsp;&nbsp;&nbsp;&nbsp;69717946 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1118028 | &nbsp;&nbsp;&nbsp;&nbsp;2814257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67330500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721765 | &nbsp;&nbsp;&nbsp;&nbsp;11526473 | &nbsp;&nbsp;&nbsp;&nbsp;2312897 | &nbsp;&nbsp;&nbsp;&nbsp;2041264 | &nbsp;&nbsp;&nbsp;&nbsp;64879953 |
|  | $25931782 | $16461111 | $1016313540 | $258748157 | $335564114 | $16543079 | $31267177 | $987307839 |
| † Includes reinvestment of distributions paid. |  |  |  |  |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2024** | **Cost of<br> Purchases** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> May 31,<br> 2025** |
| American International Group, Inc.- Common Stock<br>| $145570 | $— | $8021748 | $— | $1912945 | $1037363 | $(662234) | \*\* |

---

 <br> <sup>\*\*</sup> See Note 1 related to AIG's change in control over Corebridge.

&nbsp;&nbsp;&nbsp;&nbsp;The following Funds incurred brokerage commissions with affiliated brokers for the year ended May 31, 2025:

---

| | |
|:---|:---|
| **Fund** | **Goldman<br> Sachs & Co.** |
| Systematic Growth | $2736 |

---

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;At May 31, 2025, the following affiliates owned outstanding shares of the following Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**American General<br> Life Insurance Co.** | &nbsp;&nbsp;**The United States<br> Life Insurance Co.** | &nbsp;&nbsp;**VALIC** | &nbsp;&nbsp;**VC I Dynamic<br> Allocation Fund** | &nbsp;&nbsp;**VC I Aggressive<br> Growth Lifestyle** | &nbsp;&nbsp;**VC I Conservative<br> Growth Lifestyle** | &nbsp;&nbsp;**VC I Moderate<br> Growth Lifestyle** |
| Aggressive Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;98.18 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Conservative Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Core Bond<br>| &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;72.02 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;6.37 | &nbsp;&nbsp;15.30 |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;98.78 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Dynamic Allocation<br>| &nbsp;&nbsp;8.49 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;91.51 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;99.86 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.42 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;96.58 | &nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.71 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| High Yield Bond<br>| &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;94.89 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;2.45 |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.61 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;1.18 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;79.92 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;8.75 |
| International Government Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.27 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.39 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.89 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.47 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Value<br>| &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.04 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Capital Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.24 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Index<br>| &nbsp;&nbsp;1.01 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;98.91 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.86 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.48 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Moderate Growth Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;2.72 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;97.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Science & Technology<br>| &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;99.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;92.72 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;3.28 |
| Small Cap Index<br>| &nbsp;&nbsp;1.99 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;97.85 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.64 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;85.20 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;7.02 |
| Stock Index<br>| &nbsp;&nbsp;1.82 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;89.61 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;3.80 |
| Systematic Core<br>| &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;98.47 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Growth<br>| &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;84.32 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;7.08 |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;67.25 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;14.09 | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;14.21 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;98.99 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

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&nbsp;&nbsp;&nbsp;&nbsp;The fund-of-funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by these Funds within the set limits across their asset allocations may represent a significant portion of net assets of the Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the 1940 Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended May 31, 2025, the following Funds engaged in security transactions with affiliated funds:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Cost of<br> Purchases** | &nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;**Realized<br> Gain (Loss)** |
| Global Real Estate<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$106400 | &nbsp;&nbsp;$10419 |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;1023685 | &nbsp;&nbsp;&nbsp;&nbsp;3737592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653891 |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614245 | &nbsp;&nbsp;&nbsp;&nbsp;1478503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224312 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;7773816 | &nbsp;&nbsp;&nbsp;12309841 | &nbsp;&nbsp;&nbsp;3696359 |
| Large Capital Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58060 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474628 |

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#### Note 9 — Investment Concentration and Other Risks
&nbsp;&nbsp;&nbsp;&nbsp;Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investment prices can fall or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments here or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, disease/virus outbreaks and epidemics;

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. The Global Real Estate Fund invests primarily in the real estate industry. A Fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate and could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If a Fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;The Capital Appreciation Fund, Nasdaq-100® Index Fund, Science & Technology Fund and Systematic Growth Fund invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.

&nbsp;&nbsp;&nbsp;&nbsp;The International Socially Responsible Fund and the U.S. Socially Responsible Fund invest in securities of companies meeting the Fund' social criteria. The Fund' adherence to their social criteria and application of related analyses when selecting investments may negatively impact the Fund' performance, including relative to similar Funds that use different criteria, or to Funds that do not adhere to such criteria or apply such analyses.

&nbsp;&nbsp;&nbsp;&nbsp;Certain Funds invest internationally, including in "emerging market" countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the Emerging Economies Fund, the Global Real Estate Fund, the Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund, the International Growth Fund, the International Opportunities Fund and the International Value Fund.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a portfolio holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Core Bond Fund and the Government Securities Fund's concentration in such investments, these funds may be subject to risks associated with the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;The High Yield Bond Fund's investment in high yield securities, whether rated or unrated, may be considered speculative and subject to greater market fluctuations and risk of loss of income and principal than lower-yielding, higher-rated, fixed-income securities. The risk of loss due to default by the issuer may be significantly greater for the holders of high yield securities, because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

#### Note 10 — Line of Credit
&nbsp;&nbsp;&nbsp;&nbsp;The Series, along with certain other funds managed by the Adviser, has access to a $135 million committed unsecured line of credit and a $90 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company ("State Street"), the Series' custodian. Interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the federal funds effective rate on such date and (b) the overnight bank funding rate on such date,plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the federal funds effective rate or the overnight bank funding rate shall be less than zero, then the federal funds effective rate or the overnight bank funding rate, shall be deemed to be zero for the purposes of determining the rate. The Series, on behalf of each of the Funds, has paid State Street, such Fund's ratable portion of an upfront fee in an amount equal to $90,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. For the year ended May 31, 2025, the following Funds had borrowings:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Days<br> Outstanding** | &nbsp;&nbsp;**Interest<br> Charges** | &nbsp;&nbsp;**Average<br> Debt<br> Utilized** | &nbsp;&nbsp;**Weighted<br> Average<br> Interest** | &nbsp;&nbsp;**Balance<br> Outstanding<br> at 05/31/25** |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$42316 | &nbsp;&nbsp;$22805000 | &nbsp;&nbsp;6.68% | &nbsp;&nbsp;$— |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;31645 | &nbsp;&nbsp;&nbsp;&nbsp;8511957 | &nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;42749 | &nbsp;&nbsp;&nbsp;&nbsp;7364706 | &nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;13428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766000 | &nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;5650000 | &nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;122982 | &nbsp;&nbsp;&nbsp;19968590 | &nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;3750000 |
| International Government Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Days<br> Outstanding** | &nbsp;&nbsp;**Interest<br> Charges** | &nbsp;&nbsp;**Average<br> Debt<br> Utilized** | &nbsp;&nbsp;**Weighted<br> Average<br> Interest** | &nbsp;&nbsp;**Balance<br> Outstanding<br> at 05/31/25** |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;$14995 | &nbsp;&nbsp;$1248026 | &nbsp;&nbsp;5.73% | &nbsp;&nbsp;$3500000 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937500 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Value<br>| &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476389 | &nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Capital Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9267 | &nbsp;&nbsp;&nbsp;&nbsp;4495833 | &nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333333 | &nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 | &nbsp;&nbsp;&nbsp;&nbsp;3950000 | &nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267 | &nbsp;&nbsp;&nbsp;&nbsp;1275000 | &nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;18498 | &nbsp;&nbsp;&nbsp;&nbsp;5550000 | &nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434375 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939583 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Note 11 — Interfund Lending Agreement
&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the year ended May 31, 2025, none of the Funds participated in this program.

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** | **Aggressive Growth Lifestyle Fund(3)** |
| 08/31/20 | $10.09 | $0.19 | $0.77 | $0.96 | $(0.26) | $(0.57) | $(0.83) | $10.22 | &nbsp;&nbsp;9.91% | $612613 | 0.14% | 0.10% | &nbsp;&nbsp;1.88% | &nbsp;&nbsp;48% |
| 05/31/21(4) | 10.22 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;2.49 | (0.20) | (0.40) | (0.60) | 12.11 | 24.54 | &nbsp;&nbsp;&nbsp;732829 | &nbsp;&nbsp;0.14(5) | &nbsp;&nbsp;0.10(5) | &nbsp;&nbsp;&nbsp;1.98(5) | 16 |
| 05/31/22 | 12.11 | &nbsp;&nbsp;0.11 | (1.01) | (0.90) | (0.34) | (0.60) | (0.94) | 10.27 | (7.62) | &nbsp;&nbsp;&nbsp;659059 | 0.13 | 0.09 | 0.89 | 40 |
| 05/31/23 | 10.27 | &nbsp;&nbsp;0.17 | (0.23) | (0.06) | (0.22) | (0.99) | (1.21) | &nbsp;&nbsp;&nbsp;9.00 | (0.41) | &nbsp;&nbsp;&nbsp;630147 | 0.14 | 0.10 | 1.74 | 65 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;1.74 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) | 10.52 | 19.34 | &nbsp;&nbsp;&nbsp;695802 | 0.14 | 0.11 | 1.77 | 28 |
| 05/31/25 | 10.52 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;1.10 | (0.19) | (0.10) | (0.29) | 11.33 | 10.55 | &nbsp;&nbsp;&nbsp;712945 | 0.14 | 0.11 | 2.07 | 22 |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;2.97 | &nbsp;&nbsp;3.05 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.13) | 12.37 | 32.34 | &nbsp;&nbsp;&nbsp;154023 | 0.87 | 0.85 | 0.74 | 199 |
| 05/31/22 | 12.37 | &nbsp;&nbsp;0.12 | (0.44) | (0.32) | (0.25) | (1.51) | (1.76) | 10.29 | (3.16) | &nbsp;&nbsp;&nbsp;141207 | 0.68 | 0.63 | 0.95 | 47 |
| 05/31/23 | 10.29 | &nbsp;&nbsp;0.14 | (0.05) | &nbsp;&nbsp;0.09 | (0.12) | (0.51) | (0.63) | &nbsp;&nbsp;&nbsp;9.75 | 1.09 | &nbsp;&nbsp;&nbsp;134523 | 0.74 | 0.69 | 1.42 | 46 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;1.75 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | 11.33 | 17.96 | &nbsp;&nbsp;&nbsp;147633 | 0.70 | 0.65 | 1.53 | 43 |
| 05/31/25 | 11.33 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.92 | (0.18) | (0.47) | (0.65) | 11.60 | 8.30 | &nbsp;&nbsp;&nbsp;145088 | 0.70 | 0.65 | 1.54 | 35 |
| **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** |
| 08/31/20 | 14.89 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;4.30 | (0.06) | (0.51) | (0.57) | 18.62 | 29.44 | &nbsp;&nbsp;&nbsp;122454 | 1.00 | 0.85 | 0.12 | 62 |
| 05/31/21(4) | 18.62 | (0.01) | &nbsp;&nbsp;3.53 | &nbsp;&nbsp;3.52 | (0.02) | (0.44) | (0.46) | 21.68 | 18.97 | &nbsp;&nbsp;&nbsp;141163 | &nbsp;&nbsp;0.99(5) | &nbsp;&nbsp;0.84(5) | (0.09)(5) | 27 |
| 05/31/22 | 21.68 | &nbsp;&nbsp;0.02 | (1.34) | (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.12) | (1.12) | 19.24 | (6.38) | &nbsp;&nbsp;&nbsp;133324 | 0.71 | 0.60 | 0.08 | 46 |
| 05/31/23 | 19.24 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.68 | (0.03) | (5.16) | (5.19) | 14.73 | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;61511 | 0.80 | 0.73 | 0.08 | 42 |
| 05/31/24 | 14.73 | (0.02) | &nbsp;&nbsp;5.26 | &nbsp;&nbsp;5.24 | (0.01) | (1.76) | (1.77) | 18.20 | 35.75 | &nbsp;&nbsp;&nbsp;213163 | 0.77 | 0.77 | (0.10) | 35 |
| 05/31/25 | 18.20 | (0.03) | &nbsp;&nbsp;2.67 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | (0.40) | 20.44 | 14.63 | &nbsp;&nbsp;&nbsp;327817 | 0.73 | 0.73 | (0.13) | 52 |
| **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** | **Conservative Growth Lifestyle Fund(3)** |
| 08/31/20 | 11.85 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.95 | (0.31) | (0.18) | (0.49) | 12.31 | 8.14 | &nbsp;&nbsp;&nbsp;339870 | 0.15 | 0.10 | 2.68 | 38 |
| 05/31/21(4) | 12.31 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;1.60 | (0.34) | (0.18) | (0.52) | 13.39 | 13.05 | &nbsp;&nbsp;&nbsp;371617 | &nbsp;&nbsp;0.15(5) | &nbsp;&nbsp;0.10(5) | &nbsp;&nbsp;&nbsp;3.13(5) | 13 |
| 05/31/22 | 13.39 | &nbsp;&nbsp;0.15 | (1.17) | (1.02) | (0.48) | (0.53) | (1.01) | 11.36 | (7.88) | &nbsp;&nbsp;&nbsp;330697 | 0.14 | 0.13 | 1.14 | 38 |
| 05/31/23 | 11.36 | &nbsp;&nbsp;0.22 | (0.38) | (0.16) | (0.23) | (0.77) | (1.00) | 10.20 | (1.30) | &nbsp;&nbsp;&nbsp;303514 | 0.16 | 0.12 | 2.02 | 56 |
| 05/31/24 | 10.20 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;1.06 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) | 11.00 | 10.43 | &nbsp;&nbsp;&nbsp;293562 | 0.16 | 0.13 | 2.56 | 23 |
| 05/31/25 | 11.00 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.85 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | 11.53 | 7.73 | &nbsp;&nbsp;&nbsp;279749 | 0.16 | 0.13 | 2.83 | 20 |
| **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
| 08/31/20 | 11.53 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.80 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | 11.94 | 7.05 | 1784179 | 0.78 | 0.77 | 2.39 | 93 |
| 05/31/21(4) | 11.94 | &nbsp;&nbsp;0.15 | (0.12) | &nbsp;&nbsp;0.03 | (0.29) | (0.31) | (0.60) | 11.37 | 0.27 | 2809677 | &nbsp;&nbsp;0.77(5) | &nbsp;&nbsp;0.76(5) | &nbsp;&nbsp;&nbsp;1.73(5) | 39 |
| 05/31/22 | 11.37 | &nbsp;&nbsp;0.21 | (1.19) | (0.98) | (0.13) | (0.11) | (0.24) | 10.15 | (8.75) | 2821678 | 0.50 | 0.50 | 1.93 | 60 |
| 05/31/23 | 10.15 | &nbsp;&nbsp;0.30 | (0.61) | (0.31) | (0.22) | (0.02) | (0.24) | &nbsp;&nbsp;&nbsp;9.60 | (2.99) | 2808761 | 0.50 | 0.50 | 3.05 | 43 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;0.35 | (0.09) | &nbsp;&nbsp;0.26 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) | &nbsp;&nbsp;&nbsp;9.51 | 2.69 | 2576904 | 0.51 | 0.51 | 3.71 | 58 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.54 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) | &nbsp;&nbsp;&nbsp;9.67 | 5.68 | 2706816 | 0.51 | 0.48 | 3.85 | 44 |
| **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;3.54 | &nbsp;&nbsp;3.79 | (0.26) | (0.34) | (0.60) | 13.17 | 38.46 | 1361703 | 0.80 | 0.69 | 2.18 | 64 |
| 05/31/22 | 13.17 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.30 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) | 13.21 | 2.28 | 1256796 | 0.79 | 0.68 | 1.53 | 86 |
| 05/31/23 | 13.21 | &nbsp;&nbsp;0.24 | (0.68) | (0.44) | (0.22) | (2.01) | (2.23) | 10.54 | (3.49) | 1049838 | 0.79 | 0.68 | 1.95 | 44 |
| 05/31/24 | 10.54 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;2.16 | (0.40) | (0.36) | (0.76) | 11.94 | 20.67 | &nbsp;&nbsp;&nbsp;667423 | 0.83 | 0.72 | 1.97 | 36 |
| 05/31/25 | 11.94 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;1.15 | (0.28) | (0.50) | (0.78) | 12.31 | 9.75 | &nbsp;&nbsp;&nbsp;680707 | 0.82 | 0.68 | 1.79 | 57 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The expense ratios do not include underlying fund expenses that the Fund bears indirectly. Additionally, recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds.

(4) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

(5) Annualized

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** |
| 05/31/21 | $11.93 | $0.20 | $1.94 | $2.14 | $(0.24) | $(1.23) | $(1.47) | $12.60 | &nbsp;&nbsp;18.42% | $198516 | 0.32% | 0.32% | &nbsp;&nbsp;1.57% | &nbsp;&nbsp;24% |
| 05/31/22 | 12.60 | &nbsp;&nbsp;0.07 | (0.92) | (0.85) | (0.39) | (1.22) | (1.61) | 10.14 | (7.28) | &nbsp;&nbsp;&nbsp;169371 | 0.33 | 0.32 | 0.60 | 25 |
| 05/31/23 | 10.14 | &nbsp;&nbsp;0.14 | (0.37) | (0.23) | (0.17) | (0.63) | (0.80) | &nbsp;&nbsp;&nbsp;9.11 | (2.18) | &nbsp;&nbsp;&nbsp;147093 | 0.36 | 0.32 | 1.48 | 22 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;1.42 | (0.26) | (0.37) | (0.63) | &nbsp;&nbsp;&nbsp;9.90 | 15.65 | &nbsp;&nbsp;&nbsp;141567 | &nbsp;&nbsp;0.40(4) | &nbsp;&nbsp;0.36(4) | &nbsp;&nbsp;&nbsp;1.93(4) | 26 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.81 | (0.23) | (0.10) | (0.33) | 10.38 | &nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;130698 | &nbsp;&nbsp;0.41(4) | &nbsp;&nbsp;0.36(4) | &nbsp;&nbsp;&nbsp;1.77(4) | 20 |
| **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;3.82 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | 10.87 | 52.91 | 1065405 | 0.88 | 0.88 | 1.68 | 82 |
| 05/31/22 | 10.87 | &nbsp;&nbsp;0.31 | (2.56) | (2.25) | (0.30) | (1.07) | (1.37) | &nbsp;&nbsp;&nbsp;7.25 | (20.87) | &nbsp;&nbsp;&nbsp;634192 | 0.93 | 0.93 | 3.23 | 60 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;0.23 | (1.04) | (0.81) | (0.38) | (0.71) | (1.09) | &nbsp;&nbsp;&nbsp;5.35 | (11.47) | &nbsp;&nbsp;&nbsp;647212 | 0.96 | 0.96 | 3.72 | 71 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.93 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) | &nbsp;&nbsp;&nbsp;6.14 | 17.43 | &nbsp;&nbsp;&nbsp;644337 | 0.95 | 0.95 | 2.39 | 141 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.71 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | &nbsp;&nbsp;&nbsp;6.61 | 11.67 | &nbsp;&nbsp;&nbsp;705217 | 1.02 | 1.02 | 1.76 | 154 |
| **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;1.87 | (0.34) | (0.25) | (0.59) | &nbsp;&nbsp;&nbsp;8.13 | 28.14 | &nbsp;&nbsp;&nbsp;435033 | 0.86 | 0.86 | 1.83 | 76 |
| 05/31/22 | &nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;0.13 | (0.57) | (0.44) | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) | &nbsp;&nbsp;&nbsp;7.57 | (5.43) | &nbsp;&nbsp;&nbsp;545132 | 0.86 | 0.86 | 1.61 | 47 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;7.57 | &nbsp;&nbsp;0.16 | (1.35) | (1.19) | (0.17) | (0.15) | (0.32) | &nbsp;&nbsp;&nbsp;6.06 | (15.96) | &nbsp;&nbsp;&nbsp;277408 | 0.88 | 0.88 | 2.30 | 77 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.52 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | &nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;346611 | 0.92 | 0.92 | 2.19 | 52 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.63 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) | &nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;246562 | 0.91 | 0.90 | 2.28 | 54 |
| **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;8.85 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;1.70 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.42) | 10.13 | 19.49 | &nbsp;&nbsp;&nbsp;287412 | 0.72 | 0.70 | 2.09 | 39 |
| 05/31/22 | 10.13 | &nbsp;&nbsp;0.18 | (1.15) | (0.97) | (0.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.00) | &nbsp;&nbsp;&nbsp;9.16 | (9.57) | &nbsp;&nbsp;&nbsp;235176 | 0.84 | 0.80 | 1.83 | 140 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;0.24 | (0.45) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.82) | (0.82) | &nbsp;&nbsp;&nbsp;8.13 | (2.16) | &nbsp;&nbsp;&nbsp;207195 | 0.77 | 0.71 | 2.78 | 89 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9.75 | 19.93 | &nbsp;&nbsp;&nbsp;221427 | 0.71 | 0.65 | 3.30 | 75 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.93 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | 10.28 | &nbsp;&nbsp;9.68 | &nbsp;&nbsp;&nbsp;226063 | 0.69 | 0.63 | 3.42 | 54 |
| **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** |
| 05/31/21 | 11.22 | &nbsp;&nbsp;0.20 | (0.39) | (0.19) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | 10.78 | (1.70) | &nbsp;&nbsp;&nbsp;142954 | 0.66 | 0.66 | 1.77 | 13 |
| 05/31/22 | 10.78 | &nbsp;&nbsp;0.20 | (1.00) | (0.80) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | &nbsp;&nbsp;&nbsp;9.79 | (7.47) | &nbsp;&nbsp;&nbsp;159888 | 0.65 | 0.65 | 1.90 | 11 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;0.23 | (0.42) | (0.19) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | &nbsp;&nbsp;&nbsp;9.35 | (1.93) | &nbsp;&nbsp;&nbsp;150156 | 0.67 | 0.67 | 2.44 | 65 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;0.23 | (0.17) | &nbsp;&nbsp;0.06 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) | &nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;129228 | 0.68 | 0.68 | 2.52 | &nbsp;&nbsp;&nbsp;1 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.45 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | &nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;156750 | 0.69 | 0.64 | 2.71 | 13 |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| 05/31/21 | 18.82 | (0.02) | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;6.63 | (0.03) | (3.23) | (3.26) | 22.19 | 36.58 | 1430327 | 0.80 | 0.64 | (0.10) | 40 |
| 05/31/22 | 22.19 | (0.02) | (2.84) | (2.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.76) | (4.76) | 14.57 | (14.82) | 1005830 | 0.77 | 0.61 | (0.09) | 60 |
| 05/31/23 | 14.57 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;— | (3.95) | (3.95) | 11.13 | &nbsp;&nbsp;7.39 | 1016283 | 0.81 | 0.65 | 0.17 | 43 |
| 05/31/24 | 11.13 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;3.96 | &nbsp;&nbsp;3.97 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | 15.09 | 35.70 | 1656571 | 0.78 | 0.62 | 0.06 | 44 |
| 05/31/25 | 15.09 | (0.02) | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;2.35 | (0.01) | (0.52) | (0.53) | 16.91 | &nbsp;&nbsp;&nbsp;15.84(5) | 1720476 | 0.77 | 0.61 | (0.12) | 44 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The expense ratios do not include underlying fund expenses that the Fund bears indirectly. Additionally, recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds.

(4) Includes interest expense of 0.04% relating to derivative activity.

(5) The Fund's performance figure was increased by 0.07% from reimbursement of an investment violation. (See Note 5)

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** |
| 08/31/20 | $7.66 | $0.36 | $(0.00) | $0.36 | $(0.55) | $— | $(0.55) | $7.47 | &nbsp;&nbsp;&nbsp;5.01% | $538716 | 0.98% | 0.94% | &nbsp;&nbsp;4.79% | &nbsp;&nbsp;49% |
| 05/31/21(3) | &nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.52 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | &nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;6.95 | &nbsp;&nbsp;&nbsp;598597 | &nbsp;&nbsp;0.97(4) | &nbsp;&nbsp;0.92(4) | &nbsp;&nbsp;&nbsp;4.26(4) | 33 |
| 05/31/22 | &nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;0.32 | (0.72) | (0.40) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | &nbsp;&nbsp;&nbsp;7.03 | (5.34) | &nbsp;&nbsp;&nbsp;515224 | 0.71 | 0.68 | 4.12 | 40 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;0.37 | (0.35) | &nbsp;&nbsp;0.02 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.45) | &nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;386075 | 0.75 | 0.68 | 5.33 | 40 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.66 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) | &nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;412811 | 0.75 | 0.68 | 5.98 | 40 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.57 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.47) | &nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;415598 | 0.77 | 0.68 | 6.32 | 57 |
| **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** |
| 05/31/21 | 11.34 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.86 | (0.17) | (0.06) | (0.23) | 11.97 | &nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;800186 | 0.56 | 0.54 | 1.55 | 71 |
| 05/31/22 | 11.97 | &nbsp;&nbsp;0.60 | (0.71) | (0.11) | (0.28) | (0.56) | (0.84) | 11.02 | (1.25) | &nbsp;&nbsp;&nbsp;869007 | 0.55 | 0.52 | 5.06 | 35 |
| 05/31/23 | 11.02 | &nbsp;&nbsp;0.48 | (0.71) | (0.23) | (1.06) | (0.23) | (1.29) | &nbsp;&nbsp;&nbsp;9.50 | (1.96) | &nbsp;&nbsp;&nbsp;483148 | 0.58 | 0.55 | 4.48 | 26 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;0.30 | (0.17) | &nbsp;&nbsp;0.13 | (1.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.19) | &nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;391188 | 0.62 | 0.59 | 3.24 | 14 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.30 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) | &nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;366677 | 0.63 | 0.60 | 2.47 | &nbsp;&nbsp;&nbsp;&nbsp;18(5) |
| **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;2.32 | (0.10) | (0.03) | (0.13) | &nbsp;&nbsp;&nbsp;8.38 | 37.70 | 1899286 | 0.42 | 0.42 | 2.11 | &nbsp;&nbsp;&nbsp;2 |
| 05/31/22 | &nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;0.21 | (1.09) | (0.88) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) | &nbsp;&nbsp;&nbsp;7.28 | (10.51) | 1563302 | 0.41 | 0.41 | 2.58 | &nbsp;&nbsp;&nbsp;6 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.21 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | &nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;2.91 | 1977925 | 0.42 | 0.42 | 2.82 | &nbsp;&nbsp;&nbsp;9 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;1.33 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;&nbsp;8.43 | 18.21 | 1926606 | 0.42 | 0.42 | 2.49 | &nbsp;&nbsp;&nbsp;6 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;1.01 | (0.31) | (0.10) | (0.41) | &nbsp;&nbsp;&nbsp;9.03 | 12.32 | 1706607 | 0.42 | 0.42 | 2.46 | 12 |
| **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** |
| 05/31/21 | 12.14 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.79 | (0.29) | (0.19) | (0.48) | 12.45 | &nbsp;&nbsp;6.58 | &nbsp;&nbsp;&nbsp;193496 | 0.65 | 0.65 | 1.89 | 71 |
| 05/31/22 | 12.45 | &nbsp;&nbsp;0.20 | (1.89) | (1.69) | (0.22) | (0.14) | (0.36) | 10.40 | (13.78) | &nbsp;&nbsp;&nbsp;140534 | 0.69 | 0.69 | 1.64 | 53 |
| 05/31/23 | 10.40 | &nbsp;&nbsp;0.22 | (0.70) | (0.48) | (0.35) | (0.00) | (0.35) | &nbsp;&nbsp;&nbsp;9.57 | (4.52) | &nbsp;&nbsp;&nbsp;&nbsp;69466 | 0.76 | 0.76 | 2.14 | 60 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;0.30 | (0.10) | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;64459 | 0.83 | 0.83 | 3.07 | 89 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.36 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;55486 | 0.86 | 0.84 | 3.39 | 108 |
| **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** |
| 05/31/21 | 12.47 | (0.02) | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.07) | 19.13 | 53.98 | &nbsp;&nbsp;&nbsp;642915 | 1.03 | 0.83 | (0.10) | 18 |
| 05/31/22 | 19.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.20) | (5.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.09) | (2.09) | 11.84 | (27.99) | &nbsp;&nbsp;&nbsp;425568 | 1.05 | 0.85 | (0.02) | 25 |
| 05/31/23 | 11.84 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.90) | (1.90) | 10.92 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;415665 | 1.08 | 0.88 | 0.19 | &nbsp;&nbsp;&nbsp;7 |
| 05/31/24 | 10.92 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.39 | &nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;376411 | 1.07 | 0.87 | 0.13 | 38 |
| 05/31/25 | 11.39 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.49 | 18.44 | &nbsp;&nbsp;&nbsp;380780 | 1.08 | 0.84 | 0.09 | 17 |
| **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** |
| 08/31/20 | 18.44 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;2.73 | (0.13) | (0.31) | (0.44) | 20.73 | 15.03 | &nbsp;&nbsp;&nbsp;610424 | 1.22 | 1.13 | 0.45 | 45 |
| 05/31/21(3) | 20.73 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;4.04 | (0.11) | (1.64) | (1.75) | 23.02 | 19.97 | &nbsp;&nbsp;&nbsp;726964 | &nbsp;&nbsp;1.23(4) | &nbsp;&nbsp;1.19(4) | &nbsp;&nbsp;&nbsp;0.23(4) | 48 |
| 05/31/22 | 23.02 | &nbsp;&nbsp;0.16 | (4.09) | (3.93) | (0.05) | (3.02) | (3.07) | 16.02 | (17.48) | &nbsp;&nbsp;&nbsp;507169 | 0.98 | 0.95 | 0.77 | 41 |
| 05/31/23 | 16.02 | &nbsp;&nbsp;0.19 | (1.21) | (1.02) | (0.20) | (1.70) | (1.90) | 13.10 | (6.67) | &nbsp;&nbsp;&nbsp;466339 | 1.02 | 0.95 | 1.33 | 66 |
| 05/31/24 | 13.10 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;2.00 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) | 14.96 | 15.27 | &nbsp;&nbsp;&nbsp;410212 | 1.03 | 0.99 | 1.15 | 129 |
| 05/31/25 | 14.96 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;1.59 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | 16.16 | 10.84 | &nbsp;&nbsp;&nbsp;328591 | 1.04 | 1.01 | 1.31 | 61 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

(4) Annualized

(5) Excludes TBA transactions. Beginning with the period ended May 31, 2025, portfolio turnover rates including TBA transactions are being added as Supplemental Ratios in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Supplemental Ratios** |  |  |  |  |  |
| **Portfolio Turnover (including TBA transactions)** | &nbsp;&nbsp;**05/21** | &nbsp;&nbsp;**05/22** | &nbsp;&nbsp;**05/23** | &nbsp;&nbsp;**05/24** | &nbsp;&nbsp;**05/25** |
| Inflation Protected Fund<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;84% |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** |
| 05/31/21 | $23.97 | $0.51 | $8.18 | $8.69 | $(0.53) | $(5.56) | $(6.09) | $26.57 | &nbsp;&nbsp;37.84% | $385891 | 0.65% | 0.65% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;9% |
| 05/31/22 | 26.57 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;(3.38) | &nbsp;&nbsp;(2.86) | (0.84) | (0.93) | (1.77) | 21.94 | (10.84) | &nbsp;&nbsp;&nbsp;317599 | 0.64 | 0.64 | 2.03 | 11 |
| 05/31/23 | 21.94 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;0.64 | (0.38) | (0.35) | (0.73) | 21.85 | &nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;400650 | 0.66 | 0.66 | 2.43 | 13 |
| 05/31/24 | 21.85 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;3.83 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.43) | 25.25 | 17.57 | &nbsp;&nbsp;&nbsp;499448 | 0.63 | 0.60 | 2.39 | 11 |
| 05/31/25 | 25.25 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;2.77 | (0.73) | (0.20) | (0.93) | 27.09 | 11.22 | &nbsp;&nbsp;&nbsp;557281 | 0.64 | 0.58 | 2.37 | 17 |
| **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;3.85 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | 11.46 | 49.67 | &nbsp;&nbsp;&nbsp;738262 | 0.81 | 0.74 | 1.95 | 62 |
| 05/31/22 | 11.46 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;(1.67) | &nbsp;&nbsp;(1.38) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | &nbsp;&nbsp;&nbsp;9.90 | (12.03) | &nbsp;&nbsp;&nbsp;609239 | 0.81 | 0.74 | 2.66 | 70 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.09) | (0.40) | (0.44) | (0.84) | &nbsp;&nbsp;&nbsp;8.97 | (1.25) | &nbsp;&nbsp;&nbsp;474369 | 0.85 | 0.78 | 2.16 | 60 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;2.05 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | 10.84 | 22.89 | &nbsp;&nbsp;&nbsp;470020 | 0.85 | 0.78 | 3.06 | 132 |
| 05/31/25 | 10.84 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;1.74 | (0.45) | (0.67) | (1.12) | 11.46 | 16.84 | &nbsp;&nbsp;&nbsp;396880 | 0.88 | 0.81 | 2.84 | 48 |
| **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** | **Large Capital Growth Fund** |
| 05/31/21 | 16.82 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;6.29 | (0.08) | (2.00) | (2.08) | 21.03 | 38.39 | &nbsp;&nbsp;&nbsp;662844 | 0.75 | 0.75 | 0.24 | 22 |
| 05/31/22 | 21.03 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.32) | (0.04) | (2.25) | (2.29) | 18.42 | (1.82) | &nbsp;&nbsp;&nbsp;710547 | 0.74 | 0.74 | 0.19 | 18 |
| 05/31/23 | 18.42 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;0.48 | (0.04) | (1.74) | (1.78) | 17.12 | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;714449 | 0.75 | 0.75 | 0.35 | 27 |
| 05/31/24 | 17.12 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;3.87 | (0.07) | (1.21) | (1.28) | 19.71 | 22.75 | &nbsp;&nbsp;&nbsp;630218 | 0.75 | 0.75 | 0.26 | 19 |
| 05/31/25 | 19.71 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;1.26 | (0.06) | (4.38) | (4.44) | 16.53 | &nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;587485 | 0.75 | 0.72 | 0.31 | 18 |
| **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** |
| 05/31/21 | 20.75 | &nbsp;&nbsp;0.35 | 11.29 | 11.64 | (0.32) | (0.87) | (1.19) | 31.20 | 56.39 | 3864639 | 0.35 | 0.35 | 1.33 | 18 |
| 05/31/22 | 31.20 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(2.35) | &nbsp;&nbsp;(2.05) | (0.38) | (2.39) | (2.77) | 26.38 | (6.84) | 3217500 | 0.34 | 0.34 | 0.99 | 14 |
| 05/31/23 | 26.38 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(0.56) | (0.32) | (3.28) | (3.60) | 22.22 | (3.02) | 2895090 | 0.36 | 0.36 | 1.46 | 14 |
| 05/31/24 | 22.22 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;5.65 | (0.39) | (1.02) | (1.41) | 26.46 | 25.47 | 2987773 | 0.36 | 0.36 | 1.19 | 21 |
| 05/31/25 | 26.46 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.38 | (0.35) | (3.14) | (3.49) | 23.35 | &nbsp;&nbsp;1.60 | 2550031 | 0.36 | 0.36 | 1.14 | 18 |
| **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** |
| 05/31/21 | 16.50 | (0.03) | &nbsp;&nbsp;&nbsp;7.83 | &nbsp;&nbsp;&nbsp;7.80 | (0.02) | (1.13) | (1.15) | 23.15 | 47.61 | &nbsp;&nbsp;&nbsp;890709 | 0.78 | 0.78 | (0.13) | 49 |
| 05/31/22 | 23.15 | (0.03) | &nbsp;&nbsp;(3.20) | &nbsp;&nbsp;(3.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.04) | (2.04) | 17.88 | (14.32) | &nbsp;&nbsp;&nbsp;737360 | 0.75 | 0.75 | (0.14) | 76 |
| 05/31/23 | 17.88 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;— | (3.59) | (3.59) | 15.00 | &nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;770493 | 0.77 | 0.77 | 0.05 | 67 |
| 05/31/24 | 15.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;3.67 | (0.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.00) | 18.67 | 24.48 | 1118797 | 0.74 | 0.74 | 0.10 | 49 |
| 05/31/25 | 18.67 | (0.00) | &nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;2.49 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.02) | 21.14 | 13.34 | 1190324 | 0.74 | 0.74 | (0.02) | 52 |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
| 08/31/20 | 17.19 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.68) | (0.15) | (0.98) | (1.13) | 15.38 | (4.12) | &nbsp;&nbsp;&nbsp;724100 | 1.07 | 1.05 | 0.82 | 63 |
| 05/31/21(3) | 15.38 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;7.06 | (0.13) | (0.09) | (0.22) | 22.22 | 45.95 | &nbsp;&nbsp;&nbsp;940809 | &nbsp;&nbsp;1.06(4) | &nbsp;&nbsp;1.04(4) | &nbsp;&nbsp;&nbsp;0.31(4) | 31 |
| 05/31/22 | 22.22 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;0.06 | (0.07) | (1.57) | (1.64) | 20.64 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;871131 | 0.79 | 0.79 | 0.61 | 51 |
| 05/31/23 | 20.64 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.89) | &nbsp;&nbsp;(0.71) | (0.16) | (3.83) | (3.99) | 15.94 | (4.87) | &nbsp;&nbsp;&nbsp;619704 | 0.82 | 0.81 | 0.95 | 65 |
| 05/31/24 | 15.94 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;3.83 | (0.24) | (2.41) | (2.65) | 17.12 | 24.06 | &nbsp;&nbsp;&nbsp;685342 | 0.82 | 0.82 | 0.94 | 82 |
| 05/31/25 | 17.12 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;0.54 | (0.13) | (1.41) | (1.54) | 16.12 | &nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;594436 | 0.82 | 0.82 | 0.95 | 141 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

(4) Annualized

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** | **Moderate Growth Lifestyle Fund(3)** |
| 08/31/20 | $13.88 | $0.31 | $0.93 | $1.24 | $(0.34) | $(0.62) | $(0.96) | $14.16 | &nbsp;&nbsp;&nbsp;9.26% | $1014351 | 0.14% | 0.10% | &nbsp;&nbsp;2.24% | &nbsp;&nbsp;49% |
| 05/31/21(4) | 14.16 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;2.77 | (0.33) | (0.47) | (0.80) | 16.13 | 19.65 | 1172232 | &nbsp;&nbsp;0.13(5) | &nbsp;&nbsp;0.10(5) | &nbsp;&nbsp;&nbsp;2.39(5) | 15 |
| 05/31/22 | 16.13 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;(1.00) | (0.52) | (0.78) | (1.30) | 13.83 | (6.49) | 1045238 | 0.12 | 0.12 | 0.97 | 37 |
| 05/31/23 | 13.83 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.12) | (0.27) | (1.31) | (1.58) | 12.13 | (0.69) | &nbsp;&nbsp;&nbsp;987043 | 0.13 | 0.11 | 1.91 | 61 |
| 05/31/24 | 12.13 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;1.80 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | 13.62 | 14.82 | 1025938 | 0.13 | 0.10 | 2.19 | 27 |
| 05/31/25 | 13.62 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;1.24 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | 14.54 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;&nbsp;996804 | 0.13 | 0.10 | 2.47 | 21 |
| **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** |
| 05/31/21 | 18.29 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;7.80 | (0.08) | (2.01) | (2.09) | 24.00 | 43.47 | &nbsp;&nbsp;&nbsp;833580 | 0.51 | 0.51 | 0.25 | &nbsp;&nbsp;&nbsp;8 |
| 05/31/22 | 24.00 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;(1.65) | &nbsp;&nbsp;(1.59) | (0.06) | (2.29) | (2.35) | 20.06 | (7.42) | &nbsp;&nbsp;&nbsp;743801 | 0.50 | 0.50 | 0.22 | &nbsp;&nbsp;&nbsp;9 |
| 05/31/23 | 20.06 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;2.19 | (0.06) | (2.48) | (2.54) | 19.71 | 13.13 | &nbsp;&nbsp;&nbsp;770660 | 0.52 | 0.49 | 0.46 | &nbsp;&nbsp;&nbsp;7 |
| 05/31/24 | 19.71 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;6.01 | (0.09) | (0.97) | (1.06) | 24.66 | 30.54 | &nbsp;&nbsp;&nbsp;962346 | 0.51 | 0.44 | 0.51 | 20 |
| 05/31/25 | 24.66 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;3.47 | (0.12) | (4.95) | (5.07) | 23.06 | 15.41 | 1017619 | 0.50 | 0.42 | 0.38 | 10 |
| **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** |
| 05/31/21 | 29.88 | (0.22) | 14.40 | 14.18 | (0.02) | (4.66) | (4.68) | 39.38 | 48.22 | 3107205 | 0.97 | 0.97 | (0.60) | 88 |
| 05/31/22 | 39.38 | (0.21) | &nbsp;&nbsp;(8.09) | &nbsp;&nbsp;(8.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | (8.28) | (8.28) | 22.80 | (23.50) | 2108867 | 0.95 | 0.94 | (0.58) | 68 |
| 05/31/23 | 22.80 | (0.07) | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.02) | (4.02) | 20.83 | 11.91 | 2166131 | 0.97 | 0.93 | (0.34) | 85 |
| 05/31/24 | 20.83 | (0.12) | &nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 28.45 | 36.58 | 2690964 | 0.96 | 0.91 | (0.49) | 46 |
| 05/31/25 | 28.45 | (0.15) | &nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 33.06 | 16.20 | 2777814 | 0.95 | 0.90 | (0.47) | 67 |
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| 08/31/20 | 16.89 | (0.11) | &nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.50) | (2.50) | 20.49 | 38.49 | &nbsp;&nbsp;&nbsp;210497 | 1.24 | 1.14 | (0.61) | 48 |
| 05/31/21(4) | 20.49 | (0.13) | &nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.74) | (2.74) | 22.85 | 25.62 | &nbsp;&nbsp;&nbsp;827215 | &nbsp;&nbsp;1.19(5) | &nbsp;&nbsp;1.11(5) | (0.84)(5) | 40 |
| 05/31/22 | 22.85 | (0.13) | &nbsp;&nbsp;(6.53) | &nbsp;&nbsp;(6.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.42) | (1.42) | 14.77 | (29.91) | &nbsp;&nbsp;&nbsp;499878 | 0.92 | 0.88 | (0.61) | 34 |
| 05/31/23 | 14.77 | (0.05) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.13) | (1.13) | 13.39 | (1.91) | &nbsp;&nbsp;&nbsp;540916 | 0.94 | 0.89 | (0.36) | 41 |
| 05/31/24 | 13.39 | (0.06) | &nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 15.38 | 14.86 | &nbsp;&nbsp;&nbsp;533037 | 0.92 | 0.89 | (0.39) | 54 |
| 05/31/25 | 15.38 | (0.08) | &nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;0.37 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | 15.72 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;538339 | &nbsp;&nbsp;0.93(6) | &nbsp;&nbsp;0.89(6) | (0.50) | 163 |
| **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
| 05/31/21 | 15.08 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;9.66 | (0.19) | (1.07) | (1.26) | 23.48 | 63.99 | 1448543 | 0.42 | 0.42 | 0.61 | 14 |
| 05/31/22 | 23.48 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(4.01) | &nbsp;&nbsp;(3.86) | (0.15) | (2.06) | (2.21) | 17.41 | (17.14) | &nbsp;&nbsp;&nbsp;926232 | 0.41 | 0.41 | 0.67 | 20 |
| 05/31/23 | 17.41 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.63) | (0.24) | (3.72) | (3.96) | 12.82 | (5.10) | &nbsp;&nbsp;&nbsp;893002 | 0.45 | 0.41 | 1.40 | 13 |
| 05/31/24 | 12.82 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;2.52 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | 15.15 | 19.67 | 1080475 | 0.43 | 0.38 | 1.11 | 11 |
| 05/31/25 | 15.15 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;0.11 | (0.20) | (0.51) | (0.71) | 14.55 | &nbsp;&nbsp;0.73 | 1054986 | 0.44 | 0.38 | 0.97 | 28 |
| **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;5.88 | (0.15) | (0.27) | (0.42) | 14.26 | 66.92 | &nbsp;&nbsp;&nbsp;279760 | 0.89 | 0.89 | 0.58 | 37 |
| 05/31/22 | 14.26 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.71) | (0.08) | (0.76) | (0.84) | 12.71 | (5.18) | &nbsp;&nbsp;&nbsp;236013 | 0.87 | 0.87 | 0.64 | 20 |
| 05/31/23 | 12.71 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;(0.84) | (0.10) | (1.57) | (1.67) | 10.20 | (7.65) | &nbsp;&nbsp;&nbsp;188747 | 0.89 | 0.89 | 1.48 | 14 |
| 05/31/24 | 10.20 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;2.69 | (0.20) | (0.35) | (0.55) | 12.34 | 26.46 | &nbsp;&nbsp;&nbsp;215387 | 0.89 | 0.89 | 1.20 | 19 |
| 05/31/25 | 12.34 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(0.89) | (0.15) | (1.02) | (1.17) | 10.28 | (7.66) | &nbsp;&nbsp;&nbsp;173460 | 0.90 | 0.90 | 1.20 | 21 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The expense ratios do not include underlying fund expenses that the Fund bears indirectly. Additionally, recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds.

(4) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

(5) Annualized

(6) Includes reimbursement for overbilling of custody fees in prior years of 0.02%.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| 08/31/20 | $10.76 | $0.10 | $(0.92) | $(0.82) | $(0.14) | $(0.29) | $(0.43) | $9.51 | (7.72)% | $302120 | 1.09% | 0.99% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;69% |
| 05/31/21(3) | &nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;6.16 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) | 15.57 | 64.80 | &nbsp;&nbsp;&nbsp;501758 | &nbsp;&nbsp;1.06(4) | &nbsp;&nbsp;1.01(4) | &nbsp;&nbsp;&nbsp;0.53(4) | 55 |
| 05/31/22 | 15.57 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(0.81) | (0.07) | (1.15) | (1.22) | 13.54 | (5.49) | &nbsp;&nbsp;&nbsp;523983 | 0.79 | 0.77 | 0.78 | 67 |
| 05/31/23 | 13.54 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;(1.22) | (0.13) | (1.89) | (2.02) | 10.30 | (10.53) | &nbsp;&nbsp;&nbsp;433476 | 0.81 | 0.77 | 1.33 | 90 |
| 05/31/24 | 10.30 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;2.25 | (0.21) | (0.24) | (0.45) | 12.10 | 21.92 | &nbsp;&nbsp;&nbsp;376146 | 0.81 | 0.79 | 0.98 | 107 |
| 05/31/25 | 12.10 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.31) | (0.22) | (0.63) | (0.85) | 10.94 | (2.78) | &nbsp;&nbsp;&nbsp;244584 | 0.84 | 0.84 | 0.91 | 80 |
| **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** |
| 05/31/21 | 40.27 | &nbsp;&nbsp;0.60 | 15.20 | 15.80 | (0.83) | (2.58) | (3.41) | 52.66 | 39.93 | 6035053 | 0.32 | 0.29 | 1.26 | &nbsp;&nbsp;&nbsp;4 |
| 05/31/22 | 52.66 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.13) | (0.64) | (4.40) | (5.04) | 47.49 | (0.54) | 5543586 | 0.31 | 0.29 | 1.09 | &nbsp;&nbsp;&nbsp;2 |
| 05/31/23 | 47.49 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;1.02 | (0.62) | (3.35) | (3.97) | 44.54 | &nbsp;&nbsp;2.58 | 5360728 | 0.33 | 0.29 | 1.42 | &nbsp;&nbsp;&nbsp;2 |
| 05/31/24 | 44.54 | &nbsp;&nbsp;0.63 | 11.61 | 12.24 | (0.62) | (3.10) | (3.72) | 53.06 | 27.70 | 6443182 | 0.32 | 0.26 | 1.28 | &nbsp;&nbsp;&nbsp;2 |
| 05/31/25 | 53.06 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;6.94 | (0.69) | (0.93) | (1.62) | 58.38 | 13.17 | 6429619 | 0.31 | 0.23 | 1.10 | &nbsp;&nbsp;&nbsp;3 |
| **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** |
| 05/31/21 | 20.57 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;8.77 | (0.17) | (2.56) | (2.73) | 26.61 | 43.72 | &nbsp;&nbsp;&nbsp;693185 | 0.90 | 0.68 | 0.67 | 20 |
| 05/31/22 | 26.61 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(0.87) | (0.06) | (0.13) | (0.19) | 25.55 | (3.30) | &nbsp;&nbsp;&nbsp;596130 | 0.85 | 0.63 | 0.71 | 15 |
| 05/31/23 | 25.55 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;0.15 | (0.24) | (1.12) | (1.36) | 24.34 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;531131 | 0.86 | 0.64 | 1.10 | 14 |
| 05/31/24 | 24.34 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;6.70 | (0.31) | (0.27) | (0.58) | 30.46 | 27.55 | &nbsp;&nbsp;&nbsp;585327 | 0.86 | 0.64 | 0.85 | 18 |
| 05/31/25 | 30.46 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;3.53 | (0.29) | (1.26) | (1.55) | 32.44 | 11.71 | &nbsp;&nbsp;&nbsp;693826 | 0.86 | 0.64 | 0.73 | 36 |
| **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** |
| 05/31/21 | 20.80 | (0.11) | &nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.48) | (2.48) | 25.17 | 33.74 | 1001518 | 0.82 | 0.82 | (0.45) | 28 |
| 05/31/22 | 25.17 | (0.11) | &nbsp;&nbsp;(4.98) | &nbsp;&nbsp;(5.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (3.63) | (3.63) | 16.45 | (21.75) | &nbsp;&nbsp;&nbsp;711659 | 0.82 | 0.79 | (0.44) | 25 |
| 05/31/23 | 16.45 | (0.02) | &nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.78) | (2.78) | 14.17 | &nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;773275 | 0.85 | 0.83 | (0.16) | 88 |
| 05/31/24 | 14.17 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.05) | (2.05) | 17.18 | 36.24 | &nbsp;&nbsp;&nbsp;973156 | 0.83 | 0.65 | 0.10 | 56 |
| 05/31/25 | 17.18 | (0.01) | &nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;2.54 | (0.02) | (1.57) | (1.59) | 18.13 | 15.29 | &nbsp;&nbsp;&nbsp;985521 | 0.82 | 0.64 | (0.03) | 46 |
| **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** |
| 05/31/21 | 11.79 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;4.08 | (0.24) | (2.51) | (2.75) | 13.12 | 36.90 | &nbsp;&nbsp;&nbsp;563185 | 0.87 | 0.57 | 1.39 | 197 |
| 05/31/22 | 13.12 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;0.45 | (0.04) | (0.52) | (0.56) | 13.01 | &nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;486821 | 0.78 | 0.48 | 1.54 | 32 |
| 05/31/23 | 13.01 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.47) | (0.27) | (0.68) | (0.95) | 11.59 | (3.89) | &nbsp;&nbsp;&nbsp;401755 | 0.79 | 0.49 | 1.83 | 64 |
| 05/31/24 | 11.59 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.64 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | 13.99 | 22.85 | &nbsp;&nbsp;&nbsp;452618 | 0.79 | 0.49 | 1.75 | 75 |
| 05/31/25 | 13.99 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;1.72 | (0.26) | (0.66) | (0.92) | 14.79 | 12.47 | &nbsp;&nbsp;&nbsp;456510 | 0.79 | 0.60 | 1.43 | 55 |
| **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** |
| 08/31/20 | 22.03 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;3.41 | (0.33) | (4.20) | (4.53) | 20.91 | 17.06 | &nbsp;&nbsp;&nbsp;745440 | 0.61 | 0.60 | 1.20 | 14 |
| 05/31/21(3) | 20.91 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;4.87 | (0.25) | (0.68) | (0.93) | 24.85 | 23.38 | &nbsp;&nbsp;&nbsp;829253 | &nbsp;&nbsp;0.60(4) | &nbsp;&nbsp;0.60(4) | &nbsp;&nbsp;&nbsp;0.77(4) | 18 |
| 05/31/22 | 24.85 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;(0.65) | (0.17) | (3.39) | (3.56) | 20.64 | (2.90) | &nbsp;&nbsp;&nbsp;733505 | 0.35 | 0.35 | 1.06 | 23 |
| 05/31/23 | 20.64 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;0.13 | (0.27) | (3.75) | (4.02) | 16.75 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;685339 | 0.36 | 0.36 | 1.46 | 26 |
| 05/31/24 | 16.75 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;4.71 | (0.29) | (1.58) | (1.87) | 19.59 | 28.30 | &nbsp;&nbsp;&nbsp;661433 | 0.36 | 0.36 | 1.20 | 29 |
| 05/31/25 | 19.59 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;1.99 | (0.27) | (3.29) | (3.56) | 18.02 | 11.18 | &nbsp;&nbsp;&nbsp;559863 | 0.37 | 0.37 | 1.04 | 26 |

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(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

(4) Annualized

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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To the Board of Directors of VALIC Company I and Shareholders of each of the funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting VALIC Company I, hereafter collectively referred to as the "Funds") as of May 31, 2025, the related statements of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2025 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

#### VALIC Company I

---

| |
|:---|
| Aggressive Growth Lifestyle Fund |
| Asset Allocation Fund |
| Capital Appreciation Fund |
| Conservative Growth Lifestyle Fund |
| Core Bond Fund |
| Dividend Value Fund |
| Dynamic Allocation Fund |
| Emerging Economies Fund |
| Global Real Estate Fund |
| Global Strategy Fund |
| Government Securities Fund |
| Growth Fund |
| High Yield Bond Fund |
| Inflation Protected Fund |
| International Equities Index Fund |
| International Government Bond Fund |
| International Growth Fund |
| International Opportunities Fund |

---

---

| |
|:---|
| International Socially Responsible Fund |
| International Value Fund |
| Large Capital Growth Fund |
| Mid Cap Index Fund |
| Mid Cap Strategic Growth Fund |
| Mid Cap Value Fund |
| Moderate Growth Lifestyle Fund |
| Nasdaq-100® Index Fund |
| Science & Technology Fund |
| Small Cap Growth Fund |
| Small Cap Index Fund |
| Small Cap Special Values Fund |
| Small Cap Value Fund |
| Stock Index Fund |
| Systematic Core Fund |
| Systematic Growth Fund |
| Systematic Value Fund |
| U.S. Socially Responsible Fund |

---

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent, brokers, selling or agent banks and portfolio companies; when replies were not received from a broker, selling or agent bank or portfolio company, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

July 25, 2025

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

------

[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### SHAREHOLDERS TAX INFORMATION (unaudited)

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&nbsp;&nbsp;&nbsp;&nbsp;Certain tax information regarding VALIC Company I is required to be provided to the shareholders based upon each Fund's income and distributions for the year ended May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;During the year ended May 31, 2025, the Fund paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Net<br> Long-Term<br> Capital Gains** | &nbsp;&nbsp;**Foreign<br> Taxes Credit** | &nbsp;&nbsp;**Foreign<br> Source Income** | &nbsp;&nbsp;**Qualifying % for the<br> Dividends<br> Received Deduction** |
| Aggressive Growth Lifestyle Fund<br>| &nbsp;&nbsp;$6466028 | &nbsp;&nbsp;$342159 | &nbsp;&nbsp;$4598689 | &nbsp;&nbsp;&nbsp;32.37% |
| Asset Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;35.67 |
| Capital Appreciation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |
| Conservative Growth Lifestyle Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860194 | &nbsp;&nbsp;&nbsp;11.07 |
| Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;19447649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;57.68 |
| Dynamic Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276380 | &nbsp;&nbsp;&nbsp;24.60 |
| Emerging Economies Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2909229 | &nbsp;&nbsp;&nbsp;&nbsp;12505808 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Global Real Estate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Global Strategy Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.82 |
| Government Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;52396580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |
| High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;18985344 | &nbsp;&nbsp;&nbsp;3843665 | &nbsp;&nbsp;&nbsp;112444803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Government Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7158239 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| International Socially Responsible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619459 | &nbsp;&nbsp;&nbsp;1337475 | &nbsp;&nbsp;&nbsp;&nbsp;12936537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;19920131 | &nbsp;&nbsp;&nbsp;1002004 | &nbsp;&nbsp;&nbsp;&nbsp;13864471 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Large Capital Growth Fund<br>| &nbsp;&nbsp;&nbsp;125678964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;93.41 |
| Mid Cap Index Fund<br>| &nbsp;&nbsp;&nbsp;284611495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;49.00 |
| Mid Cap Strategic Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |
| Mid Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;42331067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;31.62 |
| Moderate Growth Lifestyle Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812410 | &nbsp;&nbsp;&nbsp;19.64 |
| Nasdaq-100® Index Fund<br>| &nbsp;&nbsp;&nbsp;181641621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |
| Science & Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;33598223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;68.08 |
| Small Cap Special Values Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;15313535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;80.36 |
| Small Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;14177543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;62.60 |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;90017948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;90.77 |
| Systematic Core Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;20431226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.85 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;44515978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16.71 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;39.79 |
| U.S. Socially Responsible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;99981921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |

---

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS (unaudited)

------

#### Item 8 (Form N-CSR) – Changes in and Disagreements with Accountants for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### RESULTS OF SPECIAL SHAREHOLDER MEETING (unaudited)

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#### Item 9 (Form N-CSR) – Proxy Disclosure for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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#### VALIC Company I

#### REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS (unaudited)

------

#### Item 10 (Form N-CSR) – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;Remuneration paid to Directors is included in the Statement of Operations.

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited)

------

#### Item 11 (Form N-CSR) – Statement Regarding Basis for Approval of Investment Advisory Contract.
**International Equities Index Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, International Socially Responsible Fund and U.S. Socially Responsible Fund (collectively, the "Funds")**

#### Approval of Sub-Advisory Agreements
&nbsp;&nbsp;&nbsp;&nbsp;At a meeting held on January 22-23, 2025 (the "Meeting"), the Board of Directors (the "Board") of VALIC Company I ("VC I"), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"), approved a new investment sub-advisory agreement between Variable Annuity Life Insurance Company ("VALIC") and BlackRock Investment Management, LLC ("BlackRock"), with respect to the Funds (the "BlackRock Sub-advisory Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the approval of the BlackRock Sub-advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the BlackRock Sub-advisory Agreement. Those factors, included: (1) the nature, extent and quality of the services to be provided to the Fund by BlackRock; (2) the key personnel of BlackRock who will provide services to the Fund; (3) BlackRock's compliance policies and procedures; (4) BlackRock's brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by BlackRock as a result of the BlackRock Sub-advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;In considering whether to approve the BlackRock Sub-advisory Agreement the Board also took into account a presentation made at the Meeting by members of management as well as by representatives from BlackRock. The Board noted that in accordance with Section 15(c) of the 1940 Act, BlackRock furnished the Board with extensive information in connection with the consideration of the BlackRock Sub-advisory Agreement. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the BlackRock Sub-advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

&nbsp;&nbsp;&nbsp;&nbsp;*Nature, Extent and Quality of Services.* The Board considered the nature, extent and quality of services to be provided to the Fund by BlackRock. The Board reviewed information provided by BlackRock relating to their respective operations and personnel. The Board also noted that BlackRock's management of the Fund will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund's prospectus and statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered information provided to them regarding the services to be provided by BlackRock, including a presentation from BlackRock, which discussed, among other things, BlackRock's indexing capabilities. The Board noted that BlackRock will determine the securities to be purchased or sold on behalf of the Funds and will be responsible for providing VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and for rendering regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed information regarding the qualifications, background and responsibilities of BlackRock's investment and compliance personnel who would provide services to the Funds. The Board also took into account the financial condition of BlackRock. The Board also reviewed BlackRock's brokerage practices. The Board also considered BlackRock's risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that the scope and quality of the services to be provided by BlackRock were expected to be satisfactory and that there was a reasonable basis to conclude that BlackRock would provide a high quality of investment services to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;*Fees and Expenses; Investment Performance.* The Board received and reviewed information regarding the fees proposed to be charged by BlackRock for sub-advisory services compared against the sub-advisory fees of the funds in each Fund's Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with BlackRock at arm's length. The Board also noted that the sub-advisory fee rate to be payable to BlackRock pursuant to the BlackRock Sub-Advisory Agreement is lower than the sub-advisory fee rate payable to SunAmerica Asset Management ("SunAmerica") pursuant to the current sub-advisory agreement with SunAmerica, with respect to the International Equities Index Fund, the Mid Cap Index Fund, the Nasdaq-100® Index Fund, the Stock Index Fund and the Socially Responsible Funds. With respect to the Growth Fund, the Board noted that the sub-advisory fee would be lower than the current sub-advisory fee paid to SunAmerica on the first $1 billion and slightly above on assets above $1 billion. With respect to the Small Cap Index Fund, the Board noted that the sub-advisory fee would be lower than the current sub-advisory fee paid to SunAmerica on the first $150 million and the same on assets above $150 million. The Board considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. Therefore, the Board considered that the engagement of BlackRock will not result in any change to the management fee paid by the Fund to VALIC. The Board also took into account the new Advisory Fee Waiver Agreement for the Socially Responsible Funds. The Board also considered the fees that BlackRock charges to certain similarly managed accounts.

&nbsp;&nbsp;&nbsp;&nbsp;*Cost of Services and Indirect Benefits/Profitability.* The Board considered the cost of services and profits expected to be realized in connection with the BlackRock Sub-Advisory Agreement. The Board noted that the sub-advisory fee rate proposed to be paid by each Fund at its current asset levels pursuant to the BlackRock Sub-Advisory Agreement would be lower than the current sub-advisory fee and considered the impact of the sub-adviser change on VALIC's profitability. The Board considered that the sub-advisory fee rates were negotiated with BlackRock at arm's length. In considering the anticipated profitability to BlackRock in connection with its relationship to the Funds, the Directors noted that the fees under the BlackRock Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Funds. The Board determined that the profitability to BlackRock in connection with its relationship with the Funds is therefore not a material factor in its consideration of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;In view of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of BlackRock from its relationship with the Funds was not material to their deliberations with respect to consideration of approval of the BlackRock Sub-Advisory Agreement.

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;*Economies of Scale.* For similar reasons as stated above with respect to BlackRock's anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in BlackRock's management of the Fund is not a material factor to the approval of the BlackRock Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*Terms of the Sub-Advisory Agreement.* The Board reviewed the terms of the BlackRock Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the BlackRock Sub-Advisory Agreement were reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;*Conclusions.* In reaching its decisions to approve the BlackRock Sub-Advisory Agreement, the Board did not identify any single factor as being controlling but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that BlackRock possesses the capability and resources to perform the duties required under the BlackRock Sub-Advisory Agreement.

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

------

#### LARGE CAP GROWTH Fund (the "Fund")

#### Approval of Sub-Advisory Agreements
&nbsp;&nbsp;&nbsp;&nbsp;At a meeting held on April 22-23, 2025 (the "Meeting"), the Board of Directors (the "Board") of VALIC Company I ("VC I"), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"), approved new investment sub-advisory agreements between Variable Annuity Life Insurance Company ("VALIC") and each of T. Rowe Price Associates, Inc. ("T. Rowe") and J.P. Morgan Investment Management Inc. ("JPMorgan"), with respect to the Fund (the "T. Rowe Sub-advisory Agreement" and the "JPMorgan Sub-advisory Agreement", respectively).

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the approval of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Funds by each of T. Rowe and JP Morgan; (2) the key personnel of each of T. Rowe and JP Morgan who will provide services to the Fund; (3) T. Rowe's and JPMorgan's compliance policies and procedures; (4) T. Rowe's and JP Morgan's brokerage and soft dollar practices; and (5) information relating to any economies of scale and other benefits to be realized by T. Rowe and JPMorgan as a result of the Subadvisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;In considering whether to approve the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as by representatives from each of T. Rowe and JPMorgan. The Board noted that in accordance with Section 15(c) of the 1940 Act, T. Rowe and JPMorgan furnished the Board with extensive information in connection with the consideration of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

&nbsp;&nbsp;&nbsp;&nbsp;*Nature, Extent and Quality of Services.* The Board considered the nature, extent and quality of services to be provided to the Fund by each of T. Rowe and JPMorgan. The Board reviewed information provided by each of T. Rowe and JPMorgan relating to its operations and personnel. The Board also noted that each of T. Rowe's and JPMorgan's management of the Fund will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund's prospectus and statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered information provided to them regarding the services to be provided by each of T. Rowe and JPMorgan, including separate presentations from T. Rowe and JPMorgan. The Board noted that each of T. Rowe and JPMorgan will determine the securities to be purchased or sold on behalf of the Fund and will be responsible for providing VALIC with records concerning its activities, which VALIC or the Fund are required to maintain; and for rendering regular reports to VALIC and to officers and Directors of the Fund concerning its discharge of the foregoing responsibilities. The Board reviewed information regarding the qualifications, background and responsibilities of T. Rowe's and JPMorgan's investment and compliance personnel who would provide services to the Fund. The Board also took into account the financial condition of each of T. Rowe and JPMorgan. The Board also reviewed T. Rowe's and JPMorgan's brokerage practices. The Board also considered T. Rowe's and JPMorgan's risk management processes and regulatory history, including information regarding whether either was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that the scope and quality of the services to be provided by each of T. Rowe and JPMorgan were expected to be satisfactory and that there was a reasonable basis to conclude that T. Rowe and JPMorgan would provide a high quality of investment services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;*Fees and Expenses; Investment Performance.* The Board received and reviewed information regarding the fees proposed to be charged by each of T. Rowe and JPMorgan for sub-advisory services compared against the sub-advisory fees of the funds in the Fund's Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated the sub-advisory fee with each of T. Rowe and JPMorgan at arm's length. The Board also noted that the sub-advisory fee rate to be payable to each of T. Rowe and JPMorgan pursuant to the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement is lower than the sub-advisory fee rate payable to Massachusetts Financial Services ("MFS") pursuant to the current sub-advisory agreement with MFS. The Board considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund and that the sub-advisory fees are not paid by the Fund. Therefore, the Board considered that the engagement of each of T. Rowe and JPMorgan will not result in any change to the management fee paid by the Fund to VALIC. The Board also took into account the new Advisory Fee Waiver Agreement. The Board also considered the fees that each of T. Rowe and JPMorgan charges to certain similarly managed accounts.

&nbsp;&nbsp;&nbsp;&nbsp;*Cost of Services and Indirect Benefits/Profitability.* The Board considered the cost of services and profits expected to be realized in connection with the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement. The Board noted that the sub-advisory fee rate proposed to be paid by VALIC at its current asset levels pursuant to the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement would be lower than the current sub-advisory fee and considered the impact of the sub-adviser change on VALIC's profitability. The Board considered that the sub-advisory fee rates were negotiated with each of T. Rowe and JPMorgan at arm's length. In considering the anticipated profitability to each of T. Rowe and JPMorgan in connection with its relationship to the Fund, the Directors noted that the fees under the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund. The Board determined that the profitability to each of T. Rowe and JPMorgan in connection with its relationship with the Fund is therefore not a material factor in its consideration of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;In view of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of each of T. Rowe and JPMorgan from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*Economies of Scale.* For similar reasons as stated above with respect to each of T. Rowe's and JPMorgan's anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in each of T. Rowe's and JPMorgan's management of the Fund is not a material factor to the approval of the . Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement.

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;*Terms of the Sub-Advisory Agreements.* The Board reviewed the terms of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement were reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;*Conclusions.* In reaching its decisions to approve the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement, the Board did not identify any single factor as being controlling but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that each of T. Rowe and JPMorgan possesses the capability and resources to perform the duties required under the T. Rowe Sub-advisory Agreement and JPMorgan Sub-Advisory Agreement.

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

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[**Table of Contents**](#JOB_NEW_F_d3b1f8b3-f3df-4370-a020-507ef67eb348_TOC)

![](img305e32af1.jpg)

#### Retirement Services
corebridgefinancial.com/rs

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

• Check total current balance across available plans and calculate projected retirement income amounts

• View important plan information including rate of return, balance, contribution amounts, fund and asset-allocation mix, and transaction history

• Access and download important documents including account statements, transaction confirmations and tax documents

• Send and receive important documents or messages securely using the secure mail feature in the client mailbox

• Manage and update your personal account profile including your contact information (phone, address and email), account beneficiaries, trusted contacts and more

#### Personal Deliver-e®
• It's easy to sign up for secure account document access

• Simply visit corebridgefinancal.com/rs today to get started

#### Initiate account transactions including:
• Change current contribution/salary deferral amounts

• Change future contribution fund and asset allocations

• Rebalance current account to desired fund and asset-allocation mix

• Transfer money among investment options

• Request a one-time withdrawal

#### Sign up today at corebridgefinancial.com/rs
• Register for online access

• Follow steps to create a security profile

#### Please note: Email delivery is not accessible to certain annuity contract owners.
We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.

#### Thank you for choosing Corebridge
We believe everyone deserves financial security. Every day, we work hard to make it possible for more people to take action in their financial lives—because action is the bridge from planning to outcomes, from today's financial needs to tomorrow's aspirations.

Annuities are issued by **The Variable Annuity Life Insurance Company**, Houston, TX. Variable annuities are distributed by Corebridge Capital Services, Inc., member FINRA. Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment adviser. VALIC Retirement Services Company (VRSCO) provides retirement plan recordkeeping and related services and is the transfer agent for certain affiliated variable investment options. All companies above are wholly owned subsidiaries of Corebridge Financial, Inc. Corebridge Retirement Services, Corebridge Financial and Corebridge are marketing names used by these companies.© Corebridge Financial, Inc. All rights reserved.

VC 23800 (12/2025) J1026108 EE

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined under Rule30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant's management, including the Principal Executive Officer and Principal Financial Officer, concluded that the registrant's disclosure controls and procedures are effective.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

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#### Item 19. Exhibits.
(a)(1) Code of Ethics ([EX-99.CODE ETH](EX-99.CODEETH.htm))

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as [EX-99.906 CERT](EX-99.906CERT.htm).

------

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

VALIC Company I

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: August 8, 2025

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

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: August 8, 2025

By: /s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

Date: August 8, 2025

------

## Ex-99.Code

#### EX-99.CODE ETH

#### VALIC COMPANY I

#### (the "Funds")

#### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND PRINCIPAL ACCOUNTING OFFICERS
I. **Introduction** 

The Board of Directors of the Funds (the "Board") has adopted this Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act applicable to the Funds' Principal Executive Officer and Principal Accounting Officer (the "Covered Officers" as set forth in Exhibit A) for the purpose of deterring wrongdoing and promoting:

· Honest and ethical conduct, including the ethical handling of conflicts of interest between personal and professional relationships;

· Full, fair, accurate, timely and understandable disclosure;

· Compliance with applicable laws and governmental rules and regulations;

· The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· Accountability for adherence to the Code.

Each Covered Officer must comply with applicable law. Each Covered Officer also has a responsibility to conduct himself or herself in an honest and ethical manner and to adhere to a high standard of business ethics. Each Covered Officer has leadership responsibilities that include promoting a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns. Each Covered Officer should also be sensitive to situations that may give rise to conflicts of interest.

II. **Honest and Ethical Conduct** 

a. **Honesty, Diligence and Professional Responsibility** 

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. In particular, Covered Officers must perform their duties and responsibilities for the Funds:

· with honesty, diligence, and a commitment to professional and ethical responsibility;

· carefully, thoroughly and in a timely manner; and

· in conformity with applicable professional and technical standards.

b. **Ethical Handling of Actual and Apparent Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest improperly interferes with the interests of, or his or her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her immediate family, receives improper personal benefits as a result of his or her position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act") and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The compliance programs and procedures of the Funds and the Funds' investment adviser, The Variable Annuity Life Insurance Company ("VALIC"), are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between, the Funds, VALIC and/or the Funds' administrator, of which the Covered Officers may also be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds, VALIC and/or the administrator), be involved in establishing policies and implementing decisions that will have different effects on the Funds, VALIC and/or the administrator. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds, VALIC and/or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

In particular, each Covered Officer must:

· Not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

· Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

· Report at least annually to the Funds' Ethics Committee any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest.

There are certain potential conflict of interest situations that should be discussed with the Ethics Committee if material. Examples of these include:

· Service as a director on the board of any company;

· The receipt of any non-nominal gifts;

· The receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

· Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than VALIC, the administrator or any affiliated person thereof;

· A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

c. **Conduct in the Preparation of Financial Statements** 

Covered Officers must not knowingly make any misrepresentations regarding the Funds' financial statements or any facts used in the preparation of the Funds' financial statements. This section is intended to prohibit:

· making, or permitting or directing another to make, materially false or misleading entries in the Funds' financial statements or records;

· failing to correct the Funds' financial statements or records that are materially false or misleading; and

· signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

d. **Obligations to the Independent Auditor of the Funds** 

In dealing with the Funds' independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts and must respond to specific inquiries and requests by the Funds' independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Funds' independent auditor

in the performance of an audit of the Funds' financial statements for the purpose of rendering such financial statements materially misleading.

I. **Disclosure and Compliance** 

· Each Covered Officer will familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

· Each Covered Officer will not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Board and auditors, or to governmental regulators and self- regulatory organizations;

· Each Covered Officer will, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and VALIC with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

II. **Reporting and Accountability** 

Each Covered Officer must:

· Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read and understands the Code;

· Annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

· Not retaliate against any other Covered Officer or affiliated person of the Funds for reports of potential violations of this Code, provided the reports are made in good faith; and

· Notify the Ethics Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Ethics Committee is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. The Ethics Committee will also consider waivers sought by the Covered Officers.

The Funds will act according to the following procedures in investigating and enforcing this Code:

· The Ethics Committee will take all appropriate action to investigate any potential violations reported to it;

· If, after such investigation, the Ethics Committee believes that no violation has occurred, the Ethics Committee is not required to take any further action;

· If the Ethics Committee determines that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of VALIC or its board; or a recommendation to dismiss the Covered Officer;

· The Ethics Committee will be responsible for granting waivers, as appropriate;

· The Ethics Committee will inform the Board of violations or waivers of this Code; and

· Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

III. **Other Policies and Procedures** 

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to investment companies thereunder. Insofar as other policies or procedures of the Funds, VALIC or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics of the Funds and VALIC under Rule 17j-1 of the Investment Company Act, and VALIC's more detailed policies and procedures set forth in the VALIC Compliance Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

IV. **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

V. **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds, the Ethics Committee, VALIC and the Board and their independent counsel.

VI. **Internal Use** 

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance or legal conclusion.

#### Exhibit A
John Genoy Principal Executive Officer

Gregory R. Kingston Principal Accounting Officer

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## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EX-99.CERT** <br>

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of VALIC Company I;

2. sed on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 7, 2025

/s/ John T. Genoy John T. Genoy

Principal Executive Officer

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of VALIC Company I ;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 7, 2025

/s/ Gregory R. Kingston Gregory R. Kingston Principal Financial Officer

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## Exhibit 99.906

#### EX-99.906 CERT
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

John T. Genoy, Principal Executive Officer, and Gregory R. Kingston, Principal Financial Officer of VALIC Company I (the "registrant"), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: August 7, 2025

/s/ John T. Genoy

John T. Genoy

Principal Executive Officer

/s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

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