# EDGAR Filing Document

**Accession Number:** 0000719423
**File Stem:** 0001410368-25-019578
**Filing Date:** 2025-10
**Character Count:** 2196633
**Document Hash:** 28a5f9e45eb82bd6d0f229d1718e23d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-019578.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001410368-25-019578

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20260531

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03738
- **FILM NUMBER:** 251429691

**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

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

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

## Nport-Ex

#### VALIC Company I Aggressive Allocation Lifestyle Fund^<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 99.3%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.3%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.3%** |
| **Domestic Equity Investment Companies — 56.7%** | **Domestic Equity Investment Companies — 56.7%** | **Domestic Equity Investment Companies — 56.7%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | 1093874 | &nbsp;&nbsp;$19033401 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | 1405705 | &nbsp;&nbsp;&nbsp;&nbsp; 17585365 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | 3836646 | &nbsp;&nbsp;&nbsp;&nbsp;245391891 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | 3458871 | &nbsp;&nbsp;&nbsp;&nbsp; 70007559 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | 4232486 | &nbsp;&nbsp;&nbsp;&nbsp; 66830947 |
| **Total Domestic Equity Investment Companies<br> (cost $326,188,313)** |  | &nbsp;&nbsp;&nbsp;&nbsp;418849163 |
| **Domestic Fixed Income Investment Companies — 21.7%** | **Domestic Fixed Income Investment Companies — 21.7%** | **Domestic Fixed Income Investment Companies — 21.7%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | 15403998 | &nbsp;&nbsp;&nbsp;&nbsp;153269777 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | 1038871 | &nbsp;&nbsp;&nbsp;&nbsp; 7521428 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $156,691,438)** |  | &nbsp;&nbsp;&nbsp;&nbsp;160791205 |
| **International Equity Investment Companies — 20.9%** | **International Equity Investment Companies — 20.9%** | **International Equity Investment Companies — 20.9%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Emerging Economies Fund | &nbsp;&nbsp;&nbsp;&nbsp;523061 | &nbsp;&nbsp;&nbsp;&nbsp; 3786963 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund | 15942935 | &nbsp;&nbsp;&nbsp;&nbsp;150501307 |
| **Total International Equity Investment Companies<br> (cost $117,985,941)** |  | &nbsp;&nbsp;&nbsp;&nbsp;154288270 |
| **Total Long-Term Investment Securities<br> (cost $600,865,692)** |  | &nbsp;&nbsp;&nbsp;&nbsp;733928638 |

---

---

| | | |
|:---|:---|:---|
| **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> 4.23%(2)<br> (cost $4,901,678) | 4901678 | &nbsp;&nbsp;$4901678 |
| **TOTAL INVESTMENTS<br> (cost $605,767,370)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;738830316 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14911) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$738815405 |

---

---

| | |
|:---|:---|
| ^ | &nbsp;&nbsp;Prior to September 29, 2025, the Fund was known as Aggressive Growth Lifestyle Fund. |
| # | &nbsp;&nbsp;The VALIC Company I Aggressive Allocation 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) | &nbsp;&nbsp;See Note 3. |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |

---

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$733928638 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$733928638 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901678 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901678 |
| **Total Investments at Value** | &nbsp;&nbsp;$738830316 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$738830316 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 60.3%** | **COMMON STOCKS — 60.3%** | **COMMON STOCKS — 60.3%** |
| **Aerospace/Defense — 1.4%** | **Aerospace/Defense — 1.4%** | **Aerospace/Defense — 1.4%** |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194 | &nbsp;&nbsp;$730175 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 1446188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176363 |
| **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3476 | &nbsp;&nbsp;&nbsp;&nbsp; 1160532 |
| **Banks — 2.9%** | **Banks — 2.9%** | **Banks — 2.9%** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 | &nbsp;&nbsp;&nbsp;&nbsp; 953140 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;14535 | &nbsp;&nbsp;&nbsp;&nbsp; 709744 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;33342 | &nbsp;&nbsp;&nbsp;&nbsp; 2740046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4402930 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp; 590572 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp; 629933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220505 |
| **Building Materials — 2.3%** | **Building Materials — 2.3%** | **Building Materials — 2.3%** |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16306 | &nbsp;&nbsp;&nbsp;&nbsp; 1063151 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747 | &nbsp;&nbsp;&nbsp;&nbsp; 726053 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883 | &nbsp;&nbsp;&nbsp;&nbsp; 1712895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502099 |
| **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;651 | &nbsp;&nbsp;&nbsp;&nbsp; 622577 |
| **Computers — 3.8%** | **Computers — 3.8%** | **Computers — 3.8%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24669 | &nbsp;&nbsp;&nbsp;&nbsp; 5726662 |
| **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929 | &nbsp;&nbsp;&nbsp;&nbsp; 2295439 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp; 1308647 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4662 | &nbsp;&nbsp;&nbsp;&nbsp; 2775242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379328 |
| **Electric — 2.0%** | **Electric — 2.0%** | **Electric — 2.0%** |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507 | &nbsp;&nbsp;&nbsp;&nbsp; 485112 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19249 | &nbsp;&nbsp;&nbsp;&nbsp; 1386890 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;11830 | &nbsp;&nbsp;&nbsp;&nbsp; 1091909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963911 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;3653 | &nbsp;&nbsp;&nbsp;&nbsp; 1275408 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18135 | &nbsp;&nbsp;&nbsp;&nbsp; 1114214 |
| **Healthcare-Products — 2.4%** | **Healthcare-Products — 2.4%** | **Healthcare-Products — 2.4%** |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;13799 | &nbsp;&nbsp;&nbsp;&nbsp; 1122411 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;12703 | &nbsp;&nbsp;&nbsp;&nbsp; 1178965 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341 | &nbsp;&nbsp;&nbsp;&nbsp; 1307701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609077 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5665 | &nbsp;&nbsp;&nbsp;&nbsp; 1715079 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp; 684356 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp; 740408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139843 |
| **Internet — 7.2%** | **Internet — 7.2%** | **Internet — 7.2%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15623 | &nbsp;&nbsp;&nbsp;&nbsp; 3326293 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18070 | &nbsp;&nbsp;&nbsp;&nbsp; 4138030 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558 | &nbsp;&nbsp;&nbsp;&nbsp; 3366994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10831317 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp; 2822 | &nbsp;&nbsp;$755901 |
| **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 2062 | &nbsp;&nbsp;&nbsp;&nbsp; 986956 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp; 15274 | &nbsp;&nbsp;&nbsp;&nbsp; 1808136 |
| **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 13838 | &nbsp;&nbsp;&nbsp;&nbsp; 1581545 |
| **Oil & Gas Services — 1.6%** | **Oil & Gas Services — 1.6%** | **Oil & Gas Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp; 52124 | &nbsp;&nbsp;&nbsp;&nbsp; 2366430 |
| **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 6369 | &nbsp;&nbsp;&nbsp;&nbsp; 1340038 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp; 1814 | &nbsp;&nbsp;&nbsp;&nbsp; 1328900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668938 |
| **Private Equity — 0.9%** | **Private Equity — 0.9%** | **Private Equity — 0.9%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp; 7690 | &nbsp;&nbsp;&nbsp;&nbsp; 1318066 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp; 4969 | &nbsp;&nbsp;&nbsp;&nbsp; 565373 |
| **Retail — 4.4%** | **Retail — 4.4%** | **Retail — 4.4%** |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp; 16407 | &nbsp;&nbsp;&nbsp;&nbsp; 691391 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp; 8438 | &nbsp;&nbsp;&nbsp;&nbsp; 2177510 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp; 6172 | &nbsp;&nbsp;&nbsp;&nbsp; 1935169 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp; 19292 | &nbsp;&nbsp;&nbsp;&nbsp; 1870938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675008 |
| **Semiconductors — 8.6%** | **Semiconductors — 8.6%** | **Semiconductors — 8.6%** |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp;&nbsp; 525032 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 8944 | &nbsp;&nbsp;&nbsp;&nbsp; 2659856 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 42955 | &nbsp;&nbsp;&nbsp;&nbsp; 7481902 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp; 9431 | &nbsp;&nbsp;&nbsp;&nbsp; 2214871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12881661 |
| **Software — 7.3%** | **Software — 7.3%** | **Software — 7.3%** |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp;&nbsp; 992496 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 15353 | &nbsp;&nbsp;&nbsp;&nbsp; 7779212 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 5264 | &nbsp;&nbsp;&nbsp;&nbsp; 1190348 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp; 1117 | &nbsp;&nbsp;&nbsp;&nbsp; 1024803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10986859 |
| **Total Common Stocks<br> (cost $69,801,591)** |  | &nbsp;&nbsp;&nbsp;&nbsp;90719639 |
| **CORPORATE BONDS & NOTES — 10.3%** | **CORPORATE BONDS & NOTES — 10.3%** | **CORPORATE BONDS & NOTES — 10.3%** |
| **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; 4952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/01/2027 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 263909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/01/2028 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27379 |
| &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; 41522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28919 |
| &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; 53650 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/27/2033 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462485 |
| **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; 43528 |

---

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;$18064 |
| &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; 23754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 09/17/2034 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31164 |
| &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; 15594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132104 |
| **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; 48461 | &nbsp;&nbsp;&nbsp;&nbsp; 46465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/11/2032 | &nbsp;&nbsp; 75920 | &nbsp;&nbsp;&nbsp;&nbsp; 72749 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/10/2029 | &nbsp;&nbsp; 58110 | &nbsp;&nbsp;&nbsp;&nbsp; 55174 |
| &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; 20579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2029 | &nbsp;&nbsp; 24851 | &nbsp;&nbsp;&nbsp;&nbsp; 24287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 04/07/2027 | &nbsp;&nbsp; 28611 | &nbsp;&nbsp;&nbsp;&nbsp; 28550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 07/07/2027 | &nbsp;&nbsp; 29684 | &nbsp;&nbsp;&nbsp;&nbsp; 29462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 09/01/2031 | &nbsp;&nbsp; 30613 | &nbsp;&nbsp;&nbsp;&nbsp; 28730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 08/15/2038 | &nbsp;&nbsp; 140001 | &nbsp;&nbsp;&nbsp;&nbsp; 143447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449443 |
| **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; 115170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/10/2027\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311345 |
| **Banks — 2.9%** | **Banks — 2.9%** | **Banks — 2.9%** |
| &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; 207949 |
| &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; 24429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 10/20/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 35697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68%, 06/19/2041 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 103787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 02/04/2033 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71%, 04/24/2028 | &nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 147774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/27/2028 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/23/2035 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 01/24/2036 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41208 |
| &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; 33155 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/01/2030 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11258 |
| &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; 204948 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, 01/25/2033 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 79487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 69313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/11/2035 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51398 |
| &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; 201382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 03/04/2031\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203981 |
| &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; 146488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 01/10/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153389 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 10/21/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 02/24/2028 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36129 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | $45000 | &nbsp;&nbsp;$46070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 04/23/2031 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 53687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 07/23/2035 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 96618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/24/2029 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42566 |
| &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; 101211 |
| &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; 30928 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/06/2027 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 135626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/04/2031# | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97179 |
| &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; 89277 |
| &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; 128538 |
| &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; 263491 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/23/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46%, 04/22/2039 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 102476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04%, 07/19/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 04/20/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/18/2030 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41772 |
| &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; 30335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/13/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 01/24/2034 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 07/21/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5081 |
| &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; 45384 |
| &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; 41983 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69%, 01/10/2034\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 215242 |
| &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; 31194 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 05/20/2031# | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/26/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 01/24/2035 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 06/08/2027 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, 10/30/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32560 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 05/15/2031 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35960 |
| &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; 52531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 04/25/2053 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 67809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/23/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 12/03/2035 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324336 |
| **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; 68793 |
| **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; 78339 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2035 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25805 |
| &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; 103111 |

---

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 09/15/2030 | $56000 | &nbsp;&nbsp;$49288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256543 |
| **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; 127262 |
| &nbsp;&nbsp;&nbsp;EIDP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46170 |
| &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; 33119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206551 |
| **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; 40785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 12/04/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31762 |
| &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 10/30/2034\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20447 |
| &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; 25637 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 08/09/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29701 |
| &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; 98171 |
| &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; 26416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272919 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| &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; 19534 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 80299 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/14/2031 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 36930 |
| &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; 72134 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/15/2031 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 125359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334256 |
| **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
| &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; 153280 |
| &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; 146928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/30/2032 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137330 |
| &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; 153061 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/20/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 01/30/2036 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30837 |
| &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; 25412 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/18/2027\* | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 54705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2026\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/01/2026\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 01/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2026\* | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 154249 |

---

---

| | | |
|:---|:---|:---|
| **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;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 01/31/2028 | $94000 | &nbsp;&nbsp;$93160 |
| &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; 20225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40576 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2034 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161099 |
| **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; 41156 |
| &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; 29755 |
| &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; 6381 |
| &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; 111114 |
| &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; 30475 |
| &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; 34858 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/15/2027 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17307 |
| &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; 144997 |
| &nbsp;&nbsp;&nbsp;Evergy Metro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/01/2034 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 73255 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2029 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 75792 |
| &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; 98281 |
| &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; 64908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14987 |
| &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; 20536 |
| &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; 35387 |
| &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; 56967 |
| &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; 294062 |
| &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; 7680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2034 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 67487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 10/01/2054# | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/15/2033 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 60546 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2035 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82742 |
| &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; 254204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 06/01/2051 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 07/15/2049 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29764 |
| &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; 19083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2054 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27547 |
| &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; 10028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2033 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40858 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15257 |

---

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;SCE Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/2042 | $22530 | &nbsp;&nbsp;$22126 |
| &nbsp;&nbsp;&nbsp;Sigeco Securitization I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 11/15/2038 | &nbsp;&nbsp; 21398 | &nbsp;&nbsp;&nbsp;&nbsp; 21759 |
| &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; 110317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2031 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/01/2055# | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19098 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/15/2033 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55164 |
| &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; 20406 |
| &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; 15293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2034\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130039 |
| **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; 27899 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &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; 23498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 51542 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2036\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/2066\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39432 |
| &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; 15130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/01/2039 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 35523 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9363 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54220 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 09/04/2050# | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 8795 |
| &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; 43536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/2034# | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367348 |
| **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; 46101 |
| &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; 21365 |
| &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; 26603 |
| &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; 21038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115107 |
| **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; 38424 |
| **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; 4594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2032 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11161 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2034 | $45000 | &nbsp;&nbsp;$45577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2047 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2035 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/15/2054 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/01/2064 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53058 |
| &nbsp;&nbsp;&nbsp;MedStar Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2049 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 32854 |
| &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; 15373 |
| &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; 19763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234805 |
| **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; 50380 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &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; 18984 |
| &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; 49741 |
| &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; 102581 |
| &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; 42631 |
| &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; 15632 |
| &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; 24418 |
| &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; 49810 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 05/28/2031\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82938 |
| &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; 38597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425332 |
| **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; 39183 |
| &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; 19186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 05/15/2053 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34599 |
| &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; 19771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112739 |
| **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; 53040 |
| **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; 51676 |
| **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; 44991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 25160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30053 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 121280 |

---

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/01/2034 | $50000 | &nbsp;&nbsp;$51467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/15/2053 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364690 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &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; 68464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99246 |
| **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; 25723 |
| **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; 87342 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2055 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23557 |
| &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; 45691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29874 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2054 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 20596 |
| &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; 67460 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 01/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17945 |
| &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; 43012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335477 |
| **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; 32281 |
| **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; 50938 |
| &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; 12278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/15/2039 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 42763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/22/2054 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/22/2064 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23945 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/01/2045 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 40646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80881 |
| &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; 17226 |
| &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; 15756 |
| &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; 51235 |
| &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; 95441 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 43376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476414 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/30/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15138 |
| &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; 20417 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | $11000 | &nbsp;&nbsp;$11172 |
| &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; 75348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96%, 02/15/2055\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47618 |
| &nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 01/15/2055 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20450 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/08/2033 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31296 |
| &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; 51568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2048 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33555 |
| &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; 43232 |
| &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; 11944 |
| &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; 40347 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50419 |
| &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; 22516 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54999 |
| &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; 30902 |
| &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; 10086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 10/01/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10125 |
| &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; 36433 |
| &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; 25652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/15/2055 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684134 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2051 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 35662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 06/15/2050 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 57048 |
| &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; 28570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/16/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13289 |
| &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; 32449 |
| &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; 20849 |
| &nbsp;&nbsp;&nbsp;CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/15/2031 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 74044 |
| &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; 13365 |
| &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; 14996 |
| &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; 35554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 01/15/2031 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 51566 |
| &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; 30880 |
| &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; 40349 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2032 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 48079 |

---

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 02/01/2031 | $141000 | &nbsp;&nbsp;$125631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622331 |
| **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 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 18114 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68454 |
| **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; 18857 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/15/2032 | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 86593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102828 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 5913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 25749 |
| &nbsp;&nbsp;&nbsp;KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 03/01/2050 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 72564 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2035# | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 68139 |
| &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; 35853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/11/2041 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 29609 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 05/18/2063 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 11677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482811 |
| **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; 41581 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/11/2035 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24901 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2050 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 27355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/2041 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 54776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 59710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/06/2033 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40016 |
| &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; 25146 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34364 |
| &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; 51621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/12/2029 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 72654 |
| &nbsp;&nbsp;&nbsp;VMware LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/15/2026 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 45698 |
| &nbsp;&nbsp;&nbsp;VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/15/2030 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 95166 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2027 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607653 |
| **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; 19949 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/15/2052 | $45000 | &nbsp;&nbsp;$29757 |
| &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; 40404 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/28/2054 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137871 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| &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; 19276 |
| **Total Corporate Bonds & Notes<br> (cost $16,700,393)** |  | &nbsp;&nbsp;&nbsp;&nbsp;15543024 |
| **ASSET BACKED SECURITIES — 4.3%** | **ASSET BACKED SECURITIES — 4.3%** | **ASSET BACKED SECURITIES — 4.3%** |
| **Auto Loan Receivables — 1.7%** | **Auto Loan Receivables — 1.7%** | **Auto Loan Receivables — 1.7%** |
| &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; 139299 |
| &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; 157927 |
| &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; 87001 |
| &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; 127243 |
| &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; 126993 |
| &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; 180937 |
| &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; 102581 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class C<br> 4.99%, 09/15/2032 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 167100 |
| &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; 61550 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A, Class C<br> 4.57%, 06/16/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200779 |
| &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; 120882 |
| &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; 66299 |
| &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; 24658 | &nbsp;&nbsp;&nbsp;&nbsp; 24866 |
| &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; 129152 |
| &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; 153204 |
| &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; 70460 |
| &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; 155331 |

---

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;SFS Auto Receivables Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class C<br> 5.51%, 01/20/2032\* | $160000 | &nbsp;&nbsp;$164019 |
| &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\* | &nbsp;&nbsp; 47650 | &nbsp;&nbsp;&nbsp;&nbsp; 47863 |
| &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; 101474 |
| &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; 122894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507854 |
| **Credit Card Receivables — 0.2%** | **Credit Card Receivables — 0.2%** | **Credit Card Receivables — 0.2%** |
| &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; 101793 |
| &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; 110574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212367 |
| **Other Asset Backed Securities — 2.4%** | **Other Asset Backed Securities — 2.4%** | **Other Asset Backed Securities — 2.4%** |
| &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; 18546 | &nbsp;&nbsp;&nbsp;&nbsp; 17372 |
| &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; 92376 |
| &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; 96544 |
| &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; 101751 |
| &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; 111012 |
| &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; 53961 | &nbsp;&nbsp;&nbsp;&nbsp; 53307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class A<br> 5.36%, 09/15/2039\* | &nbsp;&nbsp; 142459 | &nbsp;&nbsp;&nbsp;&nbsp; 143241 |
| &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; 100880 |
| &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; 172345 |
| &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; 29440 | &nbsp;&nbsp;&nbsp;&nbsp; 29386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class C<br> 2.70%, 11/21/2033\* | &nbsp;&nbsp; 16192 | &nbsp;&nbsp;&nbsp;&nbsp; 16166 |
| &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; 26993 | &nbsp;&nbsp;&nbsp;&nbsp; 25671 |
| &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; 149720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR1, Class E1<br> 5.00%, 05/19/2039\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98910 |

---

---

| | | |
|:---|:---|:---|
| **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;FMC GMSR Issuer Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GT2, Class A<br> 3.85%, 10/25/2026\*(2) | $100000 | &nbsp;&nbsp;$95688 |
| &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; 72473 | &nbsp;&nbsp;&nbsp;&nbsp; 72618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class A<br> 6.53%, 06/15/2049\* | &nbsp;&nbsp; 69671 | &nbsp;&nbsp;&nbsp;&nbsp; 72799 |
| &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; 198575 |
| &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; 36713 | &nbsp;&nbsp;&nbsp;&nbsp; 33121 |
| &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; 138751 | &nbsp;&nbsp;&nbsp;&nbsp; 141106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class C<br> 6.32%, 03/15/2043\* | &nbsp;&nbsp; 62574 | &nbsp;&nbsp;&nbsp;&nbsp; 63545 |
| &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; 124734 | &nbsp;&nbsp;&nbsp;&nbsp; 120482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class D<br> 3.00%, 01/17/2041\* | &nbsp;&nbsp; 89929 | &nbsp;&nbsp;&nbsp;&nbsp; 83918 |
| &nbsp;&nbsp;&nbsp;Mariner Finance Issuance Trust |  |  |
| &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; 126597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-AA, Class A<br> 4.98%, 05/20/2038\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101498 |
| &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; 42400 | &nbsp;&nbsp;&nbsp;&nbsp; 40522 |
| &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; 76834 | &nbsp;&nbsp;&nbsp;&nbsp; 75161 |
| &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; 1143 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
| &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; 118110 |
| &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; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 79077 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR3, Class C<br> 3.39%, 07/17/2042\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92345 |
| &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; 148340 |
| &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; 119897 |
| &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; 29031 | &nbsp;&nbsp;&nbsp;&nbsp; 28928 |
| &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; 104289 |
| &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\* | &nbsp;&nbsp; 11635 | &nbsp;&nbsp;&nbsp;&nbsp; 11462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A, Class C<br> 6.36%, 06/20/2040\* | &nbsp;&nbsp; 36076 | &nbsp;&nbsp;&nbsp;&nbsp; 36366 |

---

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A<br> 5.05%, 09/15/2045\* | $86977 | &nbsp;&nbsp;$87895 |
| &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; 99178 | &nbsp;&nbsp;&nbsp;&nbsp; 100932 |
| &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; 251896 |
| &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; 2521 | &nbsp;&nbsp;&nbsp;&nbsp; 2520 |
| &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; 17688 | &nbsp;&nbsp;&nbsp;&nbsp; 17682 |
| &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; 12368 | &nbsp;&nbsp;&nbsp;&nbsp; 12364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3647554 |
| **Total Asset Backed Securities<br> (cost $6,255,719)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367775 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%** |
| **Commercial and Residential — 1.3%** | **Commercial and Residential — 1.3%** | **Commercial and Residential — 1.3%** |
| &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; 175457 |
| &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; 145346 | &nbsp;&nbsp;&nbsp;&nbsp; 144125 |
| &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; 92640 |
| &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; 93827 | &nbsp;&nbsp;&nbsp;&nbsp; 85103 |
| &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; 182749 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R06, Class 1M2<br> 7.05%, (SOFR30A+2.70%), 07/25/2043\* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 92994 |
| &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; 186449 | &nbsp;&nbsp;&nbsp;&nbsp; 188377 |
| &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; 68319 | &nbsp;&nbsp;&nbsp;&nbsp; 68314 |
| &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) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100172 |
| &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; 105805 |
| &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; 215797 |
| &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; 176223 |
| &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; 97762 |

---

---

| | | |
|:---|:---|:---|
| **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;Toorak Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RRTL1, Class A1<br> 5.52%, 02/25/2040\*(1) | $100000 | &nbsp;&nbsp;$100096 |
| &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; 199770 | &nbsp;&nbsp;&nbsp;&nbsp; 178526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004140 |
| **U.S. Government Agency — 2.2%** | **U.S. Government Agency — 2.2%** | **U.S. Government Agency — 2.2%** |
| &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; 154048 | &nbsp;&nbsp;&nbsp;&nbsp; 125579 |
| &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> 3.71%, 10/25/2027\*(2) | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 61396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K58, Class B<br> 3.87%, 09/25/2049\*(2) | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 257038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K56, Class B<br> 4.10%, 06/25/2049\*(2) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49529 |
| &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; 421383 | &nbsp;&nbsp;&nbsp;&nbsp; 54593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3910, Class CU<br> 4.00%, 03/15/2041 | &nbsp;&nbsp; 24191 | &nbsp;&nbsp;&nbsp;&nbsp; 23680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/25/2050(3) | &nbsp;&nbsp; 412463 | &nbsp;&nbsp;&nbsp;&nbsp; 84582 |
| &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; 216437 | &nbsp;&nbsp;&nbsp;&nbsp; 182798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class MTU<br> 3.25%, 11/25/2061 | &nbsp;&nbsp; 42599 | &nbsp;&nbsp;&nbsp;&nbsp; 36766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class M60C<br> 3.50%, 05/25/2057 | &nbsp;&nbsp; 84625 | &nbsp;&nbsp;&nbsp;&nbsp; 78534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class MT<br> 3.50%, 07/25/2058 | &nbsp;&nbsp; 42173 | &nbsp;&nbsp;&nbsp;&nbsp; 37540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class MB<br> 3.50%, 10/25/2058 | &nbsp;&nbsp; 124775 | &nbsp;&nbsp;&nbsp;&nbsp; 102390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class MT<br> 3.50%, 05/25/2064 | &nbsp;&nbsp; 104060 | &nbsp;&nbsp;&nbsp;&nbsp; 89982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class M55D<br> 4.00%, 11/25/2057 | &nbsp;&nbsp; 144278 | &nbsp;&nbsp;&nbsp;&nbsp; 136027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class M55D<br> 4.00%, 03/25/2058 | &nbsp;&nbsp; 109086 | &nbsp;&nbsp;&nbsp;&nbsp; 103215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class M55D<br> 4.00%, 08/25/2058 | &nbsp;&nbsp; 126106 | &nbsp;&nbsp;&nbsp;&nbsp; 118569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class M55D<br> 4.00%, 10/25/2058 | &nbsp;&nbsp; 118347 | &nbsp;&nbsp;&nbsp;&nbsp; 111374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class M55D<br> 4.00%, 02/25/2059 | &nbsp;&nbsp; 43414 | &nbsp;&nbsp;&nbsp;&nbsp; 40691 |
| &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; 112211 | &nbsp;&nbsp;&nbsp;&nbsp; 105164 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/15/2047 | &nbsp;&nbsp; 70620 | &nbsp;&nbsp;&nbsp;&nbsp; 60815 |
| &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> 8.35%, (SOFR30A+4.00%), 11/25/2053\* | &nbsp;&nbsp; 103576 | &nbsp;&nbsp;&nbsp;&nbsp; 107976 |
| &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; 58398 | &nbsp;&nbsp;&nbsp;&nbsp; 58997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-T4, Class A1<br> 6.50%, 12/25/2041 | &nbsp;&nbsp; 6930 | &nbsp;&nbsp;&nbsp;&nbsp; 7139 |

---

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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 National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-72, Class VB<br> 3.50%, 10/25/2031 | $127926 | &nbsp;&nbsp;$125385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-7, Class CA<br> 3.50%, 11/25/2057 | &nbsp;&nbsp; 161066 | &nbsp;&nbsp;&nbsp;&nbsp; 156017 |
| &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; 184322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35, Class VA<br> 4.00%, 07/25/2028 | &nbsp;&nbsp; 46698 | &nbsp;&nbsp;&nbsp;&nbsp; 46445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-22, Class BI<br> 4.00%, 04/25/2051(3) | &nbsp;&nbsp; 421161 | &nbsp;&nbsp;&nbsp;&nbsp; 92606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-W3, Class A4<br> 6.50%, 11/25/2041 | &nbsp;&nbsp; 66344 | &nbsp;&nbsp;&nbsp;&nbsp; 67656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-W8, Class A1<br> 6.50%, 06/25/2042 | &nbsp;&nbsp; 33461 | &nbsp;&nbsp;&nbsp;&nbsp; 34965 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M1S, Class A2<br> 2.15%, 04/25/2032(2) | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 196860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M2S, Class A1<br> 3.88%, 05/25/2032(2) | &nbsp;&nbsp; 1929 | &nbsp;&nbsp;&nbsp;&nbsp; 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-M8, Class A2<br> 4.63%, 03/25/2033(2) | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110658 |
| &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; 148146 | &nbsp;&nbsp;&nbsp;&nbsp; 123521 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-H14, Class YD<br> 7.21%, 06/20/2071(2) | &nbsp;&nbsp; 129149 | &nbsp;&nbsp;&nbsp;&nbsp; 113212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287942 |
| **Total Collateralized Mortgage Obligations<br> (cost $5,514,553)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292082 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 19.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 19.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 19.3%** |
| **U.S. Government — 10.7%** | **U.S. Government — 10.7%** | **U.S. Government — 10.7%** |
| &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; 1407616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2040 to 08/15/2050 | &nbsp;&nbsp;1809000 | &nbsp;&nbsp;&nbsp;&nbsp; 984982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/15/2050 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 412750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 to 11/15/2051 | &nbsp;&nbsp; 696000 | &nbsp;&nbsp;&nbsp;&nbsp; 380676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp;1308000 | &nbsp;&nbsp;&nbsp;&nbsp; 781888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 293150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 374809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 83742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 221027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2043 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 70011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2055 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9728 |
| &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; 1270166 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2031# | &nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 850062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032# | &nbsp;&nbsp;1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1685185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/31/2029# | &nbsp;&nbsp; 459000 | &nbsp;&nbsp;&nbsp;&nbsp; 450394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033# | &nbsp;&nbsp;3310000 | &nbsp;&nbsp;&nbsp;&nbsp; 3275348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 263447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;3180000 | &nbsp;&nbsp;&nbsp;&nbsp; 3200869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16060174 |
| **U.S. Government Agency — 8.6%** | **U.S. Government Agency — 8.6%** | **U.S. Government Agency — 8.6%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2051 | &nbsp;&nbsp; 151706 | &nbsp;&nbsp;&nbsp;&nbsp; 127092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2052 | &nbsp;&nbsp; 87799 | &nbsp;&nbsp;&nbsp;&nbsp; 76870 |

---

---

| | | |
|:---|:---|:---|
| **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;3.45%, 08/01/2032 | $237388 | &nbsp;&nbsp;$225426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2042 to 01/01/2050 | &nbsp;&nbsp; 173484 | &nbsp;&nbsp;&nbsp;&nbsp; 160664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 10/01/2034 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2052 | &nbsp;&nbsp; 31535 | &nbsp;&nbsp;&nbsp;&nbsp; 29497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2052 | &nbsp;&nbsp; 50382 | &nbsp;&nbsp;&nbsp;&nbsp; 49514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2055 | &nbsp;&nbsp; 143279 | &nbsp;&nbsp;&nbsp;&nbsp; 144394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2054 | &nbsp;&nbsp; 156737 | &nbsp;&nbsp;&nbsp;&nbsp; 161546 |
| &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; 261671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%, 12/01/2030 | &nbsp;&nbsp; 236116 | &nbsp;&nbsp;&nbsp;&nbsp; 209317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%, 06/01/2035 | &nbsp;&nbsp; 97975 | &nbsp;&nbsp;&nbsp;&nbsp; 80457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 10/01/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 366274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 to 01/01/2052 | &nbsp;&nbsp; 952161 | &nbsp;&nbsp;&nbsp;&nbsp; 799514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2050 to 03/01/2061 | &nbsp;&nbsp; 445790 | &nbsp;&nbsp;&nbsp;&nbsp; 387055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 10/01/2032 | &nbsp;&nbsp; 137135 | &nbsp;&nbsp;&nbsp;&nbsp; 127522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%, 07/01/2032 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 79331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 09/01/2033 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 95455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 07/01/2032 | &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 219574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41%, 03/01/2033 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 99679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 08/01/2033 | &nbsp;&nbsp; 136916 | &nbsp;&nbsp;&nbsp;&nbsp; 127608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2052 to 11/01/2059 | &nbsp;&nbsp; 325780 | &nbsp;&nbsp;&nbsp;&nbsp; 294874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68%, 01/01/2032 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 154680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 12/01/2025 | &nbsp;&nbsp; 33965 | &nbsp;&nbsp;&nbsp;&nbsp; 33833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 10/01/2032 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 135300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2049 to 08/01/2059 | &nbsp;&nbsp; 692198 | &nbsp;&nbsp;&nbsp;&nbsp; 653710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 07/01/2032 | &nbsp;&nbsp; 99915 | &nbsp;&nbsp;&nbsp;&nbsp; 98292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/01/2032 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 152460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 11/01/2030 | &nbsp;&nbsp; 34020 | &nbsp;&nbsp;&nbsp;&nbsp; 34121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31%, 10/01/2032 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 238081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 02/01/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 108774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 01/01/2033 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 164526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 12/01/2032 | &nbsp;&nbsp; 154010 | &nbsp;&nbsp;&nbsp;&nbsp; 154472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2052 | &nbsp;&nbsp; 105642 | &nbsp;&nbsp;&nbsp;&nbsp; 103502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74%, 04/01/2031 | &nbsp;&nbsp; 127625 | &nbsp;&nbsp;&nbsp;&nbsp; 130316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%, 01/01/2030 | &nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 388195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83%, 12/01/2029 | &nbsp;&nbsp; 221000 | &nbsp;&nbsp;&nbsp;&nbsp; 226006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 10/01/2032 | &nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 116513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2053 | &nbsp;&nbsp; 122708 | &nbsp;&nbsp;&nbsp;&nbsp; 121049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 03/01/2028 | &nbsp;&nbsp; 64361 | &nbsp;&nbsp;&nbsp;&nbsp; 65890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 07/01/2030 | &nbsp;&nbsp; 198485 | &nbsp;&nbsp;&nbsp;&nbsp; 208277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2052 to 11/01/2053 | &nbsp;&nbsp; 283154 | &nbsp;&nbsp;&nbsp;&nbsp; 290174 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%, 11/01/2032(2) | &nbsp;&nbsp; 532825 | &nbsp;&nbsp;&nbsp;&nbsp; 443470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 11/01/2032(2) | &nbsp;&nbsp; 214073 | &nbsp;&nbsp;&nbsp;&nbsp; 178696 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/20/2050 | &nbsp;&nbsp; 170840 | &nbsp;&nbsp;&nbsp;&nbsp; 144248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2051 to 07/20/2051 | &nbsp;&nbsp;1674237 | &nbsp;&nbsp;&nbsp;&nbsp; 1488220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/20/2051 to 02/20/2052 | &nbsp;&nbsp;1827021 | &nbsp;&nbsp;&nbsp;&nbsp; 1663641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/20/2038 to 08/20/2052 | &nbsp;&nbsp; 331552 | &nbsp;&nbsp;&nbsp;&nbsp; 315816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/20/2031 to 05/20/2052 | &nbsp;&nbsp; 123218 | &nbsp;&nbsp;&nbsp;&nbsp; 120480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/20/2052 to 08/20/2052 | &nbsp;&nbsp; 353168 | &nbsp;&nbsp;&nbsp;&nbsp; 349863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/20/2063 | &nbsp;&nbsp; 39769 | &nbsp;&nbsp;&nbsp;&nbsp; 39686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/20/2053 to 06/20/2063 | &nbsp;&nbsp; 174256 | &nbsp;&nbsp;&nbsp;&nbsp; 178361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/20/2054 | &nbsp;&nbsp; 69347 | &nbsp;&nbsp;&nbsp;&nbsp; 72922 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/20/2053 | &nbsp;&nbsp; 156658 | &nbsp;&nbsp;&nbsp;&nbsp; 164732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12956248 |
| **Total U.S. Government & Agency Obligations<br> (cost $31,624,831)** |  | &nbsp;&nbsp;&nbsp;&nbsp;29016422 |

---

------

#### VALIC Company I Asset Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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) | $30000 | &nbsp;&nbsp;$30624 |
| **Total Long-Term Investment Securities<br> (cost $129,927,087)** |  | &nbsp;&nbsp;&nbsp;&nbsp;146969566 |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Unaffiliated Investment Companies — 0.1%** | **Unaffiliated Investment Companies — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(4)(5)<br> (cost $229,268) | &nbsp;&nbsp; 229268 | &nbsp;&nbsp;&nbsp;&nbsp; 229268 |
| **REPURCHASE AGREEMENTS — 1.7%** | **REPURCHASE AGREEMENTS — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 08/29/2025, to be repurchased 09/02/2025 in the amount of $2,552,252 and collateralized by $2,595,000 of United States Treasury Notes, bearing interest at 3.75% due 08/15/2027 and having an approximate value of $2,603,016<br> (cost $2,551,866) | &nbsp;&nbsp;2551866 | &nbsp;&nbsp;&nbsp;&nbsp; 2551866 |
| **TOTAL INVESTMENTS<br> (cost $132,708,221)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.5% | &nbsp;&nbsp;&nbsp;&nbsp;149750700 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748054 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$150498754 |

---

---

| | |
|:---|:---|
| † | &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 August 31, 2025, the aggregate value of these securities was $11,119,440 representing 7.4% of net assets. |

---

# The security or a portion thereof is out on loan.

(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of August 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 August 31, 2025.

(5) At August 31, 2025, the Fund had loaned securities with a total value of $4,849,459. This was secured by collateral of $229,268, which was received in cash and subsequently invested in short-term investments currently valued at $229,268 as reported in the Portfolio of Investments. Additional collateral of $4,863,675 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> August 31, 2025** |
| Federal Home Loan Mtg. Corp. | 1.50% to 9.50% | 04/15/2027 to 09/01/2055 | $1964257 |
| Federal National Mtg. Assoc. | 1.50% to 7.50% | 11/01/2025 to 09/01/2055 | &nbsp;&nbsp;&nbsp;1908206 |
| Government National Mtg. Assoc. | 1.82% to 5.91% | 08/20/2048 to 02/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp;897448 |
| United States Treasury Notes/Bonds | 0.13% to 4.75% | 10/15/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93764 |

---

---

| |
|:---|
| 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 August 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$90719639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$90719639 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15543024 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15543024 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6367775 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367775 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5292082 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292082 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29016422 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29016422 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30624 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30624 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229268 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2551866 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551866 |
| **Total Investments at Value** | &nbsp;&nbsp;$90948907 | &nbsp;&nbsp;$58801793 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$149750700 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Capital Appreciation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **Agriculture — 1.0%** | **Agriculture — 1.0%** | **Agriculture — 1.0%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 21389 | &nbsp;&nbsp;$3574744 |
| **Apparel — 1.0%** | **Apparel — 1.0%** | **Apparel — 1.0%** |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | 79283 | &nbsp;&nbsp;&nbsp;&nbsp; 3574078 |
| **Auto Manufacturers — 2.8%** | **Auto Manufacturers — 2.8%** | **Auto Manufacturers — 2.8%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2694 | &nbsp;&nbsp;&nbsp;&nbsp; 1073398 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | 26382 | &nbsp;&nbsp;&nbsp;&nbsp; 8808158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9881556 |
| **Biotechnology — 2.2%** | **Biotechnology — 2.2%** | **Biotechnology — 2.2%** |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | 26605 | &nbsp;&nbsp;&nbsp;&nbsp; 995559 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | 17790 | &nbsp;&nbsp;&nbsp;&nbsp; 1505212 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | 13165 | &nbsp;&nbsp;&nbsp;&nbsp; 5147778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7648549 |
| **Commercial Services — 3.2%** | **Commercial Services — 3.2%** | **Commercial Services — 3.2%** |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 11295 | &nbsp;&nbsp;&nbsp;&nbsp; 2372289 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;6516 | &nbsp;&nbsp;&nbsp;&nbsp; 1167863 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | 21824 | &nbsp;&nbsp;&nbsp;&nbsp; 1531826 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 109402 | &nbsp;&nbsp;&nbsp;&nbsp; 6185589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11257567 |
| **Computers — 10.1%** | **Computers — 10.1%** | **Computers — 10.1%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 108485 | &nbsp;&nbsp;&nbsp;&nbsp; 25183708 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 11017 | &nbsp;&nbsp;&nbsp;&nbsp; 1345727 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | 16132 | &nbsp;&nbsp;&nbsp;&nbsp; 2845039 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 40246 | &nbsp;&nbsp;&nbsp;&nbsp; 1824754 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | 24469 | &nbsp;&nbsp;&nbsp;&nbsp; 1899039 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 2493450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35591717 |
| **Diversified Financial Services — 6.6%** | **Diversified Financial Services — 6.6%** | **Diversified Financial Services — 6.6%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | 19210 | &nbsp;&nbsp;&nbsp;&nbsp; 6363889 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 37972 | &nbsp;&nbsp;&nbsp;&nbsp; 3639237 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 19508 | &nbsp;&nbsp;&nbsp;&nbsp; 11612917 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 1765600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23381643 |
| **Electric — 1.3%** | **Electric — 1.3%** | **Electric — 1.3%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 3639000 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4608 | &nbsp;&nbsp;&nbsp;&nbsp; 871419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510419 |
| **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6043 | &nbsp;&nbsp;&nbsp;&nbsp; 3746660 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9939 | &nbsp;&nbsp;&nbsp;&nbsp; 799791 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3269 | &nbsp;&nbsp;&nbsp;&nbsp; 1012965 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 22385 | &nbsp;&nbsp;&nbsp;&nbsp; 3438336 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2723 | &nbsp;&nbsp;&nbsp;&nbsp; 930939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369275 |
| **Internet — 22.9%** | **Internet — 22.9%** | **Internet — 22.9%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 17978 | &nbsp;&nbsp;&nbsp;&nbsp; 3827696 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 63216 | &nbsp;&nbsp;&nbsp;&nbsp; 13498512 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 75146 | &nbsp;&nbsp;&nbsp;&nbsp; 17208434 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp; 6136559 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | 28454 | &nbsp;&nbsp;&nbsp;&nbsp; 6978344 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 23952 | &nbsp;&nbsp;&nbsp;&nbsp; 5144890 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4232 | &nbsp;&nbsp;&nbsp;&nbsp; 1325208 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** |  |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 23479 | &nbsp;&nbsp;$17343937 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp; 2397168 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | 76049 | &nbsp;&nbsp;&nbsp;&nbsp; 7129594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;80990342 |
| **Mining — 0.5%** | **Mining — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | 128500 | &nbsp;&nbsp;&nbsp;&nbsp; 1689775 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 18609 | &nbsp;&nbsp;&nbsp;&nbsp; 2768647 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;7485 | &nbsp;&nbsp;&nbsp;&nbsp; 5483361 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9033 | &nbsp;&nbsp;&nbsp;&nbsp; 1261007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9513015 |
| **Retail — 2.1%** | **Retail — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7479 | &nbsp;&nbsp;&nbsp;&nbsp; 730549 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6989 | &nbsp;&nbsp;&nbsp;&nbsp; 954767 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6799 | &nbsp;&nbsp;&nbsp;&nbsp; 3350071 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 24500 | &nbsp;&nbsp;&nbsp;&nbsp; 2376010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7411397 |
| **Semiconductors — 17.0%** | **Semiconductors — 17.0%** |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 65001 | &nbsp;&nbsp;&nbsp;&nbsp; 19330647 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 224254 | &nbsp;&nbsp;&nbsp;&nbsp; 39060562 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 10877 | &nbsp;&nbsp;&nbsp;&nbsp; 1748260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;60139469 |
| **Software — 20.8%** | **Software — 20.8%** |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | 19609 | &nbsp;&nbsp;&nbsp;&nbsp; 6994530 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | 23713 | &nbsp;&nbsp;&nbsp;&nbsp; 4215697 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6394 | &nbsp;&nbsp;&nbsp;&nbsp; 2012192 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | 58346 | &nbsp;&nbsp;&nbsp;&nbsp; 949289 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | 15151 | &nbsp;&nbsp;&nbsp;&nbsp; 766641 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8710 | &nbsp;&nbsp;&nbsp;&nbsp; 4208411 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3953 | &nbsp;&nbsp;&nbsp;&nbsp; 2636651 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 55934 | &nbsp;&nbsp;&nbsp;&nbsp; 28341198 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | 13462 | &nbsp;&nbsp;&nbsp;&nbsp; 904781 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | 32252 | &nbsp;&nbsp;&nbsp;&nbsp; 5054211 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 22002 | &nbsp;&nbsp;&nbsp;&nbsp; 5638013 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7970 | &nbsp;&nbsp;&nbsp;&nbsp; 7312156 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | 20070 | &nbsp;&nbsp;&nbsp;&nbsp; 4632557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;73666327 |
| **Telecommunications — 2.9%** | **Telecommunications — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | 51253 | &nbsp;&nbsp;&nbsp;&nbsp; 6998597 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7303 | &nbsp;&nbsp;&nbsp;&nbsp; 3450376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10448973 |
| **Total Long-Term Investment Securities<br> (cost $271,577,820)** |  | &nbsp;&nbsp;&nbsp;&nbsp;353208262 |
| **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> 4.23%(1)<br> (cost $872,836) | 872836 | &nbsp;&nbsp;&nbsp;&nbsp; 872836 |
| **TOTAL INVESTMENTS<br> (cost $272,450,656)** | &nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;354081098 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250510) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$353830588 |

---

† Non-income producing security

(1) The rate shown is the 7-day yield as of August 31, 2025.

------

#### VALIC Company I Capital Appreciation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$353208262 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$353208262 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872836 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872836 |
| **Total Investments at Value** | &nbsp;&nbsp;$354081098 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$354081098 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Conservative Allocation Lifestyle Fund^<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **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 — 62.2%** | **Domestic Fixed Income Investment Companies — 62.2%** | **Domestic Fixed Income Investment Companies — 62.2%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | 17433077 | &nbsp;&nbsp;$173459110 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;412998 | &nbsp;&nbsp;&nbsp;&nbsp; 2990108 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $177,081,664)** |  | &nbsp;&nbsp;&nbsp;&nbsp;176449218 |
| **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;167164 | &nbsp;&nbsp;&nbsp;&nbsp; 2908646 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;234804 | &nbsp;&nbsp;&nbsp;&nbsp; 2937397 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;696750 | &nbsp;&nbsp;&nbsp;&nbsp; 44564138 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;638613 | &nbsp;&nbsp;&nbsp;&nbsp; 12925525 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;736438 | &nbsp;&nbsp;&nbsp;&nbsp; 11628364 |
| **Total Domestic Equity Investment Companies<br> (cost $61,294,927)** |  | &nbsp;&nbsp;&nbsp;&nbsp;74964070 |
| **International Equity Investment Companies — 10.5%** | **International Equity Investment Companies — 10.5%** | **International Equity Investment Companies — 10.5%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Emerging Economies Fund | &nbsp;&nbsp;&nbsp;&nbsp;201339 | &nbsp;&nbsp;&nbsp;&nbsp; 1457692 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund | 2997449 | &nbsp;&nbsp;&nbsp;&nbsp; 28295924 |
| **Total International Equity Investment Companies<br> (cost $24,635,416)** |  | &nbsp;&nbsp;&nbsp;&nbsp;29753616 |
| **Total Long-Term Investment Securities<br> (cost $263,012,007)** |  | &nbsp;&nbsp;&nbsp;&nbsp;281166904 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Unaffiliated Investment Companies — 0.1%** | **Unaffiliated Investment Companies — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.23%(2)<br> (cost $461,974) | &nbsp;&nbsp;&nbsp;&nbsp;461974 | &nbsp;&nbsp;$461974 |
| **TOTAL INVESTMENTS<br> (cost $263,473,981)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.3% | &nbsp;&nbsp;&nbsp;&nbsp;281628878 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907580 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$283536458 |

---

---

| | |
|:---|:---|
| ^ | &nbsp;&nbsp;Prior to September 29, 2025, the Fund was known as Conservative Growth Lifestyle Fund. |
| # | &nbsp;&nbsp;The VALIC Company I Conservative Allocation 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) | &nbsp;&nbsp;See Note 3. |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |

---

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$281166904 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$281166904 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461974 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461974 |
| **Total Investments at Value** | &nbsp;&nbsp;$281628878 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$281628878 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 31.0%** | **CORPORATE BONDS & NOTES — 31.0%** | **CORPORATE BONDS & NOTES — 31.0%** |
| **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;$845317 |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 409492 |
| &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; 265559 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2046 | &nbsp;&nbsp; 1087000 | &nbsp;&nbsp;&nbsp;&nbsp; 744068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2034 | &nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 217455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2050 | &nbsp;&nbsp; 679000 | &nbsp;&nbsp;&nbsp;&nbsp; 483556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp; 1269000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 272143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp; 1302000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 303560 |
| &nbsp;&nbsp;&nbsp;General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 01/29/2036 | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 202883 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/2031 | &nbsp;&nbsp; 1142000 | &nbsp;&nbsp;&nbsp;&nbsp; 1185457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp; 1623000 | &nbsp;&nbsp;&nbsp;&nbsp; 1676297 |
| &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; 3742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/15/2031 | &nbsp;&nbsp; 503000 | &nbsp;&nbsp;&nbsp;&nbsp; 513492 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/27/2053 | &nbsp;&nbsp; 1599000 | &nbsp;&nbsp;&nbsp;&nbsp; 1512072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 03/15/2054 | &nbsp;&nbsp; 598000 | &nbsp;&nbsp;&nbsp;&nbsp; 646952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10988589 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &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; 787879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/04/2035 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 441039 |
| &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; 306688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535606 |
| **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; 737972 |
| &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; 167227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2029\* | &nbsp;&nbsp; 532000 | &nbsp;&nbsp;&nbsp;&nbsp; 557507 |
| &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2036\* | &nbsp;&nbsp; 1483484 | &nbsp;&nbsp;&nbsp;&nbsp; 1352578 |
| &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; 413400 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 08/15/2038 | &nbsp;&nbsp; 1977388 | &nbsp;&nbsp;&nbsp;&nbsp; 2026061 |
| &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; 300149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5554894 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| &nbsp;&nbsp;&nbsp;BMW US Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/11/2030\* | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 211164 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 02/20/2054 | &nbsp;&nbsp; 167000 | &nbsp;&nbsp;&nbsp;&nbsp; 161750 |
| &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; 391758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/12/2030\* | &nbsp;&nbsp; 537000 | &nbsp;&nbsp;&nbsp;&nbsp; 537988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/13/2028\* | &nbsp;&nbsp; 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 246421 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/25/2027\* | $160000 | &nbsp;&nbsp;$162607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 01/19/2028\* | &nbsp;&nbsp; 947000 | &nbsp;&nbsp;&nbsp;&nbsp; 963856 |
| &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; 410992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 11/05/2031 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 961360 |
| &nbsp;&nbsp;&nbsp;Ford Otomotiv Sanayi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/25/2029 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 307044 |
| &nbsp;&nbsp;&nbsp;General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/15/2028 | &nbsp;&nbsp; 471000 | &nbsp;&nbsp;&nbsp;&nbsp; 481600 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/10/2031 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 350595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/18/2031 | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/08/2031 | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 209592 |
| &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; 600331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/25/2027\* | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 387856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2027\* | &nbsp;&nbsp; 777000 | &nbsp;&nbsp;&nbsp;&nbsp; 785001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/19/2029\* | &nbsp;&nbsp; 767000 | &nbsp;&nbsp;&nbsp;&nbsp; 787201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/23/2032\* | &nbsp;&nbsp; 457000 | &nbsp;&nbsp;&nbsp;&nbsp; 469527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/16/2029\* | &nbsp;&nbsp; 566000 | &nbsp;&nbsp;&nbsp;&nbsp; 599917 |
| &nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 12/15/2031\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22721 |
| &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; 485958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 03/18/2035\* | &nbsp;&nbsp; 552000 | &nbsp;&nbsp;&nbsp;&nbsp; 556753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11532687 |
| **Banks — 8.5%** | **Banks — 8.5%** | **Banks — 8.5%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 12/03/2035\* | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1842191 |
| &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; 547820 |
| &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; 1246775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 03/28/2035\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.61%, 09/13/2029\* | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 930697 |
| &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; 594000 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, 08/08/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 03/14/2034 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 848280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94%, 11/07/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 794416 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%, 04/22/2042 | &nbsp;&nbsp; 1019000 | &nbsp;&nbsp;&nbsp;&nbsp; 785417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 12/20/2028 | &nbsp;&nbsp; 333000 | &nbsp;&nbsp;&nbsp;&nbsp; 327235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 | &nbsp;&nbsp; 2484000 | &nbsp;&nbsp;&nbsp;&nbsp; 2294194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 02/07/2030 | &nbsp;&nbsp; 1423000 | &nbsp;&nbsp;&nbsp;&nbsp; 1411164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 04/23/2040 | &nbsp;&nbsp; 2399000 | &nbsp;&nbsp;&nbsp;&nbsp; 2099146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 11/25/2027 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 934378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 | &nbsp;&nbsp; 1116000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 | &nbsp;&nbsp; 794000 | &nbsp;&nbsp;&nbsp;&nbsp; 819474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 08/15/2035 | &nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp; 436844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 01/24/2036 | &nbsp;&nbsp; 5320000 | &nbsp;&nbsp;&nbsp;&nbsp; 5480628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp; 1443000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 | &nbsp;&nbsp; 723000 | &nbsp;&nbsp;&nbsp;&nbsp; 768009 |
| &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; 3780524 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/11/2031 | &nbsp;&nbsp; 777000 | &nbsp;&nbsp;&nbsp;&nbsp; 798407 |
| &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; 950840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/01/2034 | &nbsp;&nbsp; 952000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002767 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/11/2030 | $1309000 | &nbsp;&nbsp;$1309168 |
| &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; 1203809 |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 09/23/2035 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 09/10/2030 | &nbsp;&nbsp; 1161000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 02/25/2031 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 556962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 02/25/2036 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 531218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86%, 08/11/2046 | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 209620 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 05/09/2031\* | &nbsp;&nbsp; 817000 | &nbsp;&nbsp;&nbsp;&nbsp; 829968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, 11/19/2030\* | &nbsp;&nbsp; 5098000 | &nbsp;&nbsp;&nbsp;&nbsp; 5222031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 01/13/2033\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 875265 |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 10/19/2042\* | &nbsp;&nbsp; 674000 | &nbsp;&nbsp;&nbsp;&nbsp; 486492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 05/28/2031\* | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1361875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/14/2031\* | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 969011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 05/30/2035\* | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp;&nbsp;&nbsp; 2356049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03%, 05/28/2036\* | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp;&nbsp; 1720512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29%, 01/14/2036\* | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1278391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.92%, 01/14/2046\* | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 263842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/19/2034\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104009 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/03/2036\* | &nbsp;&nbsp; 2645000 | &nbsp;&nbsp;&nbsp;&nbsp; 2673518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 06/15/2035\* | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68%, 09/13/2027\* | &nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 253528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 09/13/2034\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 221393 |
| &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; 1527608 |
| &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; 599251 |
| &nbsp;&nbsp;&nbsp;Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 05/29/2030 | &nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 684474 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 06/03/2031 | &nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 383729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 01/29/2031 | &nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 353388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/03/2042 | &nbsp;&nbsp; 573000 | &nbsp;&nbsp;&nbsp;&nbsp; 407448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%, 07/24/2028 | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 208656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 2276000 | &nbsp;&nbsp;&nbsp;&nbsp; 2282207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp; 2377000 | &nbsp;&nbsp;&nbsp;&nbsp; 2387770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/07/2031 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3311059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/19/2039 | &nbsp;&nbsp; 1073000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/22/2033 | &nbsp;&nbsp; 761000 | &nbsp;&nbsp;&nbsp;&nbsp; 802089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/31/2033 | &nbsp;&nbsp; 1634000 | &nbsp;&nbsp;&nbsp;&nbsp; 1742288 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 07/23/2032 | &nbsp;&nbsp; 1666000 | &nbsp;&nbsp;&nbsp;&nbsp; 1740011 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/24/2026\* | &nbsp;&nbsp; 3801000 | &nbsp;&nbsp;&nbsp;&nbsp; 3792839 |
| &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; 845907 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 05/27/2031\* | &nbsp;&nbsp; 2358000 | &nbsp;&nbsp;&nbsp;&nbsp; 2411944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/12/2028\* | &nbsp;&nbsp; 2064000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86%, 01/09/2036\* | &nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1314089 |
| &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; 602832 |
| &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; 1007916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 03/04/2031\* | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 846520 |
| &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; 552270 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 01/07/2028 | $950000 | &nbsp;&nbsp;$927756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/18/2031 | &nbsp;&nbsp; 824000 | &nbsp;&nbsp;&nbsp;&nbsp; 781424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 01/14/2032 | &nbsp;&nbsp; 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 226099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 01/07/2033 | &nbsp;&nbsp; 1226000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/11/2030 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 838348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/09/2031 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 1982540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 01/10/2029 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 695363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/11/2035 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 861271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 05/10/2029 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 306998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72%, 01/18/2029 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 115737 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 08/04/2031 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 393207 |
| &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; 1021056 |
| &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; 439593 |
| &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; 735353 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/12/2040 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 311312 |
| &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; 1284006 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 03/07/2031 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 355307 |
| &nbsp;&nbsp;&nbsp;FNB Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 12/11/2030 | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 648944 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 09/10/2027 | &nbsp;&nbsp; 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 1857000 | &nbsp;&nbsp;&nbsp;&nbsp; 1644923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21%, 04/22/2042 | &nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2030 | &nbsp;&nbsp; 597000 | &nbsp;&nbsp;&nbsp;&nbsp; 586648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 05/01/2029 | &nbsp;&nbsp; 2843000 | &nbsp;&nbsp;&nbsp;&nbsp; 2845004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 300264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 138209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 07/23/2035 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 294939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 01/28/2056 | &nbsp;&nbsp; 371000 | &nbsp;&nbsp;&nbsp;&nbsp; 369808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/25/2035 | &nbsp;&nbsp; 4075000 | &nbsp;&nbsp;&nbsp;&nbsp; 4296843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2037 | &nbsp;&nbsp; 1548000 | &nbsp;&nbsp;&nbsp;&nbsp; 1720606 |
| &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; 620016 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87%, 11/22/2032 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2429313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 05/17/2032 | &nbsp;&nbsp; 668000 | &nbsp;&nbsp;&nbsp;&nbsp; 700656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 11/18/2035 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 764932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33%, 03/09/2044 | &nbsp;&nbsp; 3508000 | &nbsp;&nbsp;&nbsp;&nbsp; 3763796 |
| &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; 521290 |
| &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; 525785 |
| &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; 646078 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%, 06/01/2029 | &nbsp;&nbsp; 2311000 | &nbsp;&nbsp;&nbsp;&nbsp; 2186060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/19/2041 | &nbsp;&nbsp; 2617000 | &nbsp;&nbsp;&nbsp;&nbsp; 1863344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 11/08/2032 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 263020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 05/01/2028 | &nbsp;&nbsp; 2135000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 478163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/25/2033 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 299098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 11/29/2045 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/23/2036 | &nbsp;&nbsp; 536000 | &nbsp;&nbsp;&nbsp;&nbsp; 546724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/2034 | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 237060 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;KBC Group NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 10/16/2030\* | $610000 | &nbsp;&nbsp;$620905 |
| &nbsp;&nbsp;&nbsp;KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 05/20/2026 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/08/2032 | &nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp; 766838 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/04/2031# | &nbsp;&nbsp; 1278000 | &nbsp;&nbsp;&nbsp;&nbsp; 1307318 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/05/2035 | &nbsp;&nbsp; 586000 | &nbsp;&nbsp;&nbsp;&nbsp; 607355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/05/2030 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 271982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, 06/13/2036 | &nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 220128 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18%, 07/08/2031 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1186867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/30/2035 | &nbsp;&nbsp; 426000 | &nbsp;&nbsp;&nbsp;&nbsp; 429569 |
| &nbsp;&nbsp;&nbsp;Mashreqbank PSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/24/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 737779 |
| &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; 328987 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71%, 07/08/2031 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/08/2036 | &nbsp;&nbsp; 2545000 | &nbsp;&nbsp;&nbsp;&nbsp; 2584537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 07/06/2029 | &nbsp;&nbsp; 1431000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490632 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%, 05/04/2027 | &nbsp;&nbsp; 654000 | &nbsp;&nbsp;&nbsp;&nbsp; 641815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 485556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22%, 04/22/2042 | &nbsp;&nbsp; 2057000 | &nbsp;&nbsp;&nbsp;&nbsp; 1567049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 04/01/2031 | &nbsp;&nbsp; 631000 | &nbsp;&nbsp;&nbsp;&nbsp; 610533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 | &nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 215047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04%, 07/19/2030 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 676107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 01/16/2030 | &nbsp;&nbsp; 511000 | &nbsp;&nbsp;&nbsp;&nbsp; 525259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 | &nbsp;&nbsp; 1084000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 | &nbsp;&nbsp; 1246000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 11/19/2055 | &nbsp;&nbsp; 462000 | &nbsp;&nbsp;&nbsp;&nbsp; 450557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, 01/18/2036 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 888294 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%, 07/22/2028(1) | &nbsp;&nbsp; 1904000 | &nbsp;&nbsp;&nbsp;&nbsp; 1880649 |
| &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; 318927 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64%, 06/14/2027 | &nbsp;&nbsp; 363000 | &nbsp;&nbsp;&nbsp;&nbsp; 355306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03%, 11/28/2035 | &nbsp;&nbsp; 947000 | &nbsp;&nbsp;&nbsp;&nbsp; 862539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 05/08/2030 | &nbsp;&nbsp; 778000 | &nbsp;&nbsp;&nbsp;&nbsp; 780543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 05/18/2029 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 767108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96%, 08/15/2030 | &nbsp;&nbsp; 2671000 | &nbsp;&nbsp;&nbsp;&nbsp; 2726785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/23/2031 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 962913 |
| &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; 537684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 05/17/2029\* | &nbsp;&nbsp; 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1977076 |
| &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; 736204 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 09/22/2027\* | &nbsp;&nbsp; 622000 | &nbsp;&nbsp;&nbsp;&nbsp; 637487 |
| &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; 677481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/13/2031 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 892931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 07/21/2036 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 315026 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/06/2035 | &nbsp;&nbsp; 402000 | &nbsp;&nbsp;&nbsp;&nbsp; 408090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/06/2030 | &nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 532940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 12/10/2037 | &nbsp;&nbsp; 867000 | &nbsp;&nbsp;&nbsp;&nbsp; 984665 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 | $1050000 | &nbsp;&nbsp;$1058961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 03/27/2028 | &nbsp;&nbsp; 846000 | &nbsp;&nbsp;&nbsp;&nbsp; 853042 |
| &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; 2099168 |
| &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; 1904325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 04/15/2031 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 949398 |
| &nbsp;&nbsp;&nbsp;Signature Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030†(2) | &nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 407000 |
| &nbsp;&nbsp;&nbsp;SNB Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/24/2035 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 642821 |
| &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; 782708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 05/22/2031\* | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1351809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/13/2033\* | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2339004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 01/10/2029\* | &nbsp;&nbsp; 1411000 | &nbsp;&nbsp;&nbsp;&nbsp; 1467430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69%, 01/10/2034\* | &nbsp;&nbsp; 1089000 | &nbsp;&nbsp;&nbsp;&nbsp; 1171991 |
| &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; 559775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 05/14/2028\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408508 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/08/2033 | &nbsp;&nbsp; 939000 | &nbsp;&nbsp;&nbsp;&nbsp; 951482 |
| &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; 531438 |
| &nbsp;&nbsp;&nbsp;Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 11/16/2026\*# | &nbsp;&nbsp; 3767000 | &nbsp;&nbsp;&nbsp;&nbsp; 3657052 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/06/2031 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 339528 |
| &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; 811037 |
| &nbsp;&nbsp;&nbsp;Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 07/24/2028 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 451353 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 05/20/2031 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 819637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/26/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, 10/30/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2170687 |
| &nbsp;&nbsp;&nbsp;UBS AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/15/2028 | &nbsp;&nbsp; 519000 | &nbsp;&nbsp;&nbsp;&nbsp; 560063 |
| &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; 1567003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 09/24/2025\* | &nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp;&nbsp; 160940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/12/2028\* | &nbsp;&nbsp; 1477000 | &nbsp;&nbsp;&nbsp;&nbsp; 1487843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 02/08/2030\* | &nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 545356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 05/09/2036\* | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 215954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 09/22/2034\* | &nbsp;&nbsp; 471000 | &nbsp;&nbsp;&nbsp;&nbsp; 509642 |
| &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; 1412168 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 | &nbsp;&nbsp; 1967000 | &nbsp;&nbsp;&nbsp;&nbsp; 1692615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 05/15/2031 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 883588 |
| &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; 402639 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/11/2031 | &nbsp;&nbsp; 1197000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp; 1467000 | &nbsp;&nbsp;&nbsp;&nbsp; 1385248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 04/30/2041 | &nbsp;&nbsp; 1783000 | &nbsp;&nbsp;&nbsp;&nbsp; 1357431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/22/2027 | &nbsp;&nbsp; 3302000 | &nbsp;&nbsp;&nbsp;&nbsp; 3314265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 11/04/2044 | &nbsp;&nbsp; 349000 | &nbsp;&nbsp;&nbsp;&nbsp; 302048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/07/2046 | &nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 167283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 12/03/2035 | &nbsp;&nbsp; 3145000 | &nbsp;&nbsp;&nbsp;&nbsp; 3171382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 1046000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp; 209482 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;5.61%, 04/23/2036 | $2161000 | &nbsp;&nbsp;$2243626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 01/15/2044 | &nbsp;&nbsp; 356000 | &nbsp;&nbsp;&nbsp;&nbsp; 347810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 04/22/2028 | &nbsp;&nbsp; 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1922822 |
| &nbsp;&nbsp;&nbsp;Woori Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/06/2028 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 631773 |
| &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; 327604 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/29/2029 | &nbsp;&nbsp; 936000 | &nbsp;&nbsp;&nbsp;&nbsp; 868513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.82%, 11/19/2035 | &nbsp;&nbsp; 794000 | &nbsp;&nbsp;&nbsp;&nbsp; 831909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232028825 |
| **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 | &nbsp;&nbsp; 1004000 | &nbsp;&nbsp;&nbsp;&nbsp; 916482 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 05/09/2027 | &nbsp;&nbsp; 732000 | &nbsp;&nbsp;&nbsp;&nbsp; 733829 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/18/2028 | &nbsp;&nbsp; 353000 | &nbsp;&nbsp;&nbsp;&nbsp; 351259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/05/2042 | &nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 158733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 02/07/2028 | &nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 518991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 07/23/2032 | &nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp;&nbsp; 446992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126286 |
| **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; 849317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 02/21/2040 | &nbsp;&nbsp; 1133000 | &nbsp;&nbsp;&nbsp;&nbsp; 877028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 05/01/2045 | &nbsp;&nbsp; 502000 | &nbsp;&nbsp;&nbsp;&nbsp; 424633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66%, 06/15/2051 | &nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 349764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/02/2028 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 434929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp; 538000 | &nbsp;&nbsp;&nbsp;&nbsp; 557311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/02/2043 | &nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 252998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 1439000 | &nbsp;&nbsp;&nbsp;&nbsp; 1391729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2063 | &nbsp;&nbsp; 999000 | &nbsp;&nbsp;&nbsp;&nbsp; 960133 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2035 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 629648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 05/15/2055 | &nbsp;&nbsp; 409000 | &nbsp;&nbsp;&nbsp;&nbsp; 416453 |
| &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; 883296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 511000 | &nbsp;&nbsp;&nbsp;&nbsp; 524634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/15/2035 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 339734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/15/2053 | &nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp; 549711 |
| &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; 329170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 09/15/2050 | &nbsp;&nbsp; 983000 | &nbsp;&nbsp;&nbsp;&nbsp; 583476 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 09/02/2031 | &nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 1628476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/02/2029 | &nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 305069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12287509 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/05/2040 | &nbsp;&nbsp; 1806000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2034 | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 247314 |
| &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; 1652526 |
| &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; 543650 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2028 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 631951 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/2031 | $1046000 | &nbsp;&nbsp;$932492 |
| &nbsp;&nbsp;&nbsp;Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2027 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 296411 |
| &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; 409301 |
| &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; 253201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 352000 | &nbsp;&nbsp;&nbsp;&nbsp; 337315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747447 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 01/12/2031 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 491184 |
| &nbsp;&nbsp;&nbsp;CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 399593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/15/2044 | &nbsp;&nbsp; 678000 | &nbsp;&nbsp;&nbsp;&nbsp; 633587 |
| &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; 629935 |
| &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; 782346 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/08/2033 | &nbsp;&nbsp; 499000 | &nbsp;&nbsp;&nbsp;&nbsp; 518879 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 12/15/2051 | &nbsp;&nbsp; 1724000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 06/15/2028 | &nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp;&nbsp; 240060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2035 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 312141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2028 | &nbsp;&nbsp; 479000 | &nbsp;&nbsp;&nbsp;&nbsp; 493306 |
| &nbsp;&nbsp;&nbsp;EIDP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200433 |
| &nbsp;&nbsp;&nbsp;MEGlobal BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/03/2026 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 786107 |
| &nbsp;&nbsp;&nbsp;Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/2029# | &nbsp;&nbsp; 729000 | &nbsp;&nbsp;&nbsp;&nbsp; 724263 |
| &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; 136224 |
| &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; 502350 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/21/2027 | &nbsp;&nbsp; 313000 | &nbsp;&nbsp;&nbsp;&nbsp; 317910 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2032 | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 103833 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/01/2031 | &nbsp;&nbsp; 287000 | &nbsp;&nbsp;&nbsp;&nbsp; 293018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/15/2035 | &nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 383778 |
| &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; 341483 | &nbsp;&nbsp;&nbsp;&nbsp; 119519 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2061 | &nbsp;&nbsp; 576000 | &nbsp;&nbsp;&nbsp;&nbsp; 341390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10460118 |
| **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; 144199 |
| **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;5.38%, 03/01/2029\*# | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 225091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2030\*# | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 165620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2032\* | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 177442 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2033\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76999 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032 | $375000 | &nbsp;&nbsp;$388548 |
| &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; 291758 |
| &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; 558720 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* | &nbsp;&nbsp; 691000 | &nbsp;&nbsp;&nbsp;&nbsp; 684258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2029\* | &nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 113552 |
| &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; 526185 |
| &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; 917672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 03/13/2027\* | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548792 |
| &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; 433464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 05/15/2032\* | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 339289 |
| &nbsp;&nbsp;&nbsp;Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%, 06/01/2070 | &nbsp;&nbsp; 1423000 | &nbsp;&nbsp;&nbsp;&nbsp; 791461 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/06/2029 | &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 458247 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2030\* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 187336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2033\* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 393370 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2026\*# | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 280860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63%, 07/15/2029\*# | &nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 272272 |
| &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; 704289 |
| &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; 173407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2028\* | &nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 381883 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 01/15/2032 | &nbsp;&nbsp; 1363000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/01/2030 | &nbsp;&nbsp; 479000 | &nbsp;&nbsp;&nbsp;&nbsp; 446412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/01/2041 | &nbsp;&nbsp; 954000 | &nbsp;&nbsp;&nbsp;&nbsp; 685333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 08/09/2035 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 787070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/09/2034 | &nbsp;&nbsp; 591000 | &nbsp;&nbsp;&nbsp;&nbsp; 598370 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2029 | &nbsp;&nbsp; 1597000 | &nbsp;&nbsp;&nbsp;&nbsp; 1528253 |
| &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; 467626 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 06/15/2031\* | &nbsp;&nbsp; 1454000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291837 |
| &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; 483000 | &nbsp;&nbsp;&nbsp;&nbsp; 426187 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2036 | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 251337 |
| &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; 556389 |
| &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; 625486 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2033\* | &nbsp;&nbsp; 451000 | &nbsp;&nbsp;&nbsp;&nbsp; 461447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19397864 |
| **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; 647920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/04/2034 | &nbsp;&nbsp; 788000 | &nbsp;&nbsp;&nbsp;&nbsp; 769646 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/2028 | $1028000 | &nbsp;&nbsp;$962296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 05/11/2050 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 548088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 727000 | &nbsp;&nbsp;&nbsp;&nbsp; 449053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/08/2052 | &nbsp;&nbsp; 706000 | &nbsp;&nbsp;&nbsp;&nbsp; 555384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/13/2045 | &nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp;&nbsp; 402681 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/15/2035# | &nbsp;&nbsp; 362000 | &nbsp;&nbsp;&nbsp;&nbsp; 372543 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/2041 | &nbsp;&nbsp; 1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/01/2030 | &nbsp;&nbsp; 854000 | &nbsp;&nbsp;&nbsp;&nbsp; 852217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/01/2028 | &nbsp;&nbsp; 733000 | &nbsp;&nbsp;&nbsp;&nbsp; 743357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/01/2032 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1854873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10%, 07/15/2036 | &nbsp;&nbsp; 481000 | &nbsp;&nbsp;&nbsp;&nbsp; 582472 |
| &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; 396502 |
| &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; 318449 |
| &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; 1759360 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/15/2031 | &nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp;&nbsp; 400878 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2030 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1626729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2035 | &nbsp;&nbsp; 491000 | &nbsp;&nbsp;&nbsp;&nbsp; 502568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2033 | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 615354 |
| &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; 55296 |
| &nbsp;&nbsp;&nbsp;Seagate Data Storage Technology Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029\* | &nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 182244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/15/2031\* | &nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 130345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16162771 |
| **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; 628032 |
| &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; 942912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/24/2052 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 832687 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 05/22/2032 | &nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 452095 |
| &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; 340395 |
| &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; 739584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935705 |
| **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** |
| &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; 1762156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/10/2029 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169392 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2026(4) | &nbsp;&nbsp; 342000 | &nbsp;&nbsp;&nbsp;&nbsp; 338248 |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2026\*(4) | &nbsp;&nbsp; 677000 | &nbsp;&nbsp;&nbsp;&nbsp; 672667 |
| &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; 658163 |
| &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; 683765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/14/2033# | &nbsp;&nbsp; 358000 | &nbsp;&nbsp;&nbsp;&nbsp; 371768 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/20/2033 | &nbsp;&nbsp; 727000 | &nbsp;&nbsp;&nbsp;&nbsp; 736296 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | $435000 | &nbsp;&nbsp;$448337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/16/2028 | &nbsp;&nbsp; 1317000 | &nbsp;&nbsp;&nbsp;&nbsp; 1332740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 01/30/2036 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 796618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67%, 04/25/2036 | &nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp;&nbsp; 361536 |
| &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; 645462 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/01/2026\* | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11979581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2028\* | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 469639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 01/15/2030\* | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 727100 |
| &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; 346231 |
| &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; 364448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2030\* | &nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 244852 |
| &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; 581798 |
| &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; 710871 |
| &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; 285648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | &nbsp;&nbsp; 261000 | &nbsp;&nbsp;&nbsp;&nbsp; 275534 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/01/2032\* | &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp;&nbsp; 343728 |
| &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; 596257 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2030\* | &nbsp;&nbsp; 426000 | &nbsp;&nbsp;&nbsp;&nbsp; 432553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/15/2031\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 135004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 144980 |
| &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; 908238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2052 | &nbsp;&nbsp; 643000 | &nbsp;&nbsp;&nbsp;&nbsp; 577635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/15/2062 | &nbsp;&nbsp; 622000 | &nbsp;&nbsp;&nbsp;&nbsp; 570633 |
| &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; 600764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033\* | &nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 125036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031\* | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 226711 |
| &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; 1142709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028\* | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075270 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 01/15/2032 | &nbsp;&nbsp; 629000 | &nbsp;&nbsp;&nbsp;&nbsp; 629381 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 08/15/2053 | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 308784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/28/2063 | &nbsp;&nbsp; 363000 | &nbsp;&nbsp;&nbsp;&nbsp; 372255 |
| &nbsp;&nbsp;&nbsp;Phoenix Aviation Capital, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 07/15/2030\* | &nbsp;&nbsp; 411000 | &nbsp;&nbsp;&nbsp;&nbsp; 435600 |
| &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; 627869 |
| &nbsp;&nbsp;&nbsp;Rfna LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/15/2030\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 413980 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/19/2029 | &nbsp;&nbsp; 841000 | &nbsp;&nbsp;&nbsp;&nbsp; 851294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031 | &nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 266914 |
| &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; 561095 |
| &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; 616155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37925695 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric — 3.1%** | **Electric — 3.1%** | **Electric — 3.1%** |
| &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/2052 | $241000 | &nbsp;&nbsp;$201699 |
| &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; 595214 |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/2031 | &nbsp;&nbsp; 2248000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2028# | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1258819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2032 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 946591 |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 06/15/2026(5) | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 219538 |
| &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; 530154 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2026 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 726710 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/01/2033 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 445104 |
| &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; 565352 |
| &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; 561896 |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/01/2031\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2031\* | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 476083 |
| &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; 464515 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2050 | &nbsp;&nbsp; 426000 | &nbsp;&nbsp;&nbsp;&nbsp; 387202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/01/2050 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 459368 |
| &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; 613077 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/01/2055 | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 131536 |
| &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; 552710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2049 | &nbsp;&nbsp; 419000 | &nbsp;&nbsp;&nbsp;&nbsp; 328412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2044 | &nbsp;&nbsp; 739000 | &nbsp;&nbsp;&nbsp;&nbsp; 636685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2045 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 320847 |
| &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; 2453984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/2041 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007601 |
| &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; 249983 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/01/2033 | &nbsp;&nbsp; 1919000 | &nbsp;&nbsp;&nbsp;&nbsp; 1943269 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/2049 | &nbsp;&nbsp; 1656000 | &nbsp;&nbsp;&nbsp;&nbsp; 1295393 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2028 | &nbsp;&nbsp; 508000 | &nbsp;&nbsp;&nbsp;&nbsp; 516689 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/15/2052 | &nbsp;&nbsp; 641000 | &nbsp;&nbsp;&nbsp;&nbsp; 455261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/15/2054 | &nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp;&nbsp; 474235 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 372307 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/15/2052 | &nbsp;&nbsp; 732000 | &nbsp;&nbsp;&nbsp;&nbsp; 750466 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 04/01/2053 | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp;&nbsp; 515179 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp; 1037000 | &nbsp;&nbsp;&nbsp;&nbsp; 792260 |
| &nbsp;&nbsp;&nbsp;Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2046 | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp;&nbsp; 1441639 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/06/2028\* | $1128000 | &nbsp;&nbsp;$1106428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/25/2047\* | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 872516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/26/2029\* | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 331066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/14/2052\* | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311311 |
| &nbsp;&nbsp;&nbsp;Engie SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/10/2029\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 524340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/10/2054\* | &nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 579677 |
| &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; 334407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2049 | &nbsp;&nbsp; 284000 | &nbsp;&nbsp;&nbsp;&nbsp; 212617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 06/01/2054 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 356993 |
| &nbsp;&nbsp;&nbsp;Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/2039 | &nbsp;&nbsp; 2833000 | &nbsp;&nbsp;&nbsp;&nbsp; 2589551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2052 | &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp;&nbsp; 288030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/15/2035 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 259457 |
| &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; 176174 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/15/2047 | &nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 465902 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2028\* | &nbsp;&nbsp; 2194000 | &nbsp;&nbsp;&nbsp;&nbsp; 2245239 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 04/01/2049\* | &nbsp;&nbsp; 1919000 | &nbsp;&nbsp;&nbsp;&nbsp; 1591937 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/15/2029 | &nbsp;&nbsp; 642000 | &nbsp;&nbsp;&nbsp;&nbsp; 666193 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2051 | &nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1411984 |
| &nbsp;&nbsp;&nbsp;Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2049 | &nbsp;&nbsp; 1469000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024943 |
| &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; 335091 |
| &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; 471041 |
| &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; 254780 |
| &nbsp;&nbsp;&nbsp;Kentucky Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/15/2033\* | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 967885 |
| &nbsp;&nbsp;&nbsp;Kentucky Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2055 | &nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 187628 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 09/15/2030\* | &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 389039 |
| &nbsp;&nbsp;&nbsp;LLPL Capital Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/04/2039 | &nbsp;&nbsp; 477564 | &nbsp;&nbsp;&nbsp;&nbsp; 494180 |
| &nbsp;&nbsp;&nbsp;Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 08/10/2030 | &nbsp;&nbsp; 467480 | &nbsp;&nbsp;&nbsp;&nbsp; 464016 |
| &nbsp;&nbsp;&nbsp;Narragansett Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/01/2034\* | &nbsp;&nbsp; 397000 | &nbsp;&nbsp;&nbsp;&nbsp; 406307 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 09/16/2027 | &nbsp;&nbsp; 704000 | &nbsp;&nbsp;&nbsp;&nbsp; 705594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/25/2028 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/07/2028 | &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 237662 |
| &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2033\* | &nbsp;&nbsp; 1447000 | &nbsp;&nbsp;&nbsp;&nbsp; 1529936 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 09/01/2027 | &nbsp;&nbsp; 299000 | &nbsp;&nbsp;&nbsp;&nbsp; 301826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2032 | &nbsp;&nbsp; 678000 | &nbsp;&nbsp;&nbsp;&nbsp; 701005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/01/2025 | &nbsp;&nbsp; 512000 | &nbsp;&nbsp;&nbsp;&nbsp; 512000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2055 | &nbsp;&nbsp; 557000 | &nbsp;&nbsp;&nbsp;&nbsp; 554813 |
| &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; 545395 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/03/2055\* | $300000 | &nbsp;&nbsp;$298152 |
| &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; 820023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2029\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 38884 |
| &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; 244206 |
| &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; 316151 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 06/01/2032 | &nbsp;&nbsp; 1127000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091450 |
| &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; 1326816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp; 2391000 | &nbsp;&nbsp;&nbsp;&nbsp; 1836347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/2050 | &nbsp;&nbsp; 269000 | &nbsp;&nbsp;&nbsp;&nbsp; 222735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2035 | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1804232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2034 | &nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 129862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/15/2033 | &nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 166766 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2035 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46542 |
| &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; 758214 |
| &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; 760126 |
| &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; 1151395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 06/01/2051 | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349525 |
| &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2034 | &nbsp;&nbsp; 224000 | &nbsp;&nbsp;&nbsp;&nbsp; 227531 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/15/2051 | &nbsp;&nbsp; 3242000 | &nbsp;&nbsp;&nbsp;&nbsp; 1891292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/15/2028 | &nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 524583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/2048 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072119 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp; 1681000 | &nbsp;&nbsp;&nbsp;&nbsp; 1476652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 01/15/2036 | &nbsp;&nbsp; 1735000 | &nbsp;&nbsp;&nbsp;&nbsp; 1756316 |
| &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; 218595 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 371261 |
| &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 06/15/2054 | &nbsp;&nbsp; 368000 | &nbsp;&nbsp;&nbsp;&nbsp; 362564 |
| &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; 604560 |
| &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; 434600 |
| &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; 374774 |
| &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; 1492247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2031 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1706857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp; 258000 | &nbsp;&nbsp;&nbsp;&nbsp; 245015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/01/2055 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 415386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 09/15/2055 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 381559 |
| &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; 412013 |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2031\* | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 330901 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2052 | &nbsp;&nbsp; 887000 | &nbsp;&nbsp;&nbsp;&nbsp; 670388 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2054 | $180000 | &nbsp;&nbsp;$173378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2055 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1565383 |
| &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; 379971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034\* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3058521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2034\* | &nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 105222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 169997 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/01/2032 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 325619 |
| &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; 406491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2031\*# | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 763385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84705294 |
| **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; 226001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2032\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 164804 |
| &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; 458449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849254 |
| **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; 443000 | &nbsp;&nbsp;&nbsp;&nbsp; 458990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 05/29/2034 | &nbsp;&nbsp; 419000 | &nbsp;&nbsp;&nbsp;&nbsp; 431215 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/05/2034 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 397867 |
| &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; 565445 |
| &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; 678884 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 03/15/2033 | &nbsp;&nbsp; 314000 | &nbsp;&nbsp;&nbsp;&nbsp; 333840 |
| &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; 579729 |
| &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/09/2035 | &nbsp;&nbsp; 816000 | &nbsp;&nbsp;&nbsp;&nbsp; 812717 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2031 | &nbsp;&nbsp; 876000 | &nbsp;&nbsp;&nbsp;&nbsp; 795841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5054528 |
| **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; 294695 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2029 | &nbsp;&nbsp; 411000 | &nbsp;&nbsp;&nbsp;&nbsp; 429303 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &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; 541997 |
| &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; 565106 |
| &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; 749394 |
| &nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2029\*# | &nbsp;&nbsp; 648000 | &nbsp;&nbsp;&nbsp;&nbsp; 636026 |
| &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; 659607 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | $497000 | &nbsp;&nbsp;$334854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486984 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 01/15/2032 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 550052 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/03/2027 | &nbsp;&nbsp; 632000 | &nbsp;&nbsp;&nbsp;&nbsp; 643205 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193257 |
| **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; 295909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 705795 |
| &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; 1177491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/09/2036 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 433827 |
| &nbsp;&nbsp;&nbsp;C&S Group Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2028\* | &nbsp;&nbsp; 633000 | &nbsp;&nbsp;&nbsp;&nbsp; 575554 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 11/01/2048 | &nbsp;&nbsp; 126000 | &nbsp;&nbsp;&nbsp;&nbsp; 110894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/01/2028 | &nbsp;&nbsp; 639000 | &nbsp;&nbsp;&nbsp;&nbsp; 682213 |
| &nbsp;&nbsp;&nbsp;Hershey Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/24/2028 | &nbsp;&nbsp; 358000 | &nbsp;&nbsp;&nbsp;&nbsp; 363822 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/30/2027 | &nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp;&nbsp; 570031 |
| &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; 372037 |
| &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; 418174 |
| &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; 757172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2031 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/2052 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 612294 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2036\* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/2066\* | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 882294 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 04/01/2031 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129557 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2046 | &nbsp;&nbsp; 2196000 | &nbsp;&nbsp;&nbsp;&nbsp; 1748717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032 | &nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 327878 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2046 | &nbsp;&nbsp; 489000 | &nbsp;&nbsp;&nbsp;&nbsp; 371682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 593026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp; 773000 | &nbsp;&nbsp;&nbsp;&nbsp; 723796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 09/15/2064 | &nbsp;&nbsp; 927000 | &nbsp;&nbsp;&nbsp;&nbsp; 869671 |
| &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; 125462 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031\* | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 792774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 1799000 | &nbsp;&nbsp;&nbsp;&nbsp; 1773475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/2055\* | &nbsp;&nbsp; 359000 | &nbsp;&nbsp;&nbsp;&nbsp; 350079 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 09/04/2050 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 257985 |
| &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; 367982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 198730 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2048 | $434000 | &nbsp;&nbsp;$359058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2046 | &nbsp;&nbsp; 1891000 | &nbsp;&nbsp;&nbsp;&nbsp; 1582942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/23/2030 | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 656809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22725986 |
| **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
| &nbsp;&nbsp;&nbsp;Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%, 05/05/2032\*# | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 687178 |
| &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 05/15/2026\* | &nbsp;&nbsp; 1373000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 06/30/2028\* | &nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 213902 |
| &nbsp;&nbsp;&nbsp;Inversiones CMPC SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/26/2034\*# | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 570658 |
| &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; 210177 |
| &nbsp;&nbsp;&nbsp;Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029\*# | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 454694 |
| &nbsp;&nbsp;&nbsp;Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2030 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 648812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126917 |
| **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; 1157537 |
| &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; 505905 |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, 07/18/2054\* | &nbsp;&nbsp; 314000 | &nbsp;&nbsp;&nbsp;&nbsp; 323536 |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 1617000 | &nbsp;&nbsp;&nbsp;&nbsp; 1691931 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/01/2029 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 773774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/01/2055 | &nbsp;&nbsp; 181000 | &nbsp;&nbsp;&nbsp;&nbsp; 177980 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 606000 | &nbsp;&nbsp;&nbsp;&nbsp; 585664 |
| &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; 87750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 512184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5816261 |
| **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; 813000 | &nbsp;&nbsp;&nbsp;&nbsp; 815726 |
| **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; 991000 | &nbsp;&nbsp;&nbsp;&nbsp; 889558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/15/2029 | &nbsp;&nbsp; 781000 | &nbsp;&nbsp;&nbsp;&nbsp; 739156 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2035 | &nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 221784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 726971 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2033\* | &nbsp;&nbsp; 391000 | &nbsp;&nbsp;&nbsp;&nbsp; 405369 |
| &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; 380258 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2029\* | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 190049 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 | &nbsp;&nbsp; 904000 | &nbsp;&nbsp;&nbsp;&nbsp; 938791 |
| &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; 338468 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;STERIS PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/15/2051 | $597000 | &nbsp;&nbsp;$421042 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/08/2028 | &nbsp;&nbsp; 769000 | &nbsp;&nbsp;&nbsp;&nbsp; 787920 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2029 | &nbsp;&nbsp; 1017000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086686 |
| **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/15/2031 | &nbsp;&nbsp; 327000 | &nbsp;&nbsp;&nbsp;&nbsp; 293242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/15/2030 | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 517104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/15/2050 | &nbsp;&nbsp; 978000 | &nbsp;&nbsp;&nbsp;&nbsp; 656403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2047 | &nbsp;&nbsp; 249000 | &nbsp;&nbsp;&nbsp;&nbsp; 186803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 321735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2029 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 498247 |
| &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; 664495 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2033\*# | &nbsp;&nbsp; 522000 | &nbsp;&nbsp;&nbsp;&nbsp; 541015 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2052 | &nbsp;&nbsp; 521000 | &nbsp;&nbsp;&nbsp;&nbsp; 524882 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/15/2029 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 750171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2030 | &nbsp;&nbsp; 1553000 | &nbsp;&nbsp;&nbsp;&nbsp; 1480078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp; 1696000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2032 | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 281803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2052 | &nbsp;&nbsp; 693000 | &nbsp;&nbsp;&nbsp;&nbsp; 550332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2049 | &nbsp;&nbsp; 1011000 | &nbsp;&nbsp;&nbsp;&nbsp; 892541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2031 | &nbsp;&nbsp; 1123000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2032 | &nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp;&nbsp; 491240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2035 | &nbsp;&nbsp; 727000 | &nbsp;&nbsp;&nbsp;&nbsp; 747867 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2030 | &nbsp;&nbsp; 698000 | &nbsp;&nbsp;&nbsp;&nbsp; 707093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2053 | &nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp;&nbsp; 279346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/15/2054 | &nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 382731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2033 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 658545 |
| &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; 229639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 483000 | &nbsp;&nbsp;&nbsp;&nbsp; 486435 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2034 | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp;&nbsp; 526756 |
| &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; 2257655 |
| &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; 446567 |
| &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; 1541682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/2048 | &nbsp;&nbsp; 784000 | &nbsp;&nbsp;&nbsp;&nbsp; 627209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2052 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1164777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2031 | &nbsp;&nbsp; 444000 | &nbsp;&nbsp;&nbsp;&nbsp; 454158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 589000 | &nbsp;&nbsp;&nbsp;&nbsp; 498271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21937473 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC / Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/01/2033\* | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 571119 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/30/2030 | &nbsp;&nbsp; 293000 | &nbsp;&nbsp;&nbsp;&nbsp; 302550 |
| &nbsp;&nbsp;&nbsp;Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030\* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 526855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400524 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/01/2032\* | $568000 | &nbsp;&nbsp;$582771 |
| &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; 523380 |
| &nbsp;&nbsp;&nbsp;Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2031 | &nbsp;&nbsp; 2106000 | &nbsp;&nbsp;&nbsp;&nbsp; 2195453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2054 | &nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp; 615156 |
| &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; 299239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2054 | &nbsp;&nbsp; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 441191 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 302764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2053 | &nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 922823 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2036 | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 127916 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%, 10/02/2026\* | &nbsp;&nbsp; 2207000 | &nbsp;&nbsp;&nbsp;&nbsp; 2147107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 08/27/2026\* | &nbsp;&nbsp; 569000 | &nbsp;&nbsp;&nbsp;&nbsp; 571882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/13/2031\* | &nbsp;&nbsp; 911000 | &nbsp;&nbsp;&nbsp;&nbsp; 932455 |
| &nbsp;&nbsp;&nbsp;Athene Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 05/15/2052 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 129551 |
| &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; 448348 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/23/2032 | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1206164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/23/2055 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017267 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/15/2029 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 902299 |
| &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; 1641301 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 07/12/2026\* | &nbsp;&nbsp; 2176000 | &nbsp;&nbsp;&nbsp;&nbsp; 2123170 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/04/2034 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/04/2029 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 302225 |
| &nbsp;&nbsp;&nbsp;F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 04/11/2027\* | &nbsp;&nbsp; 1693000 | &nbsp;&nbsp;&nbsp;&nbsp; 1638783 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2035 | &nbsp;&nbsp; 258000 | &nbsp;&nbsp;&nbsp;&nbsp; 258035 |
| &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; 618661 |
| &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; 502405 |
| &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/01/2061\* | &nbsp;&nbsp; 1241000 | &nbsp;&nbsp;&nbsp;&nbsp; 781064 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/08/2027 | &nbsp;&nbsp; 469000 | &nbsp;&nbsp;&nbsp;&nbsp; 474449 |
| &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; 715909 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/09/2028\* | &nbsp;&nbsp; 322000 | &nbsp;&nbsp;&nbsp;&nbsp; 327688 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/15/2027\* | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 422627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 05/28/2031\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036723 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 05/29/2055\* | &nbsp;&nbsp; 268000 | &nbsp;&nbsp;&nbsp;&nbsp; 279517 |
| &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; 513656 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Pricoa Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/27/2031\* | $298000 | &nbsp;&nbsp;$300798 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91%, 12/07/2047 | &nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp;&nbsp; 344988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2048 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087000 |
| &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; 378403 |
| &nbsp;&nbsp;&nbsp;Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2027 | &nbsp;&nbsp; 783000 | &nbsp;&nbsp;&nbsp;&nbsp; 788091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/05/2054 | &nbsp;&nbsp; 419000 | &nbsp;&nbsp;&nbsp;&nbsp; 413129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28490559 |
| **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; 445347 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2055 | &nbsp;&nbsp; 373000 | &nbsp;&nbsp;&nbsp;&nbsp; 363327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2065 | &nbsp;&nbsp; 373000 | &nbsp;&nbsp;&nbsp;&nbsp; 358733 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 04/13/2027 | &nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 523690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/13/2032 | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 209856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/22/2037 | &nbsp;&nbsp; 224000 | &nbsp;&nbsp;&nbsp;&nbsp; 203542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 08/22/2047 | &nbsp;&nbsp; 331000 | &nbsp;&nbsp;&nbsp;&nbsp; 272969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 12/01/2029 | &nbsp;&nbsp; 402000 | &nbsp;&nbsp;&nbsp;&nbsp; 412748 |
| &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; 392594 |
| &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; 66840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 99745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 09/30/2030\* | &nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 395180 |
| &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; 702574 |
| &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; 208323 |
| &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; 111020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/01/2030\* | &nbsp;&nbsp; 356000 | &nbsp;&nbsp;&nbsp;&nbsp; 335210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2033\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 217364 |
| &nbsp;&nbsp;&nbsp;Meituan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/28/2030 | &nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 581851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/02/2029\* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 325975 |
| &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; 839372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp; 264000 | &nbsp;&nbsp;&nbsp;&nbsp; 255448 |
| &nbsp;&nbsp;&nbsp;Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 08/03/2050 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 555463 |
| &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; 400369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8277540 |
| **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; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 210681 |
| &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; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 76930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2027\* | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 96464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384075 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146403 |
| &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; 49939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2040 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 39847 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2032\*# | $804000 | &nbsp;&nbsp;$799294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/01/2033\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79709 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2031 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 519819 |
| &nbsp;&nbsp;&nbsp;CSN Inova Ventures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/28/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 289152 |
| &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; 810460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/01/2030\*# | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028\* | &nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 295853 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/23/2027 | &nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 529337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2035 | &nbsp;&nbsp; 578000 | &nbsp;&nbsp;&nbsp;&nbsp; 582015 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/15/2034 | &nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp;&nbsp; 307636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2055 | &nbsp;&nbsp; 361000 | &nbsp;&nbsp;&nbsp;&nbsp; 351974 |
| &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; 403000 |
| &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; 430083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660469 |
| **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%, 08/01/2032\* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 238878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029\* | &nbsp;&nbsp; 874000 | &nbsp;&nbsp;&nbsp;&nbsp; 885333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033\* | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 236188 |
| &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; 24057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* | &nbsp;&nbsp; 1013000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 112160 |
| &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; 904906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446242 |
| **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; 537467 |
| &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; 516767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2029\* | &nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 310465 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 720055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/15/2032 | &nbsp;&nbsp; 398000 | &nbsp;&nbsp;&nbsp;&nbsp; 364979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 253901 |
| &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; 665222 |
| &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; 748969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/18/2030 | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393325 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 668000 | &nbsp;&nbsp;&nbsp;&nbsp; 687057 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2029\* | &nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp;&nbsp; 402990 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/01/2033\* | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 306113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907310 |
| **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;4.10%, 08/15/2028 | &nbsp;&nbsp; 1027000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/16/2029# | &nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp;&nbsp; 266636 |

---

---

| | | |
|:---|:---|:---|
| **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;4.40%, 03/03/2028 | $401000 | &nbsp;&nbsp;$405637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/2029 | &nbsp;&nbsp; 663000 | &nbsp;&nbsp;&nbsp;&nbsp; 679217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/14/2027 | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 220770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602726 |
| **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; 761000 | &nbsp;&nbsp;&nbsp;&nbsp; 770830 |
| &nbsp;&nbsp;&nbsp;Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 01/16/2035 | &nbsp;&nbsp; 357000 | &nbsp;&nbsp;&nbsp;&nbsp; 372210 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 09/08/2031 | &nbsp;&nbsp; 629000 | &nbsp;&nbsp;&nbsp;&nbsp; 632331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 06/05/2030 | &nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp; 603319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/07/2031 | &nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 398685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/14/2028 | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 311314 |
| &nbsp;&nbsp;&nbsp;nVent Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2031 | &nbsp;&nbsp; 597000 | &nbsp;&nbsp;&nbsp;&nbsp; 530392 |
| &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; 461539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080620 |
| **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; 224211 |
| &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; 622138 |
| &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; 369018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2029\* | &nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp; 364150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2029\* | &nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp; 637568 |
| &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; 1479000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp; 1371000 | &nbsp;&nbsp;&nbsp;&nbsp; 836640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp; 2161000 | &nbsp;&nbsp;&nbsp;&nbsp; 1671954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/01/2029 | &nbsp;&nbsp; 413000 | &nbsp;&nbsp;&nbsp;&nbsp; 434117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp; 198000 | &nbsp;&nbsp;&nbsp;&nbsp; 206320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 12/01/2055 | &nbsp;&nbsp; 267000 | &nbsp;&nbsp;&nbsp;&nbsp; 263777 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 04/01/2030 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 517417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/15/2028 | &nbsp;&nbsp; 1408000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/15/2038 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1154348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2064 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 377280 |
| &nbsp;&nbsp;&nbsp;Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2028\* | &nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp; 447994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp;&nbsp; 519238 |
| &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; 163809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2031\* | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 295166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030\* | &nbsp;&nbsp; 462000 | &nbsp;&nbsp;&nbsp;&nbsp; 217084 |
| &nbsp;&nbsp;&nbsp;Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 01/25/2049# | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 504378 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp;&nbsp; 249791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 111563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/28/2057 | &nbsp;&nbsp; 513000 | &nbsp;&nbsp;&nbsp;&nbsp; 499378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/30/2062 | &nbsp;&nbsp; 181000 | &nbsp;&nbsp;&nbsp;&nbsp; 181302 |
| &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; 769827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 297246 |
| &nbsp;&nbsp;&nbsp;Sunrise FinCo I BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2031\* | &nbsp;&nbsp; 611000 | &nbsp;&nbsp;&nbsp;&nbsp; 583786 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2028 | $415000 | &nbsp;&nbsp;$411561 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp; 2098000 | &nbsp;&nbsp;&nbsp;&nbsp; 2173210 |
| &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; 482621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031\* | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 108198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 08/01/2032\* | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 300131 |
| &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; 467382 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2029 | &nbsp;&nbsp; 633000 | &nbsp;&nbsp;&nbsp;&nbsp; 586411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20554048 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/05/2034\* | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1379939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/05/2054 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198336 |
| &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; 492054 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/14/2030 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 403461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/02/2034 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 316957 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/31/2033\* | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 400498 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/28/2030\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408524 |
| &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; 949920 |
| &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; 377540 |
| &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; 342707 |
| &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; 259213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 02/12/2032\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 457785 |
| &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; 289880 |
| &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; 210900 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2033\* | &nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp; 442499 |
| &nbsp;&nbsp;&nbsp;South32 Treasury, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/14/2032\* | &nbsp;&nbsp; 747000 | &nbsp;&nbsp;&nbsp;&nbsp; 712821 |
| &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; 210751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7853785 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 09/15/2040 | &nbsp;&nbsp; 181000 | &nbsp;&nbsp;&nbsp;&nbsp; 181160 |
| &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; 616036 |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/28/2032\* | &nbsp;&nbsp; 567000 | &nbsp;&nbsp;&nbsp;&nbsp; 579794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/28/2055\* | &nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 214328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 05/28/2065\* | &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 213390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804708 |
| **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; 773346 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Multi-National (continued)** | **Multi-National (continued)** | **Multi-National (continued)** |
| &nbsp;&nbsp;&nbsp;African Export-Import Bank/The |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 05/17/2031 | $750000 | &nbsp;&nbsp;$663239 |
| &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; 1489636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926221 |
| **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** |
| &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; 377796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/2054\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 191959 |
| &nbsp;&nbsp;&nbsp;APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028\* | &nbsp;&nbsp; 696000 | &nbsp;&nbsp;&nbsp;&nbsp; 675427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/01/2049\* | &nbsp;&nbsp; 1704000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353222 |
| &nbsp;&nbsp;&nbsp;Atlas Sand Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2026(6)(7) | &nbsp;&nbsp; 171432 | &nbsp;&nbsp;&nbsp;&nbsp; 167146 |
| &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; 538382 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 04/06/2027 | &nbsp;&nbsp; 1233000 | &nbsp;&nbsp;&nbsp;&nbsp; 1224328 |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/2049 | &nbsp;&nbsp; 909000 | &nbsp;&nbsp;&nbsp;&nbsp; 724339 |
| &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; 294615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 06/15/2033\* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 296364 |
| &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; 354761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2029\* | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 208013 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2055 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 659592 |
| &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; 692091 |
| &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; 426979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 04/01/2032\* | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 121504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2034\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152218 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2054 | &nbsp;&nbsp; 592000 | &nbsp;&nbsp;&nbsp;&nbsp; 530120 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/24/2051 | &nbsp;&nbsp; 371000 | &nbsp;&nbsp;&nbsp;&nbsp; 287787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2053 | &nbsp;&nbsp; 764000 | &nbsp;&nbsp;&nbsp;&nbsp; 756603 |
| &nbsp;&nbsp;&nbsp;Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 05/15/2054\* | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 475687 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2040 | &nbsp;&nbsp; 736000 | &nbsp;&nbsp;&nbsp;&nbsp; 788103 |
| &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; 420300 |
| &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; 840037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2035\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 136601 |
| &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; 221598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/24/2048 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 575377 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2035 | &nbsp;&nbsp; 659000 | &nbsp;&nbsp;&nbsp;&nbsp; 672989 |
| &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; 452417 |
| &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; 80310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/01/2031 | &nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp; 620869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2028 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 229563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 09/15/2036 | &nbsp;&nbsp; 357000 | &nbsp;&nbsp;&nbsp;&nbsp; 369295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2031 | &nbsp;&nbsp; 292000 | &nbsp;&nbsp;&nbsp;&nbsp; 326008 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;ORLEN SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/30/2035\* | $500000 | &nbsp;&nbsp;$517355 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040554 |
| &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; 522008 |
| &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; 1263009 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 01/15/2031 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 444139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/29/2026 | &nbsp;&nbsp; 347000 | &nbsp;&nbsp;&nbsp;&nbsp; 348516 |
| &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; 542683 |
| &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; 195125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 03/05/2034 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 243907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/05/2054 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 369275 |
| &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; 359224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/17/2064\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 404377 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 618067 |
| &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; 767881 |
| &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; 536793 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 527586 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/30/2030\* | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 584049 |
| &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; 389003 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2032\*# | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 660144 |
| &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/15/2029\* | &nbsp;&nbsp; 511000 | &nbsp;&nbsp;&nbsp;&nbsp; 518182 |
| &nbsp;&nbsp;&nbsp;Woodside Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 05/19/2030 | &nbsp;&nbsp; 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1317465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28411742 |
| **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; 533045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/01/2027\* | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 38035 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2043 | &nbsp;&nbsp; 397000 | &nbsp;&nbsp;&nbsp;&nbsp; 343936 |
| &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; 555451 |
| &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; 378191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848658 |
| **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 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 104103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/17/2030 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 240623 |
| &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; 791962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2029\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91763 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2032\* | $55000 | &nbsp;&nbsp;$56511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/15/2030\* | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 656444 |
| &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; 400199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/01/2033\* | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 156783 |
| &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; 552374 |
| &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; 16961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2027\* | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 326845 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2033 | &nbsp;&nbsp; 1637000 | &nbsp;&nbsp;&nbsp;&nbsp; 1719415 |
| &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; 168346 |
| &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; 238254 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 09/01/2029 | &nbsp;&nbsp; 869000 | &nbsp;&nbsp;&nbsp;&nbsp; 873126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2034# | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 415938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6809647 |
| **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; 3128000 | &nbsp;&nbsp;&nbsp;&nbsp; 2752443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/21/2049 | &nbsp;&nbsp; 841000 | &nbsp;&nbsp;&nbsp;&nbsp; 685222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 488000 | &nbsp;&nbsp;&nbsp;&nbsp; 503877 |
| &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/26/2029 | &nbsp;&nbsp; 762000 | &nbsp;&nbsp;&nbsp;&nbsp; 782512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/03/2028 | &nbsp;&nbsp; 671000 | &nbsp;&nbsp;&nbsp;&nbsp; 686114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/03/2030 | &nbsp;&nbsp; 726000 | &nbsp;&nbsp;&nbsp;&nbsp; 749771 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/22/2032 | &nbsp;&nbsp; 746000 | &nbsp;&nbsp;&nbsp;&nbsp; 727569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 02/13/2028 | &nbsp;&nbsp; 1834000 | &nbsp;&nbsp;&nbsp;&nbsp; 1859312 |
| &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; 600287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/01/2042 | &nbsp;&nbsp; 644000 | &nbsp;&nbsp;&nbsp;&nbsp; 484571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/2031 | &nbsp;&nbsp; 669000 | &nbsp;&nbsp;&nbsp;&nbsp; 715595 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2030 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 305555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2044 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 574681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/15/2043 | &nbsp;&nbsp; 2899000 | &nbsp;&nbsp;&nbsp;&nbsp; 2476870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2029 | &nbsp;&nbsp; 511000 | &nbsp;&nbsp;&nbsp;&nbsp; 525905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2054 | &nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 246018 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 12/15/2047 | &nbsp;&nbsp; 1149000 | &nbsp;&nbsp;&nbsp;&nbsp; 930515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 1831000 | &nbsp;&nbsp;&nbsp;&nbsp; 1851173 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/20/2045 | &nbsp;&nbsp; 2619000 | &nbsp;&nbsp;&nbsp;&nbsp; 2308501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/01/2031 | &nbsp;&nbsp; 567000 | &nbsp;&nbsp;&nbsp;&nbsp; 592407 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/15/2027 | &nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 210220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 08/14/2034 | &nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp; 431522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/12/2030 | &nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 458550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 10/15/2065 | &nbsp;&nbsp; 267000 | &nbsp;&nbsp;&nbsp;&nbsp; 264757 |
| &nbsp;&nbsp;&nbsp;EMD Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2035\* | &nbsp;&nbsp; 661000 | &nbsp;&nbsp;&nbsp;&nbsp; 654377 |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2030 | &nbsp;&nbsp; 441000 | &nbsp;&nbsp;&nbsp;&nbsp; 446397 |
| &nbsp;&nbsp;&nbsp;HLF Financing Sarl LLC/Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2029\* | &nbsp;&nbsp; 804000 | &nbsp;&nbsp;&nbsp;&nbsp; 703967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 04/15/2029\* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 705269 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/30/2032 | $778000 | &nbsp;&nbsp;$793402 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/18/2031 | &nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 415213 |
| &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; 550976 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/19/2033 | &nbsp;&nbsp; 1436000 | &nbsp;&nbsp;&nbsp;&nbsp; 1438872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 05/19/2043 | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 1477000 | &nbsp;&nbsp;&nbsp;&nbsp; 1375881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 05/19/2063 | &nbsp;&nbsp; 239000 | &nbsp;&nbsp;&nbsp;&nbsp; 217770 |
| &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; 351044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 07/05/2044 | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 253338 |
| &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; 165469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 282741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2029 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 305583 |
| &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; 280846 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/22/2040 | &nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 211625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/22/2050 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 286595 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp; 309000 | &nbsp;&nbsp;&nbsp;&nbsp; 326906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32759664 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| &nbsp;&nbsp;&nbsp;Acu Petroleo Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/13/2035 | &nbsp;&nbsp; 265258 | &nbsp;&nbsp;&nbsp;&nbsp; 269082 |
| &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; 169466 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/30/2035\* | &nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 750838 |
| &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; 282348 |
| &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; 2059524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96%, 02/15/2055\* | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1323773 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/30/2033\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 415269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 03/15/2029\* | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 371084 |
| &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; 393669 |
| &nbsp;&nbsp;&nbsp;EIG Pearl Holdings Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 08/31/2036 | &nbsp;&nbsp; 590070 | &nbsp;&nbsp;&nbsp;&nbsp; 535994 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/20/2028 | &nbsp;&nbsp; 239000 | &nbsp;&nbsp;&nbsp;&nbsp; 241553 |
| &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; 766253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2028 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/01/2043 | &nbsp;&nbsp; 372000 | &nbsp;&nbsp;&nbsp;&nbsp; 329441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/15/2045 | &nbsp;&nbsp; 772000 | &nbsp;&nbsp;&nbsp;&nbsp; 691291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/01/2047 | &nbsp;&nbsp; 1838000 | &nbsp;&nbsp;&nbsp;&nbsp; 1637576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2045 | &nbsp;&nbsp; 386000 | &nbsp;&nbsp;&nbsp;&nbsp; 379780 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/31/2051 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 128824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2031 | &nbsp;&nbsp; 306000 | &nbsp;&nbsp;&nbsp;&nbsp; 308762 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2030\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 575039 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16%, 03/31/2034 | $774008 | &nbsp;&nbsp;$697808 |
| &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; 739020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2033 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 94010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2029 | &nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp;&nbsp; 148254 |
| &nbsp;&nbsp;&nbsp;GNL Quintero SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/31/2029 | &nbsp;&nbsp; 357808 | &nbsp;&nbsp;&nbsp;&nbsp; 357196 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2027\* | &nbsp;&nbsp; 2946000 | &nbsp;&nbsp;&nbsp;&nbsp; 2899048 |
| &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; 383108 |
| &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; 362338 |
| &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; 318383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2032\* | &nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp;&nbsp; 780447 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2034\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/15/2032\* | &nbsp;&nbsp; 592000 | &nbsp;&nbsp;&nbsp;&nbsp; 617349 |
| &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; 971476 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2044 | &nbsp;&nbsp; 1132000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066864 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2031 | &nbsp;&nbsp; 1219000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/01/2035 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 739720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 620158 |
| &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; 528389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/15/2032\* | &nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 179808 |
| &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; 495348 |
| &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; 313283 |
| &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; 397591 |
| &nbsp;&nbsp;&nbsp;ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 10/01/2036 | &nbsp;&nbsp; 3025000 | &nbsp;&nbsp;&nbsp;&nbsp; 3276763 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 729990 |
| &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; 314000 | &nbsp;&nbsp;&nbsp;&nbsp; 247579 |
| &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; 369560 |
| &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; 221886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 10/01/2029 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 258184 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/15/2030 | &nbsp;&nbsp; 1212000 | &nbsp;&nbsp;&nbsp;&nbsp; 1230546 |
| &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; 376000 | &nbsp;&nbsp;&nbsp;&nbsp; 383170 |
| &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; 634295 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/01/2031\* | &nbsp;&nbsp; 1042000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093243 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | &nbsp;&nbsp; 209000 | &nbsp;&nbsp;&nbsp;&nbsp; 176093 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/30/2030 | &nbsp;&nbsp; 489000 | &nbsp;&nbsp;&nbsp;&nbsp; 491573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/15/2035 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 554088 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/24/2044 | $1297000 | &nbsp;&nbsp;$1265211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/15/2055 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 144202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37219890 |
| **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; 547342 |
| &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; 447913 |
| &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; 783750 |
| &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; 943091 |
| &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; 313168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035264 |
| **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; 1728000 | &nbsp;&nbsp;&nbsp;&nbsp; 1521181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2027 | &nbsp;&nbsp; 469000 | &nbsp;&nbsp;&nbsp;&nbsp; 461922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 02/15/2029 | &nbsp;&nbsp; 1977000 | &nbsp;&nbsp;&nbsp;&nbsp; 2033088 |
| &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; 707580 |
| &nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 07/15/2030\* | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 765139 |
| &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; 569410 |
| &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; 885913 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp;&nbsp; 448008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/01/2029 | &nbsp;&nbsp; 1016000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055554 |
| &nbsp;&nbsp;&nbsp;ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2032 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 124591 |
| &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; 857755 |
| &nbsp;&nbsp;&nbsp;Goodman US Finance Six LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/07/2034\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249940 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2030 | &nbsp;&nbsp; 1705000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603163 |
| &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; 197706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2029\* | &nbsp;&nbsp; 493000 | &nbsp;&nbsp;&nbsp;&nbsp; 482078 |
| &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; 253996 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2031 | &nbsp;&nbsp; 501000 | &nbsp;&nbsp;&nbsp;&nbsp; 447551 |
| &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; 442617 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 06/15/2032# | &nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 559358 |
| &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; 577064 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2032 | &nbsp;&nbsp; 583000 | &nbsp;&nbsp;&nbsp;&nbsp; 491753 |
| &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; 890394 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/09/2052 | $299000 | &nbsp;&nbsp;$225593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2026 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071903 |
| **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; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 217660 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 07/15/2029 | &nbsp;&nbsp; 209000 | &nbsp;&nbsp;&nbsp;&nbsp; 215239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2028 | &nbsp;&nbsp; 319000 | &nbsp;&nbsp;&nbsp;&nbsp; 338794 |
| &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; 559311 |
| &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; 819648 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 10/15/2027 | &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp;&nbsp; 327538 |
| &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; 281743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 01/22/2032\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 565758 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 222888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 272549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67449 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/01/2028 | &nbsp;&nbsp; 996000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059471 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2029 | &nbsp;&nbsp; 374000 | &nbsp;&nbsp;&nbsp;&nbsp; 385358 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/01/2031# | &nbsp;&nbsp; 1222000 | &nbsp;&nbsp;&nbsp;&nbsp; 961477 |
| &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; 520156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 06/15/2031\* | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 319646 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/15/2046 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 222696 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2049 | &nbsp;&nbsp; 1722000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/01/2047 | &nbsp;&nbsp; 1384000 | &nbsp;&nbsp;&nbsp;&nbsp; 1168489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/14/2028 | &nbsp;&nbsp; 1136000 | &nbsp;&nbsp;&nbsp;&nbsp; 1161433 |
| &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; 459215 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/01/2027 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 708291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/20/2026 | &nbsp;&nbsp; 373000 | &nbsp;&nbsp;&nbsp;&nbsp; 379219 |
| &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; 629936 |
| &nbsp;&nbsp;&nbsp;PetSmart LLC/PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/15/2032\* | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 569032 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/30/2032\* | &nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 331530 |
| &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; 222418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14237741 |
| **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;5.54%, 07/14/2036\* | &nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp;&nbsp; 2047604 |
| **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; 296000 | &nbsp;&nbsp;&nbsp;&nbsp; 304189 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/15/2031\* | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 877005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 1945000 | &nbsp;&nbsp;&nbsp;&nbsp; 1623565 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/15/2032 | $646000 | &nbsp;&nbsp;$642978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/15/2032 | &nbsp;&nbsp; 423000 | &nbsp;&nbsp;&nbsp;&nbsp; 428190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645245 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2030\* | &nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 391974 |
| &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; 354241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/25/2032\* | &nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp; 596660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/25/2035\* | &nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp; 503743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 01/25/2038\* | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 315904 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 342948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 362200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 1193000 | &nbsp;&nbsp;&nbsp;&nbsp; 830109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032 | &nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 363569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 344846 |
| &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; 1010427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2035 | &nbsp;&nbsp; 1471000 | &nbsp;&nbsp;&nbsp;&nbsp; 1496008 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/20/2032 | &nbsp;&nbsp; 314000 | &nbsp;&nbsp;&nbsp;&nbsp; 319598 |
| &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; 582165 |
| &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; 489172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 05/18/2063 | &nbsp;&nbsp; 402000 | &nbsp;&nbsp;&nbsp;&nbsp; 361072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14185808 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/17/2028 | &nbsp;&nbsp; 704000 | &nbsp;&nbsp;&nbsp;&nbsp; 717939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/04/2027# | &nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp;&nbsp; 266903 |
| &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; 1041496 |
| &nbsp;&nbsp;&nbsp;Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2030\* | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 570654 |
| &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; 690511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 08/15/2033\* | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 299078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/30/2032\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53456 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2049 | &nbsp;&nbsp; 776000 | &nbsp;&nbsp;&nbsp;&nbsp; 620523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/12/2034 | &nbsp;&nbsp; 417000 | &nbsp;&nbsp;&nbsp;&nbsp; 418006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/11/2035 | &nbsp;&nbsp; 918000 | &nbsp;&nbsp;&nbsp;&nbsp; 914386 |
| &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; 593577 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/15/2033 | &nbsp;&nbsp; 559000 | &nbsp;&nbsp;&nbsp;&nbsp; 579764 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2035 | &nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 246015 |
| &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; 339350 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 972000 | &nbsp;&nbsp;&nbsp;&nbsp; 928980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2050 | &nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 3052000 | &nbsp;&nbsp;&nbsp;&nbsp; 2603352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2047 | &nbsp;&nbsp; 927000 | &nbsp;&nbsp;&nbsp;&nbsp; 700418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/27/2034 | &nbsp;&nbsp; 373000 | &nbsp;&nbsp;&nbsp;&nbsp; 360570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/06/2053 | &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 311015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/03/2055 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 908497 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Rackspace Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/15/2028\* | $884400 | &nbsp;&nbsp;$419146 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/15/2028 | &nbsp;&nbsp; 344000 | &nbsp;&nbsp;&nbsp;&nbsp; 345316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2032 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 427986 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 800192 |
| &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; 1567517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17812014 |
| **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; 906370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/2029\* | &nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp;&nbsp; 312245 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2060 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 504641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp; 6579000 | &nbsp;&nbsp;&nbsp;&nbsp; 6294594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2046 | &nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp;&nbsp; 119283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/15/2037 | &nbsp;&nbsp; 2083000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/15/2056 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 191035 |
| &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; 364608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/2055 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 276152 |
| &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; 535466 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/24/2035 | &nbsp;&nbsp; 967000 | &nbsp;&nbsp;&nbsp;&nbsp; 989564 |
| &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; 638641 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/15/2049 | &nbsp;&nbsp; 376000 | &nbsp;&nbsp;&nbsp;&nbsp; 285979 |
| &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; 691145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/15/2031\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 430348 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp; 451696 |
| &nbsp;&nbsp;&nbsp;NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 07/16/2032\* | &nbsp;&nbsp; 1349000 | &nbsp;&nbsp;&nbsp;&nbsp; 1374444 |
| &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; 113862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/15/2055 | &nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 462982 |
| &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; 518544 |
| &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; 210944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 03/08/2047 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 439062 |
| &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; 351382 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2041 | &nbsp;&nbsp; 1986000 | &nbsp;&nbsp;&nbsp;&nbsp; 1451000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2060 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 274349 |
| &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; 416658 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/2041 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 691533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2060 | &nbsp;&nbsp; 759000 | &nbsp;&nbsp;&nbsp;&nbsp; 442381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/22/2041 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 333083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2052 | &nbsp;&nbsp; 296000 | &nbsp;&nbsp;&nbsp;&nbsp; 219204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/10/2033 | &nbsp;&nbsp; 741000 | &nbsp;&nbsp;&nbsp;&nbsp; 724827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/02/2035 | &nbsp;&nbsp; 762000 | &nbsp;&nbsp;&nbsp;&nbsp; 769245 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/30/2031\*# | &nbsp;&nbsp; 523000 | &nbsp;&nbsp;&nbsp;&nbsp; 490957 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;$602529 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/04/2081 | &nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 194641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/28/2054 | &nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 362030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/10/2063 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 940465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/28/2064 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 760162 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/01/2028\* | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp; 599054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27742296 |
| **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; 1583000 | &nbsp;&nbsp;&nbsp;&nbsp; 1284848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2043 | &nbsp;&nbsp; 1346000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2056 | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 220127 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/01/2048 | &nbsp;&nbsp; 1086000 | &nbsp;&nbsp;&nbsp;&nbsp; 951542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/30/2035# | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 221065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2115 | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp; 204443 |
| &nbsp;&nbsp;&nbsp;CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2052 | &nbsp;&nbsp; 793000 | &nbsp;&nbsp;&nbsp;&nbsp; 661915 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 08/20/2035 | &nbsp;&nbsp; 1217642 | &nbsp;&nbsp;&nbsp;&nbsp; 1062819 |
| &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; 766216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 12/01/2033 | &nbsp;&nbsp; 832000 | &nbsp;&nbsp;&nbsp;&nbsp; 921257 |
| &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; 596480 |
| &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; 636207 |
| &nbsp;&nbsp;&nbsp;TTX Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/25/2026\* | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10008048 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| &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; 481947 |
| &nbsp;&nbsp;&nbsp;GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/15/2026 | &nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp;&nbsp; 556800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2030 | &nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 222094 |
| &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; 657000 | &nbsp;&nbsp;&nbsp;&nbsp; 677835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/30/2029\* | &nbsp;&nbsp; 741000 | &nbsp;&nbsp;&nbsp;&nbsp; 763653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028\* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 575458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/15/2030\* | &nbsp;&nbsp; 1329000 | &nbsp;&nbsp;&nbsp;&nbsp; 1423148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700935 |
| **Total Corporate Bonds & Notes<br> (cost $847,958,355)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842475917 |
| **ASSET BACKED SECURITIES — 6.6%** | **ASSET BACKED SECURITIES — 6.6%** | **ASSET BACKED SECURITIES — 6.6%** |
| **Auto Loan Receivables — 2.6%** | **Auto Loan Receivables — 2.6%** | **Auto Loan Receivables — 2.6%** |
| &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; 3113389 |
| &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\* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4958144 |
| &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; 5067740 |

---

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3, Class D<br> 5.83%, 05/15/2030 | $2363000 | &nbsp;&nbsp;$2418015 |
| &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; 1111509 |
| &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; 449193 | &nbsp;&nbsp;&nbsp;&nbsp; 450011 |
| &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; 1005359 |
| &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; 2665396 |
| &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; 4161273 |
| &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; 4851351 |
| &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; 1384847 |
| &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; 3023873 |
| &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; 3362162 |
| &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; 3600094 |
| &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; 2576678 |
| &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; 1258250 |
| &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; 2213677 |
| &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; 1185495 |
| &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; 1437654 |
| &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; 1219206 |
| &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; 858633 | &nbsp;&nbsp;&nbsp;&nbsp; 859638 |
| &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 | &nbsp;&nbsp; 3405000 | &nbsp;&nbsp;&nbsp;&nbsp; 3511176 |
| &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; 1657324 |
| &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; 176615 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B, Class A4<br> 4.66%, 09/15/2028 | $3970000 | &nbsp;&nbsp;$4002575 |
| &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; 934328 |
| &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; 2825187 |
| &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; 1820646 |
| &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; 2541929 |
| &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; 1473094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70866635 |
| **Credit Card Receivables — 0.4%** | **Credit Card Receivables — 0.4%** | **Credit Card Receivables — 0.4%** |
| &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4, Class A<br> 4.30%, 07/15/2030 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 809701 |
| &nbsp;&nbsp;&nbsp;BA Credit Card Trust |  |  |
| &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; 1870558 |
| &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; 2020799 |
| &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; 325195 |
| &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; 2757468 |
| &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; 709163 |
| &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; 2123973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10616857 |
| **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 2024-SFR1, Class C<br> 4.29%, 07/17/2041\*(5) | &nbsp;&nbsp; 2523000 | &nbsp;&nbsp;&nbsp;&nbsp; 2452899 |
| &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; 2027174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class D<br> 4.30%, 08/17/2040\* | &nbsp;&nbsp; 2277000 | &nbsp;&nbsp;&nbsp;&nbsp; 2176371 |
| &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; 2587666 | &nbsp;&nbsp;&nbsp;&nbsp; 2667994 |
| &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; 2587368 |
| &nbsp;&nbsp;&nbsp;Crossroads Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A, Class C<br> 5.51%, 02/20/2032\* | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 709011 |
| &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; 3405520 |

---

---

| | | |
|:---|:---|:---|
| **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 2021-SFR1, Class E2<br> 2.49%, 08/17/2038\* | $4000000 | &nbsp;&nbsp;$3891978 |
| &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; 4090142 |
| &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; 1489249 |
| &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; 3171590 | &nbsp;&nbsp;&nbsp;&nbsp; 3204481 |
| &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; 2844905 | &nbsp;&nbsp;&nbsp;&nbsp; 2746284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class E2<br> 2.95%, 12/17/2026\* | &nbsp;&nbsp; 215887 | &nbsp;&nbsp;&nbsp;&nbsp; 208277 |
| &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; 885026 |
| &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; 1486450 |
| &nbsp;&nbsp;&nbsp;Identity Digital Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 03/20/2065(6) | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3052500 |
| &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; 2268893 | &nbsp;&nbsp;&nbsp;&nbsp; 2279330 |
| &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; 1344318 |
| &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; 2751048 |
| &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; 547771 | &nbsp;&nbsp;&nbsp;&nbsp; 528641 |
| &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; 2678700 |
| &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; 2441968 | &nbsp;&nbsp;&nbsp;&nbsp; 2391523 |
| &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; 4624025 |
| &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; 2517752 | &nbsp;&nbsp;&nbsp;&nbsp; 2418231 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust |  |  |
| &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; 1156786 |
| &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; 1840586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR3, Class D<br> 3.50%, 06/17/2041\* | &nbsp;&nbsp; 2764000 | &nbsp;&nbsp;&nbsp;&nbsp; 2596527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR10, Class E1<br> 3.57%, 12/17/2040\* | &nbsp;&nbsp; 2953192 | &nbsp;&nbsp;&nbsp;&nbsp; 2825022 |
| &nbsp;&nbsp;&nbsp;Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class B<br> 5.12%, 08/18/2032\* | &nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1840690 |
| &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; 2655084 |
| &nbsp;&nbsp;&nbsp;ReNew |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A<br> 5.90%, 11/20/2058\* | &nbsp;&nbsp; 3945053 | &nbsp;&nbsp;&nbsp;&nbsp; 3904355 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A<br> 5.91%, 08/20/2032\* | $2400000 | &nbsp;&nbsp;$2428410 |
| &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; 1792390 |
| &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; 2203909 |
| &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; 641474 |
| &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; 1454400 | &nbsp;&nbsp;&nbsp;&nbsp; 1472840 |
| &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; 1598899 | &nbsp;&nbsp;&nbsp;&nbsp; 1622147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A<br> 6.27%, 07/15/2044\* | &nbsp;&nbsp; 2402021 | &nbsp;&nbsp;&nbsp;&nbsp; 2503357 |
| &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; 2694778 | &nbsp;&nbsp;&nbsp;&nbsp; 2710832 |
| &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; 1142528 | &nbsp;&nbsp;&nbsp;&nbsp; 1162738 |
| &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; 3464911 |
| &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; 203753 |
| &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; 1525853 | &nbsp;&nbsp;&nbsp;&nbsp; 1547980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class C<br> 7.06%, 01/20/2038\* | &nbsp;&nbsp; 1741722 | &nbsp;&nbsp;&nbsp;&nbsp; 1767880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96438211 |
| **Total Asset Backed Securities<br> (cost $173,466,034)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177921703 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.0%** |
| **Commercial and Residential — 2.4%** | **Commercial and Residential — 2.4%** | **Commercial and Residential — 2.4%** |
| &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\*(5) | &nbsp;&nbsp; 4148547 | &nbsp;&nbsp;&nbsp;&nbsp; 4037808 |
| &nbsp;&nbsp;&nbsp;Anchor Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RTL1, Class A1<br> 5.72%, 05/25/2040\*(5) | &nbsp;&nbsp; 1705000 | &nbsp;&nbsp;&nbsp;&nbsp; 1714127 |
| &nbsp;&nbsp;&nbsp;BAMLL Re-REMIC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-FRR3, Class B<br> 1.46%, 01/27/2050\*(1) | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4702434 |
| &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; 1901547 | &nbsp;&nbsp;&nbsp;&nbsp; 1869316 |
| &nbsp;&nbsp;&nbsp;BVRT 2025-1 LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A<br> 4.34%, (SOFR30A+0.00%), 05/10/2033\* | &nbsp;&nbsp; 3066388 | &nbsp;&nbsp;&nbsp;&nbsp; 2954607 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-IMC, Class A<br> 5.41%, (TSFR1M+1.05%), 04/15/2034\* | &nbsp;&nbsp; 1554232 | &nbsp;&nbsp;&nbsp;&nbsp; 1544518 |
| &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\*(5) | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2977648 |

---

---

| | | |
|:---|:---|:---|
| **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;Chase Mtg. Finance Corp. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SH2, Class M2<br> 3.75%, 12/25/2045\*(1) | $792064 | &nbsp;&nbsp;$737644 |
| &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; 994176 |
| &nbsp;&nbsp;&nbsp;COMM Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-787S, Class B<br> 3.96%, 02/10/2036\*(1) | &nbsp;&nbsp; 1629000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605323 |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C17, Class A2<br> 3.00%, 09/17/2052 | &nbsp;&nbsp; 33986 | &nbsp;&nbsp;&nbsp;&nbsp; 33495 |
| &nbsp;&nbsp;&nbsp;DBSG Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-ALTA, Class A<br> 6.14%, 06/10/2037\*(1) | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2946864 |
| &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\*(5) | &nbsp;&nbsp; 2970311 | &nbsp;&nbsp;&nbsp;&nbsp; 2882479 |
| &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; 3295369 | &nbsp;&nbsp;&nbsp;&nbsp; 3329453 |
| &nbsp;&nbsp;&nbsp;LHOME Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL5, Class A1<br> 5.32%, 09/25/2039\*(5) | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2303962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RTL1, Class A1<br> 5.65%, 01/25/2040\*(5) | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2115101 |
| &nbsp;&nbsp;&nbsp;MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL3, Class A1<br> 5.91%, 11/25/2039\*(5) | &nbsp;&nbsp; 3260000 | &nbsp;&nbsp;&nbsp;&nbsp; 3285000 |
| &nbsp;&nbsp;&nbsp;MSDB Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-712F, Class A<br> 3.43%, 07/11/2039\*(1) | &nbsp;&nbsp; 5310000 | &nbsp;&nbsp;&nbsp;&nbsp; 5093667 |
| &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\*(5) | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4014823 |
| &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; 10489004 |
| &nbsp;&nbsp;&nbsp;PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RCF3, Class A1<br> 4.00%, 05/25/2054\*(5) | &nbsp;&nbsp; 1386875 | &nbsp;&nbsp;&nbsp;&nbsp; 1368014 |
| &nbsp;&nbsp;&nbsp;Roc Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RTL1, Class A1<br> 5.63%, 02/25/2040\*(5) | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1604721 |
| &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; 1132293 |
| &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; 148590 | &nbsp;&nbsp;&nbsp;&nbsp; 136822 |
| &nbsp;&nbsp;&nbsp;Toorak Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RRTL1, Class A1<br> 5.52%, 02/25/2040\*(5) | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2502397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66375696 |
| **U.S. Government Agency — 1.6%** | **U.S. Government Agency — 1.6%** | **U.S. Government Agency — 1.6%** |
| &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; 4485414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-K70, Class C<br> 3.94%, 12/25/2049\*(1) | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4385776 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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-K91, Class C<br> 4.40%, 04/25/2051\*(1) | $3000000 | &nbsp;&nbsp;$2909458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K83, Class B<br> 4.42%, 11/25/2051\*(1) | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2981546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K90, Class C<br> 4.47%, 02/25/2052\*(1) | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1470941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K88, Class C<br> 4.53%, 02/25/2052\*(1) | &nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1611109 |
| &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> 7.20%, (SOFR30A+2.85%), 05/25/2044\* | &nbsp;&nbsp; 1551204 | &nbsp;&nbsp;&nbsp;&nbsp; 1568183 |
| &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; 224392 | &nbsp;&nbsp;&nbsp;&nbsp; 220496 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3572, Class JS<br> 2.34%, (6.69%-SOFR30A), 09/15/2039(8)(9) | &nbsp;&nbsp; 147689 | &nbsp;&nbsp;&nbsp;&nbsp; 10198 |
| &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; 4485901 | &nbsp;&nbsp;&nbsp;&nbsp; 3785535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-100, Class NP<br> 3.00%, 12/25/2047 | &nbsp;&nbsp; 2169229 | &nbsp;&nbsp;&nbsp;&nbsp; 1944541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27, Class EA<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 2847992 | &nbsp;&nbsp;&nbsp;&nbsp; 2556923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-35, Class CD<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 2993753 | &nbsp;&nbsp;&nbsp;&nbsp; 2646459 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-M2, Class 3A2<br> 2.04%, 04/25/2032(1) | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4331185 |
| &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; 4698350 | &nbsp;&nbsp;&nbsp;&nbsp; 4437697 |
| &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; 2831990 |
| &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; 1051810 | &nbsp;&nbsp;&nbsp;&nbsp; 994087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43171538 |
| **Total Collateralized Mortgage Obligations<br> (cost $108,573,047)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109547234 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 55.1%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 55.1%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 55.1%** |
| **U.S. Government — 20.9%** | **U.S. Government — 20.9%** | **U.S. Government — 20.9%** |
| &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; 574406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp; 14960000 | &nbsp;&nbsp;&nbsp;&nbsp; 9909831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 to 11/15/2051 | &nbsp;&nbsp; 9801000 | &nbsp;&nbsp;&nbsp;&nbsp; 5366329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 to 08/15/2051 | &nbsp;&nbsp; 13971000 | &nbsp;&nbsp;&nbsp;&nbsp; 9455455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp; 23835000 | &nbsp;&nbsp;&nbsp;&nbsp; 14247930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 to 05/15/2051 | &nbsp;&nbsp; 46721000 | &nbsp;&nbsp;&nbsp;&nbsp; 30846878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/2045 to 05/15/2047 | &nbsp;&nbsp; 10021000 | &nbsp;&nbsp;&nbsp;&nbsp; 7444065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/2048 | &nbsp;&nbsp; 22308000 | &nbsp;&nbsp;&nbsp;&nbsp; 17408083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2053# | &nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 163778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 to 08/15/2054 | &nbsp;&nbsp; 29347000 | &nbsp;&nbsp;&nbsp;&nbsp; 26256394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2044 to 11/15/2054 | &nbsp;&nbsp; 25086000 | &nbsp;&nbsp;&nbsp;&nbsp; 23907834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2044 to 02/15/2055 | &nbsp;&nbsp; 7822000 | &nbsp;&nbsp;&nbsp;&nbsp; 7553611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2043 to 05/15/2055 | &nbsp;&nbsp; 4723000 | &nbsp;&nbsp;&nbsp;&nbsp; 4609489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/15/2045 | &nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp;&nbsp; 291318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2045 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179394 |
| &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; 30682763 |

---

---

| | | |
|:---|:---|:---|
| **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;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 | $838000 | &nbsp;&nbsp;$810863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/31/2027 | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp;&nbsp;&nbsp; 2209908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/30/2026 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 623350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | &nbsp;&nbsp; 1279000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2027 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 224016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 478633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 02/15/2029 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 165589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/30/2029 | &nbsp;&nbsp; 35010000 | &nbsp;&nbsp;&nbsp;&nbsp; 34123809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2028 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/15/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/31/2030 to 08/15/2034 | &nbsp;&nbsp; 5630000 | &nbsp;&nbsp;&nbsp;&nbsp; 5560761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/2027 to 02/15/2034 | &nbsp;&nbsp;103019000 | &nbsp;&nbsp;&nbsp;&nbsp; 103822541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/31/2029 to 10/31/2031 | &nbsp;&nbsp;113540000 | &nbsp;&nbsp;&nbsp;&nbsp; 115432034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2028 to 08/15/2035 | &nbsp;&nbsp; 69077000 | &nbsp;&nbsp;&nbsp;&nbsp; 70290992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/31/2029 to 01/31/2032 | &nbsp;&nbsp; 11404000 | &nbsp;&nbsp;&nbsp;&nbsp; 11723835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/31/2026 to 11/15/2033 | &nbsp;&nbsp; 13705000 | &nbsp;&nbsp;&nbsp;&nbsp; 14141364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/30/2029 to 04/30/2031 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14545156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568747548 |
| **U.S. Government Agency — 34.2%** | **U.S. Government Agency — 34.2%** | **U.S. Government Agency — 34.2%** |
| &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; 7295769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/16/2028# | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2036 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 272469 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2037 | &nbsp;&nbsp; 8248478 | &nbsp;&nbsp;&nbsp;&nbsp; 7371267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2036 to 04/01/2052 | &nbsp;&nbsp; 50627978 | &nbsp;&nbsp;&nbsp;&nbsp; 42587055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2028 to 11/01/2051 | &nbsp;&nbsp; 27446795 | &nbsp;&nbsp;&nbsp;&nbsp; 23193442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2027 to 06/01/2052 | &nbsp;&nbsp; 14537373 | &nbsp;&nbsp;&nbsp;&nbsp; 13090244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2041 to 03/01/2053 | &nbsp;&nbsp; 37810971 | &nbsp;&nbsp;&nbsp;&nbsp; 34687258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 06/01/2052 | &nbsp;&nbsp; 17755971 | &nbsp;&nbsp;&nbsp;&nbsp; 16799381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2039 to 12/01/2048 | &nbsp;&nbsp; 6845608 | &nbsp;&nbsp;&nbsp;&nbsp; 6763775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2033 to 06/01/2055 | &nbsp;&nbsp; 21067983 | &nbsp;&nbsp;&nbsp;&nbsp; 20891662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2032 to 12/01/2054 | &nbsp;&nbsp; 47714602 | &nbsp;&nbsp;&nbsp;&nbsp; 48110304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2033 to 03/01/2055 | &nbsp;&nbsp; 4779838 | &nbsp;&nbsp;&nbsp;&nbsp; 4887275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2035 to 01/01/2054 | &nbsp;&nbsp; 6020068 | &nbsp;&nbsp;&nbsp;&nbsp; 6238525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2029 to 03/15/2031# | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 845398 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, (RFUCCT6M+1.49%), 02/01/2037 | &nbsp;&nbsp; 31769 | &nbsp;&nbsp;&nbsp;&nbsp; 32198 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%, 11/01/2030 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7741657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2050 to 03/01/2051 | &nbsp;&nbsp; 8603752 | &nbsp;&nbsp;&nbsp;&nbsp; 6499264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97%, 11/01/2031 | &nbsp;&nbsp; 4489169 | &nbsp;&nbsp;&nbsp;&nbsp; 3965299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2035 to 03/01/2052 | &nbsp;&nbsp;126382431 | &nbsp;&nbsp;&nbsp;&nbsp; 103091170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 06/01/2029 | &nbsp;&nbsp; 2974213 | &nbsp;&nbsp;&nbsp;&nbsp; 2793236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2026 to 05/01/2052 | &nbsp;&nbsp;146037324 | &nbsp;&nbsp;&nbsp;&nbsp; 123997654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2027 to 07/01/2052 | &nbsp;&nbsp; 85317068 | &nbsp;&nbsp;&nbsp;&nbsp; 75821780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2026 to 04/01/2052 | &nbsp;&nbsp; 53672961 | &nbsp;&nbsp;&nbsp;&nbsp; 49304312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2025 to 10/01/2052 | &nbsp;&nbsp; 44570921 | &nbsp;&nbsp;&nbsp;&nbsp; 42193861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 01/01/2032 | &nbsp;&nbsp; 7342867 | &nbsp;&nbsp;&nbsp;&nbsp; 7366041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 06/01/2032 | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6209599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 08/01/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48%, 05/01/2035 | &nbsp;&nbsp; 8606626 | &nbsp;&nbsp;&nbsp;&nbsp; 8542404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2040 to 09/01/2054 | &nbsp;&nbsp; 25957264 | &nbsp;&nbsp;&nbsp;&nbsp; 25198018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 07/01/2032 to 10/01/2032 | &nbsp;&nbsp; 13787000 | &nbsp;&nbsp;&nbsp;&nbsp; 13953390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/01/2035 | &nbsp;&nbsp; 2735200 | &nbsp;&nbsp;&nbsp;&nbsp; 2747177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/01/2035 | &nbsp;&nbsp; 7892000 | &nbsp;&nbsp;&nbsp;&nbsp; 8021066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96%, 09/01/2032 | &nbsp;&nbsp; 5547000 | &nbsp;&nbsp;&nbsp;&nbsp; 5677791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2033 to 11/01/2054 | &nbsp;&nbsp; 36529916 | &nbsp;&nbsp;&nbsp;&nbsp; 36170371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 01/01/2033 | &nbsp;&nbsp; 1933000 | &nbsp;&nbsp;&nbsp;&nbsp; 1987682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 09/01/2031 | &nbsp;&nbsp; 834704 | &nbsp;&nbsp;&nbsp;&nbsp; 864588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 12/01/2033 | &nbsp;&nbsp; 2782000 | &nbsp;&nbsp;&nbsp;&nbsp; 2905190 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;5.50%, 04/01/2033 to 09/01/2053 | $12980919 | &nbsp;&nbsp;$13131156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2032 to 11/01/2053 | &nbsp;&nbsp; 34976301 | &nbsp;&nbsp;&nbsp;&nbsp; 35836450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2037 to 12/01/2053 | &nbsp;&nbsp; 7672013 | &nbsp;&nbsp;&nbsp;&nbsp; 7950268 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44%, (RFUCCT1Y+1.57%), 05/01/2037 | &nbsp;&nbsp; 46904 | &nbsp;&nbsp;&nbsp;&nbsp; 48400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, (H15T1Y+2.27%), 11/01/2036 | &nbsp;&nbsp; 121797 | &nbsp;&nbsp;&nbsp;&nbsp; 126096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87%, (RFUCCT1Y+1.83%), 10/01/2040 | &nbsp;&nbsp; 232849 | &nbsp;&nbsp;&nbsp;&nbsp; 240516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.33%, (RFUCCT1Y+1.83%), 10/01/2040 | &nbsp;&nbsp; 50832 | &nbsp;&nbsp;&nbsp;&nbsp; 52687 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%, 11/01/2032(1) | &nbsp;&nbsp; 5427269 | &nbsp;&nbsp;&nbsp;&nbsp; 4517115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 11/01/2032(1) | &nbsp;&nbsp; 9121379 | &nbsp;&nbsp;&nbsp;&nbsp; 7614000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 02/01/2032(1) | &nbsp;&nbsp; 7899999 | &nbsp;&nbsp;&nbsp;&nbsp; 6993244 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/20/2050 | &nbsp;&nbsp; 9356745 | &nbsp;&nbsp;&nbsp;&nbsp; 7667657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/20/2050 to 12/20/2051 | &nbsp;&nbsp; 24876028 | &nbsp;&nbsp;&nbsp;&nbsp; 21217830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2045 to 02/20/2052 | &nbsp;&nbsp; 27161617 | &nbsp;&nbsp;&nbsp;&nbsp; 24271346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/20/2045 to 10/20/2047 | &nbsp;&nbsp; 1527422 | &nbsp;&nbsp;&nbsp;&nbsp; 1417144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/2044 to 05/20/2048 | &nbsp;&nbsp; 1844933 | &nbsp;&nbsp;&nbsp;&nbsp; 1755378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2039 to 07/20/2052 | &nbsp;&nbsp; 10309600 | &nbsp;&nbsp;&nbsp;&nbsp; 10040871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2039 to 05/20/2053 | &nbsp;&nbsp; 13387060 | &nbsp;&nbsp;&nbsp;&nbsp; 13572464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2039 | &nbsp;&nbsp; 63941 | &nbsp;&nbsp;&nbsp;&nbsp; 66225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927630837 |
| **Total U.S. Government & Agency Obligations<br> (cost $1,610,191,702)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1496378385 |
| **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; 1160050 |
| **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; 335191 |
| &nbsp;&nbsp;&nbsp;Eagle Funding Luxco Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/17/2030\* | &nbsp;&nbsp; 3011000 | &nbsp;&nbsp;&nbsp;&nbsp; 3053455 |
| &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; 440356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/15/2051 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 332181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/16/2050 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 316178 |
| &nbsp;&nbsp;&nbsp;Government of Bulgaria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/05/2037 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 590776 |
| &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; 765386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/16/2036\* | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/17/2053 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 417408 |
| &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; 438820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/04/2047 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 169334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/18/2053 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 434971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/16/2054\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 387767 |
| &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; 92407 |
| &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; 1202910 |
| &nbsp;&nbsp;&nbsp;Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/05/2036 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 395080 |
| &nbsp;&nbsp;&nbsp;Republic of Hungary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/26/2035\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025547 |
| &nbsp;&nbsp;&nbsp;Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/10/2034 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/10/2054 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 486816 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| &nbsp;&nbsp;&nbsp;Republic of Italy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/06/2051 | $585000 | &nbsp;&nbsp;$411731 |
| &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; 1190992 |
| &nbsp;&nbsp;&nbsp;Republic of Kazakhstan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2037\* | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/21/2045 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 438148 |
| &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; 187078 |
| &nbsp;&nbsp;&nbsp;Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/16/2032 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 689474 |
| &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/26/2034 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 598488 |
| &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; 319614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/16/2050 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 957126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/23/2048 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191222 |
| &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; 2504746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 01/21/2045 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 267285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 07/02/2032 | &nbsp;&nbsp; 1374000 | &nbsp;&nbsp;&nbsp;&nbsp; 1401068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/13/2030 | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 613415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/07/2036 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 719532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.34%, 05/04/2053 | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 201290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 02/09/2035 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 826520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 05/07/2054 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1445652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/29/2038 | &nbsp;&nbsp; 573000 | &nbsp;&nbsp;&nbsp;&nbsp; 583515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/27/2034 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 321546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/13/2037 | &nbsp;&nbsp; 1443000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28766652 |
| **Total Foreign Government Obligations<br> (cost $30,466,244)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29926702 |
| **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** |
| **Oil Field Machinery & Equipment — 0.1%** | **Oil Field Machinery & Equipment — 0.1%** | **Oil Field Machinery & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hi-Crush, Inc.(6)(10)<br> (cost $0) | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 1572028 |
| **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 $48,512) | &nbsp;&nbsp; 3142 | &nbsp;&nbsp;&nbsp;&nbsp; 49776 |
| **Total Long-Term Investment Securities<br> (cost $2,770,703,894)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2657871745 |
| **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** | **SHORT-TERM INVESTMENTS — 2.2%** |
| **Unaffiliated Investment Companies — 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> 4.23%(11) | &nbsp;&nbsp; 44223279 | &nbsp;&nbsp;&nbsp;&nbsp; 44223279 |

---

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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> 4.31%(11)(12) | 16000064 | &nbsp;&nbsp;$16000064 |
| **Total Short-Term Investments<br> (cost $60,223,343)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60223343 |
| **TOTAL INVESTMENTS<br> (cost $2,830,927,237)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;2718095088 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3415514) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2714679574 |

---

---

| | |
|:---|:---|
| \* | &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 August 31, 2025, the aggregate value of these securities was $500,629,972 representing 18.4% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| † | &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;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 cash at 5.13%. The security is also currently paying interest in the form of additional securities at 2.50%. |
| (4) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (5) | &nbsp;&nbsp;"Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of August 31, 2025. |
| (6) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 1). |
| (7) | &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. |
| (8) | &nbsp;&nbsp;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 August 31, 2025. |

---

(9) Interest Only

(10) 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 1. 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 August 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. | 03/13/24 | 123 | $0 | $1572028 | $12780.72 | 0.1% |

---

(11) The rate shown is the 7-day yield as of August 31, 2025.

(12) At August 31, 2025, the Fund had loaned securities with a total value of $20,182,683. This was secured by collateral of $16,000,064, which was received in cash and
subsequently invested in short-term investments currently valued at $16,000,064 as reported in the Portfolio of Investments. Additional collateral of $4,643,269 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> August 31, 2025** |
| Federal Home Loan Mtg. Corp. | 1.50% to 9.50% | 04/15/2027 to 09/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;$71566 |
| Federal National Mtg. Assoc. | 1.50% to 7.50% | 11/01/2025 to 09/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69524 |
| Government National Mtg. Assoc. | 1.82% to 5.91% | 08/20/2048 to 02/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32698 |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;4469481 |

---

---

| |
|:---|
| 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 |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at August 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** |
| 152 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$17024152 | &nbsp;&nbsp;&nbsp;&nbsp;$17099999 | &nbsp;&nbsp;&nbsp;&nbsp;$75847 |
| 363 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75614166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75699680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85514 |
| 82 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9366076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9368500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2424 |
| 326 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37070278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37296438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226160 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$389945 |

---

\* 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.

------

#### VALIC Company I Core Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$28244596 | &nbsp;&nbsp;$167146 | &nbsp;&nbsp;&nbsp;&nbsp;$28411742 |
| &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;814064175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814064175 |
| 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;93385711 | &nbsp;&nbsp;&nbsp;&nbsp;3052500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96438211 |
| &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;81483492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81483492 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109547234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109547234 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1496378385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1496378385 |
| 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;29926702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29926702 |
| 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;1572028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572028 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49776 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;60223343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60223343 |
| **Total Investments at Value** | &nbsp;&nbsp;$60273119 | &nbsp;&nbsp;$2653030295 | &nbsp;&nbsp;$4791674 | &nbsp;&nbsp;$2718095088 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$389945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$389945 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Dividend Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.1%** | **COMMON STOCKS — 97.1%** | **COMMON STOCKS — 97.1%** |
| **Advertising — 0.5%** | **Advertising — 0.5%** | **Advertising — 0.5%** |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;509380 | &nbsp;&nbsp;$2700324 |
| **Aerospace/Defense — 3.7%** | **Aerospace/Defense — 3.7%** | **Aerospace/Defense — 3.7%** |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10132 | &nbsp;&nbsp;&nbsp;&nbsp; 2124315 |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8701 | &nbsp;&nbsp;&nbsp;&nbsp; 2041951 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26336 | &nbsp;&nbsp;&nbsp;&nbsp; 7311400 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686 | &nbsp;&nbsp;&nbsp;&nbsp; 2135082 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008 | &nbsp;&nbsp;&nbsp;&nbsp; 3544960 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34586 | &nbsp;&nbsp;&nbsp;&nbsp; 5485340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22643048 |
| **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;73861 | &nbsp;&nbsp;&nbsp;&nbsp; 4201952 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55485 | &nbsp;&nbsp;&nbsp;&nbsp; 3250866 |
| **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;15896 | &nbsp;&nbsp;&nbsp;&nbsp; 1748560 |
| **Banks — 8.9%** | **Banks — 8.9%** | **Banks — 8.9%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89530 | &nbsp;&nbsp;&nbsp;&nbsp; 4542752 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148890 | &nbsp;&nbsp;&nbsp;&nbsp; 14378307 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp; 8925611 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33327 | &nbsp;&nbsp;&nbsp;&nbsp; 10045425 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15040 | &nbsp;&nbsp;&nbsp;&nbsp; 3119898 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;159179 | &nbsp;&nbsp;&nbsp;&nbsp; 13081330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;54093323 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54283 | &nbsp;&nbsp;&nbsp;&nbsp; 3744984 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62455 | &nbsp;&nbsp;&nbsp;&nbsp; 1737483 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70609 | &nbsp;&nbsp;&nbsp;&nbsp; 2054016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7536483 |
| **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30747 | &nbsp;&nbsp;&nbsp;&nbsp; 1799315 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10435 | &nbsp;&nbsp;&nbsp;&nbsp; 1115397 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13015 | &nbsp;&nbsp;&nbsp;&nbsp; 3789447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6704159 |
| **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17670 | &nbsp;&nbsp;&nbsp;&nbsp; 5196924 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462 | &nbsp;&nbsp;&nbsp;&nbsp; 233720 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8111 | &nbsp;&nbsp;&nbsp;&nbsp; 3879410 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35120 | &nbsp;&nbsp;&nbsp;&nbsp; 1979012 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39037 | &nbsp;&nbsp;&nbsp;&nbsp; 4342085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15631151 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;710096 | &nbsp;&nbsp;&nbsp;&nbsp; 3514308 |
| **Computers — 3.6%** | **Computers — 3.6%** | **Computers — 3.6%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14250 | &nbsp;&nbsp;&nbsp;&nbsp; 3307995 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42457 | &nbsp;&nbsp;&nbsp;&nbsp; 3067518 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;175795 | &nbsp;&nbsp;&nbsp;&nbsp; 3967693 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182505 | &nbsp;&nbsp;&nbsp;&nbsp; 5208693 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20513 | &nbsp;&nbsp;&nbsp;&nbsp; 3711212 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34259 | &nbsp;&nbsp;&nbsp;&nbsp; 2752368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22015479 |
| **Cosmetics/Personal Care — 1.7%** | **Cosmetics/Personal Care — 1.7%** | **Cosmetics/Personal Care — 1.7%** |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;745687 | &nbsp;&nbsp;&nbsp;&nbsp; 3666511 |

---

---

| | | |
|:---|:---|:---|
| **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;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12397 | &nbsp;&nbsp;$1946825 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78324 | &nbsp;&nbsp;&nbsp;&nbsp; 4929638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10542974 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8871 | &nbsp;&nbsp;&nbsp;&nbsp; 1950201 |
| **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30345 | &nbsp;&nbsp;&nbsp;&nbsp; 4133899 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22271 | &nbsp;&nbsp;&nbsp;&nbsp; 5060417 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28405 | &nbsp;&nbsp;&nbsp;&nbsp; 2722335 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36110 | &nbsp;&nbsp;&nbsp;&nbsp; 6377026 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16604 | &nbsp;&nbsp;&nbsp;&nbsp; 5840955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24134632 |
| **Electric — 4.5%** | **Electric — 4.5%** | **Electric — 4.5%** |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16268 | &nbsp;&nbsp;&nbsp;&nbsp; 1806073 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50203 | &nbsp;&nbsp;&nbsp;&nbsp; 3007160 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16158 | &nbsp;&nbsp;&nbsp;&nbsp; 2207991 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51073 | &nbsp;&nbsp;&nbsp;&nbsp; 2866727 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33077 | &nbsp;&nbsp;&nbsp;&nbsp; 2357067 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93004 | &nbsp;&nbsp;&nbsp;&nbsp; 4062415 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104604 | &nbsp;&nbsp;&nbsp;&nbsp; 1598349 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;113048 | &nbsp;&nbsp;&nbsp;&nbsp; 9333243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27239025 |
| **Electronics — 1.4%** | **Electronics — 1.4%** | **Electronics — 1.4%** |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33929 | &nbsp;&nbsp;&nbsp;&nbsp; 1623842 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12129 | &nbsp;&nbsp;&nbsp;&nbsp; 2662316 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11310 | &nbsp;&nbsp;&nbsp;&nbsp; 472871 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18015 | &nbsp;&nbsp;&nbsp;&nbsp; 3720097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8479126 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14337 | &nbsp;&nbsp;&nbsp;&nbsp; 3245754 |
| **Food — 2.5%** | **Food — 2.5%** | **Food — 2.5%** |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39339 | &nbsp;&nbsp;&nbsp;&nbsp; 1256094 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;165413 | &nbsp;&nbsp;&nbsp;&nbsp; 4626602 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45126 | &nbsp;&nbsp;&nbsp;&nbsp; 2596099 |
| &nbsp;&nbsp;&nbsp;Nestle SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68266 | &nbsp;&nbsp;&nbsp;&nbsp; 6425196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14903991 |
| **Healthcare-Products — 2.5%** | **Healthcare-Products — 2.5%** | **Healthcare-Products — 2.5%** |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293454 | &nbsp;&nbsp;&nbsp;&nbsp; 7245379 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84136 | &nbsp;&nbsp;&nbsp;&nbsp; 7808662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15054041 |
| **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15695 | &nbsp;&nbsp;&nbsp;&nbsp; 5001212 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527 | &nbsp;&nbsp;&nbsp;&nbsp; 2092431 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967 | &nbsp;&nbsp;&nbsp;&nbsp; 2158864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9252507 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37300 | &nbsp;&nbsp;&nbsp;&nbsp; 1029354 |
| **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48845 | &nbsp;&nbsp;&nbsp;&nbsp; 4122313 |
| **Insurance — 4.7%** | **Insurance — 4.7%** | **Insurance — 4.7%** |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 | &nbsp;&nbsp;&nbsp;&nbsp; 3974762 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68858 | &nbsp;&nbsp;&nbsp;&nbsp; 4122528 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp; 1093542 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 1934614 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65484 | &nbsp;&nbsp;&nbsp;&nbsp; 5327778 |

---

------

#### VALIC Company I Dividend Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10192 | &nbsp;&nbsp;$1117655 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16016 | &nbsp;&nbsp;&nbsp;&nbsp; 4348504 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19847 | &nbsp;&nbsp;&nbsp;&nbsp; 6485801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28405184 |
| **Internet — 4.5%** | **Internet — 4.5%** | **Internet — 4.5%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19678 | &nbsp;&nbsp;&nbsp;&nbsp; 4189643 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27023 | &nbsp;&nbsp;&nbsp;&nbsp; 5770221 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44844 | &nbsp;&nbsp;&nbsp;&nbsp; 10269276 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9754 | &nbsp;&nbsp;&nbsp;&nbsp; 7205280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27434420 |
| **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;139093 | &nbsp;&nbsp;&nbsp;&nbsp; 1592615 |
| **Media — 2.6%** | **Media — 2.6%** | **Media — 2.6%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;338588 | &nbsp;&nbsp;&nbsp;&nbsp; 11501834 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37097 | &nbsp;&nbsp;&nbsp;&nbsp; 4391543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15893377 |
| **Mining — 1.3%** | **Mining — 1.3%** | **Mining — 1.3%** |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96152 | &nbsp;&nbsp;&nbsp;&nbsp; 2560528 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51988 | &nbsp;&nbsp;&nbsp;&nbsp; 2308267 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83831 | &nbsp;&nbsp;&nbsp;&nbsp; 2866182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734977 |
| **Oil & Gas — 4.6%** | **Oil & Gas — 4.6%** | **Oil & Gas — 4.6%** |
| &nbsp;&nbsp;&nbsp;BP PLC | 1411081 | &nbsp;&nbsp;&nbsp;&nbsp; 8281242 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20821 | &nbsp;&nbsp;&nbsp;&nbsp; 3343853 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37987 | &nbsp;&nbsp;&nbsp;&nbsp; 1969246 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69712 | &nbsp;&nbsp;&nbsp;&nbsp; 7967384 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;173813 | &nbsp;&nbsp;&nbsp;&nbsp; 6393236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27954961 |
| **Packaging & Containers — 0.9%** | **Packaging & Containers — 0.9%** | **Packaging & Containers — 0.9%** |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17286 | &nbsp;&nbsp;&nbsp;&nbsp; 1717883 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113134 | &nbsp;&nbsp;&nbsp;&nbsp; 3673461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391344 |
| **Pharmaceuticals — 9.3%** | **Pharmaceuticals — 9.3%** | **Pharmaceuticals — 9.3%** |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36330 | &nbsp;&nbsp;&nbsp;&nbsp; 5807923 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76735 | &nbsp;&nbsp;&nbsp;&nbsp; 14808320 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45186 | &nbsp;&nbsp;&nbsp;&nbsp; 2131875 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47423 | &nbsp;&nbsp;&nbsp;&nbsp; 7055594 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178589 | &nbsp;&nbsp;&nbsp;&nbsp; 13063785 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp; 1662957 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16653 | &nbsp;&nbsp;&nbsp;&nbsp; 2950412 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55440 | &nbsp;&nbsp;&nbsp;&nbsp; 4663613 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38602 | &nbsp;&nbsp;&nbsp;&nbsp; 955786 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34053 | &nbsp;&nbsp;&nbsp;&nbsp; 3383406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;56483671 |
| **Pipelines — 2.7%** | **Pipelines — 2.7%** | **Pipelines — 2.7%** |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150618 | &nbsp;&nbsp;&nbsp;&nbsp; 7280874 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;107798 | &nbsp;&nbsp;&nbsp;&nbsp; 3464628 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97869 | &nbsp;&nbsp;&nbsp;&nbsp; 5664658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16410160 |
| **Private Equity — 0.8%** | **Private Equity — 0.8%** | **Private Equity — 0.8%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77132 | &nbsp;&nbsp;&nbsp;&nbsp; 4979642 |
| **REITS — 3.9%** | **REITS — 3.9%** | **REITS — 3.9%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16878 | &nbsp;&nbsp;&nbsp;&nbsp; 3440580 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38046 | &nbsp;&nbsp;&nbsp;&nbsp; 7451309 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40628 | &nbsp;&nbsp;$4027860 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87114 | &nbsp;&nbsp;&nbsp;&nbsp; 1514041 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10806 | &nbsp;&nbsp;&nbsp;&nbsp; 3183340 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50270 | &nbsp;&nbsp;&nbsp;&nbsp; 2081681 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47779 | &nbsp;&nbsp;&nbsp;&nbsp; 1760656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23459467 |
| **Retail — 2.1%** | **Retail — 2.1%** | **Retail — 2.1%** |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57282 | &nbsp;&nbsp;&nbsp;&nbsp; 6229990 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8739 | &nbsp;&nbsp;&nbsp;&nbsp; 3554763 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA ADR# | &nbsp;&nbsp;&nbsp;&nbsp;243138 | &nbsp;&nbsp;&nbsp;&nbsp; 3012480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12797233 |
| **Semiconductors — 4.3%** | **Semiconductors — 4.3%** | **Semiconductors — 4.3%** |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38975 | &nbsp;&nbsp;&nbsp;&nbsp; 942805 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25815 | &nbsp;&nbsp;&nbsp;&nbsp; 7677123 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26041 | &nbsp;&nbsp;&nbsp;&nbsp; 634098 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9288 | &nbsp;&nbsp;&nbsp;&nbsp; 1617784 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590 | &nbsp;&nbsp;&nbsp;&nbsp; 6907299 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67522 | &nbsp;&nbsp;&nbsp;&nbsp; 1825664 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12079 | &nbsp;&nbsp;&nbsp;&nbsp; 2788679 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16807 | &nbsp;&nbsp;&nbsp;&nbsp; 3403081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25796533 |
| **Software — 7.2%** | **Software — 7.2%** | **Software — 7.2%** |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30391 | &nbsp;&nbsp;&nbsp;&nbsp; 5225732 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89865 | &nbsp;&nbsp;&nbsp;&nbsp; 6273476 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32712 | &nbsp;&nbsp;&nbsp;&nbsp; 16574843 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20608 | &nbsp;&nbsp;&nbsp;&nbsp; 4660087 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123753 | &nbsp;&nbsp;&nbsp;&nbsp; 10971941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43706079 |
| **Telecommunications — 2.2%** | **Telecommunications — 2.2%** | **Telecommunications — 2.2%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69291 | &nbsp;&nbsp;&nbsp;&nbsp; 4787315 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19839 | &nbsp;&nbsp;&nbsp;&nbsp; 4999230 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83190 | &nbsp;&nbsp;&nbsp;&nbsp; 3679494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13466039 |
| **Toys/Games/Hobbies — 0.7%** | **Toys/Games/Hobbies — 0.7%** | **Toys/Games/Hobbies — 0.7%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54919 | &nbsp;&nbsp;&nbsp;&nbsp; 4457775 |
| **Transportation — 1.5%** | **Transportation — 1.5%** | **Transportation — 1.5%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40396 | &nbsp;&nbsp;&nbsp;&nbsp; 1313274 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 1388924 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28390 | &nbsp;&nbsp;&nbsp;&nbsp; 6347152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9049350 |
| **Total Long-Term Investment Securities<br> (cost $500,466,550)** |  | &nbsp;&nbsp;&nbsp;&nbsp;589006398 |
| **SHORT-TERM INVESTMENTS — 2.8%** | **SHORT-TERM INVESTMENTS — 2.8%** | **SHORT-TERM INVESTMENTS — 2.8%** |
| **Unaffiliated Investment Companies — 2.8%** | **Unaffiliated Investment Companies — 2.8%** | **Unaffiliated Investment Companies — 2.8%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.23%(1) | 16399314 | &nbsp;&nbsp;&nbsp;&nbsp; 16399314 |

---

------

#### VALIC Company I Dividend Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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> 4.31%(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;482252 | &nbsp;&nbsp;$482252 |
| **Total Short-Term Investments<br> (cost $16,881,567)** |  | &nbsp;&nbsp;&nbsp;&nbsp;16881566 |
| **TOTAL INVESTMENTS<br> (cost $517,348,117)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;605887964 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707149 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$606595113 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (2) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $854,827. This was secured by collateral of $482,252, which was received in cash and subsequently invested in short-term investments currently valued at $482,252 as reported in the Portfolio of Investments. Additional collateral of $407,439 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;$2785 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;32037 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;15243 |
| United States Treasury Notes/Bonds | 0.00% to 4.75% | 10/15/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;354593 |

---

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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Advertising | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$2700324 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2700324 |
| &nbsp;&nbsp;&nbsp;Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;20518733 | &nbsp;&nbsp;&nbsp;&nbsp;2124315 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22643048 |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5799000 | &nbsp;&nbsp;&nbsp;&nbsp;1737483 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7536483 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3514308 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514308 |
| &nbsp;&nbsp;&nbsp;Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946825 | &nbsp;&nbsp;&nbsp;&nbsp;8596149 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10542974 |
| &nbsp;&nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1029354 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029354 |
| &nbsp;&nbsp;&nbsp;Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4122313 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122313 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;13280483 | &nbsp;&nbsp;&nbsp;&nbsp;14674478 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27954961 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;47292342 | &nbsp;&nbsp;&nbsp;&nbsp;9191329 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;56483671 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;17063570 | &nbsp;&nbsp;&nbsp;&nbsp;8732963 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25796533 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;426682429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;426682429 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;16881566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16881566 |
| **Total Investments at Value** | &nbsp;&nbsp;$549464948 | &nbsp;&nbsp;$56423016 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$605887964 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Dynamic Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 81.9%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 81.9%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 81.9%** |
| **Domestic Equity Investment Companies — 54.4%** | **Domestic Equity Investment Companies — 54.4%** | **Domestic Equity Investment Companies — 54.4%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Capital Appreciation Fund | &nbsp;&nbsp; 271182 | &nbsp;&nbsp;$6074480 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Dividend Value Fund | &nbsp;&nbsp; 640703 | &nbsp;&nbsp;&nbsp;&nbsp; 8482905 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Growth Fund | &nbsp;&nbsp; 272948 | &nbsp;&nbsp;&nbsp;&nbsp; 5082302 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Capital Growth Fund | &nbsp;&nbsp; 256625 | &nbsp;&nbsp;&nbsp;&nbsp; 4555092 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Mid Cap Index Fund | &nbsp;&nbsp; 52082 | &nbsp;&nbsp;&nbsp;&nbsp; 1322364 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Mid Cap Strategic Growth Fund | &nbsp;&nbsp; 74829 | &nbsp;&nbsp;&nbsp;&nbsp; 1724062 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Mid Cap Value Fund | &nbsp;&nbsp; 84031 | &nbsp;&nbsp;&nbsp;&nbsp; 1478106 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | &nbsp;&nbsp; 54883 | &nbsp;&nbsp;&nbsp;&nbsp; 954957 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Index Fund | &nbsp;&nbsp; 32422 | &nbsp;&nbsp;&nbsp;&nbsp; 541444 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Special Values Fund | &nbsp;&nbsp; 58173 | &nbsp;&nbsp;&nbsp;&nbsp; 657934 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | &nbsp;&nbsp; 18741 | &nbsp;&nbsp;&nbsp;&nbsp; 234446 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | &nbsp;&nbsp; 226368 | &nbsp;&nbsp;&nbsp;&nbsp; 14478528 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Core Fund | &nbsp;&nbsp; 230866 | &nbsp;&nbsp;&nbsp;&nbsp; 8174973 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | &nbsp;&nbsp; 186719 | &nbsp;&nbsp;&nbsp;&nbsp; 3779193 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | &nbsp;&nbsp; 537974 | &nbsp;&nbsp;&nbsp;&nbsp; 8494604 |
| &nbsp;&nbsp;&nbsp;VALIC Company I U.S. Socially Responsible Fund | &nbsp;&nbsp; 282579 | &nbsp;&nbsp;&nbsp;&nbsp; 5465078 |
| **Total Domestic Equity Investment Companies<br> (cost $57,927,463)** |  | &nbsp;&nbsp;&nbsp;&nbsp;71500468 |
| **Domestic Fixed Income Investment Companies — 18.1%** | **Domestic Fixed Income Investment Companies — 18.1%** | **Domestic Fixed Income Investment Companies — 18.1%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | &nbsp;&nbsp;1659311 | &nbsp;&nbsp;&nbsp;&nbsp; 16510140 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Government Securities Fund | &nbsp;&nbsp; 531438 | &nbsp;&nbsp;&nbsp;&nbsp; 5027405 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | &nbsp;&nbsp; 126431 | &nbsp;&nbsp;&nbsp;&nbsp; 915357 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Inflation Protected Fund | &nbsp;&nbsp; 157277 | &nbsp;&nbsp;&nbsp;&nbsp; 1384041 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $23,900,292)** |  | &nbsp;&nbsp;&nbsp;&nbsp;23836943 |
| **International Equity Investment Companies — 9.1%** | **International Equity Investment Companies — 9.1%** | **International Equity Investment Companies — 9.1%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Emerging Economies Fund | &nbsp;&nbsp; 43319 | &nbsp;&nbsp;&nbsp;&nbsp; 313633 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Global Real Estate Fund | &nbsp;&nbsp; 195810 | &nbsp;&nbsp;&nbsp;&nbsp; 1388295 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund | &nbsp;&nbsp; 244192 | &nbsp;&nbsp;&nbsp;&nbsp; 2305168 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Growth Fund† | &nbsp;&nbsp; 163338 | &nbsp;&nbsp;&nbsp;&nbsp; 2183823 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Opportunities Fund | &nbsp;&nbsp; 21074 | &nbsp;&nbsp;&nbsp;&nbsp; 361215 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Socially Responsible Fund | &nbsp;&nbsp; 63048 | &nbsp;&nbsp;&nbsp;&nbsp; 1783643 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Value Fund | &nbsp;&nbsp; 294085 | &nbsp;&nbsp;&nbsp;&nbsp; 3620183 |
| **Total International Equity Investment Companies<br> (cost $10,045,764)** |  | &nbsp;&nbsp;&nbsp;&nbsp;11955960 |
| **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 $366,417) | &nbsp;&nbsp; 36431 | &nbsp;&nbsp;&nbsp;&nbsp; 387994 |
| **Total Affiliated Investment Companies<br> (cost $92,239,936)** |  | &nbsp;&nbsp;&nbsp;&nbsp;107681365 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.7%** |
| **U.S. Government — 14.7%** | **U.S. Government — 14.7%** | **U.S. Government — 14.7%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | $2771500 | &nbsp;&nbsp;&nbsp;&nbsp; 2656418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2033 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033(2) | &nbsp;&nbsp;3228300 | &nbsp;&nbsp;&nbsp;&nbsp; 3194504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2034 | &nbsp;&nbsp; 756600 | &nbsp;&nbsp;&nbsp;&nbsp; 741705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp;2657900 | &nbsp;&nbsp;&nbsp;&nbsp; 2642326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 to 05/15/2035 | &nbsp;&nbsp;5246100 | &nbsp;&nbsp;&nbsp;&nbsp; 5267481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2034 | &nbsp;&nbsp;2576200 | &nbsp;&nbsp;&nbsp;&nbsp; 2626516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp;1945900 | &nbsp;&nbsp;&nbsp;&nbsp; 2006557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp; 132300 | &nbsp;&nbsp;&nbsp;&nbsp; 136827 |
| **Total U.S. Government & Agency Obligations<br> (cost $19,120,173)** |  | &nbsp;&nbsp;&nbsp;&nbsp;19284935 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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: 01/16/2026; Strike Price: $5,400.00; Counterparty: Goldman Sachs International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;$113804 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 01/16/2026; Strike Price: $5,400.00; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 45522 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 01/16/2026; Strike Price: $5,475.00; Counterparty: Goldman Sachs International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 124773 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 02/20/2026; Strike Price: $5,675.00; Counterparty: Citibank, N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 413175 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 02/20/2026; Strike Price: $5,675.00; Counterparty: UBS AG) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 41317 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 03/20/2026; Strike Price: $5,800.00; Counterparty: UBS AG) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 167662 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 12/19/2025; Strike Price: $5,400.00; Counterparty: Goldman Sachs International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 34922 |
| **Total Purchased Options<br> (cost $1,492,852)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941175 |
| **Total Long-Term Investment Securities<br> (cost $112,852,961)** |  | &nbsp;&nbsp;&nbsp;&nbsp;127907475 |
| **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** |  |
| **Unaffiliated Investment Companies — 3.7%** | **Unaffiliated Investment Companies — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;AllianceBernstein Government STIF Portfolio, Class AB<br> 4.35%(3)<br> (cost $4,816,582) | 4816582 | &nbsp;&nbsp;&nbsp;&nbsp; 4816582 |
| **TOTAL INVESTMENTS<br> (cost $117,669,543)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.0% | &nbsp;&nbsp;&nbsp;&nbsp;132724057 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1315910) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$131408147 |

---

---

| | |
|:---|:---|
| # | &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 3. |
| (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 August 31, 2025. |

---

STIF—Short Term Investment Fund

------

#### VALIC Company I Dynamic Allocation Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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** |
| 60 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$19286216 | &nbsp;&nbsp;&nbsp;&nbsp;$19418250 | &nbsp;&nbsp;&nbsp;&nbsp;$132034 |

---

\* 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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$107681365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$107681365 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19284935 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19284935 |
| 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;941175 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941175 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816582 |
| **Total Investments at Value** | &nbsp;&nbsp;$112497947 | &nbsp;&nbsp;$20226110 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$132724057 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$132034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$132034 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Emerging Economies Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;123401 | &nbsp;&nbsp;$3452938 |
| **Brazil — 3.8%** | **Brazil — 3.8%** | **Brazil — 3.8%** |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;314809 | &nbsp;&nbsp;&nbsp;&nbsp; 753658 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco SA (Preference Shares) | 1108831 | &nbsp;&nbsp;&nbsp;&nbsp; 3441930 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;514711 | &nbsp;&nbsp;&nbsp;&nbsp; 1600751 |
| &nbsp;&nbsp;&nbsp;Banco Santander Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;113195 | &nbsp;&nbsp;&nbsp;&nbsp; 589165 |
| &nbsp;&nbsp;&nbsp;Cogna Educacao SA | &nbsp;&nbsp;&nbsp;&nbsp;578203 | &nbsp;&nbsp;&nbsp;&nbsp; 311398 |
| &nbsp;&nbsp;&nbsp;Hapvida Participacoes e Investimentos SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87681 | &nbsp;&nbsp;&nbsp;&nbsp; 674525 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;900600 | &nbsp;&nbsp;&nbsp;&nbsp; 6393407 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;306180 | &nbsp;&nbsp;&nbsp;&nbsp; 2186125 |
| &nbsp;&nbsp;&nbsp;Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp;985133 | &nbsp;&nbsp;&nbsp;&nbsp; 2954391 |
| &nbsp;&nbsp;&nbsp;Minerva SA† | &nbsp;&nbsp;&nbsp;&nbsp;369347 | &nbsp;&nbsp;&nbsp;&nbsp; 410775 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;326520 | &nbsp;&nbsp;&nbsp;&nbsp; 4832496 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;417584 | &nbsp;&nbsp;&nbsp;&nbsp; 2395282 |
| &nbsp;&nbsp;&nbsp;Porto Seguro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88363 | &nbsp;&nbsp;&nbsp;&nbsp; 843399 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43170 | &nbsp;&nbsp;&nbsp;&nbsp; 139737 |
| &nbsp;&nbsp;&nbsp;Sendas Distribuidora SA | &nbsp;&nbsp;&nbsp;&nbsp;315715 | &nbsp;&nbsp;&nbsp;&nbsp; 612581 |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94490 | &nbsp;&nbsp;&nbsp;&nbsp; 590274 |
| &nbsp;&nbsp;&nbsp;Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39347 | &nbsp;&nbsp;&nbsp;&nbsp; 403205 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59120 | &nbsp;&nbsp;&nbsp;&nbsp; 1072437 |
| &nbsp;&nbsp;&nbsp;YDUQS Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;389668 | &nbsp;&nbsp;&nbsp;&nbsp; 945090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31150626 |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| &nbsp;&nbsp;&nbsp;China Gold International Resources Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp; 534011 |
| **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 13984274 | &nbsp;&nbsp;&nbsp;&nbsp; 2003828 |
| &nbsp;&nbsp;&nbsp;Banco de Chile ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44937 | &nbsp;&nbsp;&nbsp;&nbsp; 1291040 |
| &nbsp;&nbsp;&nbsp;Falabella SA | &nbsp;&nbsp;&nbsp;&nbsp;142916 | &nbsp;&nbsp;&nbsp;&nbsp; 813441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108309 |
| **China — 24.3%** | **China — 24.3%** | **China — 24.3%** |
| &nbsp;&nbsp;&nbsp;3SBio, Inc.\*# | &nbsp;&nbsp;&nbsp;&nbsp;354500 | &nbsp;&nbsp;&nbsp;&nbsp; 1321292 |
| &nbsp;&nbsp;&nbsp;Abbisko Cayman, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp; 700634 |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Ltd. | 2396000 | &nbsp;&nbsp;&nbsp;&nbsp; 1613980 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61800 | &nbsp;&nbsp;&nbsp;&nbsp; 757769 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. | 9133000 | &nbsp;&nbsp;&nbsp;&nbsp; 4987014 |
| &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel Co, Ltd., Class A | 3308200 | &nbsp;&nbsp;&nbsp;&nbsp; 3212810 |
| &nbsp;&nbsp;&nbsp;Bilibili, Inc., Class Z† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40760 | &nbsp;&nbsp;&nbsp;&nbsp; 951981 |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5088806 |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;132300 | &nbsp;&nbsp;&nbsp;&nbsp; 2123934 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 7958000 | &nbsp;&nbsp;&nbsp;&nbsp; 7631635 |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;331500 | &nbsp;&nbsp;&nbsp;&nbsp; 1073980 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57200 | &nbsp;&nbsp;&nbsp;&nbsp; 154999 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;920200 | &nbsp;&nbsp;&nbsp;&nbsp; 4967234 |
| &nbsp;&nbsp;&nbsp;China Lesso Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp; 212930 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd. | 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 4059416 |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;596000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156718 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp; 670495 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;303300 | &nbsp;&nbsp;&nbsp;&nbsp; 1825107 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp., Ltd., Class A | 1391700 | &nbsp;&nbsp;&nbsp;&nbsp; 897245 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;228600 | &nbsp;&nbsp;&nbsp;&nbsp; 1037902 |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp. | 1652000 | &nbsp;&nbsp;&nbsp;&nbsp; 912634 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;207300 | &nbsp;&nbsp;&nbsp;&nbsp; 162494 |
| &nbsp;&nbsp;&nbsp;CITIC Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91500 | &nbsp;&nbsp;&nbsp;&nbsp; 332759 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 895851 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp; 997788 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Energy Transportation Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp; 109089 |
| &nbsp;&nbsp;&nbsp;Country Garden Services Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;471000 | &nbsp;&nbsp;&nbsp;&nbsp; 391503 |
| &nbsp;&nbsp;&nbsp;CRRC Corp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp; 310959 |
| &nbsp;&nbsp;&nbsp;CSC Financial Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;289600 | &nbsp;&nbsp;&nbsp;&nbsp; 1154561 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;193600 | &nbsp;&nbsp;&nbsp;&nbsp; 1545720 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| &nbsp;&nbsp;&nbsp;Fufeng Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp;$920898 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp; 433054 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89900 | &nbsp;&nbsp;&nbsp;&nbsp; 828003 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp;&nbsp;&nbsp;555700 | &nbsp;&nbsp;&nbsp;&nbsp; 3315443 |
| &nbsp;&nbsp;&nbsp;Guosen Securities Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46700 | &nbsp;&nbsp;&nbsp;&nbsp; 97096 |
| &nbsp;&nbsp;&nbsp;H World Group, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16685 | &nbsp;&nbsp;&nbsp;&nbsp; 614842 |
| &nbsp;&nbsp;&nbsp;Haidilao International Holding, Ltd.\*# | &nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp; 234287 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;337600 | &nbsp;&nbsp;&nbsp;&nbsp; 1141748 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 275587 |
| &nbsp;&nbsp;&nbsp;Huatai Securities Co., Ltd., Class A | 1627000 | &nbsp;&nbsp;&nbsp;&nbsp; 4936173 |
| &nbsp;&nbsp;&nbsp;Huayu Automotive Systems Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp; 38331 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Ltd. | 6342000 | &nbsp;&nbsp;&nbsp;&nbsp; 4678802 |
| &nbsp;&nbsp;&nbsp;InnoCare Pharma, Ltd.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 49767 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946003 |
| &nbsp;&nbsp;&nbsp;JD Health International, Inc.\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49950 | &nbsp;&nbsp;&nbsp;&nbsp; 401566 |
| &nbsp;&nbsp;&nbsp;JD Logistics, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;579400 | &nbsp;&nbsp;&nbsp;&nbsp; 951898 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;334400 | &nbsp;&nbsp;&nbsp;&nbsp; 5147369 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;214200 | &nbsp;&nbsp;&nbsp;&nbsp; 1992159 |
| &nbsp;&nbsp;&nbsp;Kanzhun, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11776 | &nbsp;&nbsp;&nbsp;&nbsp; 278149 |
| &nbsp;&nbsp;&nbsp;KE Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;259473 | &nbsp;&nbsp;&nbsp;&nbsp; 1525236 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology\*#† | &nbsp;&nbsp;&nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;&nbsp; 2667419 |
| &nbsp;&nbsp;&nbsp;Li Auto, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;&nbsp;&nbsp; 777951 |
| &nbsp;&nbsp;&nbsp;Meitu, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;243500 | &nbsp;&nbsp;&nbsp;&nbsp; 367533 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B\*† | &nbsp;&nbsp;&nbsp;&nbsp;615400 | &nbsp;&nbsp;&nbsp;&nbsp; 8173909 |
| &nbsp;&nbsp;&nbsp;Midea Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;136700 | &nbsp;&nbsp;&nbsp;&nbsp; 1411591 |
| &nbsp;&nbsp;&nbsp;Muyuan Foods Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp; 300519 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218300 | &nbsp;&nbsp;&nbsp;&nbsp; 5968708 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179100 | &nbsp;&nbsp;&nbsp;&nbsp; 851208 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7411 | &nbsp;&nbsp;&nbsp;&nbsp; 355580 |
| &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;505600 | &nbsp;&nbsp;&nbsp;&nbsp; 635604 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | 2720000 | &nbsp;&nbsp;&nbsp;&nbsp; 2618578 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;412000 | &nbsp;&nbsp;&nbsp;&nbsp; 503844 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp; 1867970 |
| &nbsp;&nbsp;&nbsp;Ping An Bank Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;555800 | &nbsp;&nbsp;&nbsp;&nbsp; 938811 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd.# | 1037000 | &nbsp;&nbsp;&nbsp;&nbsp; 7498987 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;255900 | &nbsp;&nbsp;&nbsp;&nbsp; 2146056 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;715900 | &nbsp;&nbsp;&nbsp;&nbsp; 798550 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48800 | &nbsp;&nbsp;&nbsp;&nbsp; 2011153 |
| &nbsp;&nbsp;&nbsp;SAIC Motor Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;920600 | &nbsp;&nbsp;&nbsp;&nbsp; 2424781 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Equipment International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;741000 | &nbsp;&nbsp;&nbsp;&nbsp; 651913 |
| &nbsp;&nbsp;&nbsp;SF Holding Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;208300 | &nbsp;&nbsp;&nbsp;&nbsp; 1300516 |
| &nbsp;&nbsp;&nbsp;Shanghai Henlius Biotech, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp; 107813 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 353688 |
| &nbsp;&nbsp;&nbsp;Sinopec Engineering Group Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;344500 | &nbsp;&nbsp;&nbsp;&nbsp; 307476 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp;&nbsp; 354942 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50925 | &nbsp;&nbsp;&nbsp;&nbsp; 540823 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;597300 | &nbsp;&nbsp;&nbsp;&nbsp; 46188422 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50784 | &nbsp;&nbsp;&nbsp;&nbsp; 1245224 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | 1014000 | &nbsp;&nbsp;&nbsp;&nbsp; 1432589 |
| &nbsp;&nbsp;&nbsp;Topsports International Holdings, Ltd.\* | 2128000 | &nbsp;&nbsp;&nbsp;&nbsp; 878283 |
| &nbsp;&nbsp;&nbsp;Tsingtao Brewery Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127387 |
| &nbsp;&nbsp;&nbsp;Uni-President China Holdings, Ltd. | 2480000 | &nbsp;&nbsp;&nbsp;&nbsp; 2953482 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45945 | &nbsp;&nbsp;&nbsp;&nbsp; 769119 |
| &nbsp;&nbsp;&nbsp;Weichai Power Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp; 553524 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070669 |
| &nbsp;&nbsp;&nbsp;XD, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp; 289329 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B\*† | 1772200 | &nbsp;&nbsp;&nbsp;&nbsp; 12082990 |
| &nbsp;&nbsp;&nbsp;XPeng, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94900 | &nbsp;&nbsp;&nbsp;&nbsp; 1002959 |
| &nbsp;&nbsp;&nbsp;Xtep International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;653000 | &nbsp;&nbsp;&nbsp;&nbsp; 554989 |

---

------

#### VALIC Company I Emerging Economies Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;$2320514 |
| &nbsp;&nbsp;&nbsp;ZMJ Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;412600 | &nbsp;&nbsp;&nbsp;&nbsp; 957275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;200428328 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| &nbsp;&nbsp;&nbsp;Moneta Money Bank AS\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12408 | &nbsp;&nbsp;&nbsp;&nbsp; 90921 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| &nbsp;&nbsp;&nbsp;Commercial International Bank Egypt SAE GDR | &nbsp;&nbsp;&nbsp;&nbsp;191205 | &nbsp;&nbsp;&nbsp;&nbsp; 370945 |
| **Greece — 0.5%** | **Greece — 0.5%** | **Greece — 0.5%** |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;328527 | &nbsp;&nbsp;&nbsp;&nbsp; 1197551 |
| &nbsp;&nbsp;&nbsp;Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11885 | &nbsp;&nbsp;&nbsp;&nbsp; 350050 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11564 | &nbsp;&nbsp;&nbsp;&nbsp; 158730 |
| &nbsp;&nbsp;&nbsp;OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92680 | &nbsp;&nbsp;&nbsp;&nbsp; 2077601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783932 |
| **Hong Kong — 4.6%** | **Hong Kong — 4.6%** | **Hong Kong — 4.6%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | 1544400 | &nbsp;&nbsp;&nbsp;&nbsp; 25844494 |
| &nbsp;&nbsp;&nbsp;China Overseas Property Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp; 75273 |
| &nbsp;&nbsp;&nbsp;China Resources Beer Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;249000 | &nbsp;&nbsp;&nbsp;&nbsp; 890168 |
| &nbsp;&nbsp;&nbsp;China Resources Land, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;363000 | &nbsp;&nbsp;&nbsp;&nbsp; 1416485 |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;657400 | &nbsp;&nbsp;&nbsp;&nbsp; 1227063 |
| &nbsp;&nbsp;&nbsp;CITIC, Ltd. | 1268000 | &nbsp;&nbsp;&nbsp;&nbsp; 1807400 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings, Ltd. | 1012000 | &nbsp;&nbsp;&nbsp;&nbsp; 2525949 |
| &nbsp;&nbsp;&nbsp;Lenovo Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;426000 | &nbsp;&nbsp;&nbsp;&nbsp; 599865 |
| &nbsp;&nbsp;&nbsp;Simcere Pharmaceutical Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;599000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084842 |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical, Ltd. | 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1699790 |
| &nbsp;&nbsp;&nbsp;TCL Electronics Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;442000 | &nbsp;&nbsp;&nbsp;&nbsp; 604557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37775886 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30169 | &nbsp;&nbsp;&nbsp;&nbsp; 2629280 |
| **India — 15.5%** | **India — 15.5%** | **India — 15.5%** |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51699 | &nbsp;&nbsp;&nbsp;&nbsp; 769021 |
| &nbsp;&nbsp;&nbsp;Ajanta Pharma, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15057 | &nbsp;&nbsp;&nbsp;&nbsp; 426655 |
| &nbsp;&nbsp;&nbsp;Alkem Laboratories, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5886 | &nbsp;&nbsp;&nbsp;&nbsp; 353505 |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11117 | &nbsp;&nbsp;&nbsp;&nbsp; 958710 |
| &nbsp;&nbsp;&nbsp;Atul, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910 | &nbsp;&nbsp;&nbsp;&nbsp; 493763 |
| &nbsp;&nbsp;&nbsp;Axis Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;223653 | &nbsp;&nbsp;&nbsp;&nbsp; 2658253 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;232311 | &nbsp;&nbsp;&nbsp;&nbsp; 2313353 |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34921 | &nbsp;&nbsp;&nbsp;&nbsp; 758075 |
| &nbsp;&nbsp;&nbsp;Berger Paints India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115449 | &nbsp;&nbsp;&nbsp;&nbsp; 699933 |
| &nbsp;&nbsp;&nbsp;Bharat Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;198051 | &nbsp;&nbsp;&nbsp;&nbsp; 828659 |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;206589 | &nbsp;&nbsp;&nbsp;&nbsp; 721386 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;291474 | &nbsp;&nbsp;&nbsp;&nbsp; 6236458 |
| &nbsp;&nbsp;&nbsp;Bosch, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp; 102682 |
| &nbsp;&nbsp;&nbsp;Cartrade Tech, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp; 71048 |
| &nbsp;&nbsp;&nbsp;Chambal Fertilisers and Chemicals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;118116 | &nbsp;&nbsp;&nbsp;&nbsp; 725469 |
| &nbsp;&nbsp;&nbsp;Cipla, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23413 | &nbsp;&nbsp;&nbsp;&nbsp; 421080 |
| &nbsp;&nbsp;&nbsp;City Union Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96825 | &nbsp;&nbsp;&nbsp;&nbsp; 214928 |
| &nbsp;&nbsp;&nbsp;Cummins India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471 | &nbsp;&nbsp;&nbsp;&nbsp; 107304 |
| &nbsp;&nbsp;&nbsp;Dalmia Bharat, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38617 | &nbsp;&nbsp;&nbsp;&nbsp; 1047031 |
| &nbsp;&nbsp;&nbsp;Delhivery, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41575 | &nbsp;&nbsp;&nbsp;&nbsp; 221109 |
| &nbsp;&nbsp;&nbsp;Dixon Technologies India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp; 370302 |
| &nbsp;&nbsp;&nbsp;DLF, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63895 | &nbsp;&nbsp;&nbsp;&nbsp; 536699 |
| &nbsp;&nbsp;&nbsp;Dr Lal PathLabs, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38308 | &nbsp;&nbsp;&nbsp;&nbsp; 1439381 |
| &nbsp;&nbsp;&nbsp;Eicher Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4368 | &nbsp;&nbsp;&nbsp;&nbsp; 302076 |
| &nbsp;&nbsp;&nbsp;Engineers India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73558 | &nbsp;&nbsp;&nbsp;&nbsp; 165388 |
| &nbsp;&nbsp;&nbsp;Firstsource Solutions, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34136 | &nbsp;&nbsp;&nbsp;&nbsp; 135858 |
| &nbsp;&nbsp;&nbsp;Fortis Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;201851 | &nbsp;&nbsp;&nbsp;&nbsp; 2092893 |
| &nbsp;&nbsp;&nbsp;GAIL India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;199012 | &nbsp;&nbsp;&nbsp;&nbsp; 390567 |
| &nbsp;&nbsp;&nbsp;GE Vernova T&D India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28422 | &nbsp;&nbsp;&nbsp;&nbsp; 890557 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| &nbsp;&nbsp;&nbsp;Gland Pharma, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10173 | &nbsp;&nbsp;$217758 |
| &nbsp;&nbsp;&nbsp;Global Health, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17936 | &nbsp;&nbsp;&nbsp;&nbsp; 279129 |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15630 | &nbsp;&nbsp;&nbsp;&nbsp; 163601 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87323 | &nbsp;&nbsp;&nbsp;&nbsp; 1438122 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp; 117138 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | 1024158 | &nbsp;&nbsp;&nbsp;&nbsp; 11057872 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34026 | &nbsp;&nbsp;&nbsp;&nbsp; 298618 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp; 57250 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158865 | &nbsp;&nbsp;&nbsp;&nbsp; 1267129 |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp; 974428 |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65846 | &nbsp;&nbsp;&nbsp;&nbsp; 280557 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47590 | &nbsp;&nbsp;&nbsp;&nbsp; 1434532 |
| &nbsp;&nbsp;&nbsp;Hindustan Zinc, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115340 | &nbsp;&nbsp;&nbsp;&nbsp; 548151 |
| &nbsp;&nbsp;&nbsp;Hitachi Energy India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp; 345725 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;506646 | &nbsp;&nbsp;&nbsp;&nbsp; 8018179 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16537 | &nbsp;&nbsp;&nbsp;&nbsp; 524884 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41746 | &nbsp;&nbsp;&nbsp;&nbsp; 1224699 |
| &nbsp;&nbsp;&nbsp;Indian Hotels Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44597 | &nbsp;&nbsp;&nbsp;&nbsp; 383662 |
| &nbsp;&nbsp;&nbsp;Indian Oil Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;181064 | &nbsp;&nbsp;&nbsp;&nbsp; 280849 |
| &nbsp;&nbsp;&nbsp;Indraprastha Gas, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;231353 | &nbsp;&nbsp;&nbsp;&nbsp; 541277 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;427809 | &nbsp;&nbsp;&nbsp;&nbsp; 7166847 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. ADR# | &nbsp;&nbsp;&nbsp;&nbsp;144461 | &nbsp;&nbsp;&nbsp;&nbsp; 2429834 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10155 | &nbsp;&nbsp;&nbsp;&nbsp; 645938 |
| &nbsp;&nbsp;&nbsp;ITC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;534099 | &nbsp;&nbsp;&nbsp;&nbsp; 2478512 |
| &nbsp;&nbsp;&nbsp;Jindal Saw, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;154286 | &nbsp;&nbsp;&nbsp;&nbsp; 345869 |
| &nbsp;&nbsp;&nbsp;JK Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15913 | &nbsp;&nbsp;&nbsp;&nbsp; 1244845 |
| &nbsp;&nbsp;&nbsp;KEC International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32348 | &nbsp;&nbsp;&nbsp;&nbsp; 294465 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87320 | &nbsp;&nbsp;&nbsp;&nbsp; 1938616 |
| &nbsp;&nbsp;&nbsp;L&T Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;333554 | &nbsp;&nbsp;&nbsp;&nbsp; 819557 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106588 | &nbsp;&nbsp;&nbsp;&nbsp; 4352799 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro, Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15563 | &nbsp;&nbsp;&nbsp;&nbsp; 630008 |
| &nbsp;&nbsp;&nbsp;Life Insurance Corp. of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16193 | &nbsp;&nbsp;&nbsp;&nbsp; 156643 |
| &nbsp;&nbsp;&nbsp;Lodha Developers, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9256 | &nbsp;&nbsp;&nbsp;&nbsp; 125675 |
| &nbsp;&nbsp;&nbsp;LTIMindtree, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254 | &nbsp;&nbsp;&nbsp;&nbsp; 304549 |
| &nbsp;&nbsp;&nbsp;Lupin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32495 | &nbsp;&nbsp;&nbsp;&nbsp; 699306 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74475 | &nbsp;&nbsp;&nbsp;&nbsp; 2700057 |
| &nbsp;&nbsp;&nbsp;Marico, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49777 | &nbsp;&nbsp;&nbsp;&nbsp; 409491 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9003 | &nbsp;&nbsp;&nbsp;&nbsp; 1506509 |
| &nbsp;&nbsp;&nbsp;Max Financial Services, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13358 | &nbsp;&nbsp;&nbsp;&nbsp; 243884 |
| &nbsp;&nbsp;&nbsp;National Aluminium Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;587902 | &nbsp;&nbsp;&nbsp;&nbsp; 1241303 |
| &nbsp;&nbsp;&nbsp;Navin Fluorine International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8577 | &nbsp;&nbsp;&nbsp;&nbsp; 456962 |
| &nbsp;&nbsp;&nbsp;NBCC India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;340926 | &nbsp;&nbsp;&nbsp;&nbsp; 379606 |
| &nbsp;&nbsp;&nbsp;NCC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;311014 | &nbsp;&nbsp;&nbsp;&nbsp; 720079 |
| &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9654 | &nbsp;&nbsp;&nbsp;&nbsp; 85947 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;466136 | &nbsp;&nbsp;&nbsp;&nbsp; 1732510 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;328043 | &nbsp;&nbsp;&nbsp;&nbsp; 868330 |
| &nbsp;&nbsp;&nbsp;One 97 Communications, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39082 | &nbsp;&nbsp;&nbsp;&nbsp; 533184 |
| &nbsp;&nbsp;&nbsp;Paradeep Phosphates, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;160013 | &nbsp;&nbsp;&nbsp;&nbsp; 395213 |
| &nbsp;&nbsp;&nbsp;Petronet LNG, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;309708 | &nbsp;&nbsp;&nbsp;&nbsp; 951064 |
| &nbsp;&nbsp;&nbsp;Pidilite Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823 | &nbsp;&nbsp;&nbsp;&nbsp; 62971 |
| &nbsp;&nbsp;&nbsp;Power Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67073 | &nbsp;&nbsp;&nbsp;&nbsp; 288727 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp. of India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;319725 | &nbsp;&nbsp;&nbsp;&nbsp; 999688 |
| &nbsp;&nbsp;&nbsp;PTC India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;505506 | &nbsp;&nbsp;&nbsp;&nbsp; 1000994 |
| &nbsp;&nbsp;&nbsp;PVR Inox, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66738 | &nbsp;&nbsp;&nbsp;&nbsp; 850770 |
| &nbsp;&nbsp;&nbsp;Radico Khaitan, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20977 | &nbsp;&nbsp;&nbsp;&nbsp; 678165 |
| &nbsp;&nbsp;&nbsp;REC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33536 | &nbsp;&nbsp;&nbsp;&nbsp; 132832 |
| &nbsp;&nbsp;&nbsp;Reliance Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;550525 | &nbsp;&nbsp;&nbsp;&nbsp; 8457884 |
| &nbsp;&nbsp;&nbsp;RITES, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14356 | &nbsp;&nbsp;&nbsp;&nbsp; 39651 |
| &nbsp;&nbsp;&nbsp;SBI Life Insurance Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30390 | &nbsp;&nbsp;&nbsp;&nbsp; 622239 |
| &nbsp;&nbsp;&nbsp;Shree Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp; 241434 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp; 143523 |
| &nbsp;&nbsp;&nbsp;Solar Industries India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949 | &nbsp;&nbsp;&nbsp;&nbsp; 616557 |
| &nbsp;&nbsp;&nbsp;SRF, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13850 | &nbsp;&nbsp;&nbsp;&nbsp; 447597 |

---

------

#### VALIC Company I Emerging Economies Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;252895 | &nbsp;&nbsp;$2299431 |
| &nbsp;&nbsp;&nbsp;Steel Authority of India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;371035 | &nbsp;&nbsp;&nbsp;&nbsp; 498876 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80844 | &nbsp;&nbsp;&nbsp;&nbsp; 1462136 |
| &nbsp;&nbsp;&nbsp;Syngene International, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71903 | &nbsp;&nbsp;&nbsp;&nbsp; 509315 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;118496 | &nbsp;&nbsp;&nbsp;&nbsp; 4140499 |
| &nbsp;&nbsp;&nbsp;Tata Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;264500 | &nbsp;&nbsp;&nbsp;&nbsp; 2006263 |
| &nbsp;&nbsp;&nbsp;Tata Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;344545 | &nbsp;&nbsp;&nbsp;&nbsp; 603057 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50455 | &nbsp;&nbsp;&nbsp;&nbsp; 849569 |
| &nbsp;&nbsp;&nbsp;Titan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19808 | &nbsp;&nbsp;&nbsp;&nbsp; 812662 |
| &nbsp;&nbsp;&nbsp;Torrent Pharmaceuticals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643 | &nbsp;&nbsp;&nbsp;&nbsp; 147125 |
| &nbsp;&nbsp;&nbsp;Trent, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9179 | &nbsp;&nbsp;&nbsp;&nbsp; 550297 |
| &nbsp;&nbsp;&nbsp;TVS Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16907 | &nbsp;&nbsp;&nbsp;&nbsp; 629177 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11512 | &nbsp;&nbsp;&nbsp;&nbsp; 1648143 |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40546 | &nbsp;&nbsp;&nbsp;&nbsp; 327582 |
| &nbsp;&nbsp;&nbsp;Vedanta, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;172833 | &nbsp;&nbsp;&nbsp;&nbsp; 822907 |
| &nbsp;&nbsp;&nbsp;Vishal Mega Mart, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;194732 | &nbsp;&nbsp;&nbsp;&nbsp; 328820 |
| &nbsp;&nbsp;&nbsp;Welspun Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32229 | &nbsp;&nbsp;&nbsp;&nbsp; 306232 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;592991 | &nbsp;&nbsp;&nbsp;&nbsp; 1674940 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd. ADR# | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 |
| &nbsp;&nbsp;&nbsp;Zee Entertainment Enterprises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;338642 | &nbsp;&nbsp;&nbsp;&nbsp; 446609 |
| &nbsp;&nbsp;&nbsp;Zydus Lifesciences, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49214 | &nbsp;&nbsp;&nbsp;&nbsp; 548254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;127993231 |
| **Indonesia — 1.2%** | **Indonesia — 1.2%** | **Indonesia — 1.2%** |
| &nbsp;&nbsp;&nbsp;Aneka Tambang Tbk | 12074100 | &nbsp;&nbsp;&nbsp;&nbsp; 2241325 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 9152400 | &nbsp;&nbsp;&nbsp;&nbsp; 4479864 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 5974300 | &nbsp;&nbsp;&nbsp;&nbsp; 1711310 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 7154900 | &nbsp;&nbsp;&nbsp;&nbsp; 1754911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10187410 |
| **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49036 | &nbsp;&nbsp;&nbsp;&nbsp; 5895108 |
| **Malaysia — 1.5%** | **Malaysia — 1.5%** | **Malaysia — 1.5%** |
| &nbsp;&nbsp;&nbsp;KPJ Healthcare Bhd | &nbsp;&nbsp;&nbsp;&nbsp;990800 | &nbsp;&nbsp;&nbsp;&nbsp; 609322 |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd | 2177500 | &nbsp;&nbsp;&nbsp;&nbsp; 5099282 |
| &nbsp;&nbsp;&nbsp;Maxis Bhd | &nbsp;&nbsp;&nbsp;&nbsp;356500 | &nbsp;&nbsp;&nbsp;&nbsp; 295690 |
| &nbsp;&nbsp;&nbsp;Petronas Dagangan Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp;&nbsp;&nbsp; 207900 |
| &nbsp;&nbsp;&nbsp;Public Bank Bhd | &nbsp;&nbsp;&nbsp;&nbsp;593100 | &nbsp;&nbsp;&nbsp;&nbsp; 599539 |
| &nbsp;&nbsp;&nbsp;Sunway Construction Group BHD | &nbsp;&nbsp;&nbsp;&nbsp;502300 | &nbsp;&nbsp;&nbsp;&nbsp; 752263 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd | 1403200 | &nbsp;&nbsp;&nbsp;&nbsp; 4380959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11944955 |
| **Marshall Islands — 0.1%** | **Marshall Islands — 0.1%** | **Marshall Islands — 0.1%** |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69754 | &nbsp;&nbsp;&nbsp;&nbsp; 797986 |
| **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** |
| &nbsp;&nbsp;&nbsp;Alsea SAB de CV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97165 | &nbsp;&nbsp;&nbsp;&nbsp; 280492 |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;516475 | &nbsp;&nbsp;&nbsp;&nbsp; 515797 |
| &nbsp;&nbsp;&nbsp;Arca Continental SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;106251 | &nbsp;&nbsp;&nbsp;&nbsp; 1085651 |
| &nbsp;&nbsp;&nbsp;Banco del Bajio SA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96313 | &nbsp;&nbsp;&nbsp;&nbsp; 229475 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46466 | &nbsp;&nbsp;&nbsp;&nbsp; 393870 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;208703 | &nbsp;&nbsp;&nbsp;&nbsp; 1810336 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945 | &nbsp;&nbsp;&nbsp;&nbsp; 515075 |
| &nbsp;&nbsp;&nbsp;Gentera SAB de CV | 1390311 | &nbsp;&nbsp;&nbsp;&nbsp; 3408644 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27911 | &nbsp;&nbsp;&nbsp;&nbsp; 355607 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;392043 | &nbsp;&nbsp;&nbsp;&nbsp; 3571016 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV, Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82145 | &nbsp;&nbsp;&nbsp;&nbsp; 538831 |
| &nbsp;&nbsp;&nbsp;Industrias Penoles SAB de CV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26867 | &nbsp;&nbsp;&nbsp;&nbsp; 871916 |
| &nbsp;&nbsp;&nbsp;Regional SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68981 | &nbsp;&nbsp;&nbsp;&nbsp; 535897 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;607118 | &nbsp;&nbsp;&nbsp;&nbsp; 1813759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15926366 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |
| &nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;437593 | &nbsp;&nbsp;$1034756 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269640 | &nbsp;&nbsp;&nbsp;&nbsp; 2275432 |
| &nbsp;&nbsp;&nbsp;SM Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10450 | &nbsp;&nbsp;&nbsp;&nbsp; 137937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448125 |
| **Poland — 1.3%** | **Poland — 1.3%** | **Poland — 1.3%** |
| &nbsp;&nbsp;&nbsp;Alior Bank SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11702 | &nbsp;&nbsp;&nbsp;&nbsp; 332358 |
| &nbsp;&nbsp;&nbsp;Asseco Poland SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13813 | &nbsp;&nbsp;&nbsp;&nbsp; 716653 |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13015 | &nbsp;&nbsp;&nbsp;&nbsp; 653177 |
| &nbsp;&nbsp;&nbsp;Orlen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55111 | &nbsp;&nbsp;&nbsp;&nbsp; 1175646 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;&nbsp;&nbsp;181958 | &nbsp;&nbsp;&nbsp;&nbsp; 3537822 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;&nbsp;199933 | &nbsp;&nbsp;&nbsp;&nbsp; 3322588 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia SA† | &nbsp;&nbsp;&nbsp;&nbsp;322835 | &nbsp;&nbsp;&nbsp;&nbsp; 748304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10486548 |
| **Qatar — 0.8%** | **Qatar — 0.8%** | **Qatar — 0.8%** |
| &nbsp;&nbsp;&nbsp;Barwa Real Estate Co. | &nbsp;&nbsp;&nbsp;&nbsp;308966 | &nbsp;&nbsp;&nbsp;&nbsp; 232030 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank Q.P.S.C. | &nbsp;&nbsp;&nbsp;&nbsp;294770 | &nbsp;&nbsp;&nbsp;&nbsp; 1985219 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank Q.P.S.C. | &nbsp;&nbsp;&nbsp;&nbsp;835548 | &nbsp;&nbsp;&nbsp;&nbsp; 4357546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6574795 |
| **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 — 3.2%** | **Saudi Arabia — 3.2%** | **Saudi Arabia — 3.2%** |
| &nbsp;&nbsp;&nbsp;ACWA Power Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4937 | &nbsp;&nbsp;&nbsp;&nbsp; 279261 |
| &nbsp;&nbsp;&nbsp;Al Hammadi Holding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22639 | &nbsp;&nbsp;&nbsp;&nbsp; 203526 |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp;&nbsp;&nbsp;293371 | &nbsp;&nbsp;&nbsp;&nbsp; 7370520 |
| &nbsp;&nbsp;&nbsp;Banque Saudi Fransi | &nbsp;&nbsp;&nbsp;&nbsp;401424 | &nbsp;&nbsp;&nbsp;&nbsp; 1733753 |
| &nbsp;&nbsp;&nbsp;Co. for Cooperative Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10779 | &nbsp;&nbsp;&nbsp;&nbsp; 336153 |
| &nbsp;&nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73981 | &nbsp;&nbsp;&nbsp;&nbsp; 1258740 |
| &nbsp;&nbsp;&nbsp;Middle East Healthcare Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33118 | &nbsp;&nbsp;&nbsp;&nbsp; 505582 |
| &nbsp;&nbsp;&nbsp;Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;295459 | &nbsp;&nbsp;&nbsp;&nbsp; 838718 |
| &nbsp;&nbsp;&nbsp;National Medical Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8079 | &nbsp;&nbsp;&nbsp;&nbsp; 372223 |
| &nbsp;&nbsp;&nbsp;Riyadh Cables Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7130 | &nbsp;&nbsp;&nbsp;&nbsp; 243640 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Mining Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18955 | &nbsp;&nbsp;&nbsp;&nbsp; 263355 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;187075 | &nbsp;&nbsp;&nbsp;&nbsp; 1186665 |
| &nbsp;&nbsp;&nbsp;Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;129905 | &nbsp;&nbsp;&nbsp;&nbsp; 1042987 |
| &nbsp;&nbsp;&nbsp;Saudi Basic Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57491 | &nbsp;&nbsp;&nbsp;&nbsp; 931806 |
| &nbsp;&nbsp;&nbsp;Saudi Electricity Co. | &nbsp;&nbsp;&nbsp;&nbsp;454760 | &nbsp;&nbsp;&nbsp;&nbsp; 1760181 |
| &nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;667307 | &nbsp;&nbsp;&nbsp;&nbsp; 6184943 |
| &nbsp;&nbsp;&nbsp;Saudi Telecom Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63746 | &nbsp;&nbsp;&nbsp;&nbsp; 713112 |
| &nbsp;&nbsp;&nbsp;Zamil Industrial Investment Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91805 | &nbsp;&nbsp;&nbsp;&nbsp; 868073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26093238 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| &nbsp;&nbsp;&nbsp;Trip.com Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42850 | &nbsp;&nbsp;&nbsp;&nbsp; 3174688 |
| **South Africa — 2.8%** | **South Africa — 2.8%** | **South Africa — 2.8%** |
| &nbsp;&nbsp;&nbsp;AVI, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79934 | &nbsp;&nbsp;&nbsp;&nbsp; 424110 |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17059 | &nbsp;&nbsp;&nbsp;&nbsp; 3455872 |
| &nbsp;&nbsp;&nbsp;Discovery, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65126 | &nbsp;&nbsp;&nbsp;&nbsp; 801479 |
| &nbsp;&nbsp;&nbsp;FirstRand, Ltd. | 1283728 | &nbsp;&nbsp;&nbsp;&nbsp; 5415280 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91897 | &nbsp;&nbsp;&nbsp;&nbsp; 3045952 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15423 | &nbsp;&nbsp;&nbsp;&nbsp; 516362 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp; 455043 |
| &nbsp;&nbsp;&nbsp;Mr. Price Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88024 | &nbsp;&nbsp;&nbsp;&nbsp; 1033798 |
| &nbsp;&nbsp;&nbsp;MTN Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;141162 | &nbsp;&nbsp;&nbsp;&nbsp; 1199691 |
| &nbsp;&nbsp;&nbsp;Naspers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023 | &nbsp;&nbsp;&nbsp;&nbsp; 1983048 |
| &nbsp;&nbsp;&nbsp;Nedbank Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53874 | &nbsp;&nbsp;&nbsp;&nbsp; 691776 |

---

------

#### VALIC Company I Emerging Economies Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Sanlam, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;339150 | &nbsp;&nbsp;$1754847 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;134786 | &nbsp;&nbsp;&nbsp;&nbsp; 1902417 |
| &nbsp;&nbsp;&nbsp;Tiger Brands, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19910 | &nbsp;&nbsp;&nbsp;&nbsp; 350812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23030487 |
| **South Korea — 10.8%** | **South Korea — 10.8%** | **South Korea — 10.8%** |
| &nbsp;&nbsp;&nbsp;CJ ENM Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15483 | &nbsp;&nbsp;&nbsp;&nbsp; 793869 |
| &nbsp;&nbsp;&nbsp;DL E&C Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9486 | &nbsp;&nbsp;&nbsp;&nbsp; 288472 |
| &nbsp;&nbsp;&nbsp;Dongsung Finetec Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12540 | &nbsp;&nbsp;&nbsp;&nbsp; 289881 |
| &nbsp;&nbsp;&nbsp;Doosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp; 582427 |
| &nbsp;&nbsp;&nbsp;Doosan Enerbility Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843 | &nbsp;&nbsp;&nbsp;&nbsp; 168042 |
| &nbsp;&nbsp;&nbsp;E-MART, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15643 | &nbsp;&nbsp;&nbsp;&nbsp; 802788 |
| &nbsp;&nbsp;&nbsp;Green Cross Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 | &nbsp;&nbsp;&nbsp;&nbsp; 253907 |
| &nbsp;&nbsp;&nbsp;GS Engineering & Construction Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18568 | &nbsp;&nbsp;&nbsp;&nbsp; 248961 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26110 | &nbsp;&nbsp;&nbsp;&nbsp; 1540945 |
| &nbsp;&nbsp;&nbsp;Hanmi Pharm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786 | &nbsp;&nbsp;&nbsp;&nbsp; 1043681 |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;&nbsp;&nbsp; 1359305 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Infracore Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63135 | &nbsp;&nbsp;&nbsp;&nbsp; 636639 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Mipo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 103600 |
| &nbsp;&nbsp;&nbsp;HDC Hyundai Development Co-Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42591 | &nbsp;&nbsp;&nbsp;&nbsp; 607970 |
| &nbsp;&nbsp;&nbsp;HL Mando Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81949 | &nbsp;&nbsp;&nbsp;&nbsp; 2097913 |
| &nbsp;&nbsp;&nbsp;Hugel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 | &nbsp;&nbsp;&nbsp;&nbsp; 1084807 |
| &nbsp;&nbsp;&nbsp;Hyundai Elevator Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35278 | &nbsp;&nbsp;&nbsp;&nbsp; 1987993 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8957 | &nbsp;&nbsp;&nbsp;&nbsp; 1186466 |
| &nbsp;&nbsp;&nbsp;Hyundai Heavy Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297 | &nbsp;&nbsp;&nbsp;&nbsp; 1231553 |
| &nbsp;&nbsp;&nbsp;Hyundai Marine & Fire Insurance Co, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66149 | &nbsp;&nbsp;&nbsp;&nbsp; 1324517 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11334 | &nbsp;&nbsp;&nbsp;&nbsp; 1790049 |
| &nbsp;&nbsp;&nbsp;Hyundai Rotem Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353 | &nbsp;&nbsp;&nbsp;&nbsp; 601421 |
| &nbsp;&nbsp;&nbsp;Hyundai Steel Co. | &nbsp;&nbsp;&nbsp;&nbsp;153112 | &nbsp;&nbsp;&nbsp;&nbsp; 3528147 |
| &nbsp;&nbsp;&nbsp;iM Financial Group Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32383 | &nbsp;&nbsp;&nbsp;&nbsp; 318849 |
| &nbsp;&nbsp;&nbsp;Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp; 1367782 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39285 | &nbsp;&nbsp;&nbsp;&nbsp; 3051971 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. ADR# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 | &nbsp;&nbsp;&nbsp;&nbsp; 535675 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22841 | &nbsp;&nbsp;&nbsp;&nbsp; 1731639 |
| &nbsp;&nbsp;&nbsp;KIWOOM Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 397785 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19138 | &nbsp;&nbsp;&nbsp;&nbsp; 502255 |
| &nbsp;&nbsp;&nbsp;Korea Shipbuilding & Offshore Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7610 | &nbsp;&nbsp;&nbsp;&nbsp; 2221216 |
| &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; 272 |
| &nbsp;&nbsp;&nbsp;KT Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;221263 | &nbsp;&nbsp;&nbsp;&nbsp; 4480576 |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11677 | &nbsp;&nbsp;&nbsp;&nbsp; 393710 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16305 | &nbsp;&nbsp;&nbsp;&nbsp; 174079 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10523 | &nbsp;&nbsp;&nbsp;&nbsp; 1619853 |
| &nbsp;&nbsp;&nbsp;NCSoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791 | &nbsp;&nbsp;&nbsp;&nbsp; 552727 |
| &nbsp;&nbsp;&nbsp;Netmarble Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27595 | &nbsp;&nbsp;&nbsp;&nbsp; 1185801 |
| &nbsp;&nbsp;&nbsp;Pan Ocean Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;556860 | &nbsp;&nbsp;&nbsp;&nbsp; 1556546 |
| &nbsp;&nbsp;&nbsp;PharmaResearch Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp; 1393590 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795 | &nbsp;&nbsp;&nbsp;&nbsp; 1603861 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics Co., Ltd.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp; 1281420 |
| &nbsp;&nbsp;&nbsp;Samsung E&A Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;237940 | &nbsp;&nbsp;&nbsp;&nbsp; 4974745 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;446983 | &nbsp;&nbsp;&nbsp;&nbsp; 22365197 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp; 1209704 |
| &nbsp;&nbsp;&nbsp;Samsung Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35370 | &nbsp;&nbsp;&nbsp;&nbsp; 1746232 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27353 | &nbsp;&nbsp;&nbsp;&nbsp; 1282781 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41324 | &nbsp;&nbsp;&nbsp;&nbsp; 7911121 |
| &nbsp;&nbsp;&nbsp;SM Entertainment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501 | &nbsp;&nbsp;&nbsp;&nbsp; 349283 |
| &nbsp;&nbsp;&nbsp;WONIK IPS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28764 | &nbsp;&nbsp;&nbsp;&nbsp; 838567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;88600590 |
| **Taiwan — 18.6%** | **Taiwan — 18.6%** | **Taiwan — 18.6%** |
| &nbsp;&nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp; 2236858 |
| &nbsp;&nbsp;&nbsp;Advantech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031526 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| &nbsp;&nbsp;&nbsp;Arcadyan Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;$3517648 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502477 |
| &nbsp;&nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 947859 |
| &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 2899438 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52375 | &nbsp;&nbsp;&nbsp;&nbsp; 1830294 |
| &nbsp;&nbsp;&nbsp;Chenbro Micom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 413507 |
| &nbsp;&nbsp;&nbsp;Chunghwa Precision Test Tech Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 322688 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;587000 | &nbsp;&nbsp;&nbsp;&nbsp; 2544004 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22812 | &nbsp;&nbsp;&nbsp;&nbsp; 992550 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308000 | &nbsp;&nbsp;&nbsp;&nbsp; 7109604 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding Co., Ltd. | 2126348 | &nbsp;&nbsp;&nbsp;&nbsp; 2325390 |
| &nbsp;&nbsp;&nbsp;Ennoconn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;&nbsp; 1965148 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;264500 | &nbsp;&nbsp;&nbsp;&nbsp; 724261 |
| &nbsp;&nbsp;&nbsp;Getac Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp; 864183 |
| &nbsp;&nbsp;&nbsp;Gold Circuit Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp; 768666 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. | 1343000 | &nbsp;&nbsp;&nbsp;&nbsp; 8883860 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11909 | &nbsp;&nbsp;&nbsp;&nbsp; 157220 |
| &nbsp;&nbsp;&nbsp;King Slide Works Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 491579 |
| &nbsp;&nbsp;&nbsp;King Yuan Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;229000 | &nbsp;&nbsp;&nbsp;&nbsp; 1161672 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp; 6608181 |
| &nbsp;&nbsp;&nbsp;MPI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 361217 |
| &nbsp;&nbsp;&nbsp;Nanya Technology Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;757000 | &nbsp;&nbsp;&nbsp;&nbsp; 1154502 |
| &nbsp;&nbsp;&nbsp;Phison Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1911258 |
| &nbsp;&nbsp;&nbsp;Pixart Imaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp; 301534 |
| &nbsp;&nbsp;&nbsp;Primax Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068445 |
| &nbsp;&nbsp;&nbsp;Quanta Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp; 290534 |
| &nbsp;&nbsp;&nbsp;Sercomm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp; 1383117 |
| &nbsp;&nbsp;&nbsp;Sunonwealth Electric Machine Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp; 920421 |
| &nbsp;&nbsp;&nbsp;TA Chen Stainless Pipe | &nbsp;&nbsp;&nbsp;&nbsp;983338 | &nbsp;&nbsp;&nbsp;&nbsp; 1250024 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2217000 | &nbsp;&nbsp;&nbsp;&nbsp; 83467181 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842 | &nbsp;&nbsp;&nbsp;&nbsp; 1810483 |
| &nbsp;&nbsp;&nbsp;Taiwan Surface Mounting Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp; 932507 |
| &nbsp;&nbsp;&nbsp;Tripod Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp; 1959897 |
| &nbsp;&nbsp;&nbsp;TS Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp; 233798 |
| &nbsp;&nbsp;&nbsp;United Integrated Services Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 2402358 |
| &nbsp;&nbsp;&nbsp;Wistron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp; 1558086 |
| &nbsp;&nbsp;&nbsp;Wistron NeWeb Corp. | &nbsp;&nbsp;&nbsp;&nbsp;427000 | &nbsp;&nbsp;&nbsp;&nbsp; 1764591 |
| &nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 384108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;153452674 |
| **Thailand — 1.5%** | **Thailand — 1.5%** | **Thailand — 1.5%** |
| &nbsp;&nbsp;&nbsp;Advanced Info Service PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;436500 | &nbsp;&nbsp;&nbsp;&nbsp; 3959797 |
| &nbsp;&nbsp;&nbsp;Carabao Group PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;758800 | &nbsp;&nbsp;&nbsp;&nbsp; 1200143 |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Foods PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;358900 | &nbsp;&nbsp;&nbsp;&nbsp; 242592 |
| &nbsp;&nbsp;&nbsp;Com7 PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;273600 | &nbsp;&nbsp;&nbsp;&nbsp; 215144 |
| &nbsp;&nbsp;&nbsp;CP ALL PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;786800 | &nbsp;&nbsp;&nbsp;&nbsp; 1067359 |
| &nbsp;&nbsp;&nbsp;Delta Electronics Thailand PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;131700 | &nbsp;&nbsp;&nbsp;&nbsp; 605266 |
| &nbsp;&nbsp;&nbsp;Global Power Synergy PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;256500 | &nbsp;&nbsp;&nbsp;&nbsp; 331717 |
| &nbsp;&nbsp;&nbsp;Kiatnakin Phatra Bank PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 | &nbsp;&nbsp;&nbsp;&nbsp; 110541 |
| &nbsp;&nbsp;&nbsp;Krungthai Card PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;689100 | &nbsp;&nbsp;&nbsp;&nbsp; 579790 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;785200 | &nbsp;&nbsp;&nbsp;&nbsp; 2717742 |
| &nbsp;&nbsp;&nbsp;Thai Oil PCL NVDR | 1330700 | &nbsp;&nbsp;&nbsp;&nbsp; 1312985 |
| &nbsp;&nbsp;&nbsp;Thai Union Group PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;936600 | &nbsp;&nbsp;&nbsp;&nbsp; 354958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12698034 |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| &nbsp;&nbsp;&nbsp;Arcelik AS† | &nbsp;&nbsp;&nbsp;&nbsp;181989 | &nbsp;&nbsp;&nbsp;&nbsp; 606509 |
| &nbsp;&nbsp;&nbsp;Aselsan Elektronik Sanayi Ve Ticaret AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56673 | &nbsp;&nbsp;&nbsp;&nbsp; 252289 |
| &nbsp;&nbsp;&nbsp;KOC Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;176061 | &nbsp;&nbsp;&nbsp;&nbsp; 785316 |
| &nbsp;&nbsp;&nbsp;Migros Ticaret AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96836 | &nbsp;&nbsp;&nbsp;&nbsp; 1143065 |
| &nbsp;&nbsp;&nbsp;Tupras Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51479 | &nbsp;&nbsp;&nbsp;&nbsp; 215525 |

---

------

#### VALIC Company I Emerging Economies Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Turkey (continued)** | **Turkey (continued)** |  |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49927 | &nbsp;&nbsp;$406959 |
| &nbsp;&nbsp;&nbsp;Turk Telekomunikasyon AS† | &nbsp;&nbsp;&nbsp;&nbsp;484512 | &nbsp;&nbsp;&nbsp;&nbsp; 654028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063691 |
| **United Arab Emirates — 1.5%** | **United Arab Emirates — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;379549 | &nbsp;&nbsp;&nbsp;&nbsp; 1563227 |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47961 | &nbsp;&nbsp;&nbsp;&nbsp; 278301 |
| &nbsp;&nbsp;&nbsp;Adnoc Gas PLC | 1548718 | &nbsp;&nbsp;&nbsp;&nbsp; 1403206 |
| &nbsp;&nbsp;&nbsp;Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp;&nbsp;&nbsp;728305 | &nbsp;&nbsp;&nbsp;&nbsp; 544997 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;192380 | &nbsp;&nbsp;&nbsp;&nbsp; 771405 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 1032036 | &nbsp;&nbsp;&nbsp;&nbsp; 4040845 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25687 | &nbsp;&nbsp;&nbsp;&nbsp; 176592 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;823203 | &nbsp;&nbsp;&nbsp;&nbsp; 3717155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12495728 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29388 | &nbsp;&nbsp;&nbsp;&nbsp; 1653834 |
| **United States — 1.2%** | **United States — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;BeOne Medicines, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;113100 | &nbsp;&nbsp;&nbsp;&nbsp; 2668265 |
| &nbsp;&nbsp;&nbsp;BeOneMedicines, Ltd. ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp; 939879 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66528 | &nbsp;&nbsp;&nbsp;&nbsp; 1901370 |
| &nbsp;&nbsp;&nbsp;Parade Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 1773776 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15304 | &nbsp;&nbsp;&nbsp;&nbsp; 1470543 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17919 | &nbsp;&nbsp;&nbsp;&nbsp; 801338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9555171 |
| **Total Common Stocks<br> (cost $721,146,404)** |  | &nbsp;&nbsp;&nbsp;&nbsp;812397835 |
| **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |  |
| **India — 0.0%** | **India — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVS Motor Co., Ltd. 6.00%†(1)(2)<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67628 | &nbsp;&nbsp;&nbsp;&nbsp; 7666 |
| **Total Long-Term Investment Securities<br> (cost $721,146,404)** |  | &nbsp;&nbsp;&nbsp;&nbsp;812405501 |
| **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 4.23%(3) | 13430107 | &nbsp;&nbsp;&nbsp;&nbsp; 13430107 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.31%(3)(4) | 3998719 | &nbsp;&nbsp;&nbsp;&nbsp; 3998719 |
| **Total Short-Term Investments<br> (cost $17,428,826)** |  | &nbsp;&nbsp;&nbsp;&nbsp;17428826 |
| **TOTAL INVESTMENTS<br> (cost $738,575,230)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.8% | &nbsp;&nbsp;&nbsp;&nbsp;829834327 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6228990) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$823605337 |

---

---

| | |
|:---|:---|
| \* | &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 Emerging Economies Fund has no right to demand registration of these securities. At August 31, 2025, the aggregate value of these securities was $43,777,672 representing 5.3% of net assets. |
| † | &nbsp;&nbsp;Non-income producing security |

---

# The security or a portion thereof is out on loan.

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

(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 1. 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 August 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 | 06/10/21 | 1262418 | $4856005 | &nbsp;&nbsp;&nbsp;&nbsp;$0 | $0.00 | 0.0% |
| Magnitogorsk Iron & Steel Works PJSC | 12/14/20, 12/16/20<br> 02/10/21 | 2290683 | &nbsp;&nbsp;1607263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.0 |
| Sberbank of Russia PJSC | 11/12/20, 11/20/20<br> 12/14/20, 12/16/20<br> 11/24/21 | 1300000 | &nbsp;&nbsp;4716417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.0 |
| Severstal PAO GDR | 10/30/20, 11/20/20<br> 12/14/20, 12/16/20 | &nbsp;&nbsp;&nbsp;&nbsp;75082 | &nbsp;&nbsp;1073688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.0 |
| **<u>Preferred Stocks</u>** | **<u>Preferred Stocks</u>** | **<u>Preferred Stocks</u>** | **<u>Preferred Stocks</u>** | **<u>Preferred Stocks</u>** | **<u>Preferred Stocks</u>** | **<u>Preferred Stocks</u>** |
| TVS Motor Co., Ltd. | 08/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;67628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;7666 | &nbsp;&nbsp;0.11 | 0.0 |
|  |  |  |  | $7666 |  | 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 August 31, 2025.

(4) At August 31, 2025, the Fund had loaned securities with a total value of $24,080,523. This was secured by collateral of $3,998,719, which was received in cash and
subsequently invested in short-term investments currently valued at $3,998,719 as reported in the Portfolio of Investments. Additional collateral of $21,376,812 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> August 31, 2025** |
| United States Treasury Bills | 0.00% | 10/30/2025 to 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$39555 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 10/15/2025 to 11/15/2054 | &nbsp;&nbsp;&nbsp;21337257 |

---

ADR—American Depositary Receipt <br> GDR—Global Depositary Receipt <br> NVDR—Non-Voting Depositary Receipt

------

#### VALIC Company I Emerging Economies Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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)** |
| 227 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$14418062 | &nbsp;&nbsp;&nbsp;&nbsp;$14356615 | &nbsp;&nbsp;&nbsp;&nbsp;$(61447) |

---

\* 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;17.3% |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;16.1 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;13.3 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Holding Companies-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Diversified Finan Serv | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;100.8% |

---

\* Calculated as a percentage of net assets

------

#### VALIC Company I Emerging Economies Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Brazil | &nbsp;&nbsp;$31150626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$31150626 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;4108309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108309 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;3803737 | &nbsp;&nbsp;&nbsp;&nbsp;196624591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;200428328 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;3989718 | &nbsp;&nbsp;&nbsp;&nbsp;124003513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;127993231 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;5895108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895108 |
| &nbsp;&nbsp;&nbsp;Marshall Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797986 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;15926366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15926366 |
| &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;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516362 | &nbsp;&nbsp;&nbsp;&nbsp;22514125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23030487 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;5016251 | &nbsp;&nbsp;&nbsp;&nbsp;83584339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;88600590 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;2803033 | &nbsp;&nbsp;&nbsp;&nbsp;150649641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;153452674 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;5113130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9555171 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;151458959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;151458959 |
| 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;— | &nbsp;&nbsp;&nbsp;&nbsp;7666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7666 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;17428826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17428826 |
| **Total Investments at Value** | &nbsp;&nbsp;$96549452 | &nbsp;&nbsp;$733277209 | &nbsp;&nbsp;$7666 | &nbsp;&nbsp;$829834327 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$61447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61447 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Global Real Estate Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** |
| **Australia — 7.5%** | **Australia — 7.5%** | **Australia — 7.5%** |
| &nbsp;&nbsp;&nbsp;Charter Hall Group | &nbsp;&nbsp;&nbsp;&nbsp;88424 | &nbsp;&nbsp;$1354930 |
| &nbsp;&nbsp;&nbsp;Goodman Group# | &nbsp;&nbsp;&nbsp;&nbsp;296475 | &nbsp;&nbsp;&nbsp;&nbsp; 6659604 |
| &nbsp;&nbsp;&nbsp;GPT Group | &nbsp;&nbsp;&nbsp;&nbsp;279831 | &nbsp;&nbsp;&nbsp;&nbsp; 1023570 |
| &nbsp;&nbsp;&nbsp;National Storage REIT# | 1231631 | &nbsp;&nbsp;&nbsp;&nbsp; 1941864 |
| &nbsp;&nbsp;&nbsp;NEXTDC, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;127023 | &nbsp;&nbsp;&nbsp;&nbsp; 1353028 |
| &nbsp;&nbsp;&nbsp;Scentre Group | 2463955 | &nbsp;&nbsp;&nbsp;&nbsp; 6576596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18909592 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| &nbsp;&nbsp;&nbsp;Aedifica SA | &nbsp;&nbsp;&nbsp;&nbsp;20605 | &nbsp;&nbsp;&nbsp;&nbsp; 1583096 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;46197 | &nbsp;&nbsp;&nbsp;&nbsp; 1185575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768671 |
| **Canada — 2.4%** | **Canada — 2.4%** | **Canada — 2.4%** |
| &nbsp;&nbsp;&nbsp;Canadian Apartment Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;83104 | &nbsp;&nbsp;&nbsp;&nbsp; 2571755 |
| &nbsp;&nbsp;&nbsp;Chartwell Retirement Residences(1) | &nbsp;&nbsp;&nbsp;&nbsp;112300 | &nbsp;&nbsp;&nbsp;&nbsp; 1514396 |
| &nbsp;&nbsp;&nbsp;First Capital Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;131270 | &nbsp;&nbsp;&nbsp;&nbsp; 1848591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934742 |
| **France — 0.9%** | **France — 0.9%** | **France — 0.9%** |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;56585 | &nbsp;&nbsp;&nbsp;&nbsp; 2206875 |
| **Germany — 2.1%** | **Germany — 2.1%** | **Germany — 2.1%** |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;160959 | &nbsp;&nbsp;&nbsp;&nbsp; 5203839 |
| **Guernsey — 0.6%** | **Guernsey — 0.6%** | **Guernsey — 0.6%** |
| &nbsp;&nbsp;&nbsp;Shurgard Self Storage, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40430 | &nbsp;&nbsp;&nbsp;&nbsp; 1588034 |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;406600 | &nbsp;&nbsp;&nbsp;&nbsp; 2159458 |
| &nbsp;&nbsp;&nbsp;Swire Properties, Ltd. | 1164101 | &nbsp;&nbsp;&nbsp;&nbsp; 3142969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5302427 |
| **Japan — 9.0%** | **Japan — 9.0%** | **Japan — 9.0%** |
| &nbsp;&nbsp;&nbsp;Comforia Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp; 982894 |
| &nbsp;&nbsp;&nbsp;Invincible Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 390762 |
| &nbsp;&nbsp;&nbsp;Japan Hotel REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065 | &nbsp;&nbsp;&nbsp;&nbsp; 2391090 |
| &nbsp;&nbsp;&nbsp;Japan Metropolitan Fund Investment Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp; 1333907 |
| &nbsp;&nbsp;&nbsp;KDX Realty Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp; 1046554 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;274137 | &nbsp;&nbsp;&nbsp;&nbsp; 5885090 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;660335 | &nbsp;&nbsp;&nbsp;&nbsp; 7070520 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp; 1425801 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp; 1400525 |
| &nbsp;&nbsp;&nbsp;Star Asia Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp; 603616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22530759 |
| **Singapore — 2.1%** | **Singapore — 2.1%** | **Singapore — 2.1%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | 1271600 | &nbsp;&nbsp;&nbsp;&nbsp; 2693859 |
| &nbsp;&nbsp;&nbsp;CapitaLand India Trust(1) | 2196958 | &nbsp;&nbsp;&nbsp;&nbsp; 2019939 |
| &nbsp;&nbsp;&nbsp;Parkway Life Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp; 618424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5332222 |
| **Spain — 2.4%** | **Spain — 2.4%** | **Spain — 2.4%** |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\*# | &nbsp;&nbsp;&nbsp;&nbsp;34378 | &nbsp;&nbsp;&nbsp;&nbsp; 1222667 |
| &nbsp;&nbsp;&nbsp;Merlin Properties Socimi SA | &nbsp;&nbsp;&nbsp;&nbsp;323993 | &nbsp;&nbsp;&nbsp;&nbsp; 4829142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051809 |
| **SupraNational — 0.7%** | **SupraNational — 0.7%** | **SupraNational — 0.7%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;16831 | &nbsp;&nbsp;&nbsp;&nbsp; 1748050 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| &nbsp;&nbsp;&nbsp;Catena AB | &nbsp;&nbsp;&nbsp;&nbsp;20185 | &nbsp;&nbsp;&nbsp;&nbsp; 927252 |
| **United Kingdom — 6.1%** | **United Kingdom — 6.1%** | **United Kingdom — 6.1%** |
| &nbsp;&nbsp;&nbsp;Big Yellow Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;98302 | &nbsp;&nbsp;&nbsp;&nbsp; 1210911 |
| &nbsp;&nbsp;&nbsp;British Land Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;272930 | &nbsp;&nbsp;&nbsp;&nbsp; 1240813 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;Derwent London PLC | &nbsp;&nbsp; 57516 | &nbsp;&nbsp;$1325528 |
| &nbsp;&nbsp;&nbsp;Grainger PLC | &nbsp;&nbsp; 465365 | &nbsp;&nbsp;&nbsp;&nbsp; 1222388 |
| &nbsp;&nbsp;&nbsp;Helios Towers PLC† | &nbsp;&nbsp; 251696 | &nbsp;&nbsp;&nbsp;&nbsp; 445991 |
| &nbsp;&nbsp;&nbsp;Safestore Holdings PLC | &nbsp;&nbsp; 108605 | &nbsp;&nbsp;&nbsp;&nbsp; 925553 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp; 168636 | &nbsp;&nbsp;&nbsp;&nbsp; 1431949 |
| &nbsp;&nbsp;&nbsp;Shaftesbury Capital PLC | &nbsp;&nbsp; 555462 | &nbsp;&nbsp;&nbsp;&nbsp; 1096047 |
| &nbsp;&nbsp;&nbsp;Tritax Big Box REIT PLC | &nbsp;&nbsp;1416450 | &nbsp;&nbsp;&nbsp;&nbsp; 2658499 |
| &nbsp;&nbsp;&nbsp;UNITE Group PLC | &nbsp;&nbsp; 390194 | &nbsp;&nbsp;&nbsp;&nbsp; 3687763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15245442 |
| **United States — 61.7%** | **United States — 61.7%** | **United States — 61.7%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp.# | &nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp;&nbsp; 1265676 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 9800 | &nbsp;&nbsp;&nbsp;&nbsp; 807912 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp; 185636 | &nbsp;&nbsp;&nbsp;&nbsp; 6649482 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp; 17290 | &nbsp;&nbsp;&nbsp;&nbsp; 3524566 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp; 112430 | &nbsp;&nbsp;&nbsp;&nbsp; 1623489 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp; 27269 | &nbsp;&nbsp;&nbsp;&nbsp; 5340634 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp; 115701 | &nbsp;&nbsp;&nbsp;&nbsp; 3238471 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp; 55626 | &nbsp;&nbsp;&nbsp;&nbsp; 4033441 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp; 54900 | &nbsp;&nbsp;&nbsp;&nbsp; 1619001 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp; 67870 | &nbsp;&nbsp;&nbsp;&nbsp; 2777240 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp; 60659 | &nbsp;&nbsp;&nbsp;&nbsp; 10168875 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp; 30356 | &nbsp;&nbsp;&nbsp;&nbsp; 346362 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp; 40630 | &nbsp;&nbsp;&nbsp;&nbsp; 658612 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp; 16135 | &nbsp;&nbsp;&nbsp;&nbsp; 12685176 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 74451 | &nbsp;&nbsp;&nbsp;&nbsp; 4488651 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp; 66700 | &nbsp;&nbsp;&nbsp;&nbsp; 2089044 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp; 15329 | &nbsp;&nbsp;&nbsp;&nbsp; 4142049 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp; 19009 | &nbsp;&nbsp;&nbsp;&nbsp; 2729312 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp; 21120 | &nbsp;&nbsp;&nbsp;&nbsp; 2123616 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 47725 | &nbsp;&nbsp;&nbsp;&nbsp; 2510335 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp; 121535 | &nbsp;&nbsp;&nbsp;&nbsp; 2112278 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp; 54299 | &nbsp;&nbsp;&nbsp;&nbsp; 1712047 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp; 38415 | &nbsp;&nbsp;&nbsp;&nbsp; 3546857 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp; 109922 | &nbsp;&nbsp;&nbsp;&nbsp; 2472146 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp; 12827 | &nbsp;&nbsp;&nbsp;&nbsp; 1632236 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; 34726 | &nbsp;&nbsp;&nbsp;&nbsp; 5063745 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp; 40137 | &nbsp;&nbsp;&nbsp;&nbsp; 1722279 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp; 57375 | &nbsp;&nbsp;&nbsp;&nbsp; 2019026 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp; 143224 | &nbsp;&nbsp;&nbsp;&nbsp; 16296027 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp; 10965 | &nbsp;&nbsp;&nbsp;&nbsp; 3230179 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp; 18555 | &nbsp;&nbsp;&nbsp;&nbsp; 1345238 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc.# | &nbsp;&nbsp; 52665 | &nbsp;&nbsp;&nbsp;&nbsp; 2180858 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; 32916 | &nbsp;&nbsp;&nbsp;&nbsp; 3251772 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp; 42134 | &nbsp;&nbsp;&nbsp;&nbsp; 7611928 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc.# | &nbsp;&nbsp; 41256 | &nbsp;&nbsp;&nbsp;&nbsp; 1501306 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp; 8449 | &nbsp;&nbsp;&nbsp;&nbsp; 1071925 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp; 100574 | &nbsp;&nbsp;&nbsp;&nbsp; 953442 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp; 116265 | &nbsp;&nbsp;&nbsp;&nbsp; 7915321 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp; 45305 | &nbsp;&nbsp;&nbsp;&nbsp; 1722949 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp; 77275 | &nbsp;&nbsp;&nbsp;&nbsp; 13003837 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp; 63360 | &nbsp;&nbsp;&nbsp;&nbsp; 1639123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;154826463 |
| **Total Long-Term Investment Securities<br> (cost $235,844,116)** |  | &nbsp;&nbsp;&nbsp;&nbsp;248576177 |
| **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** | **SHORT-TERM INVESTMENTS — 1.6%** |
| **Sovereign — 0.5%** | **Sovereign — 0.5%** | **Sovereign — 0.5%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank Disc. Notes<br> 4.15%, 09/02/2025 | $1283000 | &nbsp;&nbsp;&nbsp;&nbsp; 1282401 |

---

------

#### VALIC Company I Global Real Estate Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |  |
| **Unaffiliated Investment Companies — 1.1%** | **Unaffiliated Investment Companies — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(2)(3) | 2782895 | &nbsp;&nbsp;$2782895 |
| **Total Short-Term Investments<br> (cost $4,065,747)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065296 |
| **TOTAL INVESTMENTS<br> (cost $239,909,863)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.7% | &nbsp;&nbsp;&nbsp;&nbsp;252641473 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1687973) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$250953500 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| † | &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 August 31, 2025, the aggregate value of these securities was $1,222,667 representing 0.5% 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 August 31, 2025.

(3) At August 31, 2025, the Fund had loaned securities with a total value of $9,377,645. This was secured by collateral of $2,782,895, which was received in cash and
subsequently invested in short-term investments currently valued at $2,782,895 as reported in the Portfolio of Investments. Additional collateral of $7,023,482 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$14018 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;161243 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13996 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76717 |
| United States Treasury Bills | 0.00% | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893 |
| United States Treasury Notes/Bonds | 0.00% to 4.88% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;6755615 |

---

CVA—Certification Van Aandelen (Dutch Cert.)

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Diversified REITS | &nbsp;&nbsp;&nbsp;&nbsp;18.6% |
| Warehouse/Industrial REITS | &nbsp;&nbsp;&nbsp;&nbsp;13.3 |
| Apartment REITS | &nbsp;&nbsp;&nbsp;&nbsp;11.5 |
| Health Care REITS | &nbsp;&nbsp;&nbsp;&nbsp;10.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;10.1 |
| Shopping Centers REITS | &nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| Storage REITS | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| Office Property REITS | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Regional Malls REITS | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Hotel REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Manufactured Homes REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Single Tenant REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
|  | &nbsp;&nbsp;100.7% |

---

\* 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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Canada | &nbsp;&nbsp;&nbsp;$5934742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5934742 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;154826463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;154826463 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;87814972 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;87814972 |
| 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;1282401 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282401 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782895 |
| **Total Investments at Value** | &nbsp;&nbsp;$163544100 | &nbsp;&nbsp;$89097373 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$252641473 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 60.8%** | **COMMON STOCKS — 60.8%** | **COMMON STOCKS — 60.8%** |
| **Australia — 0.6%** | **Australia — 0.6%** | **Australia — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342 | &nbsp;&nbsp;$253940 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9652 | &nbsp;&nbsp;&nbsp;&nbsp; 269646 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10342 | &nbsp;&nbsp;&nbsp;&nbsp; 175405 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28479 | &nbsp;&nbsp;&nbsp;&nbsp; 359434 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp; 170656 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12460 | &nbsp;&nbsp;&nbsp;&nbsp; 95442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324523 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 62912 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 28955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91867 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp; 31686 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 24164 |
| **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; 106602 |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 33756 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 73850 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 187513 |
| &nbsp;&nbsp;&nbsp;CPFL Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 29771 |
| &nbsp;&nbsp;&nbsp;Itausa SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67959 | &nbsp;&nbsp;&nbsp;&nbsp; 140635 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63500 | &nbsp;&nbsp;&nbsp;&nbsp; 395276 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp;&nbsp;&nbsp; 356782 |
| &nbsp;&nbsp;&nbsp;Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 614845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939030 |
| **Canada — 1.1%** | **Canada — 1.1%** | **Canada — 1.1%** |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 216270 |
| &nbsp;&nbsp;&nbsp;ARC Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 167431 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 37341 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 30900 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 9711 |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 190894 |
| &nbsp;&nbsp;&nbsp;Empire Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 85398 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 516471 |
| &nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 170328 |
| &nbsp;&nbsp;&nbsp;iA Financial Corp., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 150617 |
| &nbsp;&nbsp;&nbsp;Imperial Oil, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 36297 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 439007 |
| &nbsp;&nbsp;&nbsp;Loblaw Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 212377 |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 39993 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 152946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455981 |
| **China — 2.9%** | **China — 2.9%** | **China — 2.9%** |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp; 238459 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 14806 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp; 197122 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp; 132149 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1553562 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp; 25136 |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp; 150649 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp; 206046 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 24605 |
| &nbsp;&nbsp;&nbsp;China National Building Material Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp; 39040 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 154165 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp; 84276 |
| &nbsp;&nbsp;&nbsp;Hisense Home Appliances Group Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 30871 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp; 51614 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1083000 | &nbsp;&nbsp;$798982 |
| &nbsp;&nbsp;&nbsp;JD Logistics, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp; 56187 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 40021 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp; 391477 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 103763 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500 | &nbsp;&nbsp;&nbsp;&nbsp; 779240 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp; 99271 |
| &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp; 131649 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp; 340800 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp; 207017 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76500 | &nbsp;&nbsp;&nbsp;&nbsp; 553204 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 304970 |
| &nbsp;&nbsp;&nbsp;Qifu Technology, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 55328 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 31588 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5470 | &nbsp;&nbsp;&nbsp;&nbsp; 91568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6887565 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| &nbsp;&nbsp;&nbsp;CEZ AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 32507 |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 259120 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &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; 113 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp; 159047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418280 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37477 | &nbsp;&nbsp;&nbsp;&nbsp; 161112 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp; 183269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344381 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp; 178262 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 | &nbsp;&nbsp;&nbsp;&nbsp; 165613 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp; 121478 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp; 218408 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10576 | &nbsp;&nbsp;&nbsp;&nbsp; 193305 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 144703 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24162 | &nbsp;&nbsp;&nbsp;&nbsp; 500001 |
| &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; 158893 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10362 | &nbsp;&nbsp;&nbsp;&nbsp; 168738 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp; 118930 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12238 | &nbsp;&nbsp;&nbsp;&nbsp; 754031 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp; 123824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846431 |
| **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp; 237924 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp; 155265 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30312 | &nbsp;&nbsp;&nbsp;&nbsp; 1064619 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 135681 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp; 191282 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp; 443014 |
| &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; 34844 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 132684 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 1047754 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10293 | &nbsp;&nbsp;&nbsp;&nbsp; 412385 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp; 296796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152248 |
| **Greece — 0.0%** | **Greece — 0.0%** | **Greece — 0.0%** |
| &nbsp;&nbsp;&nbsp;OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp;&nbsp;&nbsp; 66780 |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong — 0.6%** | **Hong Kong — 0.6%** | **Hong Kong — 0.6%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;$215873 |
| &nbsp;&nbsp;&nbsp;China Resources Land, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp; 158037 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp; 153188 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 146114 |
| &nbsp;&nbsp;&nbsp;CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 25335 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 249600 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 33404 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 164363 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp; 146083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291997 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6893 | &nbsp;&nbsp;&nbsp;&nbsp; 59281 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146 | &nbsp;&nbsp;&nbsp;&nbsp; 274179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333460 |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25485 | &nbsp;&nbsp;&nbsp;&nbsp; 88991 |
| &nbsp;&nbsp;&nbsp;Cipla, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp; 24711 |
| &nbsp;&nbsp;&nbsp;Coal India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25986 | &nbsp;&nbsp;&nbsp;&nbsp; 110366 |
| &nbsp;&nbsp;&nbsp;Dr. Reddy's Laboratories, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp; 9377 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp; 11874 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17150 | &nbsp;&nbsp;&nbsp;&nbsp; 136791 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30946 | &nbsp;&nbsp;&nbsp;&nbsp; 115019 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56812 | &nbsp;&nbsp;&nbsp;&nbsp; 150381 |
| &nbsp;&nbsp;&nbsp;Power Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25562 | &nbsp;&nbsp;&nbsp;&nbsp; 110036 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp; 23319 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. | &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; 140 |
| &nbsp;&nbsp;&nbsp;Tata Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp; 25926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813531 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| &nbsp;&nbsp;&nbsp;Astra International Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp; 112827 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55200 | &nbsp;&nbsp;&nbsp;&nbsp; 24947 |
| &nbsp;&nbsp;&nbsp;United Tractors Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp; 39075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176849 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 139656 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 143487 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 269149 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp; 144756 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 124680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821728 |
| **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; 238174 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp; 292221 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp; 112763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643158 |
| **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; 171843 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19638 | &nbsp;&nbsp;&nbsp;&nbsp; 181115 |
| &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp;&nbsp;&nbsp; 211551 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511 | &nbsp;&nbsp;&nbsp;&nbsp; 314082 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928 | &nbsp;&nbsp;&nbsp;&nbsp; 138913 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp; 41397 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19273 | &nbsp;&nbsp;&nbsp;&nbsp; 1491585 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6003 | &nbsp;&nbsp;&nbsp;&nbsp; 125578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676064 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan — 3.1%** | **Japan — 3.1%** | **Japan — 3.1%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;$186450 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp; 125004 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp; 158228 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 224948 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 226832 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 346564 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 154905 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 171191 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 181315 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 50233 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 279247 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 157820 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 155114 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp; 151803 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 140542 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 116180 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 165183 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 258936 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; 184104 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp; 303543 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 40218 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 630215 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 206715 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp; 181693 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 34881 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 178159 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp; 146990 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 678187 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 139412 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 145980 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 48496 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 136532 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 189638 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 30886 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 89896 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 27302 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 180050 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 154568 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 175835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7153795 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 196382 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 | &nbsp;&nbsp;&nbsp;&nbsp; 123169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319551 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp; 148613 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| &nbsp;&nbsp;&nbsp;Gruma SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp; 46330 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp; 101672 |
| &nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 27614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175616 |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** | **Netherlands — 0.5%** |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp; 285902 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp; 101868 |
| &nbsp;&nbsp;&nbsp;JBS NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 100588 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14459 | &nbsp;&nbsp;&nbsp;&nbsp; 579452 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12482 | &nbsp;&nbsp;&nbsp;&nbsp; 59612 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127548 |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;$45561 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13256 | &nbsp;&nbsp;&nbsp;&nbsp; 326864 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 26858 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768 | &nbsp;&nbsp;&nbsp;&nbsp; 100673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454395 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| &nbsp;&nbsp;&nbsp;Orlen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303 | &nbsp;&nbsp;&nbsp;&nbsp; 198454 |
| &nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14669 | &nbsp;&nbsp;&nbsp;&nbsp; 45719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244173 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;5542 | &nbsp;&nbsp;&nbsp;&nbsp; 28903 |
| **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 Telecom Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12113 | &nbsp;&nbsp;&nbsp;&nbsp; 135505 |
| **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; 191167 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp; 159557 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp; 96380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447104 |
| **South Africa — 0.4%** | **South Africa — 0.4%** | **South Africa — 0.4%** |
| &nbsp;&nbsp;&nbsp;FirstRand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 | &nbsp;&nbsp;&nbsp;&nbsp; 26357 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14761 | &nbsp;&nbsp;&nbsp;&nbsp; 489258 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9504 | &nbsp;&nbsp;&nbsp;&nbsp; 126454 |
| &nbsp;&nbsp;&nbsp;Kumba Iron Ore, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp; 31487 |
| &nbsp;&nbsp;&nbsp;MTN Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26907 | &nbsp;&nbsp;&nbsp;&nbsp; 228674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902230 |
| **South Korea — 2.3%** | **South Korea — 2.3%** | **South Korea — 2.3%** |
| &nbsp;&nbsp;&nbsp;DB Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp; 74126 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp; 288595 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 83319 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 230848 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp; 193521 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;&nbsp;&nbsp; 304009 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336 | &nbsp;&nbsp;&nbsp;&nbsp; 113793 |
| &nbsp;&nbsp;&nbsp;Korea Investment Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 64565 |
| &nbsp;&nbsp;&nbsp;Korea Shipbuilding & Offshore Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp; 190306 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 | &nbsp;&nbsp;&nbsp;&nbsp; 38200 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35538 | &nbsp;&nbsp;&nbsp;&nbsp; 1778176 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13511 | &nbsp;&nbsp;&nbsp;&nbsp; 549187 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 272004 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4917 | &nbsp;&nbsp;&nbsp;&nbsp; 941317 |
| &nbsp;&nbsp;&nbsp;SK Square Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 157312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5279278 |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 86576 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp; 146359 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8690 | &nbsp;&nbsp;&nbsp;&nbsp; 251432 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13293 | &nbsp;&nbsp;&nbsp;&nbsp; 240721 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22924 | &nbsp;&nbsp;&nbsp;&nbsp; 228611 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157 | &nbsp;&nbsp;&nbsp;&nbsp; 157071 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10822 | &nbsp;&nbsp;&nbsp;&nbsp; 203524 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20161 | &nbsp;&nbsp;&nbsp;&nbsp; 103957 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10973 | &nbsp;&nbsp;&nbsp;&nbsp; 179966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598217 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;$23187 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 25914 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759 | &nbsp;&nbsp;&nbsp;&nbsp; 133450 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp;&nbsp;&nbsp; 195955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378506 |
| **Switzerland — 1.6%** | **Switzerland — 1.6%** | **Switzerland — 1.6%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153 | &nbsp;&nbsp;&nbsp;&nbsp; 211263 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 48006 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp; 175004 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp; 16202 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 159873 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &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; 21051 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | &nbsp;&nbsp;&nbsp;&nbsp; 143028 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740 | &nbsp;&nbsp;&nbsp;&nbsp; 1232610 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp; 1384484 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 13729 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp; 214841 |
| &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; 24197 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 205324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849612 |
| **Taiwan — 1.5%** | **Taiwan — 1.5%** | **Taiwan — 1.5%** |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 14778 |
| &nbsp;&nbsp;&nbsp;Asustek Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 20618 |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Corp. Taiwan, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 102611 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 19845 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 446499 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 85235 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp; 2484815 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp; 252658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427059 |
| **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; 148332 |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Foods PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63200 | &nbsp;&nbsp;&nbsp;&nbsp; 43115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191447 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9103 | &nbsp;&nbsp;&nbsp;&nbsp; 74199 |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17751 | &nbsp;&nbsp;&nbsp;&nbsp; 40936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115135 |
| **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61701 | &nbsp;&nbsp;&nbsp;&nbsp; 161407 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15358 | &nbsp;&nbsp;&nbsp;&nbsp; 61582 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109592 | &nbsp;&nbsp;&nbsp;&nbsp; 429098 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24165 | &nbsp;&nbsp;&nbsp;&nbsp; 166129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818216 |
| **United Kingdom — 2.5%** | **United Kingdom — 2.5%** | **United Kingdom — 2.5%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16139 | &nbsp;&nbsp;&nbsp;&nbsp; 876989 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351 | &nbsp;&nbsp;&nbsp;&nbsp; 301132 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp; 24280 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523 | &nbsp;&nbsp;&nbsp;&nbsp; 27391 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp; 25288 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62992 | &nbsp;&nbsp;&nbsp;&nbsp; 306642 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100092 | &nbsp;&nbsp;&nbsp;&nbsp; 292920 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84540 | &nbsp;&nbsp;&nbsp;&nbsp; 183885 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 | &nbsp;&nbsp;&nbsp;&nbsp; 135758 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276 | &nbsp;&nbsp;&nbsp;&nbsp; 143466 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15337 | &nbsp;&nbsp;&nbsp;&nbsp; 196543 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9978 | &nbsp;&nbsp;&nbsp;&nbsp; 421297 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp; 13336 |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120797 | &nbsp;&nbsp;$835722 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp; 265089 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp; 81662 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21115 | &nbsp;&nbsp;&nbsp;&nbsp; 305135 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5136 | &nbsp;&nbsp;&nbsp;&nbsp; 184793 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207 | &nbsp;&nbsp;&nbsp;&nbsp; 120535 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp; 26018 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15261 | &nbsp;&nbsp;&nbsp;&nbsp; 285688 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148 | &nbsp;&nbsp;&nbsp;&nbsp; 29426 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12915 | &nbsp;&nbsp;&nbsp;&nbsp; 812858 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39161 | &nbsp;&nbsp;&nbsp;&nbsp; 46843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5942696 |
| **United States — 35.0%** | **United States — 35.0%** | **United States — 35.0%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp; 661973 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8445 | &nbsp;&nbsp;&nbsp;&nbsp; 1776828 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | &nbsp;&nbsp;&nbsp;&nbsp; 1647954 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp; 23897 |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp;&nbsp;&nbsp; 109560 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9707 | &nbsp;&nbsp;&nbsp;&nbsp; 2066717 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10906 | &nbsp;&nbsp;&nbsp;&nbsp; 2328758 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22543 | &nbsp;&nbsp;&nbsp;&nbsp; 1515115 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12272 | &nbsp;&nbsp;&nbsp;&nbsp; 2810288 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 212682 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763 | &nbsp;&nbsp;&nbsp;&nbsp; 794943 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 44741 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21122 | &nbsp;&nbsp;&nbsp;&nbsp; 4903261 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp; 122499 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp; 936122 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180 | &nbsp;&nbsp;&nbsp;&nbsp; 181012 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp; 138647 |
| &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; 184735 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 141991 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343 | &nbsp;&nbsp;&nbsp;&nbsp; 1092221 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp; 123936 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp; 1690913 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371 | &nbsp;&nbsp;&nbsp;&nbsp; 144641 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11772 | &nbsp;&nbsp;&nbsp;&nbsp; 555403 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655 | &nbsp;&nbsp;&nbsp;&nbsp; 1384350 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 14570 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 25933 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp; 101766 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 136991 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 185216 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 51201 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp; 179923 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 | &nbsp;&nbsp;&nbsp;&nbsp; 61449 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 | &nbsp;&nbsp;&nbsp;&nbsp; 176552 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5158 | &nbsp;&nbsp;&nbsp;&nbsp; 1083335 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp; 141151 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 | &nbsp;&nbsp;&nbsp;&nbsp; 155121 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11111 | &nbsp;&nbsp;&nbsp;&nbsp; 934102 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241 | &nbsp;&nbsp;&nbsp;&nbsp; 178037 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 13352 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143 | &nbsp;&nbsp;&nbsp;&nbsp; 376210 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp; 216650 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp; 106170 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 16173 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840 | &nbsp;&nbsp;&nbsp;&nbsp; 217714 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 148948 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp; 118065 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;$31123 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 173600 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp; 151339 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684 | &nbsp;&nbsp;&nbsp;&nbsp; 584657 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741 | &nbsp;&nbsp;&nbsp;&nbsp; 104965 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 93868 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 117741 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 99676 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 593440 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6127 | &nbsp;&nbsp;&nbsp;&nbsp; 304267 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 41593 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 139029 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;&nbsp; 178384 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp; 124154 |
| &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; 13564 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp; 172623 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp; 206950 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15648 | &nbsp;&nbsp;&nbsp;&nbsp; 916816 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14128 | &nbsp;&nbsp;&nbsp;&nbsp; 1596040 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp; 11420 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 193765 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 126488 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp; 448800 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293 | &nbsp;&nbsp;&nbsp;&nbsp; 164603 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 147658 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp; 202304 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 79302 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp; 807568 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 151380 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp; 162895 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 138069 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 140141 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 81170 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp; 117388 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp; 184864 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10166 | &nbsp;&nbsp;&nbsp;&nbsp; 689661 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp;&nbsp;&nbsp; 337606 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 172960 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 286182 |
| &nbsp;&nbsp;&nbsp;LKQ Corp.†(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp; 101150 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 156384 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp; 92578 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 81891 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 15999 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp; 1403694 |
| &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; 195360 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 101112 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456 | &nbsp;&nbsp;&nbsp;&nbsp; 4030347 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 439752 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14047 | &nbsp;&nbsp;&nbsp;&nbsp; 1671733 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12761 | &nbsp;&nbsp;&nbsp;&nbsp; 6465871 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp; 135467 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp; 73055 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp; 44229 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 | &nbsp;&nbsp;&nbsp;&nbsp; 138613 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 | &nbsp;&nbsp;&nbsp;&nbsp; 1202524 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 161315 |
| &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; 27403 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 15227 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 1002848 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 31968 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8698 | &nbsp;&nbsp;&nbsp;&nbsp; 21397 |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;$163706 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp; 466520 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46819 | &nbsp;&nbsp;&nbsp;&nbsp; 8154933 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 24353 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp; 121833 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp; 198768 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp; 169517 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 75414 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832 | &nbsp;&nbsp;&nbsp;&nbsp; 600513 |
| &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; 33411 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp; 150611 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 98995 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp; 82917 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp; 164542 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 190894 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 31289 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10909 | &nbsp;&nbsp;&nbsp;&nbsp; 1753404 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 26701 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 13305 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 158941 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp; 187826 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 25753 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp; 211394 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 26816 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 50118 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 165143 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp; 331442 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;&nbsp; 180299 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 158392 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp; 100718 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 | &nbsp;&nbsp;&nbsp;&nbsp; 502879 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 169089 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5189 | &nbsp;&nbsp;&nbsp;&nbsp; 396128 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp; 384849 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp; 181516 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667 | &nbsp;&nbsp;&nbsp;&nbsp; 890431 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 159625 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 176364 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 116167 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 164625 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 138457 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 129447 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp; 174018 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp; 169414 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp; 161789 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp; 373970 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp; 150683 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;&nbsp; 167499 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 42602 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16607 | &nbsp;&nbsp;&nbsp;&nbsp; 560984 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762 | &nbsp;&nbsp;&nbsp;&nbsp; 1323396 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp; 532912 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13027 | &nbsp;&nbsp;&nbsp;&nbsp; 1263358 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 132792 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp; 163736 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp; 311078 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp; 26437 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172295 |

---

---

| | | |
|:---|:---|:---|
| **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;$149028 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp; 4161 | &nbsp;&nbsp;&nbsp;&nbsp; 338789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;81872995 |
| **Total Common Stocks<br> (cost $106,531,738)** |  | &nbsp;&nbsp;&nbsp;&nbsp;142028385 |
| **CORPORATE BONDS & NOTES — 17.8%** | **CORPORATE BONDS & NOTES — 17.8%** | **CORPORATE BONDS & NOTES — 17.8%** |
| **Argentina — 0.4%** | **Argentina — 0.4%** | **Argentina — 0.4%** |
| &nbsp;&nbsp;&nbsp;Arcor SAIC |  |  |
| &nbsp;&nbsp;&nbsp;YPF SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 07/21/2027\* | $320000 | &nbsp;&nbsp;&nbsp;&nbsp; 318848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/17/2034\* | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 370134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/12/2026(3) | &nbsp;&nbsp; 149231 | &nbsp;&nbsp;&nbsp;&nbsp; 149704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838686 |
| **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; 120068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028\* | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 266582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386650 |
| **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; 466992 |
| &nbsp;&nbsp;&nbsp;Geopark, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 01/31/2030\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 282488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749480 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| &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; 270052 |
| **Canada — 0.7%** | **Canada — 0.7%** | **Canada — 0.7%** |
| &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; 194036 |
| &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; 345238 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/2033\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207706 |
| &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; 457348 |
| &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; 433015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637343 |
| **Cayman Islands — 0.4%** | **Cayman Islands — 0.4%** | **Cayman Islands — 0.4%** |
| &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; 415623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, 10/20/2031\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 415569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831192 |
| **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; 325740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 212720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538460 |
| **France — 0.3%** | **France — 0.3%** | **France — 0.3%** |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 01/19/2055\* | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 620078 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| &nbsp;&nbsp;&nbsp;Flutter Treasury DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/04/2031\* | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 722929 |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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)** |
| **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |
| &nbsp;&nbsp;&nbsp;Adecoagro SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/29/2032\* |  | $120000 | &nbsp;&nbsp;$118560 |
| &nbsp;&nbsp;&nbsp;Connect Finco SARL/Connect US Finco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/15/2029\* |  | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 536542 |
| &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; 401665 |
| &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; 201718 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258485 |
| **Mexico — 1.3%** | **Mexico — 1.3%** | **Mexico — 1.3%** | **Mexico — 1.3%** |
| &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; 393610 |
| &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; 198101 | &nbsp;&nbsp;&nbsp;&nbsp; 203397 |
| &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; 197737 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/2028 |  | &nbsp;&nbsp; 2027000 | &nbsp;&nbsp;&nbsp;&nbsp; 1987326 |
| &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; 213144 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995214 |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| &nbsp;&nbsp;&nbsp;Braskem Netherlands Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 01/12/2031\* |  | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 315414 |
| &nbsp;&nbsp;&nbsp;Yinson Boronia Production BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%, 07/31/2042\* |  | &nbsp;&nbsp; 372814 | &nbsp;&nbsp;&nbsp;&nbsp; 406708 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722122 |
| **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; 1378328 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| &nbsp;&nbsp;&nbsp;Credicorp Capital Sociedad Titulizadora SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.70%, 03/05/2045\* | &nbsp;&nbsp;PEN | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 147556 |
| &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; 210025 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357581 |
| **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; 932098 |
| **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; 325369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/08/2026 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 479000 | &nbsp;&nbsp;&nbsp;&nbsp; 643759 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969128 |
| **United States — 11.3%** | **United States — 11.3%** | **United States — 11.3%** | **United States — 11.3%** |
| &nbsp;&nbsp;&nbsp;Affinity Interactive |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/2027\* |  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 436628 |
| &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; 226429 |
| &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; 437435 |
| &nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 08/15/2033\* |  | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 134136 |
| &nbsp;&nbsp;&nbsp;Antares Holdings LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/15/2027\* |  | &nbsp;&nbsp; 1547000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495357 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 06/15/2028 | $980000 | &nbsp;&nbsp;$935384 |
| &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; 274828 |
| &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; 144719 |
| &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; 601837 |
| &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; 928859 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41066 |
| &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; 1061538 |
| &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; 931100 |
| &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; 1266226 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 836624 |
| &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; 307672 |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/15/2033\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204400 |
| &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; 217294 |
| &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; 168443 |
| &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; 842118 |
| &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; 285190 |
| &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; 1014315 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/10/2025(4) | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 490356 |
| &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; 504612 |
| &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; 404327 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2029\* | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 395870 |
| &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; 877533 |
| &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; 939155 |
| &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; 231981 |
| &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; 327641 |
| &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; 185649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 02/01/2029\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 480744 |
| &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; 161906 |
| &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; 914473 |
| &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; 385464 |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Hercules Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 09/16/2026 | $484000 | &nbsp;&nbsp;$472995 |
| &nbsp;&nbsp;&nbsp;JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/31/2032\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152246 |
| &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; 669649 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2028\* | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 301149 |
| &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; 227650 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/01/2030\* | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 272430 |
| &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; 310022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88%, 04/15/2031\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105344 |
| &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; 255220 |
| &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; 500682 |
| &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; 91805 |
| &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; 410664 |
| &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; 123893 |
| &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; 408034 |
| &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; 178873 |
| &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; 116528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 04/15/2033 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 117027 |
| &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; 579901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/01/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201368 |
| &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; 90300 |
| &nbsp;&nbsp;&nbsp;Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/23/2027 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 388383 |
| &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; 333439 |
| &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; 375587 |
| &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; 287982 |
| &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; 222649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/15/2026\*(4) | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 188844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26473973 |
| **Total Corporate Bonds & Notes<br> (cost $42,804,682)** |  | &nbsp;&nbsp;&nbsp;&nbsp;41681799 |
| **CONVERTIBLE BONDS & NOTES — 0.1%** | **CONVERTIBLE BONDS & NOTES — 0.1%** | **CONVERTIBLE BONDS & NOTES — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 03/01/2031<br> (cost $347,887) | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 339268 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **LOANS(5)(6)(7) — 0.3%** | **LOANS(5)(6)(7) — 0.3%** | **LOANS(5)(6)(7) — 0.3%** |
| **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** |
| &nbsp;&nbsp;&nbsp;FNZ Group Services LLC BTL-B FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.32%, (SOFR+5.00%), 11/05/2031 | $169575 | &nbsp;&nbsp;$136084 |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| &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; 553255 | &nbsp;&nbsp;&nbsp;&nbsp; 536657 |
| **Total Loans<br> (cost $688,787)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672741 |
| **ASSET BACKED SECURITIES — 2.4%** | **ASSET BACKED SECURITIES — 2.4%** | **ASSET BACKED SECURITIES — 2.4%** |
| **Cayman Islands — 0.9%** | **Cayman Islands — 0.9%** | **Cayman Islands — 0.9%** |
| &nbsp;&nbsp;&nbsp;Ares LXV CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-65A, Class C<br> 6.77%, (TSFR3M+2.45%), 07/25/2034\* | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 |
| &nbsp;&nbsp;&nbsp;Ares LXXV CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-75A, Class C<br> 6.17%, (TSFR3M+1.85%), 01/15/2037\* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 475716 |
| &nbsp;&nbsp;&nbsp;Dryden 60 CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-60A, Class D<br> 7.58%, (TSFR3M+3.26%), 07/15/2031\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 842608 |
| &nbsp;&nbsp;&nbsp;Dryden 90 Clo, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-90A, Class D<br> 7.47%, (TSFR3M+3.26%), 02/20/2035\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986462 |
| **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 6.53%, (TSFR3M+2.20%), 07/20/2037\* | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 733623 |
| **United States — 1.2%** | **United States — 1.2%** | **United States — 1.2%** |
| &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; 485200 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2<br> 6.00%, 05/20/2055\* | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 350253 |
| &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; 824017 |
| &nbsp;&nbsp;&nbsp;MetroNet Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class B<br> 5.59%, 08/20/2055\* | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 293183 |
| &nbsp;&nbsp;&nbsp;Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91%, 07/30/2054\* | &nbsp;&nbsp; 382113 | &nbsp;&nbsp;&nbsp;&nbsp; 379581 |
| &nbsp;&nbsp;&nbsp;Zayo Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class B<br> 6.59%, 06/20/2055\* | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 501178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833412 |
| **Total Asset Backed Securities<br> (cost $5,501,476)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553497 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.7%** |
| **United States — 3.7%** | **United States — 3.7%** | **United States — 3.7%** |
| &nbsp;&nbsp;&nbsp;BX Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class D<br> 6.13%, (TSFR1M+1.76%), 09/15/2036\* | &nbsp;&nbsp; 251895 | &nbsp;&nbsp;&nbsp;&nbsp; 251130 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01, Class 1M2<br> 6.15%, (SOFR30A+1.80%), 01/25/2044\* | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 717983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SBT1, Class 2M2<br> 8.11%, (SOFR30A+3.76%), 02/25/2040\* | &nbsp;&nbsp; 345264 | &nbsp;&nbsp;&nbsp;&nbsp; 357673 |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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> 7.70%, (SOFR30A+3.35%), 06/25/2043\* |  | $1180000 | &nbsp;&nbsp;$1230819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B<br> 7.90%, (SOFR30A+3.55%), 08/25/2042\* |  | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 858652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M2<br> 9.60%, (SOFR30A+5.25%), 05/25/2042\* |  | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 831917 |
| &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> 7.60%, (SOFR30A+3.25%), 09/25/2043\* |  | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 343313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R02, Class 1M2<br> 7.70%, (SOFR30A+3.35%), 01/25/2043\* |  | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1129865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R06, Class 1M2<br> 8.20%, (SOFR30A+3.85%), 05/25/2042\* |  | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 898648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R03, Class 2M2<br> 8.25%, (SOFR30A+3.90%), 04/25/2043\* |  | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 445200 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/20/2055 |  | &nbsp;&nbsp; 811248 | &nbsp;&nbsp;&nbsp;&nbsp; 827854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/20/2055 |  | &nbsp;&nbsp; 807843 | &nbsp;&nbsp;&nbsp;&nbsp; 824289 |
| **Total Collateralized Mortgage Obligations<br> (cost $8,750,611)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8717343 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 7.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 7.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 7.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 7.9%** |
| **Argentina — 0.3%** | **Argentina — 0.3%** | **Argentina — 0.3%** | **Argentina — 0.3%** |
| &nbsp;&nbsp;&nbsp;Republic of Argentina |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 07/09/2030(3) |  | &nbsp;&nbsp; 932000 | &nbsp;&nbsp;&nbsp;&nbsp; 697928 |
| **Brazil — 1.8%** | **Brazil — 1.8%** | **Brazil — 1.8%** | **Brazil — 1.8%** |
| &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; 939591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F<br> 10.00%, 01/01/2033 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 21140000 | &nbsp;&nbsp;&nbsp;&nbsp; 3327049 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266640 |
| **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; 248147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45%, 02/04/2033\*# |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206474 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454621 |
| **Mexico — 2.2%** | **Mexico — 2.2%** | **Mexico — 2.2%** | **Mexico — 2.2%** |
| &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; 2608457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/31/2053 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 22100000 | &nbsp;&nbsp;&nbsp;&nbsp; 999683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/01/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 27100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463149 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071289 |
| **United Kingdom — 3.3%** | **United Kingdom — 3.3%** | **United Kingdom — 3.3%** | **United Kingdom — 3.3%** |
| &nbsp;&nbsp;&nbsp;United Kingdom Gilt Treasury |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/22/2053 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 5150000 | &nbsp;&nbsp;&nbsp;&nbsp; 5146237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/31/2054 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 2360000 | &nbsp;&nbsp;&nbsp;&nbsp; 2633638 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7779875 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| &nbsp;&nbsp;&nbsp;Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 07/20/2033 | &nbsp;&nbsp;UYU | &nbsp;&nbsp; 3330000 | &nbsp;&nbsp;&nbsp;&nbsp; 91916 |
| **Total Foreign Government Obligations<br> (cost $18,661,728)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18362269 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$0 |
| **Total Long-Term Investment Securities<br> (cost $183,286,909)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;217355302 |
| **SHORT-TERM INVESTMENTS — 6.6%** | **SHORT-TERM INVESTMENTS — 6.6%** | **SHORT-TERM INVESTMENTS — 6.6%** |  |
| **Sovereign — 2.0%** | **Sovereign — 2.0%** | **Sovereign — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Canadian Treasury Bill<br> 2.55%, 11/19/2025 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;3020000 | &nbsp;&nbsp;&nbsp;&nbsp; 2185962 |
| &nbsp;&nbsp;&nbsp;Egypt Treasury Bills<br> 25.75%, 09/09/2025 | &nbsp;&nbsp;EGP | 127400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2606927 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792889 |
| **Unaffiliated Investment Companies — 4.6%** | **Unaffiliated Investment Companies — 4.6%** | **Unaffiliated Investment Companies — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 4.23%(8) |  | &nbsp;&nbsp;&nbsp;&nbsp;9356276 | &nbsp;&nbsp;&nbsp;&nbsp; 9356276 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.31%(8)(9) |  | &nbsp;&nbsp;&nbsp;&nbsp;1318375 | &nbsp;&nbsp;&nbsp;&nbsp; 1318375 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10674651 |
| **Total Short-Term Investments<br> (cost $15,234,399)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15467540 |
| **TOTAL INVESTMENTS<br> (cost $198,521,308)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.6% | &nbsp;&nbsp;&nbsp;&nbsp;232822842 |
| Other assets less liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937808 |
| **NET ASSETS** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$233760650 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| † | &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 August 31, 2025, the aggregate value of these securities was $36,934,707 representing 15.8% of net assets. |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

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

(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 1. 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 August 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. | 07/23/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;$136 | $98 | $32.62 | 0.0% |
| MMC Norilsk Nickel PJSC | 01/20/20, 04/24/20<br> 12/11/20 | 56300 | 158889 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.0 |
|  |  |  |  | $98 |  | 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 August 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 August 31, 2025.

(9) At August 31, 2025, the Fund had loaned securities with a total value of $4,540,448. This was secured by collateral of $1,318,375, which was received in cash and
subsequently invested in short-term investments currently valued at $1,318,375 as reported in the Portfolio of Investments. Additional collateral of $3,410,548 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> August 31, 2025** |
| Government National Mtg. Assoc. | 2.30% to 5.50% | 11/16/2050 to 12/16/2057 | &nbsp;&nbsp;&nbsp;&nbsp;$31352 |
| United States Treasury Bills | 0.00% | 09/16/2025 to 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9181 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;3370015 |

---

---

| |
|:---|
| ADR—American Depositary Receipt |
| BR—Bearer Shares |
| CLO—Collateralized Loan Obligation |
| DAC—Designated Activity Company |
| 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 |
| PEN—Peruvian Sol |
| UYU—Uruguayan Peso |

---

The rates shown on FRS and/or VRS are the current interest rates at August 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;1.10 | 490000 | USD | 490000 | 1.000% | Quarterly | Dec 2028 | $(8929) | $7414 | $(1515) |

---

(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.

USD—United States Dollar

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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** |
| 11 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1230815 | &nbsp;&nbsp;&nbsp;&nbsp;$1237500 | &nbsp;&nbsp;&nbsp;&nbsp;$6685 |
| 45 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17388 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$24073 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 47 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$5485916 | &nbsp;&nbsp;&nbsp;&nbsp;$5478438 | &nbsp;&nbsp;&nbsp;&nbsp;$(7478) |
| 9 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42808) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(50286) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(26213) |

---

\* 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;CAD | &nbsp;&nbsp;&nbsp;&nbsp;3460000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2507973 | &nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(18109) |
|  | &nbsp;&nbsp;JPY | &nbsp;&nbsp;582000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3960914 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9591) |
|  | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;93800000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5007180 | &nbsp;&nbsp;10/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;10945 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2951350 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;10/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31023) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6312106 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;902000000 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(158507) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5009747 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;93800000 | &nbsp;&nbsp;10/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13512) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10945 | &nbsp;&nbsp;&nbsp;&nbsp;(230742) |
| HSBC Bank PLC | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;8440000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;11443971 | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;33503 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2675421 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;14962 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;48465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2530190 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;370000000 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5986) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$59410 | &nbsp;&nbsp;$(236728) |

---

---

| |
|:---|
| CAD—Canadian Dollar |
| GBP—British Pound |
| JPY—Japanese Yen |
| MXN—Mexican Peso |
| USD—United States Dollar |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;8.6% |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Other Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.1% |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.6% |

---

\* 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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;$24164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24164 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;1939030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939030 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;2455981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455981 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6740669 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6887565 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821728 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350937 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643158 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123169 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319551 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175616 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741058 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127548 |
| &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;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785404 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849612 |
| &nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191447 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757903 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5942696 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;81872995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;81872995 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35777294 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35777294 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41681799 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41681799 |
| 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;339268 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339268 |

---

------

#### VALIC Company I Global Strategy Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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: (continued)** |  |  |  |  |
| <u>Investments at Value:\* (continued)</u> |  |  |  |  |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$672741 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$672741 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553497 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553497 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8717343 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8717343 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18362269 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18362269 |
| 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;&nbsp;&nbsp;4792889 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792889 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;10674651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10674651 |
| **Total Investments at Value** | &nbsp;&nbsp;$99426602 | &nbsp;&nbsp;$133396240 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$232822842 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7414 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7414 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24073 |
| 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;&nbsp;&nbsp;59410 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59410 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;$24073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66824 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90897 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$50286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50286 |
| 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;236728 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236728 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;$50286 | &nbsp;&nbsp;&nbsp;&nbsp;$236728 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$287014 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Government Securities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **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%** |
| **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;$429087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/15/2031 | &nbsp;&nbsp; 203114 | &nbsp;&nbsp;&nbsp;&nbsp; 195199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624286 |
| **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 01/18/2028\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019779 |
| &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; 213816 |
| &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; 985302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218897 |
| **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
| &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; 982820 |
| &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; 982812 |
| &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; 1017032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982664 |
| **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; 170919 |
| **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; 547294 |
| &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; 1018820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566114 |
| **Total Corporate Bonds & Notes<br> (cost $7,629,691)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7562880 |
| **ASSET BACKED SECURITIES — 5.6%** | **ASSET BACKED SECURITIES — 5.6%** | **ASSET BACKED SECURITIES — 5.6%** |
| **Auto Loan Receivables — 1.8%** | **Auto Loan Receivables — 1.8%** | **Auto Loan Receivables — 1.8%** |
| &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; 917748 |
| &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; 1005635 |
| &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; 427143 |
| &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; 619314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969840 |
| **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 2021-SFR2, Class A<br> 1.53%, 08/17/2038\* | &nbsp;&nbsp; 999770 | &nbsp;&nbsp;&nbsp;&nbsp; 970956 |
| &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; 281605 |
| &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; 1022792 |
| &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\* | &nbsp;&nbsp; 1300489 | &nbsp;&nbsp;&nbsp;&nbsp; 1321266 |

---

---

| | | |
|:---|:---|:---|
| **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;Bridge Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR1, Class A<br> 4.05%, 09/17/2042\* | $855000 | &nbsp;&nbsp;$822921 |
| &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; 1208777 | &nbsp;&nbsp;&nbsp;&nbsp; 1175268 |
| &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; 235177 | &nbsp;&nbsp;&nbsp;&nbsp; 233841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A<br> 4.54%, 05/25/2044\* | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 421387 |
| &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; 18373 | &nbsp;&nbsp;&nbsp;&nbsp; 18321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268357 |
| **Total Asset Backed Securities<br> (cost $9,243,850)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9238197 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%** |
| **Commercial and Residential — 3.7%** | **Commercial and Residential — 3.7%** | **Commercial and Residential — 3.7%** |
| &nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BNK26, Class A4<br> 2.40%, 03/15/2063 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 455684 |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK41, Class A4<br> 3.92%, 04/15/2065(1) | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 475206 |
| &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; 31265 | &nbsp;&nbsp;&nbsp;&nbsp; 30943 |
| &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; 1155915 |
| &nbsp;&nbsp;&nbsp;Eleven Madison Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-11MD, Class A<br> 3.67%, 09/10/2035\*(1) | &nbsp;&nbsp; 398000 | &nbsp;&nbsp;&nbsp;&nbsp; 396713 |
| &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; 1074122 |
| &nbsp;&nbsp;&nbsp;IRV Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-200P, Class A<br> 5.47%, 03/14/2047\*(1) | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 764034 |
| &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; 770048 | &nbsp;&nbsp;&nbsp;&nbsp; 749156 |
| &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; 888744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990517 |
| **U.S. Government Agency — 21.7%** | **U.S. Government Agency — 21.7%** | **U.S. Government Agency — 21.7%** |
| &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; 588280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K145, Class A2<br> 2.58%, 05/25/2032 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 388124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KW10, Class A2<br> 2.69%, 09/25/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1893461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K146, Class A2<br> 2.92%, 06/25/2032 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 649062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K149, Class A2<br> 3.53%, 08/25/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1907217 |

---

------

#### VALIC Company I Government Securities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;$1031551 |
| &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; 1603351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4594, Class GN<br> 2.50%, 02/15/2045 | &nbsp;&nbsp; 257979 | &nbsp;&nbsp;&nbsp;&nbsp; 241185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4097, Class YK<br> 3.00%, 08/15/2032 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1688463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4150, Class IG<br> 3.00%, 01/15/2033(2) | &nbsp;&nbsp; 604320 | &nbsp;&nbsp;&nbsp;&nbsp; 30461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4838, Class CY<br> 3.00%, 01/15/2038 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 933006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4365, Class HZ<br> 3.00%, 01/15/2040 | &nbsp;&nbsp; 339632 | &nbsp;&nbsp;&nbsp;&nbsp; 319281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4057, Class WY<br> 3.50%, 06/15/2027 | &nbsp;&nbsp; 219774 | &nbsp;&nbsp;&nbsp;&nbsp; 217943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3927, Class AY<br> 4.50%, 09/15/2026 | &nbsp;&nbsp; 7698 | &nbsp;&nbsp;&nbsp;&nbsp; 7681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3786, Class PB<br> 4.50%, 07/15/2040 | &nbsp;&nbsp; 110542 | &nbsp;&nbsp;&nbsp;&nbsp; 110843 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4039, Class SA<br> 2.04%, (6.39-SOFR30A), 05/15/2042(2)(3) | &nbsp;&nbsp; 122917 | &nbsp;&nbsp;&nbsp;&nbsp; 14912 |
| &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; 416239 | &nbsp;&nbsp;&nbsp;&nbsp; 359926 |
| &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; 211662 | &nbsp;&nbsp;&nbsp;&nbsp; 194488 |
| &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; 1113686 | &nbsp;&nbsp;&nbsp;&nbsp; 1089214 |
| &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; 23574 | &nbsp;&nbsp;&nbsp;&nbsp; 22638 |
| &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; 180256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-12, Class JC<br> 2.00%, 03/25/2050 | &nbsp;&nbsp; 599048 | &nbsp;&nbsp;&nbsp;&nbsp; 503508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-23, Class KJ<br> 2.25%, 05/25/2042 | &nbsp;&nbsp; 445602 | &nbsp;&nbsp;&nbsp;&nbsp; 417008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class ME<br> 2.50%, 01/25/2042 | &nbsp;&nbsp; 383187 | &nbsp;&nbsp;&nbsp;&nbsp; 363861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-73, Class TD<br> 2.50%, 09/25/2042 | &nbsp;&nbsp; 146961 | &nbsp;&nbsp;&nbsp;&nbsp; 140702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M22, Class A2<br> 2.52%, 08/25/2029 | &nbsp;&nbsp; 306786 | &nbsp;&nbsp;&nbsp;&nbsp; 290159 |
| &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; 883659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-87, Class CZ<br> 3.00%, 08/25/2042 | &nbsp;&nbsp; 1733565 | &nbsp;&nbsp;&nbsp;&nbsp; 1600512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-30, Class PA<br> 3.00%, 04/25/2045 | &nbsp;&nbsp; 238161 | &nbsp;&nbsp;&nbsp;&nbsp; 227176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-25, Class LA<br> 3.00%, 07/25/2045 | &nbsp;&nbsp; 184985 | &nbsp;&nbsp;&nbsp;&nbsp; 176830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-33, Class JA<br> 3.00%, 07/25/2045 | &nbsp;&nbsp; 174187 | &nbsp;&nbsp;&nbsp;&nbsp; 166903 |
| &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; 1755731 |

---

---

| | | |
|:---|:---|:---|
| **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 | $342255 | &nbsp;&nbsp;$324595 |
| &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; 772006 |
| &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; 238977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-116, Class PB<br> 5.50%, 08/25/2035 | &nbsp;&nbsp; 16850 | &nbsp;&nbsp;&nbsp;&nbsp; 17614 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M3, Class A2<br> 1.76%, 11/25/2031(1) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 859703 |
| &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; 53079 | &nbsp;&nbsp;&nbsp;&nbsp; 8975 |
| &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; 1693776 | &nbsp;&nbsp;&nbsp;&nbsp; 1197341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-164, Class AO<br> Zero Coupon, 10/20/2054(4) | &nbsp;&nbsp; 1110585 | &nbsp;&nbsp;&nbsp;&nbsp; 896680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-119, Class AZ<br> 3.50%, 07/20/2052 | &nbsp;&nbsp; 1685215 | &nbsp;&nbsp;&nbsp;&nbsp; 1425053 |
| &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; 386681 |
| &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; 1249984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-18, Class Z<br> 4.50%, 03/16/2034 | &nbsp;&nbsp; 67674 | &nbsp;&nbsp;&nbsp;&nbsp; 67504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-6, Class GL<br> 4.50%, 02/20/2038 | &nbsp;&nbsp; 302665 | &nbsp;&nbsp;&nbsp;&nbsp; 301878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-159, Class PA<br> 4.50%, 10/20/2054 | &nbsp;&nbsp; 3873284 | &nbsp;&nbsp;&nbsp;&nbsp; 3797025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-21, Class Z<br> 5.00%, 03/20/2035 | &nbsp;&nbsp; 135886 | &nbsp;&nbsp;&nbsp;&nbsp; 136576 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-100, Class JS<br> 4.00%, (15.95%-SOFR30A), 06/20/2055(3) | &nbsp;&nbsp; 1493452 | &nbsp;&nbsp;&nbsp;&nbsp; 1456798 |
| &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; 1348839 | &nbsp;&nbsp;&nbsp;&nbsp; 1235550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class MTU<br> 3.25%, 11/25/2064 | &nbsp;&nbsp; 1395670 | &nbsp;&nbsp;&nbsp;&nbsp; 1212437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35582769 |
| **Total Collateralized Mortgage Obligations<br> (cost $43,323,761)** |  | &nbsp;&nbsp;&nbsp;&nbsp;41573286 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 62.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 62.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 62.4%** |
| **U.S. Government — 36.3%** | **U.S. Government — 36.3%** | **U.S. Government — 36.3%** |
| &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; 1237008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 to 02/15/2050 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2417461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2045 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 739492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2048 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 550166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1595078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/15/2042 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 411152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/2041 to 11/15/2043 | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8327012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2040 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1373965 |
| &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; 861758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 04/30/2026 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 06/30/2028 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3281934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2032 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3987070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/30/2030 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3969219 |

---

------

#### VALIC Company I Government Securities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;3.63%, 03/31/2030 | $2000000 | &nbsp;&nbsp;$1995625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 06/30/2030 | &nbsp;&nbsp; 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2162596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/31/2030 to 02/15/2034 | &nbsp;&nbsp; 5945000 | &nbsp;&nbsp;&nbsp;&nbsp; 5971511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 10/31/2027 to 02/29/2032 | &nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11121601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/31/2031 to 02/15/2035 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4145039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;59366119 |
| **U.S. Government Agency — 26.1%** | **U.S. Government Agency — 26.1%** | **U.S. Government Agency — 26.1%** |
| &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; 432536 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/01/2034 | &nbsp;&nbsp; 589357 | &nbsp;&nbsp;&nbsp;&nbsp; 540438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2033 | &nbsp;&nbsp; 305279 | &nbsp;&nbsp;&nbsp;&nbsp; 299452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/01/2037 | &nbsp;&nbsp; 2991558 | &nbsp;&nbsp;&nbsp;&nbsp; 2738960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2052 to 08/01/2052 | &nbsp;&nbsp; 3791221 | &nbsp;&nbsp;&nbsp;&nbsp; 3566797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2039 to 06/01/2041 | &nbsp;&nbsp; 745791 | &nbsp;&nbsp;&nbsp;&nbsp; 742822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2034 to 11/01/2053 | &nbsp;&nbsp; 1407549 | &nbsp;&nbsp;&nbsp;&nbsp; 1403402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2036 to 06/01/2054 | &nbsp;&nbsp; 3678445 | &nbsp;&nbsp;&nbsp;&nbsp; 3716031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2033 to 02/01/2055 | &nbsp;&nbsp; 1968212 | &nbsp;&nbsp;&nbsp;&nbsp; 2023653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2032 | &nbsp;&nbsp; 5591 | &nbsp;&nbsp;&nbsp;&nbsp; 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2030 | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &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; 564874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 06/01/2037 | &nbsp;&nbsp; 238606 | &nbsp;&nbsp;&nbsp;&nbsp; 186038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14%, 10/01/2029 | &nbsp;&nbsp; 983694 | &nbsp;&nbsp;&nbsp;&nbsp; 915137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%, 05/01/2037 | &nbsp;&nbsp; 942109 | &nbsp;&nbsp;&nbsp;&nbsp; 759488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp; 1910577 | &nbsp;&nbsp;&nbsp;&nbsp; 1620956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 04/01/2034 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2154461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 09/01/2034 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 605181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2043 to 03/01/2052 | &nbsp;&nbsp; 3793511 | &nbsp;&nbsp;&nbsp;&nbsp; 3358411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/01/2030 | &nbsp;&nbsp; 2661391 | &nbsp;&nbsp;&nbsp;&nbsp; 2551307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43%, 05/01/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1899885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 06/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 952975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69%, 05/01/2030 | &nbsp;&nbsp; 1346668 | &nbsp;&nbsp;&nbsp;&nbsp; 1325656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 03/01/2043 | &nbsp;&nbsp; 1821397 | &nbsp;&nbsp;&nbsp;&nbsp; 1773407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 10/01/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 959538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2036 | &nbsp;&nbsp; 3195 | &nbsp;&nbsp;&nbsp;&nbsp; 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2033 to 03/01/2055 | &nbsp;&nbsp; 815703 | &nbsp;&nbsp;&nbsp;&nbsp; 826802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2032 | &nbsp;&nbsp; 1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/01/2031 | &nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 |
| &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; 1824350 | &nbsp;&nbsp;&nbsp;&nbsp; 1559346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2048 to 09/20/2051 | &nbsp;&nbsp; 3932276 | &nbsp;&nbsp;&nbsp;&nbsp; 3605926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/20/2053 | &nbsp;&nbsp; 1492609 | &nbsp;&nbsp;&nbsp;&nbsp; 1376212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2038 to 08/15/2040 | &nbsp;&nbsp; 260170 | &nbsp;&nbsp;&nbsp;&nbsp; 257505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2035 to 05/15/2036 | &nbsp;&nbsp; 21597 | &nbsp;&nbsp;&nbsp;&nbsp; 21855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2032 | &nbsp;&nbsp; 2243 | &nbsp;&nbsp;&nbsp;&nbsp; 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031 | &nbsp;&nbsp; 1688 | &nbsp;&nbsp;&nbsp;&nbsp; 1708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42755252 |
| **Total U.S. Government & Agency Obligations<br> (cost $109,360,976)** |  | &nbsp;&nbsp;&nbsp;&nbsp;102121371 |

---

---

| | | |
|:---|:---|:---|
| **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;$260365 |
| **Total Long-Term Investment Securities<br> (cost $169,833,278)** |  | &nbsp;&nbsp;&nbsp;&nbsp;160756099 |
| **REPURCHASE AGREEMENTS — 1.5%** | **REPURCHASE AGREEMENTS — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 08/29/2025, to be repurchased 09/02/2025 in the amount of $2,462,441 and collateralized by $2,503,700 United States Treasury Notes bearing interest at 3.75% due 08/15/2027 and having an approximate value of $2,511,448<br> (cost $2,462,069) | &nbsp;&nbsp; 2462069 | &nbsp;&nbsp;&nbsp;&nbsp; 2462069 |
| **TOTAL INVESTMENTS<br> (cost $172,295,347)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;163218168 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426469 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$163644637 |

---

\* 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 August 31, 2025, the aggregate value of these securities was $12,725,487 representing 7.8% 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 August 31, 2025.

(4) Principal Only

---

| |
|:---|
| 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 August 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

------

#### VALIC Company I Government Securities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;$7562880 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7562880 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9238197 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9238197 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41573286 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41573286 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;102121371 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;102121371 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260365 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260365 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462069 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462069 |
| **Total Investments at Value** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$163218168 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$163218168 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.5%** | **COMMON STOCKS — 97.5%** | **COMMON STOCKS — 97.5%** |
| **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;6263 | &nbsp;&nbsp;$342336 |
| **Aerospace/Defense — 1.5%** | **Aerospace/Defense — 1.5%** | **Aerospace/Defense — 1.5%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;&nbsp;&nbsp; 337704 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398 | &nbsp;&nbsp;&nbsp;&nbsp; 215082 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;14509 | &nbsp;&nbsp;&nbsp;&nbsp; 3992877 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp; 185964 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;&nbsp;&nbsp; 257751 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5557 | &nbsp;&nbsp;&nbsp;&nbsp; 967474 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp; 20937 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 33069 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 371794 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494 | &nbsp;&nbsp;&nbsp;&nbsp; 267008 |
| &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; 13725 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 2066 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13481 | &nbsp;&nbsp;&nbsp;&nbsp; 18858301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25523752 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 19650 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 1163 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp; 26189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47002 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101 | &nbsp;&nbsp;&nbsp;&nbsp; 251342 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022 | &nbsp;&nbsp;&nbsp;&nbsp; 136232 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 | &nbsp;&nbsp;&nbsp;&nbsp; 271045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658619 |
| **Auto Manufacturers — 3.7%** | **Auto Manufacturers — 3.7%** | **Auto Manufacturers — 3.7%** |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;52204 | &nbsp;&nbsp;&nbsp;&nbsp; 24912271 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;116078 | &nbsp;&nbsp;&nbsp;&nbsp; 38754962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63667233 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp; 18422 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649 | &nbsp;&nbsp;&nbsp;&nbsp; 388110 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp; 81206 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506 | &nbsp;&nbsp;&nbsp;&nbsp; 435145 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 166936 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;43890 | &nbsp;&nbsp;&nbsp;&nbsp; 649572 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 15077 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 29910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765956 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 | &nbsp;&nbsp;&nbsp;&nbsp; 144939 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;26302 | &nbsp;&nbsp;&nbsp;&nbsp; 1814575 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9588 | &nbsp;&nbsp;&nbsp;&nbsp; 598387 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634 | &nbsp;&nbsp;&nbsp;&nbsp; 391544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949445 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp; 768444 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5481 | &nbsp;&nbsp;&nbsp;&nbsp; 1576938 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 43423 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153 | &nbsp;&nbsp;&nbsp;&nbsp; 117985 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4597 | &nbsp;&nbsp;&nbsp;&nbsp; 519323 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp; 117479 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 51274 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348 | &nbsp;&nbsp;&nbsp;&nbsp; 319563 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;$91196 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 24497 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp; 40977 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp; 39128 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp; 1384993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095220 |
| **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; 82204 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 28974 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 6927 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp; 30356 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 250479 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 14334 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;53609 | &nbsp;&nbsp;&nbsp;&nbsp; 22279900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22693174 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp;&nbsp;&nbsp; 237423 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;26317 | &nbsp;&nbsp;&nbsp;&nbsp; 9627548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864971 |
| **Commercial Services — 2.2%** | **Commercial Services — 2.2%** | **Commercial Services — 2.2%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*#† | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 16757651 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 | &nbsp;&nbsp;&nbsp;&nbsp; 192135 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216 | &nbsp;&nbsp;&nbsp;&nbsp; 1585925 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 8861 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 222992 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;&nbsp;&nbsp; 188412 |
| &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; 14991 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768 | &nbsp;&nbsp;&nbsp;&nbsp; 1001423 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp; 310689 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 76846 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 27414 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 19687 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;&nbsp; 1086299 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 61931 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp; 101803 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | &nbsp;&nbsp;&nbsp;&nbsp; 591885 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 19128 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882 | &nbsp;&nbsp;&nbsp;&nbsp; 219488 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28078 | &nbsp;&nbsp;&nbsp;&nbsp; 15399098 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp; 82472 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340 | &nbsp;&nbsp;&nbsp;&nbsp; 285934 |
| &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; 33329 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 59178 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp; 316113 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 18762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38682446 |
| **Computers — 7.6%** | **Computers — 7.6%** | **Computers — 7.6%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;554344 | &nbsp;&nbsp;&nbsp;&nbsp; 128685416 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp; 1424903 |
| &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; 78054 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342 | &nbsp;&nbsp;&nbsp;&nbsp; 102533 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8798 | &nbsp;&nbsp;&nbsp;&nbsp; 693018 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp; 261740 |
| &nbsp;&nbsp;&nbsp;Globant SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 4170 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp; 119896 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 84513 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706 | &nbsp;&nbsp;&nbsp;&nbsp; 287623 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp; 76705 |

---

------

#### VALIC Company I Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Super Micro Computer, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp;$134880 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 379559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132333010 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5348 | &nbsp;&nbsp;&nbsp;&nbsp; 449606 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11283 | &nbsp;&nbsp;&nbsp;&nbsp; 550723 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp; 105041 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;12965 | &nbsp;&nbsp;&nbsp;&nbsp; 643842 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 30760 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 34664 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp; 524993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890023 |
| **Diversified Financial Services — 4.7%** | **Diversified Financial Services — 4.7%** | **Diversified Financial Services — 4.7%** |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 22495 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp; 823231 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp; 613139 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936 | &nbsp;&nbsp;&nbsp;&nbsp; 536201 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp;&nbsp;&nbsp; 460006 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;550767 | &nbsp;&nbsp;&nbsp;&nbsp; 10200205 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747 | &nbsp;&nbsp;&nbsp;&nbsp; 105100 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp; 197335 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 90753 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 5662 |
| &nbsp;&nbsp;&nbsp;Freedom Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp; 37944 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 59421 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 60771 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 20788 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 32036 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 18005 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 407489 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11225 | &nbsp;&nbsp;&nbsp;&nbsp; 6682130 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp; 48322 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578 | &nbsp;&nbsp;&nbsp;&nbsp; 95232 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 17887 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;172733 | &nbsp;&nbsp;&nbsp;&nbsp; 60764015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81298167 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 | &nbsp;&nbsp;&nbsp;&nbsp; 404802 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4687 | &nbsp;&nbsp;&nbsp;&nbsp; 886359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291161 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16682 | &nbsp;&nbsp;&nbsp;&nbsp; 1816002 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 196842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012844 |
| **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; 73025 |
| **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;488 | &nbsp;&nbsp;&nbsp;&nbsp; 343249 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 126480 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 35248 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 16410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521387 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp; 83814 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745 | &nbsp;&nbsp;&nbsp;&nbsp; 323625 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;$610961 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp; 107450 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 | &nbsp;&nbsp;&nbsp;&nbsp; 369774 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp; 82080 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 62735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640439 |
| **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; 30666 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp; 135498 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080 | &nbsp;&nbsp;&nbsp;&nbsp; 1150061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316225 |
| **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;226 | &nbsp;&nbsp;&nbsp;&nbsp; 41528 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 32549 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp; 192961 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3647 | &nbsp;&nbsp;&nbsp;&nbsp; 293474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560512 |
| **Healthcare-Products — 3.2%** | **Healthcare-Products — 3.2%** | **Healthcare-Products — 3.2%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;157679 | &nbsp;&nbsp;&nbsp;&nbsp; 16635135 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60964 | &nbsp;&nbsp;&nbsp;&nbsp; 12547610 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp; 720211 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 40380 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 334102 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;49170 | &nbsp;&nbsp;&nbsp;&nbsp; 23271915 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp; 81172 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp; 306552 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 147771 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 14311 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 126275 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp; 473215 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp; 92397 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp; 125851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54916897 |
| **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 10075 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 94172 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 77697 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 207231 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 145031 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 78661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612867 |
| **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; 22573 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp; 236236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258809 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 | &nbsp;&nbsp;&nbsp;&nbsp; 215922 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688 | &nbsp;&nbsp;&nbsp;&nbsp; 986496 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 62972 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 41882 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 34872 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 134948 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 72485 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp; 165883 |

---

------

#### VALIC Company I Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;$107471 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp; 85021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692030 |
| **Internet — 21.0%** | **Internet — 21.0%** | **Internet — 21.0%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 | &nbsp;&nbsp;&nbsp;&nbsp; 765428 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;51733 | &nbsp;&nbsp;&nbsp;&nbsp; 11014473 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;42123 | &nbsp;&nbsp;&nbsp;&nbsp; 8994524 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;611141 | &nbsp;&nbsp;&nbsp;&nbsp; 139951289 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 2351601 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 23231 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 | &nbsp;&nbsp;&nbsp;&nbsp; 113910 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17425 | &nbsp;&nbsp;&nbsp;&nbsp; 498006 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4931 | &nbsp;&nbsp;&nbsp;&nbsp; 1209328 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 44581 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp; 364730 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp; 26667 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp; 283124 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp; 15312 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;146644 | &nbsp;&nbsp;&nbsp;&nbsp; 108325923 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41054 | &nbsp;&nbsp;&nbsp;&nbsp; 49603495 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080 | &nbsp;&nbsp;&nbsp;&nbsp; 1729922 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009 | &nbsp;&nbsp;&nbsp;&nbsp; 146850 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 | &nbsp;&nbsp;&nbsp;&nbsp; 368231 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp; 139712 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp; 26940 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;43768 | &nbsp;&nbsp;&nbsp;&nbsp; 6183543 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;45635 | &nbsp;&nbsp;&nbsp;&nbsp; 31117594 |
| &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; 13025 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27834 | &nbsp;&nbsp;&nbsp;&nbsp; 2609437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365920876 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp; 30351 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 26053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56404 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | &nbsp;&nbsp;&nbsp;&nbsp; 143824 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5357 | &nbsp;&nbsp;&nbsp;&nbsp; 133068 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 | &nbsp;&nbsp;&nbsp;&nbsp; 118005 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp; 1264006 |
| &nbsp;&nbsp;&nbsp;Viking Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;&nbsp;&nbsp; 177245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836148 |
| **Lodging — 1.0%** | **Lodging — 1.0%** | **Lodging — 1.0%** |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 14589 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56514 | &nbsp;&nbsp;&nbsp;&nbsp; 15601255 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464 | &nbsp;&nbsp;&nbsp;&nbsp; 257260 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 | &nbsp;&nbsp;&nbsp;&nbsp; 643400 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp; 87129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16603633 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 32894 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 335232 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp; 2312123 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242 | &nbsp;&nbsp;&nbsp;&nbsp; 668617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348866 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 40181 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184 | &nbsp;&nbsp;$580027 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 13813 |
| &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; 546 |
| &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; 24161 |
| &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; 13067 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp; 83317 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 5113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720044 |
| **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 36266 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 51221 |
| **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp; 187102 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25647 | &nbsp;&nbsp;&nbsp;&nbsp; 19165747 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 21224 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 356219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19730292 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 57573 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 244572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302145 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp; 64102 |
| **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24442 | &nbsp;&nbsp;&nbsp;&nbsp; 5142597 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503 | &nbsp;&nbsp;&nbsp;&nbsp; 259632 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 | &nbsp;&nbsp;&nbsp;&nbsp; 253521 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526 | &nbsp;&nbsp;&nbsp;&nbsp; 736607 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 96980 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5331 | &nbsp;&nbsp;&nbsp;&nbsp; 401637 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;55395 | &nbsp;&nbsp;&nbsp;&nbsp; 40581269 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1091758 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp; 157888 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp; 768080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49489969 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp; 336855 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936 | &nbsp;&nbsp;&nbsp;&nbsp; 492544 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 55333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884732 |
| **Private Equity — 1.7%** | **Private Equity — 1.7%** | **Private Equity — 1.7%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10096 | &nbsp;&nbsp;&nbsp;&nbsp; 1730454 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202001 | &nbsp;&nbsp;&nbsp;&nbsp; 28177120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29907574 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp; 78304 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;76680 | &nbsp;&nbsp;&nbsp;&nbsp; 6862093 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 50114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990511 |
| **REITS — 0.1%** | **REITS — 0.1%** | **REITS — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6448 | &nbsp;&nbsp;&nbsp;&nbsp; 1314425 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp; 152191 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp; 90145 |

---

------

#### VALIC Company I Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;$177950 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 45419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780130 |
| **Retail — 2.2%** | **Retail — 2.2%** | **Retail — 2.2%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 146948 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 27936 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp; 256380 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;58085 | &nbsp;&nbsp;&nbsp;&nbsp; 21602973 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 34122 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;&nbsp; 89977 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18584 | &nbsp;&nbsp;&nbsp;&nbsp; 783130 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6124 | &nbsp;&nbsp;&nbsp;&nbsp; 5776892 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp; 322206 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp; 65079 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712 | &nbsp;&nbsp;&nbsp;&nbsp; 122973 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 32130 |
| &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; 46121 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 12169 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10469 | &nbsp;&nbsp;&nbsp;&nbsp; 4258475 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp; 170252 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 174015 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 88477 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10869 | &nbsp;&nbsp;&nbsp;&nbsp; 1126898 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 | &nbsp;&nbsp;&nbsp;&nbsp; 181567 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp; 14217 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp; 126410 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp; 184317 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 157193 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7750 | &nbsp;&nbsp;&nbsp;&nbsp; 1058727 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7383 | &nbsp;&nbsp;&nbsp;&nbsp; 455974 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 82286 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5972 | &nbsp;&nbsp;&nbsp;&nbsp; 579165 |
| &nbsp;&nbsp;&nbsp;Wendy's Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp; 13241 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 49306 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 127967 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp; 190914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38358437 |
| **Semiconductors — 21.7%** | **Semiconductors — 21.7%** | **Semiconductors — 21.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12990 | &nbsp;&nbsp;&nbsp;&nbsp; 2112564 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164 | &nbsp;&nbsp;&nbsp;&nbsp; 508644 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;16689 | &nbsp;&nbsp;&nbsp;&nbsp; 8009081 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7598 | &nbsp;&nbsp;&nbsp;&nbsp; 5642427 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 | &nbsp;&nbsp;&nbsp;&nbsp; 360938 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334213 | &nbsp;&nbsp;&nbsp;&nbsp; 99391604 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp; 30230 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 1604480 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17572 | &nbsp;&nbsp;&nbsp;&nbsp; 1759836 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp; 100101 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp; 29731 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 52178 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 529872 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1319446 | &nbsp;&nbsp;&nbsp;&nbsp; 229821104 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 19610 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp; 553715 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;108285 | &nbsp;&nbsp;&nbsp;&nbsp; 24999758 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160 | &nbsp;&nbsp;&nbsp;&nbsp; 1044797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376570670 |
| **Software — 18.8%** | **Software — 18.8%** | **Software — 18.8%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 | &nbsp;&nbsp;&nbsp;&nbsp; 2091689 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 80995 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;69276 | &nbsp;&nbsp;$33154801 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271 | &nbsp;&nbsp;&nbsp;&nbsp; 403738 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp; 927421 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp; 117422 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp; 374739 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;77541 | &nbsp;&nbsp;&nbsp;&nbsp; 27172693 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp; 891192 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp; 72290 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4225 | &nbsp;&nbsp;&nbsp;&nbsp; 577473 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 16396 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082 | &nbsp;&nbsp;&nbsp;&nbsp; 159606 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp; 19264 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp; 117400 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 14908 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp; 154291 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121 | &nbsp;&nbsp;&nbsp;&nbsp; 208523 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 108877 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8017 | &nbsp;&nbsp;&nbsp;&nbsp; 12198988 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;&nbsp;&nbsp; 295567 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856 | &nbsp;&nbsp;&nbsp;&nbsp; 89125 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 254998 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp; 344983 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59866 | &nbsp;&nbsp;&nbsp;&nbsp; 39930622 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp; 178169 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;371763 | &nbsp;&nbsp;&nbsp;&nbsp; 188368594 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp; 35033 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp; 294647 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 7096 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 58674 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22846 | &nbsp;&nbsp;&nbsp;&nbsp; 5166166 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;30137 | &nbsp;&nbsp;&nbsp;&nbsp; 4722769 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406 | &nbsp;&nbsp;&nbsp;&nbsp; 196074 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp; 93813 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp; 23148 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp; 109339 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 43554 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 35819 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7808 | &nbsp;&nbsp;&nbsp;&nbsp; 972799 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp; 376175 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp; 131513 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp; 58692 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp; 2621183 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp; 1032204 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp; 62200 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp; 1134014 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 197113 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 6735 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 35274 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 282003 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 443911 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961 | &nbsp;&nbsp;&nbsp;&nbsp; 683458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327148170 |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14233 | &nbsp;&nbsp;&nbsp;&nbsp; 1943516 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 | &nbsp;&nbsp;&nbsp;&nbsp; 115352 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp; 2894 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 465373 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 19541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546987 |

---

------

#### VALIC Company I Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Transportation — 0.0%** | **Transportation — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;$23401 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 143532 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 45265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212198 |
| **Total Common Stocks<br> (cost $1,087,428,246)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1694991056 |
| **CONVERTIBLE PREFERRED STOCKS — 2.4%** | **CONVERTIBLE PREFERRED STOCKS — 2.4%** |  |
| **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; 11535018 |
| **Software — 1.8%** | **Software — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series D †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;163280 | &nbsp;&nbsp;&nbsp;&nbsp; 23867454 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series J†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;48194 | &nbsp;&nbsp;&nbsp;&nbsp; 7044758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30912212 |
| **Total Convertible Preferred Stocks<br> (cost $24,808,305)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42447230 |
| **Total Long-Term Investment Securities<br> (cost $1,112,236,551)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1737438286 |
| **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 Treasury Money Market Fund, Premier Class<br> 4.19%(3) | 3882284 | &nbsp;&nbsp;&nbsp;&nbsp; 3882284 |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.23%(3) | 1609929 | &nbsp;&nbsp;&nbsp;&nbsp; 1609929 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(3)(4) | 1706760 | &nbsp;&nbsp;&nbsp;&nbsp; 1706760 |
| **Total Short-Term Investments<br> (cost $7,198,973)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7198973 |
| **TOTAL INVESTMENTS<br> (cost $1,119,435,524)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3% | &nbsp;&nbsp;&nbsp;&nbsp;1744637259 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5697978) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1738939281 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| \* | &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 Growth Fund has no right to demand registration of these securities. At August 31, 2025, the aggregate value of these securities was $16,757,651 representing 1.0% of net assets. |

---

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

(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 1. 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 August 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 | 12/10/20 | &nbsp;&nbsp;47885 | $5246960 | $11535018 | $240.89 | 0.6% |
| Databricks, Inc.<br> Series D | 03/27/25 | 163280 | 15103400 | &nbsp;&nbsp;23867454 | &nbsp;&nbsp;146.18 | 1.4 |
| Databricks, Inc.<br> Series J | 01/21/25 | &nbsp;&nbsp;48194 | &nbsp;&nbsp;4457945 | &nbsp;&nbsp;&nbsp;&nbsp;7044758 | &nbsp;&nbsp;146.18 | 0.4 |
|  |  |  |  | $42447230 |  | 2.4%\*\* |

---

\*\* 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 August 31, 2025.

(4) At August 31, 2025, the Fund had loaned securities with a total value of $3,218,747. This was secured by collateral of $1,706,760, which was received in cash and
subsequently invested in short-term investments currently valued at $1,706,760 as reported in the Portfolio of Investments. Additional collateral of $1,648,691 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2299 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26449 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12584 |
| United States Treasury Bills | 0.00% | 10/30/2025 to 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35568 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;1569495 |

---

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> (Depreciation)** |
| 8 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 1000 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1800091 | &nbsp;&nbsp;&nbsp;&nbsp;$1796000 | &nbsp;&nbsp;&nbsp;&nbsp;$(4091) |

---

\* 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.

------

#### VALIC Company I Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;$21924795 | &nbsp;&nbsp;$16757651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$38682446 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368561589 | &nbsp;&nbsp;&nbsp;&nbsp;8009081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376570670 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;1279737940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1279737940 |
| 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42447230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42447230 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7198973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7198973 |
| **Total Investments at Value** | &nbsp;&nbsp;$1677423297 | &nbsp;&nbsp;$24766732 | &nbsp;&nbsp;$42447230 | &nbsp;&nbsp;$1744637259 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4091 |

---

---

| | |
|:---|:---|
| \* | &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, 2025 | &nbsp;&nbsp;$31211839 |
| 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;11235391 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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 August 31, 2025 | &nbsp;&nbsp;$42447230 |

---

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at August 31, 2025 includes:

---

| |
|:---|
| &nbsp;&nbsp;**Convertible<br> Preferred Securities** |
| &nbsp;&nbsp;$11235391 |

---

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 August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Fair Value at<br> August 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;$30912212 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Pending Series K Capital Raise Price\* | &nbsp;&nbsp;$150.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Uncertainty | &nbsp;&nbsp;5% |
|  | &nbsp;&nbsp;$11535018 | &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 Portfolio of Investments

------

#### VALIC Company I High Yield Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 90.6%** | **CORPORATE BONDS & NOTES — 90.6%** | **CORPORATE BONDS & NOTES — 90.6%** |
| **Advertising — 1.4%** | **Advertising — 1.4%** | **Advertising — 1.4%** |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2031\* | $1620000 | &nbsp;&nbsp;$1645561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2029\*# | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 976177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/15/2033\* | &nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1674367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2030\* | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015628 |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2028 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 437534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749267 |
| **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 1314000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287255 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/30/2029\* | &nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2035915 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2033\* | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 616849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/31/2034\*# | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 200080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/31/2033\* | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1823920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/15/2028\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 555140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/31/2034\* | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 12/01/2031\* | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 505545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8339689 |
| **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; 1359584 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 09/20/2031\* | &nbsp;&nbsp; 1794000 | &nbsp;&nbsp;&nbsp;&nbsp; 1782687 |
| **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** |
| &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 07/15/2033\*(1) | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098606 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2030\* | &nbsp;&nbsp; 2141000 | &nbsp;&nbsp;&nbsp;&nbsp; 2137675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236281 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 07/17/2032\* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1571283 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/17/2027\* | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763989 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| &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; 411384 |
| &nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/2032\* | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 584533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/15/2033\* | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 377309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373226 |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| &nbsp;&nbsp;&nbsp;Freedom Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 10/01/2028\* | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1148132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 10/01/2030\* | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 249542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397674 |
| **Building Materials — 2.6%** | **Building Materials — 2.6%** | **Building Materials — 2.6%** |
| &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; 375968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2030\* | &nbsp;&nbsp; 2535000 | &nbsp;&nbsp;&nbsp;&nbsp; 2507097 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2035\* |  | $250000 | &nbsp;&nbsp;$260713 |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 07/15/2030\* |  | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 1686993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 01/15/2031\*(2) |  | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008402 |
| &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; 2290268 |
| &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; 582713 |
| &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; 928901 |
| &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; 1293678 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10934733 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2031\* |  | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 432868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2030\* |  | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1745986 |
| &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; 1015572 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/01/2029\*# |  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484676 |
| &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2029\*# |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2031\* |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 11/15/2028\* |  | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3040224 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9103077 |
| **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; 4045869 |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 06/15/2030\* |  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154482 |
| &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; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1409778 |
| &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; 2348500 |
| &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; 881100 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/15/2030\* |  | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 848427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2033\* |  | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 549258 |
| &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; 997282 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/15/2032\* |  | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1555275 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2029\* |  | &nbsp;&nbsp; 963000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003217 |
| &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; 2115712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/15/2032\* |  | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1694844 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63%, 07/15/2029\*# |  | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 794991 |
| &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; 2009733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2032 |  | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 646360 |
| &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; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 912441 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21967269 |

---

------

#### VALIC Company I High Yield Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **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\* | $2515000 | &nbsp;&nbsp;$2623027 |
| &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; 722010 |
| &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; 1183195 |
| &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; 1930434 |
| &nbsp;&nbsp;&nbsp;McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2030\*# | &nbsp;&nbsp; 6230000 | &nbsp;&nbsp;&nbsp;&nbsp; 5753377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12212043 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| &nbsp;&nbsp;&nbsp;Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* | &nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1444286 |
| &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; 2151923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596209 |
| **Diversified Financial Services — 6.7%** | **Diversified Financial Services — 6.7%** | **Diversified Financial Services — 6.7%** |
| &nbsp;&nbsp;&nbsp;Azorra Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2031\* | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2168947 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2030\* | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1309049 |
| &nbsp;&nbsp;&nbsp;Freedom Mtg. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2033\* | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 640503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/01/2032\* | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 02/01/2029\* | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1463134 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2030\* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 812306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/15/2031\* | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 365010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1346241 |
| &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; 1455051 |
| &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; 597793 |
| &nbsp;&nbsp;&nbsp;Nationstar Mtg. Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2029\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 255952 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 | &nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 2432364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 05/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 03/15/2030 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 174567 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2031\* | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 804548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/15/2033\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 551747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2030\* | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1450137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/15/2029\* | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179811 |
| &nbsp;&nbsp;&nbsp;Planet Financial Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2029\* | &nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp;&nbsp; 2337701 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 08/01/2030\* | &nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/01/2033\* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 830180 |
| &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; 1975973 |
| &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; 1590526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27952688 |
| **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
| &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; 1936192 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032\* |  | $550000 | &nbsp;&nbsp;$495123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2028\* |  | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127298 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558613 |
| **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
| &nbsp;&nbsp;&nbsp;Imola Merger Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2029\* |  | &nbsp;&nbsp; 2135000 | &nbsp;&nbsp;&nbsp;&nbsp; 2081421 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| &nbsp;&nbsp;&nbsp;AECOM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2033\* |  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2041310 |
| **Entertainment — 4.7%** | **Entertainment — 4.7%** | **Entertainment — 4.7%** | **Entertainment — 4.7%** |
| &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; 619803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2032\*# |  | &nbsp;&nbsp; 3420000 | &nbsp;&nbsp;&nbsp;&nbsp; 3353150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2032\* |  | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 497214 |
| &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; 1763137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2032\* |  | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 176135 |
| &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; 310523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 07/31/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264261 |
| &nbsp;&nbsp;&nbsp;Flutter Treasury DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/04/2031\* |  | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 631290 |
| &nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp./Raptor LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2029\* |  | &nbsp;&nbsp; 1026000 | &nbsp;&nbsp;&nbsp;&nbsp; 979201 |
| &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; 2606865 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032# |  | &nbsp;&nbsp; 1198000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 |  | &nbsp;&nbsp; 1883000 | &nbsp;&nbsp;&nbsp;&nbsp; 1268671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 |  | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 152466 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* |  | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1143902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2031\*# |  | &nbsp;&nbsp; 3235000 | &nbsp;&nbsp;&nbsp;&nbsp; 3482209 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19282701 |
| **Environmental Control — 0.5%** | **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; 739703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2030 |  | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1481383 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221086 |
| **Food — 1.9%** | **Food — 1.9%** | **Food — 1.9%** | **Food — 1.9%** |
| &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; 850131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 09/15/2028\*# |  | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 904240 |
| &nbsp;&nbsp;&nbsp;Bellis Acquisition Co. PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/01/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061046 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2029\* |  | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 919955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* |  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 539266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2032\* |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 818813 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2030\* |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 482191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2034\* |  | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1242315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2033\* |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010154 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7828111 |

---

------

#### VALIC Company I High Yield Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 06/01/2030\* | $2250000 | &nbsp;&nbsp;$2356947 |
| **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** |
| &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; 2809854 |
| &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; 2597468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2029\* | &nbsp;&nbsp; 1214000 | &nbsp;&nbsp;&nbsp;&nbsp; 1202197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6609519 |
| **Healthcare-Services — 3.4%** | **Healthcare-Services — 3.4%** | **Healthcare-Services — 3.4%** |
| &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; 1521523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2030\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 380938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2029\*# | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 576374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 01/15/2034\* | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 678568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032\* | &nbsp;&nbsp; 2617000 | &nbsp;&nbsp;&nbsp;&nbsp; 2769391 |
| &nbsp;&nbsp;&nbsp;IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/01/2032\* | &nbsp;&nbsp; 1735000 | &nbsp;&nbsp;&nbsp;&nbsp; 1788467 |
| &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; 1773230 |
| &nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 04/15/2032\*# | &nbsp;&nbsp; 3065000 | &nbsp;&nbsp;&nbsp;&nbsp; 3178675 |
| &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; 1599109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14266275 |
| **Home Builders — 1.8%** | **Home Builders — 1.8%** | **Home Builders — 1.8%** |
| &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; 955796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/01/2030\* | &nbsp;&nbsp; 607000 | &nbsp;&nbsp;&nbsp;&nbsp; 572725 |
| &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; 1970125 |
| &nbsp;&nbsp;&nbsp;KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 500772 |
| &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; 1537847 |
| &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; 1702124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7239389 |
| **Housewares — 0.4%** | **Housewares — 0.4%** | **Housewares — 0.4%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032# | &nbsp;&nbsp; 1517000 | &nbsp;&nbsp;&nbsp;&nbsp; 1480803 |
| **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
| &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/01/2032\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 471962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/06/2030\* | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 2149891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/15/2029\* | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603448 |
| &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; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2987681 |
| &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; 967526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/31/2032\* | &nbsp;&nbsp; 2425000 | &nbsp;&nbsp;&nbsp;&nbsp; 2550690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10731198 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 12/15/2029\*(3) | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 924996 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 04/15/2029\* |  | $925000 | &nbsp;&nbsp;$1027623 |
| &nbsp;&nbsp;&nbsp;United Group BV FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29%, (3 ME+4.25%), 02/15/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056295 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008914 |
| **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;5.75%, 08/01/2032\* |  | &nbsp;&nbsp; 268000 | &nbsp;&nbsp;&nbsp;&nbsp; 272422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029\* |  | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 521678 |
| &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; 766607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* |  | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp;&nbsp; 1742919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 01/15/2029\* |  | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 278674 |
| &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; 724037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 07/15/2031\* |  | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1723851 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030188 |
| **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; 2072486 |
| **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
| &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; 992177 |
| **Media — 7.2%** | **Media — 7.2%** | **Media — 7.2%** | **Media — 7.2%** |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2031\* |  | &nbsp;&nbsp; 2745000 | &nbsp;&nbsp;&nbsp;&nbsp; 2532028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2034\*# |  | &nbsp;&nbsp; 842000 | &nbsp;&nbsp;&nbsp;&nbsp; 731090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* |  | &nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp;&nbsp; 1566558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2032 |  | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2030\* |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 576641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032\*# |  | &nbsp;&nbsp; 893000 | &nbsp;&nbsp;&nbsp;&nbsp; 828372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/01/2031\* |  | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1681382 |
| &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; 700121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75%, 01/31/2029\* |  | &nbsp;&nbsp; 3845000 | &nbsp;&nbsp;&nbsp;&nbsp; 3526781 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/01/2030\* |  | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1290506 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co.-Obligor, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/15/2027\* |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/15/2031\* |  | &nbsp;&nbsp; 1502000 | &nbsp;&nbsp;&nbsp;&nbsp; 1493167 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 08/15/2030\*# |  | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099844 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 07/15/2032\* |  | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301621 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/30/2036 |  | &nbsp;&nbsp; 1016000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078292 |
| &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; 998888 |
| &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; 2078125 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031\* |  | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp;&nbsp; 3014098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 08/01/2032\* |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 368582 |
| &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; 963689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* |  | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 901241 |
| &nbsp;&nbsp;&nbsp;Ziggo BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/15/2030\* |  | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1571922 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;29934373 |

---

------

#### VALIC Company I High Yield Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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 — 1.4%** | **Mining — 1.4%** | **Mining — 1.4%** |
| &nbsp;&nbsp;&nbsp;Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/2029\* | $915000 | &nbsp;&nbsp;$867351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2028\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497137 |
| &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; 71315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2027\* | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/15/2030\* | &nbsp;&nbsp; 2485000 | &nbsp;&nbsp;&nbsp;&nbsp; 2537834 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/30/2030\* | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 846265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820669 |
| **Oil & Gas — 5.2%** | **Oil & Gas — 5.2%** | **Oil & Gas — 5.2%** |
| &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; 2778989 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032\* | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1313881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2028\* | &nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1273849 |
| &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; 1234800 |
| &nbsp;&nbsp;&nbsp;Noble Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/15/2030\* | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 383059 |
| &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; 1053015 |
| &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/01/2029\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/15/2027\* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 382005 |
| &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; 166566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029\* | &nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1590717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2032\* | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp;&nbsp; 1430211 |
| &nbsp;&nbsp;&nbsp;Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2033\* | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 863611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/01/2029\* | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 742519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/01/2032\* | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1285323 |
| &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; 952193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/01/2031\* | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1606234 |
| &nbsp;&nbsp;&nbsp;Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2031\* | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 629514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2030\* | &nbsp;&nbsp; 2253750 | &nbsp;&nbsp;&nbsp;&nbsp; 2386014 |
| &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; 599937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2032\*# | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 295587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 10/15/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 338252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21406298 |
| **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Enerflex, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 10/15/2027\* | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068271 |
| &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; 1922017 |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030\* | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1511739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502027 |
| **Packaging & Containers — 3.0%** | **Packaging & Containers — 3.0%** | **Packaging & Containers — 3.0%** |
| &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; 1662500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2027\*# | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2027\*# | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 88120 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/15/2029\* |  | $785000 | &nbsp;&nbsp;$796245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2032\* |  | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 118158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/15/2030\*# |  | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 541025 |
| &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; 906055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2032\* |  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101605 |
| &nbsp;&nbsp;&nbsp;LABL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 10/01/2031\*# |  | &nbsp;&nbsp; 2395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1768133 |
| &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; 1016963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/15/2027\* |  | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219384 |
| &nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/15/2031\*# |  | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2032\*# |  | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 599824 |
| &nbsp;&nbsp;&nbsp;Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 01/15/2031\* |  | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045508 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12437026 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
| &nbsp;&nbsp;&nbsp;1261229 BC, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 04/15/2032\* |  | &nbsp;&nbsp; 3490000 | &nbsp;&nbsp;&nbsp;&nbsp; 3623845 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2028 |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 622724 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246569 |
| **Pipelines — 3.2%** | **Pipelines — 3.2%** | **Pipelines — 3.2%** | **Pipelines — 3.2%** |
| &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; 501378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/01/2032\* |  | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2223530 |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2027 |  | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 506599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028\* |  | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 920271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2044 |  | &nbsp;&nbsp; 1308000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2030\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/01/2029\* |  | &nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 1912062 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2034\* |  | &nbsp;&nbsp; 1870000 | &nbsp;&nbsp;&nbsp;&nbsp; 1900554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/15/2032\* |  | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 286775 |
| &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; 2036925 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/2034\* |  | &nbsp;&nbsp; 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2036\* |  | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 650659 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13381108 |
| **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; 2851241 |
| **REITS — 3.8%** | **REITS — 3.8%** | **REITS — 3.8%** | **REITS — 3.8%** |
| &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; 666461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30%, 03/15/2028 |  | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 85072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 04/12/2029# |  | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1875377 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/15/2030# |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 211496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/01/2029# |  | &nbsp;&nbsp; 3145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2890517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/15/2028# |  | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 366844 |
| &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; 380534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2030\* |  | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1261666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* |  | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 378618 |

---

------

#### VALIC Company I High Yield Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2029\* |  | $825000 | &nbsp;&nbsp;$849799 |
| &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; 1383926 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel LP / PEB Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/15/2029\* |  | &nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp;&nbsp; 3309427 |
| &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; 293168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2032\* |  | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 472790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2028\* |  | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1286554 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15712249 |
| **Retail — 6.0%** | **Retail — 6.0%** | **Retail — 6.0%** | **Retail — 6.0%** |
| &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; 1815334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030\* |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 935019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/15/2028\* |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 491740 |
| &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; 1277112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2032\* |  | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 846023 |
| &nbsp;&nbsp;&nbsp;Boots Group Finco LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/31/2032\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 402195 |
| &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; 2268021 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* |  | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 672591 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\*# |  | &nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2898930 |
| &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; 737920 |
| &nbsp;&nbsp;&nbsp;PetSmart LLC/PetSmart Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/15/2032\* |  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1979240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 09/15/2033\* |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 979543 |
| &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; 2419504 |
| &nbsp;&nbsp;&nbsp;Staples, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 09/01/2029\* |  | &nbsp;&nbsp; 3950000 | &nbsp;&nbsp;&nbsp;&nbsp; 3782125 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2029\*# |  | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091133 |
| &nbsp;&nbsp;&nbsp;Victra Holdings LLC/Victra Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/15/2029\*# |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045765 |
| &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; 959860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/01/2032 |  | &nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 124742 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24726797 |
| **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2030\*# |  | &nbsp;&nbsp; 2953000 | &nbsp;&nbsp;&nbsp;&nbsp; 2896707 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 08/15/2033\* |  | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 395391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/30/2032\* |  | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 962215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\* |  | &nbsp;&nbsp; 2975000 | &nbsp;&nbsp;&nbsp;&nbsp; 3101229 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2028\* |  | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 476280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* |  | &nbsp;&nbsp; 649000 | &nbsp;&nbsp;&nbsp;&nbsp; 611772 |
| &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; 2212018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/28/2028\* |  | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 489039 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;UKG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/2031\* |  | $1755000 | &nbsp;&nbsp;$1814775 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12959426 |
| **Telecommunications — 5.4%** | **Telecommunications — 5.4%** | **Telecommunications — 5.4%** | **Telecommunications — 5.4%** |
| &nbsp;&nbsp;&nbsp;Altice France Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 05/15/2027\*†(4) |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 288000 |
| &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; 550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2029\* |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 343000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/01/2027\*†(4) |  | &nbsp;&nbsp; 2840000 | &nbsp;&nbsp;&nbsp;&nbsp; 2629230 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/30/2030(5) |  | &nbsp;&nbsp; 1866825 | &nbsp;&nbsp;&nbsp;&nbsp; 1841753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029 |  | &nbsp;&nbsp; 2675000 | &nbsp;&nbsp;&nbsp;&nbsp; 2878969 |
| &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; 1731680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/2028\* |  | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 895519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2032\* |  | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1244472 |
| &nbsp;&nbsp;&nbsp;Kaixo Bondco Telecom SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/30/2029\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/30/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 947078 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/15/2029\* |  | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2030\* |  | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 357000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/15/2031\*# |  | &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1783875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/15/2029\* |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 746000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 06/30/2033\* |  | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 489353 |
| &nbsp;&nbsp;&nbsp;Optics Bidco SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/2033\* |  | &nbsp;&nbsp; 977000 | &nbsp;&nbsp;&nbsp;&nbsp; 959122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 07/18/2036\* |  | &nbsp;&nbsp; 1098000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/04/2038\* |  | &nbsp;&nbsp; 603000 | &nbsp;&nbsp;&nbsp;&nbsp; 613008 |
| &nbsp;&nbsp;&nbsp;Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 07/18/2036 |  | &nbsp;&nbsp; 517000 | &nbsp;&nbsp;&nbsp;&nbsp; 547246 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22462331 |
| **Transportation — 0.2%** | **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; 997354 |
| **Total Corporate Bonds & Notes<br> (cost $368,878,292)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;376007022 |
| **CONVERTIBLE BONDS & NOTES — 3.3%** | **CONVERTIBLE BONDS & NOTES — 3.3%** | **CONVERTIBLE BONDS & NOTES — 3.3%** | **CONVERTIBLE BONDS & NOTES — 3.3%** |
| **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/01/2028\* |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012000 |
| **Healthcare-Products — 0.2%** | **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; 1050141 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| &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; 1063971 |
| **Internet — 0.2%** | **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; 742000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055495 |
| **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2027 |  | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287873 |
| &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; 1075096 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362969 |

---

------

#### VALIC Company I High Yield Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE BONDS & NOTES (continued)** | **CONVERTIBLE BONDS & NOTES (continued)** | **CONVERTIBLE BONDS & NOTES (continued)** |
| **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 | $700000 | &nbsp;&nbsp;$703850 |
| **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; 235931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 09/15/2030\* | &nbsp;&nbsp; 792000 | &nbsp;&nbsp;&nbsp;&nbsp; 918040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153971 |
| **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; 1050288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2027\* | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 522638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572926 |
| **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; 888878 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 06/15/2030\* | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146462 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/2029\*# | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067405 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 03/15/2030\* | &nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 671876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885743 |
| **Total Convertible Bonds & Notes<br> (cost $12,649,545)** |  | &nbsp;&nbsp;&nbsp;&nbsp;13749944 |
| **LOANS(6)(7)(8) — 1.6%** |  |  |
| **Healthcare-Products — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 8.57%, (SOFR12+ 4.25%), 01/15/2031 | &nbsp;&nbsp; 526270 | &nbsp;&nbsp;&nbsp;&nbsp; 526599 |
| **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; 596978 | &nbsp;&nbsp;&nbsp;&nbsp; 592168 |
| **Insurance — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;HUB International, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 6.83%, (SOFR4+ 2.50%), 06/20/2030 | &nbsp;&nbsp; 1399037 | &nbsp;&nbsp;&nbsp;&nbsp; 1401343 |
| **Packaging & Containers — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 7.49%, (SOFR12+ 3.18%), 04/13/2029 | &nbsp;&nbsp; 1586000 | &nbsp;&nbsp;&nbsp;&nbsp; 1584017 |
| **Retail — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Great Outdoors Group LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 7.57% , (SOFR12+ 3.25%), 01/23/2032 | &nbsp;&nbsp; 1396491 | &nbsp;&nbsp;&nbsp;&nbsp; 1399284 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 8.17% , (SOFR12+ 3.75%), 10/15/2028 | &nbsp;&nbsp; 1121308 | &nbsp;&nbsp;&nbsp;&nbsp; 1083464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482748 |
| **Total Loans<br> (cost $6,595,123)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6586875 |
| **Total Long-Term Investment Securities<br> (cost $388,122,960)** |  | &nbsp;&nbsp;&nbsp;&nbsp;396343841 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 12.4%** | **SHORT-TERM INVESTMENTS — 12.4%** | **SHORT-TERM INVESTMENTS — 12.4%** |
| **Unaffiliated Investment Companies — 12.4%** | **Unaffiliated Investment Companies — 12.4%** | **Unaffiliated Investment Companies — 12.4%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(9)(10)<br> (cost $51,316,623) | &nbsp;&nbsp;51316623 | &nbsp;&nbsp;$51316623 |
| **REPURCHASE AGREEMENTS — 2.9%** | **REPURCHASE AGREEMENTS — 2.9%** | **REPURCHASE AGREEMENTS — 2.9%** |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 08/29/2025, to be repurchased 09/02/2025 in the amount of $12,045,977 and collateralized by $12,247,500 of United States Treasury Notes, bearing interest at 3.75% due 08/15/2027 and having an approximate value of $12,285,092<br> (cost $12,044,157) | $12044157 | &nbsp;&nbsp;&nbsp;&nbsp; 12044157 |
| **TOTAL INVESTMENTS<br> (cost $451,483,740)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.8% | &nbsp;&nbsp;&nbsp;&nbsp;459704621 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.8) | &nbsp;&nbsp;&nbsp;&nbsp;(44869463) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$414835158 |

---

---

| | |
|:---|:---|
| \* | &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 August 31, 2025, the aggregate value of these securities was $341,653,718 representing 82.4% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &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. |
| (2) | &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 7.00%. The security is also currently paying interest in the form of additional securities at 5.75%. |
| (3) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (4) | &nbsp;&nbsp;Security in default of interest. |
| (5) | &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. |
| (6) | &nbsp;&nbsp;All loans in the Fund were purchased through assignment agreements unless otherwise indicated. |
| (7) | &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. |
| (8) | &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. |
| (9) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (10) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $50,616,115. This was secured by collateral of $51,316,623, which was received in cash and subsequently invested in short-term investments currently valued at $51,316,623 as reported in the Portfolio of Investments. Additional collateral of $344,657 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> August 31, 2025** |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 09/30/2025 to 05/15/2054 | $344657 |

---

------

#### VALIC Company I High Yield Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| |
|:---|
| 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 August 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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;7088331 | &nbsp;&nbsp;USD | &nbsp;&nbsp;8241220 | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(65823) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;3804000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;5102501 | &nbsp;&nbsp;09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (40322) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(106145) |

---

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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$376007022 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$376007022 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13749944 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13749944 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6586875 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6586875 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;51316623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51316623 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12044157 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12044157 |
| **Total Investments at Value** | &nbsp;&nbsp;$51316623 | &nbsp;&nbsp;$408387998 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$459704621 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$106145 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$106145 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Inflation Protected Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 2.9%** | **CORPORATE BONDS & NOTES — 2.9%** | **CORPORATE BONDS & NOTES — 2.9%** | **CORPORATE BONDS & NOTES — 2.9%** |
| **Banks — 1.7%** | **Banks — 1.7%** | **Banks — 1.7%** | **Banks — 1.7%** |
| &nbsp;&nbsp;&nbsp;Banca Comerciala Romana SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/19/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;$968494 |
| &nbsp;&nbsp;&nbsp;Banca Transilvania SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 04/27/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 997476 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/02/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174168 |
| &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; 1784931 |
| &nbsp;&nbsp;&nbsp;mBank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%, 09/21/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032997 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/25/2027 |  | $660000 | &nbsp;&nbsp;&nbsp;&nbsp; 672178 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%, 07/17/2031 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011794 |
| &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; 1204150 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8846188 |
| **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
| &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; 1034812 |
| **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; 483053 |
| **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; 991333 |
| **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/2031 |  | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 822754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/2030 |  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1498767 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321521 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &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; 1168477 |
| **Total Corporate Bonds & Notes<br> (cost $14,185,128)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14845384 |
| **ASSET BACKED SECURITIES — 1.6%** | **ASSET BACKED SECURITIES — 1.6%** | **ASSET BACKED SECURITIES — 1.6%** | **ASSET BACKED SECURITIES — 1.6%** |
| **Auto Loan Receivables — 1.1%** | **Auto Loan Receivables — 1.1%** | **Auto Loan Receivables — 1.1%** | **Auto Loan Receivables — 1.1%** |
| &nbsp;&nbsp;&nbsp;Ally Bank Auto Credit-Linked Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B, Class A2<br> 4.97%, 09/15/2032\* |  | &nbsp;&nbsp; 1158939 | &nbsp;&nbsp;&nbsp;&nbsp; 1168627 |
| &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; 1297212 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Auto Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A<br> 5.68%, 03/15/2034\* |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class A<br> 6.39%, 08/15/2033\* |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 352198 |
| &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; 484569 | &nbsp;&nbsp;&nbsp;&nbsp; 482584 |
| &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class A3<br> 6.38%, 02/15/2029\* |  | &nbsp;&nbsp; 548000 | &nbsp;&nbsp;&nbsp;&nbsp; 559432 |
| &nbsp;&nbsp;&nbsp;Santander Bank Auto Credit-Linked Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C, Class A2<br> 6.02%, 12/15/2032\* |  | &nbsp;&nbsp; 889660 | &nbsp;&nbsp;&nbsp;&nbsp; 901303 |

---

---

| | | |
|:---|:---|:---|
| **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;USB Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A3<br> 4.49%, 06/17/2030\* | $355000 | &nbsp;&nbsp;$359261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423926 |
| **Commercial and Residential — 0.2%** | **Commercial and Residential — 0.2%** | **Commercial and Residential — 0.2%** |
| &nbsp;&nbsp;&nbsp;CD Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CD3, Class A4<br> 3.63%, 02/10/2050 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 890247 |
| **Other Asset Backed Securities — 0.3%** | **Other Asset Backed Securities — 0.3%** | **Other Asset Backed Securities — 0.3%** |
| &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; 1664492 | &nbsp;&nbsp;&nbsp;&nbsp; 1542785 |
| &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; 297904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840689 |
| **Total Asset Backed Securities<br> (cost $8,230,317)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154862 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.2%** |
| **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; 196607 | &nbsp;&nbsp;&nbsp;&nbsp; 196801 |
| &nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN18, Class A4<br> 3.58%, 05/15/2062 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 955723 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B15, Class A5<br> 2.93%, 12/15/2072 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 933705 |
| &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) | &nbsp;&nbsp; 157877 | &nbsp;&nbsp;&nbsp;&nbsp; 147886 |
| &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; 736946 | &nbsp;&nbsp;&nbsp;&nbsp; 642715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL2, Class M3<br> 3.58%, 01/25/2060\*(2) | &nbsp;&nbsp; 376575 | &nbsp;&nbsp;&nbsp;&nbsp; 254575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4, Class A1<br> 4.13%, 12/27/2060\*(2) | &nbsp;&nbsp; 327972 | &nbsp;&nbsp;&nbsp;&nbsp; 326972 |
| &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; 217861 | &nbsp;&nbsp;&nbsp;&nbsp; 183508 |
| &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; 547618 | &nbsp;&nbsp;&nbsp;&nbsp; 478394 |
| &nbsp;&nbsp;&nbsp;HIH Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-61P, Class B<br> 6.70%, (TSFR1M2.34%), 10/15/2041\* | &nbsp;&nbsp; 167493 | &nbsp;&nbsp;&nbsp;&nbsp; 167703 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C32, Class A5<br> 3.60%, 11/15/2048 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 829067 |
| &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; 314423 | &nbsp;&nbsp;&nbsp;&nbsp; 314423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS3, Class A1<br> 5.75%, 07/25/2061\*(1) | &nbsp;&nbsp; 432729 | &nbsp;&nbsp;&nbsp;&nbsp; 432307 |
| &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; 186433 | &nbsp;&nbsp;&nbsp;&nbsp; 175213 |

---

------

#### VALIC Company I Inflation Protected Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;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) | $133349 | &nbsp;&nbsp;$127208 |
| &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; 870268 | &nbsp;&nbsp;&nbsp;&nbsp; 768021 |
| &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; 871900 | &nbsp;&nbsp;&nbsp;&nbsp; 727849 |
| &nbsp;&nbsp;&nbsp;SHR Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.81%, (TSFR1M+2.45%), 10/15/2041\* | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257639 |
| &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; 116396 | &nbsp;&nbsp;&nbsp;&nbsp; 109338 |
| &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; 1602772 | &nbsp;&nbsp;&nbsp;&nbsp; 1432334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10461381 |
| **U.S. Government Agency — 0.1%** | **U.S. Government Agency — 0.1%** | **U.S. Government Agency — 0.1%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3925, Class FL<br> 4.91%, (SOFR30A+0.56%), 01/15/2041 | &nbsp;&nbsp; 44245 | &nbsp;&nbsp;&nbsp;&nbsp; 44198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4001, Class FM<br> 4.96%, (SOFR30A+0.61%), 02/15/2042 | &nbsp;&nbsp; 116114 | &nbsp;&nbsp;&nbsp;&nbsp; 114838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3355, Class BF<br> 5.16%, (SOFR30A+0.81%), 08/15/2037 | &nbsp;&nbsp; 135088 | &nbsp;&nbsp;&nbsp;&nbsp; 135253 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class BF<br> 4.86%, (SOFR30A+0.51%), 09/25/2042 | &nbsp;&nbsp; 171335 | &nbsp;&nbsp;&nbsp;&nbsp; 168894 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-14, Class FN<br> 5.02%, (TSFR1M+0.66%), 02/16/2040 | &nbsp;&nbsp; 78135 | &nbsp;&nbsp;&nbsp;&nbsp; 78050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541233 |
| **Total Collateralized Mortgage Obligations<br> (cost $11,771,620)** |  | &nbsp;&nbsp;&nbsp;&nbsp;11002614 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 57.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 57.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 57.3%** |
| **U.S. Government — 51.2%** | **U.S. Government — 51.2%** | **U.S. Government — 51.2%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(3) | &nbsp;&nbsp; 9314662 | &nbsp;&nbsp;&nbsp;&nbsp; 5296156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(3) | &nbsp;&nbsp; 9644456 | &nbsp;&nbsp;&nbsp;&nbsp; 7163785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(3) | &nbsp;&nbsp; 43920488 | &nbsp;&nbsp;&nbsp;&nbsp; 32305692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 02/15/2047(3) | &nbsp;&nbsp; 14830710 | &nbsp;&nbsp;&nbsp;&nbsp; 10624590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046(3) | &nbsp;&nbsp; 12127658 | &nbsp;&nbsp;&nbsp;&nbsp; 9086572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(3) | &nbsp;&nbsp; 13887813 | &nbsp;&nbsp;&nbsp;&nbsp; 11606799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2053(3) | &nbsp;&nbsp; 4513683 | &nbsp;&nbsp;&nbsp;&nbsp; 3490179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 02/15/2054 | &nbsp;&nbsp; 9505390 | &nbsp;&nbsp;&nbsp;&nbsp; 8495949 |
| &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; 58720646 | &nbsp;&nbsp;&nbsp;&nbsp; 55686246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/15/2032(3) | &nbsp;&nbsp; 7098834 | &nbsp;&nbsp;&nbsp;&nbsp; 6739087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/15/2029(3) | &nbsp;&nbsp; 14069680 | &nbsp;&nbsp;&nbsp;&nbsp; 14032771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 07/15/2033(3) | &nbsp;&nbsp; 18701116 | &nbsp;&nbsp;&nbsp;&nbsp; 18439889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2029 to 04/15/2030(3) | &nbsp;&nbsp; 27394293 | &nbsp;&nbsp;&nbsp;&nbsp; 28029003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(3) | &nbsp;&nbsp; 30270574 | &nbsp;&nbsp;&nbsp;&nbsp; 30425021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2034 to 07/15/2035(3) | &nbsp;&nbsp; 9431641 | &nbsp;&nbsp;&nbsp;&nbsp; 9519596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 01/15/2035(3) | &nbsp;&nbsp; 8942413 | &nbsp;&nbsp;&nbsp;&nbsp; 9190550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;260131885 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government Agency — 6.1%** | **U.S. Government Agency — 6.1%** | **U.S. Government Agency — 6.1%** | **U.S. Government Agency — 6.1%** |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2055 |  | $4000000 | &nbsp;&nbsp;$3871026 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, September 30 TBA |  | &nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp;&nbsp; 8246164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, September 30 TBA |  | &nbsp;&nbsp; 18700000 | &nbsp;&nbsp;&nbsp;&nbsp; 19103241 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;31220431 |
| **Total U.S. Government & Agency Obligations<br> (cost $321,859,075)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;291352316 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 37.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 37.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 37.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 37.2%** |
| **Regional(State/Province) — 1.4%** | **Regional(State/Province) — 1.4%** | **Regional(State/Province) — 1.4%** | **Regional(State/Province) — 1.4%** |
| &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; 7668950 | &nbsp;&nbsp;&nbsp;&nbsp; 5424134 |
| &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; 1324358 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6748492 |
| **Sovereign — 35.8%** | **Sovereign — 35.8%** | **Sovereign — 35.8%** | **Sovereign — 35.8%** |
| &nbsp;&nbsp;&nbsp;Bonos de la Tesoreria de la Republica TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2035(3) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;8861190750 | &nbsp;&nbsp;&nbsp;&nbsp; 8895652 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Australia TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%, 11/21/2027(3) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 15880502 | &nbsp;&nbsp;&nbsp;&nbsp; 10344462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66%, 08/21/2040(3) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 8581288 | &nbsp;&nbsp;&nbsp;&nbsp; 4801591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77%, 08/21/2035(3) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 22722057 | &nbsp;&nbsp;&nbsp;&nbsp; 14807295 |
| &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; 19730000 | &nbsp;&nbsp;&nbsp;&nbsp; 15146158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.98%, 05/15/2027(3) | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 11416000 | &nbsp;&nbsp;&nbsp;&nbsp; 9346609 |
| &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; 16692496 | &nbsp;&nbsp;&nbsp;&nbsp; 18491270 |
| &nbsp;&nbsp;&nbsp;Government of New Zealand TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 09/20/2040(3) | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 16089673 | &nbsp;&nbsp;&nbsp;&nbsp; 8954623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%, 09/20/2035(3) | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 22906545 | &nbsp;&nbsp;&nbsp;&nbsp; 13465493 |
| &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; 1667141 |
| &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; 18690894 | &nbsp;&nbsp;&nbsp;&nbsp; 20951144 |
| &nbsp;&nbsp;&nbsp;Republic of Italy TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%, 05/15/2033\*(3) | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 13354343 | &nbsp;&nbsp;&nbsp;&nbsp; 14034673 |
| &nbsp;&nbsp;&nbsp;United Kingdom Gilt Treasury TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 03/22/2029(3) | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 4573924 | &nbsp;&nbsp;&nbsp;&nbsp; 6047654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 09/22/2035(3) | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 9452076 | &nbsp;&nbsp;&nbsp;&nbsp; 12132820 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/07/2036 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 499675 |
| &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; 406457014 | &nbsp;&nbsp;&nbsp;&nbsp; 19389597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/29/2054(3) | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 69199251 | &nbsp;&nbsp;&nbsp;&nbsp; 3232005 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;182207862 |
| **Total Foreign Government Obligations<br> (cost $185,742,342)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;188956354 |
| **MUNICIPAL SECURITIES — 0.6%** | **MUNICIPAL SECURITIES — 0.6%** | **MUNICIPAL SECURITIES — 0.6%** | **MUNICIPAL SECURITIES — 0.6%** |
| &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; 1640963 |
| &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; 1591224 |
| **Total Municipal Securities<br> (cost $3,605,192)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232187 |

---

------

#### VALIC Company I Inflation Protected Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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†(4)<br> (cost $0) | $1000000 | &nbsp;&nbsp;$971 |
| **Total Long-Term Investment Securities<br> (cost $545,393,674)** |  | &nbsp;&nbsp;&nbsp;&nbsp;517544688 |
| **REPURCHASE AGREEMENTS — 3.1%** | **REPURCHASE AGREEMENTS — 3.1%** | **REPURCHASE AGREEMENTS — 3.1%** |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 08/29/2025, to be repurchased 09/02/2025 in the amount of $15,960,842 and collateralized by $16,227,900 of United States Treasury Notes, bearing interest at 3.75% due 08/15/2027 and having an approximate value of $16,277,751<br> (cost $15,958,431) | &nbsp;&nbsp; 15958431 | &nbsp;&nbsp;&nbsp;&nbsp; 15958430 |
| **TOTAL INVESTMENTS<br> (cost $561,352,105)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.9% | &nbsp;&nbsp;&nbsp;&nbsp;533503118 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.9) | &nbsp;&nbsp;&nbsp;&nbsp;(24853754) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$508649364 |

---

---

| | |
|:---|:---|
| \* | &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 August 31, 2025, the aggregate value of these securities was $69,326,362 representing 13.6% of net assets. |
| † | &nbsp;&nbsp;Non-income producing security |

---

(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of August 31, 2025.

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

(3) Principal amount of security is adjusted for inflation.

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

---

| |
|:---|
| 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 |
| CLP—Chilean Peso |
| EUR—Euro Currency |
| GBP—British Pound |
| MXN—Mexican Peso |
| NZD—New Zealand Dollar |

---

The rates shown on FRS and/or VRS are the current interest rates at August 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 | $— | &nbsp;&nbsp;$247263 | &nbsp;&nbsp;$247263 |
| Centrally Cleared | 13805000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.545 | 12-Month USA CPI | Maturity | Maturity | Mar 2028 | &nbsp;&nbsp;&nbsp;&nbsp;7810 | &nbsp;&nbsp;&nbsp;&nbsp;111298 | &nbsp;&nbsp;&nbsp;&nbsp;119108 |
|  |  |  |  |  |  |  |  | $7810 | $358561 | $366371 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3880000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.750% | 12-Month SOFR | Annual | Annual | Mar 2055 | $180882 | $43981 | $224863 |

---

CPI—Consumer Price Index <br> SOFR—Secured Overnight Financing Rate

USD—United States Dollar

#### 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** |
| 71 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$6190590 | &nbsp;&nbsp;&nbsp;&nbsp;$6230175 | &nbsp;&nbsp;&nbsp;&nbsp;$39585 |
| 53 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6032966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6063531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30565 |
| &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro Buxl 30 Year Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63120 |
| 121 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BTP | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17116850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17022336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94514 |
| 41 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6249883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6213982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35901 |

---

------

#### VALIC Company I Inflation Protected Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

#### Futures Contracts — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| 175 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25496689 | &nbsp;&nbsp;&nbsp;&nbsp;$24958937 | &nbsp;&nbsp;&nbsp;&nbsp;$537752 |
| 240 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-Schatz | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30067253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30059875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7378 |
| 56 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6304295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4295 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$813110 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 125 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$9307945 | &nbsp;&nbsp;&nbsp;&nbsp;$9301337 | &nbsp;&nbsp;&nbsp;&nbsp;$(6608) |
| 63 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7369099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7343438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25661) |
| 18 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Long Gilt | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2201495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2202243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (748) |
| 361 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75242959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75282601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39642) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(72659) |
|  |  | &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;$740451 |

---

\* 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;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610617 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;$1823 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36704000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;22232383 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 567739 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Bank of America, N.A. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;305145000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;15827589 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (497093) |
| Bank of Montreal | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6016435 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65598 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Barclays Bank PLC | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349053 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (99) |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6014666 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25186 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;CLP | &nbsp;&nbsp;4526908000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4742552 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60202 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50999000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2698898 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29453) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29453) |
| Credit Agricole SA | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1061855 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11501 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47633000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;31118012 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63347) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43833000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;50398745 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (928107) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(991454) |
| Goldman Sachs International | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92971000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;16300692 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (784035) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38576000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6886012 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (202870) |
|  | &nbsp;&nbsp;CLP | &nbsp;&nbsp;3942884000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4231970 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 153698 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1921651 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18835 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655496 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;3145000 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27185 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202870) |
| Royal Bank of Canada | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7344000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5390471 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39086 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9101000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;12298399 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4304) |
| Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608177 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7163 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63299000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3342102 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (44275) |
| Toronto Dominion Bank | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396021 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12356 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6148303 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 109827 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$1100199 | &nbsp;&nbsp;$(2553583) |

---

---

| |
|:---|
| AUD—Australian Dollar |
| BRL—Brazilian Real |
| CAD—Canadian Dollar |
| CLP—Chilean Peso |

---

---

| |
|:---|
| EUR—Euro Currency |
| GBP—British Pound |
| MXN—Mexican Peso |
| NZD—New Zealand Dollar |

---

------

#### VALIC Company I Inflation Protected Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

USD—United States Dollar

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;$— | &nbsp;&nbsp;$14845384 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14845384 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154862 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154862 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11002614 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11002614 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;291352316 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;291352316 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;188956354 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;188956354 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232187 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232187 |
| Escrows and Litigation Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15958430 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15958430 |
| **Total Investments at Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$533502147 | &nbsp;&nbsp;$971 | &nbsp;&nbsp;$533503118 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$402542 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$402542 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;813110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813110 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100199 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100199 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$813110 | &nbsp;&nbsp;&nbsp;$1502741 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2315851 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$72659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72659 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553583 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553583 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$72659 | &nbsp;&nbsp;&nbsp;$2553583 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2626242 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I International Equities Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** |
| **Australia — 6.8%** | **Australia — 6.8%** | **Australia — 6.8%** |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325059 | &nbsp;&nbsp;$7143033 |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142338 | &nbsp;&nbsp;&nbsp;&nbsp; 820543 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60963 | &nbsp;&nbsp;&nbsp;&nbsp; 2897968 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21201 | &nbsp;&nbsp;&nbsp;&nbsp; 867673 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553038 | &nbsp;&nbsp;&nbsp;&nbsp; 15450121 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47858 | &nbsp;&nbsp;&nbsp;&nbsp; 716187 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149786 | &nbsp;&nbsp;&nbsp;&nbsp; 2540441 |
| &nbsp;&nbsp;&nbsp;CAR Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41212 | &nbsp;&nbsp;&nbsp;&nbsp; 1087929 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7136 | &nbsp;&nbsp;&nbsp;&nbsp; 1407594 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144816 | &nbsp;&nbsp;&nbsp;&nbsp; 2262695 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182326 | &nbsp;&nbsp;&nbsp;&nbsp; 20283375 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57408 | &nbsp;&nbsp;&nbsp;&nbsp; 1429778 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52611 | &nbsp;&nbsp;&nbsp;&nbsp; 7338940 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218488 | &nbsp;&nbsp;&nbsp;&nbsp; 1261041 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184777 | &nbsp;&nbsp;&nbsp;&nbsp; 2332074 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220691 | &nbsp;&nbsp;&nbsp;&nbsp; 4957297 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258086 | &nbsp;&nbsp;&nbsp;&nbsp; 1470128 |
| &nbsp;&nbsp;&nbsp;Lottery Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242863 | &nbsp;&nbsp;&nbsp;&nbsp; 933007 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39341 | &nbsp;&nbsp;&nbsp;&nbsp; 5777547 |
| &nbsp;&nbsp;&nbsp;Medibank Private, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300500 | &nbsp;&nbsp;&nbsp;&nbsp; 1002683 |
| &nbsp;&nbsp;&nbsp;National Australia Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332752 | &nbsp;&nbsp;&nbsp;&nbsp; 9291352 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146389 | &nbsp;&nbsp;&nbsp;&nbsp; 1846232 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185434 | &nbsp;&nbsp;&nbsp;&nbsp; 1567341 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6269 | &nbsp;&nbsp;&nbsp;&nbsp; 1221283 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80905 | &nbsp;&nbsp;&nbsp;&nbsp; 619718 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163242 | &nbsp;&nbsp;&nbsp;&nbsp; 2311372 |
| &nbsp;&nbsp;&nbsp;REA Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5766 | &nbsp;&nbsp;&nbsp;&nbsp; 946977 |
| &nbsp;&nbsp;&nbsp;Rio Tinto, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40214 | &nbsp;&nbsp;&nbsp;&nbsp; 3031347 |
| &nbsp;&nbsp;&nbsp;Santos, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354378 | &nbsp;&nbsp;&nbsp;&nbsp; 1862917 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568338 | &nbsp;&nbsp;&nbsp;&nbsp; 1516963 |
| &nbsp;&nbsp;&nbsp;SGH, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22205 | &nbsp;&nbsp;&nbsp;&nbsp; 733473 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503832 | &nbsp;&nbsp;&nbsp;&nbsp; 1026766 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49798 | &nbsp;&nbsp;&nbsp;&nbsp; 783840 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492403 | &nbsp;&nbsp;&nbsp;&nbsp; 873025 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261854 | &nbsp;&nbsp;&nbsp;&nbsp; 1060235 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118167 | &nbsp;&nbsp;&nbsp;&nbsp; 1644601 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439279 | &nbsp;&nbsp;&nbsp;&nbsp; 1405350 |
| &nbsp;&nbsp;&nbsp;Transurban Group# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339168 | &nbsp;&nbsp;&nbsp;&nbsp; 3234977 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423193 | &nbsp;&nbsp;&nbsp;&nbsp; 718625 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26082 | &nbsp;&nbsp;&nbsp;&nbsp; 746650 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123298 | &nbsp;&nbsp;&nbsp;&nbsp; 7385421 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371942 | &nbsp;&nbsp;&nbsp;&nbsp; 9386870 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21903 | &nbsp;&nbsp;&nbsp;&nbsp; 1451791 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205924 | &nbsp;&nbsp;&nbsp;&nbsp; 3549720 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132289 | &nbsp;&nbsp;&nbsp;&nbsp; 2490624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142687524 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33595 | &nbsp;&nbsp;&nbsp;&nbsp; 3192648 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16070 | &nbsp;&nbsp;&nbsp;&nbsp; 884599 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7430 | &nbsp;&nbsp;&nbsp;&nbsp; 529826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607073 |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16280 | &nbsp;&nbsp;&nbsp;&nbsp; 1146872 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107399 | &nbsp;&nbsp;&nbsp;&nbsp; 6721521 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp; 507841 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356 | &nbsp;&nbsp;&nbsp;&nbsp; 612666 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061 | &nbsp;&nbsp;&nbsp;&nbsp; 795670 |
| &nbsp;&nbsp;&nbsp;KBC Group NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24882 | &nbsp;&nbsp;&nbsp;&nbsp; 2930923 |
| &nbsp;&nbsp;&nbsp;Lotus Bakeries NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 440336 |
| &nbsp;&nbsp;&nbsp;Sofina SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 508528 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| &nbsp;&nbsp;&nbsp;Syensqo SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7971 | &nbsp;&nbsp;$703279 |
| &nbsp;&nbsp;&nbsp;UCB SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13795 | &nbsp;&nbsp;&nbsp;&nbsp; 3233838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17601474 |
| **Bermuda — 0.2%** | **Bermuda — 0.2%** | **Bermuda — 0.2%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144275 | &nbsp;&nbsp;&nbsp;&nbsp; 1133943 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69500 | &nbsp;&nbsp;&nbsp;&nbsp; 463985 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120400 | &nbsp;&nbsp;&nbsp;&nbsp; 746218 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 1059054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403200 |
| **Denmark — 2.0%** | **Denmark — 2.0%** | **Denmark — 2.0%** |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 654867 |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp; 955075 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10424 | &nbsp;&nbsp;&nbsp;&nbsp; 1274833 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13761 | &nbsp;&nbsp;&nbsp;&nbsp; 1322911 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75261 | &nbsp;&nbsp;&nbsp;&nbsp; 3087983 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9476 | &nbsp;&nbsp;&nbsp;&nbsp; 362511 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22206 | &nbsp;&nbsp;&nbsp;&nbsp; 4916868 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996 | &nbsp;&nbsp;&nbsp;&nbsp; 1743078 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349931 | &nbsp;&nbsp;&nbsp;&nbsp; 19751471 |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38126 | &nbsp;&nbsp;&nbsp;&nbsp; 2422819 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18348 | &nbsp;&nbsp;&nbsp;&nbsp; 566478 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8947 | &nbsp;&nbsp;&nbsp;&nbsp; 1235242 |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10347 | &nbsp;&nbsp;&nbsp;&nbsp; 391427 |
| &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36991 | &nbsp;&nbsp;&nbsp;&nbsp; 972322 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110191 | &nbsp;&nbsp;&nbsp;&nbsp; 2183795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41841680 |
| **Finland — 1.0%** | **Finland — 1.0%** | **Finland — 1.0%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15520 | &nbsp;&nbsp;&nbsp;&nbsp; 827582 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48952 | &nbsp;&nbsp;&nbsp;&nbsp; 847030 |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29802 | &nbsp;&nbsp;&nbsp;&nbsp; 660915 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36750 | &nbsp;&nbsp;&nbsp;&nbsp; 2309330 |
| &nbsp;&nbsp;&nbsp;Metso Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67839 | &nbsp;&nbsp;&nbsp;&nbsp; 877098 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46162 | &nbsp;&nbsp;&nbsp;&nbsp; 847858 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581093 | &nbsp;&nbsp;&nbsp;&nbsp; 2498086 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341367 | &nbsp;&nbsp;&nbsp;&nbsp; 5206061 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11826 | &nbsp;&nbsp;&nbsp;&nbsp; 943696 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264189 | &nbsp;&nbsp;&nbsp;&nbsp; 3030532 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63550 | &nbsp;&nbsp;&nbsp;&nbsp; 747560 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58238 | &nbsp;&nbsp;&nbsp;&nbsp; 1656870 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54881 | &nbsp;&nbsp;&nbsp;&nbsp; 1606711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22059329 |
| **France — 9.7%** | **France — 9.7%** | **France — 9.7%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21383 | &nbsp;&nbsp;&nbsp;&nbsp; 1058830 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp;&nbsp;&nbsp; 496730 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63026 | &nbsp;&nbsp;&nbsp;&nbsp; 13003638 |
| &nbsp;&nbsp;&nbsp;Alstom SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37768 | &nbsp;&nbsp;&nbsp;&nbsp; 908452 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724 | &nbsp;&nbsp;&nbsp;&nbsp; 497020 |
| &nbsp;&nbsp;&nbsp;Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp; 443398 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192516 | &nbsp;&nbsp;&nbsp;&nbsp; 8956770 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520 | &nbsp;&nbsp;&nbsp;&nbsp; 627481 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110580 | &nbsp;&nbsp;&nbsp;&nbsp; 9931396 |
| &nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77603 | &nbsp;&nbsp;&nbsp;&nbsp; 453110 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20675 | &nbsp;&nbsp;&nbsp;&nbsp; 886533 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34667 | &nbsp;&nbsp;&nbsp;&nbsp; 1045420 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17618 | &nbsp;&nbsp;&nbsp;&nbsp; 2501132 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64178 | &nbsp;&nbsp;&nbsp;&nbsp; 929808 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48801 | &nbsp;&nbsp;&nbsp;&nbsp; 5268662 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72604 | &nbsp;&nbsp;&nbsp;&nbsp; 2625983 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6144 | &nbsp;&nbsp;&nbsp;&nbsp; 402118 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114500 | &nbsp;&nbsp;&nbsp;&nbsp; 2092796 |

---

------

#### VALIC Company I International Equities Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70144 | &nbsp;&nbsp;$5840591 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;&nbsp;&nbsp; 675807 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73130 | &nbsp;&nbsp;&nbsp;&nbsp; 2274624 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26354 | &nbsp;&nbsp;&nbsp;&nbsp; 762479 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7485 | &nbsp;&nbsp;&nbsp;&nbsp; 941830 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198335 | &nbsp;&nbsp;&nbsp;&nbsp; 4104286 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32799 | &nbsp;&nbsp;&nbsp;&nbsp; 9991994 |
| &nbsp;&nbsp;&nbsp;FDJ United | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12266 | &nbsp;&nbsp;&nbsp;&nbsp; 395345 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024 | &nbsp;&nbsp;&nbsp;&nbsp; 493136 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33007 | &nbsp;&nbsp;&nbsp;&nbsp; 623580 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441 | &nbsp;&nbsp;&nbsp;&nbsp; 8411531 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp; 558730 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123 | &nbsp;&nbsp;&nbsp;&nbsp; 2175422 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23475 | &nbsp;&nbsp;&nbsp;&nbsp; 915550 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28476 | &nbsp;&nbsp;&nbsp;&nbsp; 4344809 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26188 | &nbsp;&nbsp;&nbsp;&nbsp; 12189451 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27246 | &nbsp;&nbsp;&nbsp;&nbsp; 16054463 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203175 | &nbsp;&nbsp;&nbsp;&nbsp; 3308565 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21845 | &nbsp;&nbsp;&nbsp;&nbsp; 2482618 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24974 | &nbsp;&nbsp;&nbsp;&nbsp; 2301473 |
| &nbsp;&nbsp;&nbsp;Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20974 | &nbsp;&nbsp;&nbsp;&nbsp; 824364 |
| &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24406 | &nbsp;&nbsp;&nbsp;&nbsp; 789607 |
| &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39232 | &nbsp;&nbsp;&nbsp;&nbsp; 12991088 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120628 | &nbsp;&nbsp;&nbsp;&nbsp; 11985243 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp; 651515 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59735 | &nbsp;&nbsp;&nbsp;&nbsp; 14660823 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78261 | &nbsp;&nbsp;&nbsp;&nbsp; 4821966 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9654 | &nbsp;&nbsp;&nbsp;&nbsp; 579240 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883 | &nbsp;&nbsp;&nbsp;&nbsp; 452457 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10033 | &nbsp;&nbsp;&nbsp;&nbsp; 2643565 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223687 | &nbsp;&nbsp;&nbsp;&nbsp; 14038389 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68693 | &nbsp;&nbsp;&nbsp;&nbsp; 2266398 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53789 | &nbsp;&nbsp;&nbsp;&nbsp; 7296250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204976466 |
| **Germany — 10.0%** | **Germany — 10.0%** | **Germany — 10.0%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18552 | &nbsp;&nbsp;&nbsp;&nbsp; 3616642 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41958 | &nbsp;&nbsp;&nbsp;&nbsp; 17731449 |
| &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96975 | &nbsp;&nbsp;&nbsp;&nbsp; 5155320 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106548 | &nbsp;&nbsp;&nbsp;&nbsp; 3496752 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31631 | &nbsp;&nbsp;&nbsp;&nbsp; 3317627 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6107 | &nbsp;&nbsp;&nbsp;&nbsp; 585514 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10824 | &nbsp;&nbsp;&nbsp;&nbsp; 1245534 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13391 | &nbsp;&nbsp;&nbsp;&nbsp; 828691 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83897 | &nbsp;&nbsp;&nbsp;&nbsp; 3209443 |
| &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12003 | &nbsp;&nbsp;&nbsp;&nbsp; 1052917 |
| &nbsp;&nbsp;&nbsp;Covestro AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19591 | &nbsp;&nbsp;&nbsp;&nbsp; 1361795 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6809 | &nbsp;&nbsp;&nbsp;&nbsp; 638398 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51842 | &nbsp;&nbsp;&nbsp;&nbsp; 2441451 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20836 | &nbsp;&nbsp;&nbsp;&nbsp; 554590 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201100 | &nbsp;&nbsp;&nbsp;&nbsp; 7063043 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20459 | &nbsp;&nbsp;&nbsp;&nbsp; 6021373 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65377 | &nbsp;&nbsp;&nbsp;&nbsp; 609950 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104307 | &nbsp;&nbsp;&nbsp;&nbsp; 4749141 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379256 | &nbsp;&nbsp;&nbsp;&nbsp; 13871014 |
| &nbsp;&nbsp;&nbsp;Dr. Ing. h.c. F. Porsche AG (Preference Shares)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12425 | &nbsp;&nbsp;&nbsp;&nbsp; 660584 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243814 | &nbsp;&nbsp;&nbsp;&nbsp; 4347496 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27966 | &nbsp;&nbsp;&nbsp;&nbsp; 540608 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24012 | &nbsp;&nbsp;&nbsp;&nbsp; 1231358 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46093 | &nbsp;&nbsp;&nbsp;&nbsp; 2502161 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15983 | &nbsp;&nbsp;&nbsp;&nbsp; 1162898 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6507 | &nbsp;&nbsp;&nbsp;&nbsp; 1896193 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14602 | &nbsp;&nbsp;$3461152 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11339 | &nbsp;&nbsp;&nbsp;&nbsp; 871615 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18468 | &nbsp;&nbsp;&nbsp;&nbsp; 1558622 |
| &nbsp;&nbsp;&nbsp;Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921 | &nbsp;&nbsp;&nbsp;&nbsp; 718626 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141893 | &nbsp;&nbsp;&nbsp;&nbsp; 5817576 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7915 | &nbsp;&nbsp;&nbsp;&nbsp; 826098 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126 | &nbsp;&nbsp;&nbsp;&nbsp; 680566 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78465 | &nbsp;&nbsp;&nbsp;&nbsp; 4895559 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13939 | &nbsp;&nbsp;&nbsp;&nbsp; 1765771 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825 | &nbsp;&nbsp;&nbsp;&nbsp; 2602110 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14533 | &nbsp;&nbsp;&nbsp;&nbsp; 9270679 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6301 | &nbsp;&nbsp;&nbsp;&nbsp; 872271 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16708 | &nbsp;&nbsp;&nbsp;&nbsp; 712365 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 421176 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 9884469 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68477 | &nbsp;&nbsp;&nbsp;&nbsp; 2743502 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113770 | &nbsp;&nbsp;&nbsp;&nbsp; 30933802 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 664624 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8184 | &nbsp;&nbsp;&nbsp;&nbsp; 1060392 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82803 | &nbsp;&nbsp;&nbsp;&nbsp; 22926263 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73820 | &nbsp;&nbsp;&nbsp;&nbsp; 7836023 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36548 | &nbsp;&nbsp;&nbsp;&nbsp; 2024476 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14489 | &nbsp;&nbsp;&nbsp;&nbsp; 1404190 |
| &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7044 | &nbsp;&nbsp;&nbsp;&nbsp; 970596 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22321 | &nbsp;&nbsp;&nbsp;&nbsp; 2599531 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80159 | &nbsp;&nbsp;&nbsp;&nbsp; 2591558 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24497 | &nbsp;&nbsp;&nbsp;&nbsp; 681925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210687479 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1162000 | &nbsp;&nbsp;&nbsp;&nbsp; 10996020 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399500 | &nbsp;&nbsp;&nbsp;&nbsp; 1806111 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp; 989831 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289000 | &nbsp;&nbsp;&nbsp;&nbsp; 1919414 |
| &nbsp;&nbsp;&nbsp;CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp; 1511646 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp; 1247603 |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249127 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82100 | &nbsp;&nbsp;&nbsp;&nbsp; 1172562 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp; 550651 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414000 | &nbsp;&nbsp;&nbsp;&nbsp; 626148 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;1222000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098327 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106400 | &nbsp;&nbsp;&nbsp;&nbsp; 6239383 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283700 | &nbsp;&nbsp;&nbsp;&nbsp; 1506734 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 572662 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp; 982892 |
| &nbsp;&nbsp;&nbsp;Sino Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp; 468051 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp; 518682 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp; 1854952 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 317261 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024332 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp; 970329 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp; 317582 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp; 530052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39470352 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228658 | &nbsp;&nbsp;&nbsp;&nbsp; 1864503 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107490 | &nbsp;&nbsp;&nbsp;&nbsp; 1590338 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10799 | &nbsp;&nbsp;&nbsp;&nbsp; 686973 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC CDI† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63133 | &nbsp;&nbsp;&nbsp;&nbsp; 1282379 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18010 | &nbsp;&nbsp;&nbsp;&nbsp; 1648238 |

---

------

#### VALIC Company I International Equities Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;16882 | &nbsp;&nbsp;$1302342 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92769 | &nbsp;&nbsp;&nbsp;&nbsp; 2742334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11117107 |
| **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;66293 | &nbsp;&nbsp;&nbsp;&nbsp; 787484 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Azrieli Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp; 446955 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136919 | &nbsp;&nbsp;&nbsp;&nbsp; 2681164 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163632 | &nbsp;&nbsp;&nbsp;&nbsp; 3150089 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9348 | &nbsp;&nbsp;&nbsp;&nbsp; 1805473 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5127 | &nbsp;&nbsp;&nbsp;&nbsp; 2323864 |
| &nbsp;&nbsp;&nbsp;Elbit Systems, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp; 1417082 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84485 | &nbsp;&nbsp;&nbsp;&nbsp; 549685 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134153 | &nbsp;&nbsp;&nbsp;&nbsp; 1330967 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16967 | &nbsp;&nbsp;&nbsp;&nbsp; 1111493 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432 | &nbsp;&nbsp;&nbsp;&nbsp; 855376 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901 | &nbsp;&nbsp;&nbsp;&nbsp; 976385 |
| &nbsp;&nbsp;&nbsp;Nova, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp; 858748 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24618 | &nbsp;&nbsp;&nbsp;&nbsp; 875677 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125149 | &nbsp;&nbsp;&nbsp;&nbsp; 2300239 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770 | &nbsp;&nbsp;&nbsp;&nbsp; 814032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21497229 |
| **Italy — 2.7%** | **Italy — 2.7%** | **Italy — 2.7%** |
| &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24434 | &nbsp;&nbsp;&nbsp;&nbsp; 495095 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122476 | &nbsp;&nbsp;&nbsp;&nbsp; 1683997 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157575 | &nbsp;&nbsp;&nbsp;&nbsp; 1641400 |
| &nbsp;&nbsp;&nbsp;Enel SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883714 | &nbsp;&nbsp;&nbsp;&nbsp; 8150194 |
| &nbsp;&nbsp;&nbsp;Eni SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222849 | &nbsp;&nbsp;&nbsp;&nbsp; 3979865 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66731 | &nbsp;&nbsp;&nbsp;&nbsp; 1467264 |
| &nbsp;&nbsp;&nbsp;Generali# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93659 | &nbsp;&nbsp;&nbsp;&nbsp; 3661064 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30963 | &nbsp;&nbsp;&nbsp;&nbsp; 375219 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;1551791 | &nbsp;&nbsp;&nbsp;&nbsp; 9789488 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44159 | &nbsp;&nbsp;&nbsp;&nbsp; 2516705 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54554 | &nbsp;&nbsp;&nbsp;&nbsp; 1324988 |
| &nbsp;&nbsp;&nbsp;Moncler SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25487 | &nbsp;&nbsp;&nbsp;&nbsp; 1480322 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60314 | &nbsp;&nbsp;&nbsp;&nbsp; 383316 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49880 | &nbsp;&nbsp;&nbsp;&nbsp; 1168856 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30661 | &nbsp;&nbsp;&nbsp;&nbsp; 2683461 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550 | &nbsp;&nbsp;&nbsp;&nbsp; 775051 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220030 | &nbsp;&nbsp;&nbsp;&nbsp; 1339430 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA#† | &nbsp;&nbsp;&nbsp;&nbsp;1252628 | &nbsp;&nbsp;&nbsp;&nbsp; 601031 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153523 | &nbsp;&nbsp;&nbsp;&nbsp; 1543740 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152322 | &nbsp;&nbsp;&nbsp;&nbsp; 11788574 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39143 | &nbsp;&nbsp;&nbsp;&nbsp; 818841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57667901 |
| **Japan — 21.9%** | **Japan — 21.9%** | **Japan — 21.9%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83200 | &nbsp;&nbsp;&nbsp;&nbsp; 6463604 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp; 2953941 |
| &nbsp;&nbsp;&nbsp;AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp; 673642 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57400 | &nbsp;&nbsp;&nbsp;&nbsp; 943743 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp; 2649138 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 337319 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp; 1969759 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134100 | &nbsp;&nbsp;&nbsp;&nbsp; 1093732 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71300 | &nbsp;&nbsp;&nbsp;&nbsp; 1932383 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195600 | &nbsp;&nbsp;&nbsp;&nbsp; 2163779 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64800 | &nbsp;&nbsp;&nbsp;&nbsp; 2227083 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61800 | &nbsp;&nbsp;&nbsp;&nbsp; 2793042 |
| &nbsp;&nbsp;&nbsp;Canon, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101100 | &nbsp;&nbsp;&nbsp;&nbsp; 2955671 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37800 | &nbsp;&nbsp;$1028148 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83500 | &nbsp;&nbsp;&nbsp;&nbsp; 2226006 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp; 628530 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74300 | &nbsp;&nbsp;&nbsp;&nbsp; 1028040 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72800 | &nbsp;&nbsp;&nbsp;&nbsp; 3222028 |
| &nbsp;&nbsp;&nbsp;Concordia Financial Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112400 | &nbsp;&nbsp;&nbsp;&nbsp; 859540 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42900 | &nbsp;&nbsp;&nbsp;&nbsp; 716392 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp; 1115909 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381100 | &nbsp;&nbsp;&nbsp;&nbsp; 3126977 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186600 | &nbsp;&nbsp;&nbsp;&nbsp; 4452923 |
| &nbsp;&nbsp;&nbsp;Daikin Industries, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600 | &nbsp;&nbsp;&nbsp;&nbsp; 3602161 |
| &nbsp;&nbsp;&nbsp;Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 683400 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60600 | &nbsp;&nbsp;&nbsp;&nbsp; 2154454 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145600 | &nbsp;&nbsp;&nbsp;&nbsp; 1129060 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190300 | &nbsp;&nbsp;&nbsp;&nbsp; 2719293 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 2776532 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105100 | &nbsp;&nbsp;&nbsp;&nbsp; 2585498 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600 | &nbsp;&nbsp;&nbsp;&nbsp; 875581 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297800 | &nbsp;&nbsp;&nbsp;&nbsp; 1780867 |
| &nbsp;&nbsp;&nbsp;FANUC Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102400 | &nbsp;&nbsp;&nbsp;&nbsp; 2846560 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp; 6452937 |
| &nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 938064 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121300 | &nbsp;&nbsp;&nbsp;&nbsp; 2870580 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 2318596 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191200 | &nbsp;&nbsp;&nbsp;&nbsp; 4642333 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp; 735967 |
| &nbsp;&nbsp;&nbsp;Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 508709 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497700 | &nbsp;&nbsp;&nbsp;&nbsp; 13408651 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431400 | &nbsp;&nbsp;&nbsp;&nbsp; 4749843 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;&nbsp; 4847313 |
| &nbsp;&nbsp;&nbsp;Hulic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50300 | &nbsp;&nbsp;&nbsp;&nbsp; 540617 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88900 | &nbsp;&nbsp;&nbsp;&nbsp; 589083 |
| &nbsp;&nbsp;&nbsp;IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp; 1660078 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96200 | &nbsp;&nbsp;&nbsp;&nbsp; 1640840 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58400 | &nbsp;&nbsp;&nbsp;&nbsp; 765338 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129200 | &nbsp;&nbsp;&nbsp;&nbsp; 7321243 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp; 321996 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108300 | &nbsp;&nbsp;&nbsp;&nbsp; 1137059 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194900 | &nbsp;&nbsp;&nbsp;&nbsp; 2448803 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192500 | &nbsp;&nbsp;&nbsp;&nbsp; 1961625 |
| &nbsp;&nbsp;&nbsp;Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp;&nbsp; 587870 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130200 | &nbsp;&nbsp;&nbsp;&nbsp; 4152179 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62800 | &nbsp;&nbsp;&nbsp;&nbsp; 777802 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp;&nbsp;&nbsp; 1381226 |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103400 | &nbsp;&nbsp;&nbsp;&nbsp; 1456802 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50800 | &nbsp;&nbsp;&nbsp;&nbsp; 2303074 |
| &nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 1009637 |
| &nbsp;&nbsp;&nbsp;Kawasaki Kisen Kaisha, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38400 | &nbsp;&nbsp;&nbsp;&nbsp; 587004 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342200 | &nbsp;&nbsp;&nbsp;&nbsp; 5928604 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | &nbsp;&nbsp;&nbsp;&nbsp; 8093066 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp; 636483 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84800 | &nbsp;&nbsp;&nbsp;&nbsp; 1231511 |
| &nbsp;&nbsp;&nbsp;Kobe Bussan Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 467979 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103600 | &nbsp;&nbsp;&nbsp;&nbsp; 3492446 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp; 1645008 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106700 | &nbsp;&nbsp;&nbsp;&nbsp; 1248790 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138500 | &nbsp;&nbsp;&nbsp;&nbsp; 1858406 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900 | &nbsp;&nbsp;&nbsp;&nbsp; 448970 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 908604 |
| &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312200 | &nbsp;&nbsp;&nbsp;&nbsp; 995816 |
| &nbsp;&nbsp;&nbsp;M3, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48200 | &nbsp;&nbsp;&nbsp;&nbsp; 715416 |
| &nbsp;&nbsp;&nbsp;Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp; 873849 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153000 | &nbsp;&nbsp;&nbsp;&nbsp; 3477527 |

---

------

#### VALIC Company I International Equities Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;36300 | &nbsp;&nbsp;$751966 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 545437 |
| &nbsp;&nbsp;&nbsp;Minebea Mitsumi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp; 672974 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147900 | &nbsp;&nbsp;&nbsp;&nbsp; 842763 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350600 | &nbsp;&nbsp;&nbsp;&nbsp; 7933270 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206600 | &nbsp;&nbsp;&nbsp;&nbsp; 4977135 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp; 2468785 |
| &nbsp;&nbsp;&nbsp;Mitsubishi HC Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp; 790125 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348200 | &nbsp;&nbsp;&nbsp;&nbsp; 8752496 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1245600 | &nbsp;&nbsp;&nbsp;&nbsp; 18825982 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268300 | &nbsp;&nbsp;&nbsp;&nbsp; 6180470 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288400 | &nbsp;&nbsp;&nbsp;&nbsp; 3088035 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37600 | &nbsp;&nbsp;&nbsp;&nbsp; 1204408 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273900 | &nbsp;&nbsp;&nbsp;&nbsp; 8960686 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 474878 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139500 | &nbsp;&nbsp;&nbsp;&nbsp; 3244590 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180800 | &nbsp;&nbsp;&nbsp;&nbsp; 2940512 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141200 | &nbsp;&nbsp;&nbsp;&nbsp; 4340796 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp; 815416 |
| &nbsp;&nbsp;&nbsp;NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 1932582 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119900 | &nbsp;&nbsp;&nbsp;&nbsp; 10714894 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp; 807623 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103500 | &nbsp;&nbsp;&nbsp;&nbsp; 754059 |
| &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 | &nbsp;&nbsp;&nbsp;&nbsp; 687412 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105500 | &nbsp;&nbsp;&nbsp;&nbsp; 2234316 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;&nbsp; 1699808 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243100 | &nbsp;&nbsp;&nbsp;&nbsp; 539404 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp; 411068 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 803126 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77100 | &nbsp;&nbsp;&nbsp;&nbsp; 1732365 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327900 | &nbsp;&nbsp;&nbsp;&nbsp; 2327229 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp; 1627285 |
| &nbsp;&nbsp;&nbsp;NTT Data Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30560 | &nbsp;&nbsp;&nbsp;&nbsp; 816549 |
| &nbsp;&nbsp;&nbsp;NTT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3241600 | &nbsp;&nbsp;&nbsp;&nbsp; 3415640 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70900 | &nbsp;&nbsp;&nbsp;&nbsp; 1155698 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp; 1247245 |
| &nbsp;&nbsp;&nbsp;Olympus Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124300 | &nbsp;&nbsp;&nbsp;&nbsp; 1445251 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp; 436463 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp; 2797859 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126900 | &nbsp;&nbsp;&nbsp;&nbsp; 3290865 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39700 | &nbsp;&nbsp;&nbsp;&nbsp; 1133029 |
| &nbsp;&nbsp;&nbsp;Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp; 513773 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp; 2504701 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp; 1502942 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252300 | &nbsp;&nbsp;&nbsp;&nbsp; 2557628 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164700 | &nbsp;&nbsp;&nbsp;&nbsp; 1015851 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144800 | &nbsp;&nbsp;&nbsp;&nbsp; 8252220 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183700 | &nbsp;&nbsp;&nbsp;&nbsp; 2156741 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226600 | &nbsp;&nbsp;&nbsp;&nbsp; 2257677 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 1194112 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp; 1005976 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30600 | &nbsp;&nbsp;&nbsp;&nbsp; 1433407 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp; 675358 |
| &nbsp;&nbsp;&nbsp;SCSK Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp; 546933 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45800 | &nbsp;&nbsp;&nbsp;&nbsp; 1695771 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp; 780451 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65100 | &nbsp;&nbsp;&nbsp;&nbsp; 1472993 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp; 3099325 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp; 383383 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp;&nbsp; 631101 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 923919 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183800 | &nbsp;&nbsp;&nbsp;&nbsp; 5694187 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82500 | &nbsp;&nbsp;$1433731 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43600 | &nbsp;&nbsp;&nbsp;&nbsp; 714396 |
| &nbsp;&nbsp;&nbsp;SMC Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp; 1907303 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;3110500 | &nbsp;&nbsp;&nbsp;&nbsp; 4802599 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103800 | &nbsp;&nbsp;&nbsp;&nbsp; 11239735 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96600 | &nbsp;&nbsp;&nbsp;&nbsp; 3123168 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 18489730 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp; 1248291 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118100 | &nbsp;&nbsp;&nbsp;&nbsp; 3293566 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77100 | &nbsp;&nbsp;&nbsp;&nbsp; 2173462 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 740188 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp; 10857707 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69200 | &nbsp;&nbsp;&nbsp;&nbsp; 1978232 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp; 1393446 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp; 470674 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169900 | &nbsp;&nbsp;&nbsp;&nbsp; 2242542 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;&nbsp;&nbsp; 695129 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53400 | &nbsp;&nbsp;&nbsp;&nbsp; 1381062 |
| &nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151151 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172900 | &nbsp;&nbsp;&nbsp;&nbsp; 5206269 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210400 | &nbsp;&nbsp;&nbsp;&nbsp; 2707655 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144200 | &nbsp;&nbsp;&nbsp;&nbsp; 2619371 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp; 772436 |
| &nbsp;&nbsp;&nbsp;Toho Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 774556 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199600 | &nbsp;&nbsp;&nbsp;&nbsp; 8589480 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;&nbsp;&nbsp; 6647924 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp; 1382939 |
| &nbsp;&nbsp;&nbsp;Tokyo Metro Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp; 355061 |
| &nbsp;&nbsp;&nbsp;Tokyu Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54500 | &nbsp;&nbsp;&nbsp;&nbsp; 688534 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100 | &nbsp;&nbsp;&nbsp;&nbsp; 672641 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151300 | &nbsp;&nbsp;&nbsp;&nbsp; 1012388 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 1954111 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1032500 | &nbsp;&nbsp;&nbsp;&nbsp; 20137805 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75200 | &nbsp;&nbsp;&nbsp;&nbsp; 2003455 |
| &nbsp;&nbsp;&nbsp;Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp; 731446 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121900 | &nbsp;&nbsp;&nbsp;&nbsp; 815476 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48800 | &nbsp;&nbsp;&nbsp;&nbsp; 1093707 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28100 | &nbsp;&nbsp;&nbsp;&nbsp; 459164 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100800 | &nbsp;&nbsp;&nbsp;&nbsp; 729625 |
| &nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp; 727076 |
| &nbsp;&nbsp;&nbsp;Zensho Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 661378 |
| &nbsp;&nbsp;&nbsp;ZOZO, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44500 | &nbsp;&nbsp;&nbsp;&nbsp; 413653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463463684 |
| **Jersey — 0.5%** | **Jersey — 0.5%** | **Jersey — 0.5%** |
| &nbsp;&nbsp;&nbsp;CVC Capital Partners PLC\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23253 | &nbsp;&nbsp;&nbsp;&nbsp; 468523 |
| &nbsp;&nbsp;&nbsp;Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99764 | &nbsp;&nbsp;&nbsp;&nbsp; 5169504 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;1113429 | &nbsp;&nbsp;&nbsp;&nbsp; 4400250 |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117713 | &nbsp;&nbsp;&nbsp;&nbsp; 624020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10662297 |
| **Luxembourg — 0.7%** | **Luxembourg — 0.7%** | **Luxembourg — 0.7%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50560 | &nbsp;&nbsp;&nbsp;&nbsp; 1687113 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12920 | &nbsp;&nbsp;&nbsp;&nbsp; 980253 |
| &nbsp;&nbsp;&nbsp;InPost SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24876 | &nbsp;&nbsp;&nbsp;&nbsp; 360809 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16682 | &nbsp;&nbsp;&nbsp;&nbsp; 11375122 |
| &nbsp;&nbsp;&nbsp;Tenaris SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44406 | &nbsp;&nbsp;&nbsp;&nbsp; 804924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15208221 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264800 | &nbsp;&nbsp;&nbsp;&nbsp; 688886 |
| **Netherlands — 5.8%** | **Netherlands — 5.8%** | **Netherlands — 5.8%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63533 | &nbsp;&nbsp;&nbsp;&nbsp; 1829594 |

---

------

#### VALIC Company I International Equities Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736 | &nbsp;&nbsp;$4584893 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20087 | &nbsp;&nbsp;&nbsp;&nbsp; 2480745 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64740 | &nbsp;&nbsp;&nbsp;&nbsp; 13573641 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18635 | &nbsp;&nbsp;&nbsp;&nbsp; 1283839 |
| &nbsp;&nbsp;&nbsp;Argenx SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6629 | &nbsp;&nbsp;&nbsp;&nbsp; 4714548 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5113 | &nbsp;&nbsp;&nbsp;&nbsp; 2453738 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42791 | &nbsp;&nbsp;&nbsp;&nbsp; 31787175 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16141 | &nbsp;&nbsp;&nbsp;&nbsp; 1118989 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854 | &nbsp;&nbsp;&nbsp;&nbsp; 1191357 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67174 | &nbsp;&nbsp;&nbsp;&nbsp; 505038 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8530 | &nbsp;&nbsp;&nbsp;&nbsp; 1407575 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9645 | &nbsp;&nbsp;&nbsp;&nbsp; 965142 |
| &nbsp;&nbsp;&nbsp;Ferrari NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13696 | &nbsp;&nbsp;&nbsp;&nbsp; 6530792 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55724 | &nbsp;&nbsp;&nbsp;&nbsp; 3045167 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14143 | &nbsp;&nbsp;&nbsp;&nbsp; 1002384 |
| &nbsp;&nbsp;&nbsp;Heineken NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31425 | &nbsp;&nbsp;&nbsp;&nbsp; 2538775 |
| &nbsp;&nbsp;&nbsp;IMCD NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp; 723407 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329202 | &nbsp;&nbsp;&nbsp;&nbsp; 7836203 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18644 | &nbsp;&nbsp;&nbsp;&nbsp; 681105 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99102 | &nbsp;&nbsp;&nbsp;&nbsp; 3971564 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419919 | &nbsp;&nbsp;&nbsp;&nbsp; 2005456 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90042 | &nbsp;&nbsp;&nbsp;&nbsp; 2485828 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29055 | &nbsp;&nbsp;&nbsp;&nbsp; 1998585 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142164 | &nbsp;&nbsp;&nbsp;&nbsp; 8766555 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23581 | &nbsp;&nbsp;&nbsp;&nbsp; 1096561 |
| &nbsp;&nbsp;&nbsp;Randstad NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11841 | &nbsp;&nbsp;&nbsp;&nbsp; 559951 |
| &nbsp;&nbsp;&nbsp;Stellantis NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220012 | &nbsp;&nbsp;&nbsp;&nbsp; 2113420 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73060 | &nbsp;&nbsp;&nbsp;&nbsp; 1975401 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120050 | &nbsp;&nbsp;&nbsp;&nbsp; 3393789 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25871 | &nbsp;&nbsp;&nbsp;&nbsp; 3257969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121879186 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| &nbsp;&nbsp;&nbsp;Contact Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91495 | &nbsp;&nbsp;&nbsp;&nbsp; 487836 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63969 | &nbsp;&nbsp;&nbsp;&nbsp; 1375401 |
| &nbsp;&nbsp;&nbsp;Infratil, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100350 | &nbsp;&nbsp;&nbsp;&nbsp; 671343 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143073 | &nbsp;&nbsp;&nbsp;&nbsp; 481829 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17661 | &nbsp;&nbsp;&nbsp;&nbsp; 1889659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906068 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34481 | &nbsp;&nbsp;&nbsp;&nbsp; 872774 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97714 | &nbsp;&nbsp;&nbsp;&nbsp; 2573730 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91420 | &nbsp;&nbsp;&nbsp;&nbsp; 2254221 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21823 | &nbsp;&nbsp;&nbsp;&nbsp; 606355 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47989 | &nbsp;&nbsp;&nbsp;&nbsp; 1432073 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50782 | &nbsp;&nbsp;&nbsp;&nbsp; 1043407 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153448 | &nbsp;&nbsp;&nbsp;&nbsp; 994714 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76489 | &nbsp;&nbsp;&nbsp;&nbsp; 854659 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp;&nbsp;&nbsp; 382148 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67188 | &nbsp;&nbsp;&nbsp;&nbsp; 1120248 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18066 | &nbsp;&nbsp;&nbsp;&nbsp; 657069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12791398 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| &nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905682 | &nbsp;&nbsp;&nbsp;&nbsp; 766924 |
| &nbsp;&nbsp;&nbsp;EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342402 | &nbsp;&nbsp;&nbsp;&nbsp; 1517185 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45528 | &nbsp;&nbsp;&nbsp;&nbsp; 885064 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30899 | &nbsp;&nbsp;&nbsp;&nbsp; 764064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933237 |
| **Singapore — 1.8%** | **Singapore — 1.8%** | **Singapore — 1.8%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408100 | &nbsp;&nbsp;&nbsp;&nbsp; 864551 |

---

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;638482 | &nbsp;&nbsp;$1134556 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255500 | &nbsp;&nbsp;&nbsp;&nbsp; 549104 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231400 | &nbsp;&nbsp;&nbsp;&nbsp; 9120451 |
| &nbsp;&nbsp;&nbsp;Genting Singapore, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632300 | &nbsp;&nbsp;&nbsp;&nbsp; 354603 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258904 | &nbsp;&nbsp;&nbsp;&nbsp; 1291931 |
| &nbsp;&nbsp;&nbsp;Keppel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158900 | &nbsp;&nbsp;&nbsp;&nbsp; 1084075 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369400 | &nbsp;&nbsp;&nbsp;&nbsp; 4816872 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41565 | &nbsp;&nbsp;&nbsp;&nbsp; 7753535 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp; 463315 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162500 | &nbsp;&nbsp;&nbsp;&nbsp; 832328 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78200 | &nbsp;&nbsp;&nbsp;&nbsp; 1010084 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170400 | &nbsp;&nbsp;&nbsp;&nbsp; 1018295 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804300 | &nbsp;&nbsp;&nbsp;&nbsp; 2702377 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137700 | &nbsp;&nbsp;&nbsp;&nbsp; 3772276 |
| &nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210400 | &nbsp;&nbsp;&nbsp;&nbsp; 483319 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281900 | &nbsp;&nbsp;&nbsp;&nbsp; 637784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37889456 |
| **Spain — 3.3%** | **Spain — 3.3%** | **Spain — 3.3%** |
| &nbsp;&nbsp;&nbsp;Acciona SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694 | &nbsp;&nbsp;&nbsp;&nbsp; 533723 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19541 | &nbsp;&nbsp;&nbsp;&nbsp; 1474991 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81836 | &nbsp;&nbsp;&nbsp;&nbsp; 2367798 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48904 | &nbsp;&nbsp;&nbsp;&nbsp; 4105222 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626199 | &nbsp;&nbsp;&nbsp;&nbsp; 11339719 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587873 | &nbsp;&nbsp;&nbsp;&nbsp; 2230373 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;1621781 | &nbsp;&nbsp;&nbsp;&nbsp; 15469664 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73559 | &nbsp;&nbsp;&nbsp;&nbsp; 1096202 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428513 | &nbsp;&nbsp;&nbsp;&nbsp; 4273371 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53960 | &nbsp;&nbsp;&nbsp;&nbsp; 1919108 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34725 | &nbsp;&nbsp;&nbsp;&nbsp; 408116 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34657 | &nbsp;&nbsp;&nbsp;&nbsp; 1055578 |
| &nbsp;&nbsp;&nbsp;Grifols SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32623 | &nbsp;&nbsp;&nbsp;&nbsp; 460400 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689640 | &nbsp;&nbsp;&nbsp;&nbsp; 12969726 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118522 | &nbsp;&nbsp;&nbsp;&nbsp; 5849450 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135614 | &nbsp;&nbsp;&nbsp;&nbsp; 699274 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124959 | &nbsp;&nbsp;&nbsp;&nbsp; 2049430 |
| &nbsp;&nbsp;&nbsp;Telefonica SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402151 | &nbsp;&nbsp;&nbsp;&nbsp; 2153668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70455813 |
| **SupraNational — 0.1%** | **SupraNational — 0.1%** | **SupraNational — 0.1%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13265 | &nbsp;&nbsp;&nbsp;&nbsp; 1377689 |
| **Sweden — 3.1%** | **Sweden — 3.1%** | **Sweden — 3.1%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28362 | &nbsp;&nbsp;&nbsp;&nbsp; 994375 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31570 | &nbsp;&nbsp;&nbsp;&nbsp; 1436982 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108762 | &nbsp;&nbsp;&nbsp;&nbsp; 3843047 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291732 | &nbsp;&nbsp;&nbsp;&nbsp; 4658152 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170314 | &nbsp;&nbsp;&nbsp;&nbsp; 2421225 |
| &nbsp;&nbsp;&nbsp;Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41999 | &nbsp;&nbsp;&nbsp;&nbsp; 714440 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31013 | &nbsp;&nbsp;&nbsp;&nbsp; 1069605 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71908 | &nbsp;&nbsp;&nbsp;&nbsp; 1503215 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42552 | &nbsp;&nbsp;&nbsp;&nbsp; 792020 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40627 | &nbsp;&nbsp;&nbsp;&nbsp; 1461789 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64933 | &nbsp;&nbsp;&nbsp;&nbsp; 1754045 |
| &nbsp;&nbsp;&nbsp;Evolution AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16180 | &nbsp;&nbsp;&nbsp;&nbsp; 1400664 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78344 | &nbsp;&nbsp;&nbsp;&nbsp; 558160 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61808 | &nbsp;&nbsp;&nbsp;&nbsp; 907545 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226541 | &nbsp;&nbsp;&nbsp;&nbsp; 2525143 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp;&nbsp;&nbsp; 310419 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13005 | &nbsp;&nbsp;&nbsp;&nbsp; 517700 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16893 | &nbsp;&nbsp;&nbsp;&nbsp; 672505 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29815 | &nbsp;&nbsp;&nbsp;&nbsp; 742226 |
| &nbsp;&nbsp;&nbsp;Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16308 | &nbsp;&nbsp;&nbsp;&nbsp; 413919 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188061 | &nbsp;&nbsp;&nbsp;&nbsp; 5794858 |

---

------

#### VALIC Company I International Equities Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368 | &nbsp;&nbsp;$423653 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25436 | &nbsp;&nbsp;&nbsp;&nbsp; 903544 |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165362 | &nbsp;&nbsp;&nbsp;&nbsp; 678784 |
| &nbsp;&nbsp;&nbsp;Saab AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34543 | &nbsp;&nbsp;&nbsp;&nbsp; 1959000 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23981 | &nbsp;&nbsp;&nbsp;&nbsp; 519642 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115499 | &nbsp;&nbsp;&nbsp;&nbsp; 2919955 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53663 | &nbsp;&nbsp;&nbsp;&nbsp; 820845 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172014 | &nbsp;&nbsp;&nbsp;&nbsp; 3184113 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37132 | &nbsp;&nbsp;&nbsp;&nbsp; 921957 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37223 | &nbsp;&nbsp;&nbsp;&nbsp; 955252 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66287 | &nbsp;&nbsp;&nbsp;&nbsp; 901031 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157541 | &nbsp;&nbsp;&nbsp;&nbsp; 2026316 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91896 | &nbsp;&nbsp;&nbsp;&nbsp; 2586594 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21365 | &nbsp;&nbsp;&nbsp;&nbsp; 648797 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59734 | &nbsp;&nbsp;&nbsp;&nbsp; 1051100 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303102 | &nbsp;&nbsp;&nbsp;&nbsp; 2413563 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257429 | &nbsp;&nbsp;&nbsp;&nbsp; 960342 |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22084 | &nbsp;&nbsp;&nbsp;&nbsp; 854958 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172594 | &nbsp;&nbsp;&nbsp;&nbsp; 5308541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64530021 |
| **Switzerland — 9.6%** | **Switzerland — 9.6%** | **Switzerland — 9.6%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171837 | &nbsp;&nbsp;&nbsp;&nbsp; 11513737 |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54265 | &nbsp;&nbsp;&nbsp;&nbsp; 4323869 |
| &nbsp;&nbsp;&nbsp;Amrize, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56443 | &nbsp;&nbsp;&nbsp;&nbsp; 2947406 |
| &nbsp;&nbsp;&nbsp;Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9592 | &nbsp;&nbsp;&nbsp;&nbsp; 552050 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4498 | &nbsp;&nbsp;&nbsp;&nbsp; 1166337 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp; 387750 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp; 530630 |
| &nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 1180429 |
| &nbsp;&nbsp;&nbsp;BKW AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp;&nbsp;&nbsp; 479828 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 1647626 |
| &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;104 | &nbsp;&nbsp;&nbsp;&nbsp; 1585173 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58410 | &nbsp;&nbsp;&nbsp;&nbsp; 10221946 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23787 | &nbsp;&nbsp;&nbsp;&nbsp; 1201394 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20079 | &nbsp;&nbsp;&nbsp;&nbsp; 1959914 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp; 587854 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14277 | &nbsp;&nbsp;&nbsp;&nbsp; 2492494 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648 | &nbsp;&nbsp;&nbsp;&nbsp; 2675300 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp; 4222778 |
| &nbsp;&nbsp;&nbsp;Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp; 1042033 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56619 | &nbsp;&nbsp;&nbsp;&nbsp; 4746845 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22478 | &nbsp;&nbsp;&nbsp;&nbsp; 1624989 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270 | &nbsp;&nbsp;&nbsp;&nbsp; 1071151 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16596 | &nbsp;&nbsp;&nbsp;&nbsp; 1711326 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7848 | &nbsp;&nbsp;&nbsp;&nbsp; 5568557 |
| &nbsp;&nbsp;&nbsp;Nestle SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280716 | &nbsp;&nbsp;&nbsp;&nbsp; 26444174 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207137 | &nbsp;&nbsp;&nbsp;&nbsp; 26213463 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp;&nbsp; 3400975 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76545 | &nbsp;&nbsp;&nbsp;&nbsp; 24988290 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp; 1198525 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45261 | &nbsp;&nbsp;&nbsp;&nbsp; 2838533 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562 | &nbsp;&nbsp;&nbsp;&nbsp; 916352 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp; 1651448 |
| &nbsp;&nbsp;&nbsp;SGS SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17576 | &nbsp;&nbsp;&nbsp;&nbsp; 1792571 |
| &nbsp;&nbsp;&nbsp;SIG Group AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33369 | &nbsp;&nbsp;&nbsp;&nbsp; 528163 |
| &nbsp;&nbsp;&nbsp;Sika AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16546 | &nbsp;&nbsp;&nbsp;&nbsp; 3842498 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5530 | &nbsp;&nbsp;&nbsp;&nbsp; 1612180 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12179 | &nbsp;&nbsp;&nbsp;&nbsp; 1429617 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp; 571614 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135 | &nbsp;&nbsp;&nbsp;&nbsp; 3387132 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8755 | &nbsp;&nbsp;$1216719 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32772 | &nbsp;&nbsp;&nbsp;&nbsp; 5938253 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797 | &nbsp;&nbsp;&nbsp;&nbsp; 2024476 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345867 | &nbsp;&nbsp;&nbsp;&nbsp; 13984459 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946 | &nbsp;&nbsp;&nbsp;&nbsp; 961789 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902 | &nbsp;&nbsp;&nbsp;&nbsp; 11619460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202002107 |
| **United Kingdom — 14.2%** | **United Kingdom — 14.2%** | **United Kingdom — 14.2%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105763 | &nbsp;&nbsp;&nbsp;&nbsp; 5747135 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28409 | &nbsp;&nbsp;&nbsp;&nbsp; 1392607 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121384 | &nbsp;&nbsp;&nbsp;&nbsp; 3735185 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43028 | &nbsp;&nbsp;&nbsp;&nbsp; 1246820 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46841 | &nbsp;&nbsp;&nbsp;&nbsp; 3444951 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35562 | &nbsp;&nbsp;&nbsp;&nbsp; 1037783 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168480 | &nbsp;&nbsp;&nbsp;&nbsp; 26934185 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95934 | &nbsp;&nbsp;&nbsp;&nbsp; 1041507 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330894 | &nbsp;&nbsp;&nbsp;&nbsp; 2916211 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327307 | &nbsp;&nbsp;&nbsp;&nbsp; 7779098 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;1553902 | &nbsp;&nbsp;&nbsp;&nbsp; 7564309 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149840 | &nbsp;&nbsp;&nbsp;&nbsp; 728805 |
| &nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;1740323 | &nbsp;&nbsp;&nbsp;&nbsp; 10213472 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227121 | &nbsp;&nbsp;&nbsp;&nbsp; 12882907 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644493 | &nbsp;&nbsp;&nbsp;&nbsp; 1886116 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35745 | &nbsp;&nbsp;&nbsp;&nbsp; 1209528 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548436 | &nbsp;&nbsp;&nbsp;&nbsp; 1192917 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25139 | &nbsp;&nbsp;&nbsp;&nbsp; 2233851 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184431 | &nbsp;&nbsp;&nbsp;&nbsp; 6270458 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241783 | &nbsp;&nbsp;&nbsp;&nbsp; 6726345 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24086 | &nbsp;&nbsp;&nbsp;&nbsp; 582000 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447245 | &nbsp;&nbsp;&nbsp;&nbsp; 8818678 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980467 | &nbsp;&nbsp;&nbsp;&nbsp; 4820915 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40945 | &nbsp;&nbsp;&nbsp;&nbsp; 1820499 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18264 | &nbsp;&nbsp;&nbsp;&nbsp; 440965 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;1900429 | &nbsp;&nbsp;&nbsp;&nbsp; 24353887 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85356 | &nbsp;&nbsp;&nbsp;&nbsp; 3603949 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142172 | &nbsp;&nbsp;&nbsp;&nbsp; 1675366 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16002 | &nbsp;&nbsp;&nbsp;&nbsp; 1942134 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17471 | &nbsp;&nbsp;&nbsp;&nbsp; 1108288 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191811 | &nbsp;&nbsp;&nbsp;&nbsp; 776553 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271820 | &nbsp;&nbsp;&nbsp;&nbsp; 352462 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194567 | &nbsp;&nbsp;&nbsp;&nbsp; 676610 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77220 | &nbsp;&nbsp;&nbsp;&nbsp; 577950 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640751 | &nbsp;&nbsp;&nbsp;&nbsp; 2142719 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;6535198 | &nbsp;&nbsp;&nbsp;&nbsp; 7016330 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51785 | &nbsp;&nbsp;&nbsp;&nbsp; 6418268 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249240 | &nbsp;&nbsp;&nbsp;&nbsp; 893403 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224251 | &nbsp;&nbsp;&nbsp;&nbsp; 1046758 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139151 | &nbsp;&nbsp;&nbsp;&nbsp; 1106456 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48164 | &nbsp;&nbsp;&nbsp;&nbsp; 677726 |
| &nbsp;&nbsp;&nbsp;National Grid PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532088 | &nbsp;&nbsp;&nbsp;&nbsp; 7483408 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877705 | &nbsp;&nbsp;&nbsp;&nbsp; 6072312 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12735 | &nbsp;&nbsp;&nbsp;&nbsp; 2058481 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65161 | &nbsp;&nbsp;&nbsp;&nbsp; 948281 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76622 | &nbsp;&nbsp;&nbsp;&nbsp; 705918 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283126 | &nbsp;&nbsp;&nbsp;&nbsp; 3784509 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74087 | &nbsp;&nbsp;&nbsp;&nbsp; 5542619 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200717 | &nbsp;&nbsp;&nbsp;&nbsp; 9360905 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275463 | &nbsp;&nbsp;&nbsp;&nbsp; 1363283 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122623 | &nbsp;&nbsp;&nbsp;&nbsp; 7661255 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921144 | &nbsp;&nbsp;&nbsp;&nbsp; 13311568 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107158 | &nbsp;&nbsp;&nbsp;&nbsp; 1573820 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79727 | &nbsp;&nbsp;&nbsp;&nbsp; 409775 |

---

------

#### VALIC Company I International Equities Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140289 | &nbsp;&nbsp;$1191244 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29482 | &nbsp;&nbsp;&nbsp;&nbsp; 1030227 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642016 | &nbsp;&nbsp;&nbsp;&nbsp; 23614805 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90797 | &nbsp;&nbsp;&nbsp;&nbsp; 1698897 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36623 | &nbsp;&nbsp;&nbsp;&nbsp; 1166941 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032 | &nbsp;&nbsp;&nbsp;&nbsp; 792372 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119835 | &nbsp;&nbsp;&nbsp;&nbsp; 2801329 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219117 | &nbsp;&nbsp;&nbsp;&nbsp; 4101904 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730498 | &nbsp;&nbsp;&nbsp;&nbsp; 4175468 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267125 | &nbsp;&nbsp;&nbsp;&nbsp; 16812592 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74404 | &nbsp;&nbsp;&nbsp;&nbsp; 1156120 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2158693 | &nbsp;&nbsp;&nbsp;&nbsp; 2582143 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19260 | &nbsp;&nbsp;&nbsp;&nbsp; 821258 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72697 | &nbsp;&nbsp;&nbsp;&nbsp; 1035911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300293451 |
| **Total Common Stocks<br> (cost $1,552,721,110)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2088485812 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |  |
| **Italy — 0.0%** | **Italy — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA†<br> Expires 09/12/2025<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;1121763 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| **Total Long-Term Investment Securities<br> (cost $1,552,721,110)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2088485825 |
| **SHORT-TERM INVESTMENTS — 8.1%** | **SHORT-TERM INVESTMENTS — 8.1%** |  |
| **Unaffiliated Investment Companies — 8.1%** | **Unaffiliated Investment Companies — 8.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 4.23%(1) | &nbsp;&nbsp;&nbsp;&nbsp;5767769 | &nbsp;&nbsp;&nbsp;&nbsp; 5767769 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.31%(1)(2) | 166393903 | &nbsp;&nbsp;&nbsp;&nbsp; 166393903 |
| **Total Short-Term Investments<br> (cost $172,161,672)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172161672 |
| **TOTAL INVESTMENTS<br> (cost $1,724,882,782)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.9% | &nbsp;&nbsp;&nbsp;&nbsp;2260647497 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.9) | &nbsp;&nbsp;&nbsp;&nbsp;(146134407) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2114513090 |

---

# The security or a portion thereof is out on loan. <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 August 31, 2025, the aggregate value of these securities was $24,924,636 representing 1.2% of net assets.

(1) The rate shown is the 7-day yield as of August 31, 2025.

(2) At August 31, 2025, the Fund had loaned securities with a total value of $176,789,785. This was secured by collateral of $166,393,903, which was received in cash and subsequently invested in short-term investments currently valued at $166,393,903 as reported in the Portfolio of Investments. Additional collateral of $20,860,659 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> August 31, 2025** |
| Government National Mtg. Assoc. | 2.30% to 5.50% | 11/16/2050 to 12/16/2057 | &nbsp;&nbsp;&nbsp;&nbsp;$382882 |
| United States Treasury Bills | 0.00% | 10/02/2025 to 05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54875 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 09/30/2025 to 05/15/2055 | &nbsp;&nbsp;&nbsp;20422902 |

---

---

| |
|:---|
| ADR—American Depositary Receipt |
| 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 Corp. SA | &nbsp;&nbsp;37521 | &nbsp;&nbsp;2.19% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/19/2026 | &nbsp;&nbsp;$722241 | &nbsp;&nbsp;$7014 | &nbsp;&nbsp;$7014 |
| BNP Paribas | &nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp; 6759 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/17/2027 | &nbsp;&nbsp;&nbsp; 130374 | &nbsp;&nbsp;&nbsp; 844 | &nbsp;&nbsp;&nbsp; 844 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7858 | &nbsp;&nbsp;&nbsp;&nbsp;7858 |
| **Hong Kong** |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;24500 | &nbsp;&nbsp;4.14 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;1378084 | &nbsp;&nbsp;&nbsp;53793 | &nbsp;&nbsp;&nbsp;53793 |
| **Singapore** |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;15300 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/10/2028 | &nbsp;&nbsp;&nbsp; 191591 | &nbsp;&nbsp;&nbsp; 5695 | &nbsp;&nbsp;&nbsp; 5695 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$67346 | &nbsp;&nbsp;$67346 |

---

------

#### VALIC Company I International Equities Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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** |
| 25 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SGX Nikkei 225 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3619994 | &nbsp;&nbsp;&nbsp;&nbsp;$3631639 | &nbsp;&nbsp;&nbsp;&nbsp;$11645 |
| 14 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SPI 200 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16174 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$27819 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 119 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Euro STOXX 50 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$7656342 | &nbsp;&nbsp;&nbsp;&nbsp;$7464874 | &nbsp;&nbsp;&nbsp;&nbsp;$(191468) |
| 33 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22435) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(213903) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(186084) |

---

\* 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;15.6% |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |

---

------

#### VALIC Company I International Equities Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Holding Companies-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;106.9% |

---

\* 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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Hong Kong | &nbsp;&nbsp;&nbsp;$1247603 | &nbsp;&nbsp;&nbsp;&nbsp;$38222749 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$39470352 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8098984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13398245 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21497229 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;11375122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833099 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15208221 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119398441 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121879186 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9045466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28843990 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37889456 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298059600 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300293451 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1552247917 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1552247917 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;172161672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172161672 |
| **Total Investments at Value** | &nbsp;&nbsp;$206643456 | &nbsp;&nbsp;$2054004041 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2260647497 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67346 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67346 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27819 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67346 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95165 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$213903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$213903 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I International Government Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 4.3%** | **CORPORATE BONDS & NOTES — 4.3%** | **CORPORATE BONDS & NOTES — 4.3%** |
| **Cayman Islands — 0.7%** | **Cayman Islands — 0.7%** | **Cayman Islands — 0.7%** |
| &nbsp;&nbsp;&nbsp;Gaci First Investment Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/14/2035 | $300000 | &nbsp;&nbsp;$297934 |
| &nbsp;&nbsp;&nbsp;Sobha Sukuk, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 07/17/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 260973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558907 |
| **Mexico — 0.9%** | **Mexico — 0.9%** | **Mexico — 0.9%** |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/2028 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 186281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/2032 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 451875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638156 |
| **Morocco — 0.4%** | **Morocco — 0.4%** | **Morocco — 0.4%** |
| &nbsp;&nbsp;&nbsp;OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 03/01/2036\* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 289382 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| &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; 299100 |
| **Serbia — 0.3%** | **Serbia — 0.3%** | **Serbia — 0.3%** |
| &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; 201161 |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| &nbsp;&nbsp;&nbsp;LLPL Capital Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/04/2039 | &nbsp;&nbsp; 210690 | &nbsp;&nbsp;&nbsp;&nbsp; 218021 |
| **Turkey — 0.7%** | **Turkey — 0.7%** | **Turkey — 0.7%** |
| &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; 260411 |
| &nbsp;&nbsp;&nbsp;Turkiye Sinai Kalkinma Bankasi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/02/2030\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 255548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515959 |
| **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |
| &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; 241813 |
| **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; 201743 |
| **Total Corporate Bonds & Notes<br> (cost $3,078,885)** |  | &nbsp;&nbsp;&nbsp;&nbsp;3164242 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 33.9%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 33.9%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 33.9%** |
| **United States — 33.9%** | **United States — 33.9%** | **United States — 33.9%** |
| &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; 645993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/15/2046 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 239285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2043 to 05/15/2049 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 720504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2047 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 371406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 11/15/2043 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 406936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 671016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 373391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 476562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2041 to 05/15/2055 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1230996 |
| &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; 472422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 05/31/2026 to 08/31/2026 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1265470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/15/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 866797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 08/31/2028 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 949078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 to 08/15/2031 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1767395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 345641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2031# | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1513199 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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;1.88%, 02/28/2029 |  | $1000000 | &nbsp;&nbsp;$943516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2027 |  | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032# |  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 649934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2028 to 05/15/2032 |  | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/31/2029# |  | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 899578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2030 |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/31/2027 to 08/15/2034 |  | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1394703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 596484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/28/2027 |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2035 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/31/2029 to 05/15/2034 |  | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2570413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035# |  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 723953 |
| **Total U.S. Government & Agency Obligations<br> (cost $26,164,388)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;25224314 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 59.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 59.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 59.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 59.8%** |
| **Angola — 0.6%** | **Angola — 0.6%** | **Angola — 0.6%** | **Angola — 0.6%** |
| &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; 284334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/09/2028 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197038 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481372 |
| **Argentina — 0.9%** | **Argentina — 0.9%** | **Argentina — 0.9%** | **Argentina — 0.9%** |
| &nbsp;&nbsp;&nbsp;Republic of Argentina |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 07/09/2030(1) |  | &nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp;&nbsp; 131798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/09/2035(1) |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 508200 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639998 |
| **Australia — 1.9%** | **Australia — 1.9%** | **Australia — 1.9%** | **Australia — 1.9%** |
| &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; 331810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/21/2027 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 419990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/21/2047 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 559000 | &nbsp;&nbsp;&nbsp;&nbsp; 273793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/21/2034 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 381003 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1406596 |
| **Belgium — 0.6%** | **Belgium — 0.6%** | **Belgium — 0.6%** | **Belgium — 0.6%** |
| &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; 436902 |
| **Benin — 0.7%** | **Benin — 0.7%** | **Benin — 0.7%** | **Benin — 0.7%** |
| &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; 295624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 02/13/2038 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197082 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492706 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| &nbsp;&nbsp;&nbsp;Federative Republic of Brazil |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/27/2045 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 154750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2035 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204400 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359150 |
| **Bulgaria — 0.3%** | **Bulgaria — 0.3%** | **Bulgaria — 0.3%** | **Bulgaria — 0.3%** |
| &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; 257618 |
| **Chile — 0.7%** | **Chile — 0.7%** | **Chile — 0.7%** | **Chile — 0.7%** |
| &nbsp;&nbsp;&nbsp;Republic of Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/05/2036 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 493850 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| &nbsp;&nbsp;&nbsp;Republic of Colombia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 04/15/2031 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 172258 |

---

------

#### VALIC Company I International Government Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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)** |
| **Costa Rica — 0.4%** | **Costa Rica — 0.4%** | **Costa Rica — 0.4%** | **Costa Rica — 0.4%** |
| &nbsp;&nbsp;&nbsp;Republic of Costa Rica |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, 03/12/2045 |  | $300000 | &nbsp;&nbsp;$314100 |
| **Dominican Republic — 0.7%** | **Dominican Republic — 0.7%** | **Dominican Republic — 0.7%** | **Dominican Republic — 0.7%** |
| &nbsp;&nbsp;&nbsp;Dominican Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2060 |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 300912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/25/2027 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202710 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503622 |
| **Ecuador — 0.5%** | **Ecuador — 0.5%** | **Ecuador — 0.5%** | **Ecuador — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Ecuador |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2040(1) |  | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 168535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 07/31/2035(1) |  | &nbsp;&nbsp; 300164 | &nbsp;&nbsp;&nbsp;&nbsp; 225879 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394414 |
| **Egypt — 0.9%** | **Egypt — 0.9%** | **Egypt — 0.9%** | **Egypt — 0.9%** |
| &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; 429420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/30/2051 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 254581 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684001 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| &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; 281723 |
| **France — 4.2%** | **France — 4.2%** | **France — 4.2%** | **France — 4.2%** |
| &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;&nbsp;&nbsp; 449652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/25/2034\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 590683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 05/25/2066\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 137030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/25/2030\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 580935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/25/2054\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 317734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 05/25/2035\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 570484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/25/2033\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 474890 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3121408 |
| **Germany — 4.3%** | **Germany — 4.3%** | **Germany — 4.3%** | **Germany — 4.3%** |
| &nbsp;&nbsp;&nbsp;Federal Republic of Germany |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 08/15/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 603430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/15/2033 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 462239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/15/2054 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 08/15/2034 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1167410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/04/2037 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 130369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/04/2040 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 366328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/04/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 253107 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3182051 |
| **Guatemala — 0.4%** | **Guatemala — 0.4%** | **Guatemala — 0.4%** | **Guatemala — 0.4%** |
| &nbsp;&nbsp;&nbsp;Republic of Guatemala |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 06/13/2036 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 313500 |
| **Hungary — 0.5%** | **Hungary — 0.5%** | **Hungary — 0.5%** | **Hungary — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Hungary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/26/2035\* |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 410219 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Indonesia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 07/28/2031 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 351361 |
| **Italy — 5.0%** | **Italy — 5.0%** | **Italy — 5.0%** | **Italy — 5.0%** |
| &nbsp;&nbsp;&nbsp;Republic of Italy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%, 08/01/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 512269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2028 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 541958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 673371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2047\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 430305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 214699 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2030\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;$364756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 175212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2039\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 523397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2031 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 272839 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3708806 |
| **Ivory Coast — 0.9%** | **Ivory Coast — 0.9%** | **Ivory Coast — 0.9%** | **Ivory Coast — 0.9%** |
| &nbsp;&nbsp;&nbsp;Republic of Ivory Coast |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08%, 04/01/2036\* |  | $275000 | &nbsp;&nbsp;&nbsp;&nbsp; 272936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/30/2037 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 398424 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671360 |
| **Japan — 6.5%** | **Japan — 6.5%** | **Japan — 6.5%** | **Japan — 6.5%** |
| &nbsp;&nbsp;&nbsp;Government of Japan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%, 03/20/2031 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; 448209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%, 06/20/2028 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 333323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%, 09/20/2029 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp; 534041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 07/01/2027 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 678568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 03/20/2061 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;185000000 | &nbsp;&nbsp;&nbsp;&nbsp; 594384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 06/01/2027 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;160000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 03/20/2047 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp; 375473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 09/20/2032 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp;&nbsp;&nbsp; 418434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/20/2039 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 350526 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4820747 |
| **Jordan — 1.0%** | **Jordan — 1.0%** | **Jordan — 1.0%** | **Jordan — 1.0%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Jordan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 07/07/2030 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 394694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/10/2047 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 371360 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766054 |
| **Kazakhstan — 0.4%** | **Kazakhstan — 0.4%** | **Kazakhstan — 0.4%** | **Kazakhstan — 0.4%** |
| &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; 328611 |
| **Kyrgyzstan — 0.7%** | **Kyrgyzstan — 0.7%** | **Kyrgyzstan — 0.7%** | **Kyrgyzstan — 0.7%** |
| &nbsp;&nbsp;&nbsp;Kyrgyzstan Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 06/03/2030\* |  | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 533354 |
| **Mexico — 2.0%** | **Mexico — 2.0%** | **Mexico — 2.0%** | **Mexico — 2.0%** |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66%, 05/24/2031 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 02/28/2030 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 861091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/18/2038 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 303114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/20/2036 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 172397 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1512756 |
| **Mongolia — 0.2%** | **Mongolia — 0.2%** | **Mongolia — 0.2%** | **Mongolia — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mongolia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 07/07/2031 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177892 |
| **Morocco — 0.7%** | **Morocco — 0.7%** | **Morocco — 0.7%** | **Morocco — 0.7%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Morocco |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/2032 |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 517486 |
| **Nigeria — 0.6%** | **Nigeria — 0.6%** | **Nigeria — 0.6%** | **Nigeria — 0.6%** |
| &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; 294505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 09/28/2051 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176190 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470695 |
| **Pakistan — 0.4%** | **Pakistan — 0.4%** | **Pakistan — 0.4%** | **Pakistan — 0.4%** |
| &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; 283409 |

---

------

#### VALIC Company I International Government Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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)** |
| **Peru — 0.9%** | **Peru — 0.9%** | **Peru — 0.9%** | **Peru — 0.9%** |
| &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;$287670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84%, 06/20/2030 |  | $400000 | &nbsp;&nbsp;&nbsp;&nbsp; 374156 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661826 |
| **Poland — 1.9%** | **Poland — 1.9%** | **Poland — 1.9%** | **Poland — 1.9%** |
| &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; 271003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/2035 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 395100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/18/2034 |  | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 584787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/18/2054 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187473 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1438363 |
| **Qatar — 0.8%** | **Qatar — 0.8%** | **Qatar — 0.8%** | **Qatar — 0.8%** |
| &nbsp;&nbsp;&nbsp;State of Qatar |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/27/2035 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/23/2048 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 382444 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589506 |
| **Romania — 1.9%** | **Romania — 1.9%** | **Romania — 1.9%** | **Romania — 1.9%** |
| &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; 147190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/16/2036\* |  | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 219679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/11/2039\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 418468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/17/2053 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 417408 |
| &nbsp;&nbsp;&nbsp;Romanian Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/16/2030\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201805 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1404550 |
| **Saudi Arabia — 1.9%** | **Saudi Arabia — 1.9%** | **Saudi Arabia — 1.9%** | **Saudi Arabia — 1.9%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/22/2030 |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 569579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/05/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 236084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 02/02/2061 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 188066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/13/2031\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 209239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/16/2054 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194032 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1397000 |
| **Serbia — 0.4%** | **Serbia — 0.4%** | **Serbia — 0.4%** | **Serbia — 0.4%** |
| &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; 289707 |
| **South Africa — 0.9%** | **South Africa — 0.9%** | **South Africa — 0.9%** | **South Africa — 0.9%** |
| &nbsp;&nbsp;&nbsp;Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 11/19/2036\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 11/19/2036 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 11/19/2054 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 290336 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693176 |
| **Spain — 3.6%** | **Spain — 3.6%** | **Spain — 3.6%** | **Spain — 3.6%** |
| &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; 408582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/31/2050\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 288522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 10/31/2026\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 464157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 07/30/2030\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 455056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/31/2034\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 476934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/30/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 552037 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2645288 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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) |  | $200000 | &nbsp;&nbsp;$166642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/15/2035(1) |  | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 394767 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561409 |
| **Sweden — 0.6%** | **Sweden — 0.6%** | **Sweden — 0.6%** | **Sweden — 0.6%** |
| &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; 413216 |
| **Trinidad and Tobago — 0.5%** | **Trinidad and Tobago — 0.5%** | **Trinidad and Tobago — 0.5%** | **Trinidad and Tobago — 0.5%** |
| &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; 349118 |
| **Turkey — 2.1%** | **Turkey — 2.1%** | **Turkey — 2.1%** | **Turkey — 2.1%** |
| &nbsp;&nbsp;&nbsp;Hazine Mustesarligi Varlik Kiralama AS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/01/2030\*# |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 307940 |
| &nbsp;&nbsp;&nbsp;Republic of Turkey |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/16/2043 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 217933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 08/17/2031 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 413689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/29/2032 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 412846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 01/19/2033 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 230323 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1582731 |
| **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** | **United Arab Emirates — 1.0%** |
| &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; 375472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 09/02/2070 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 110089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/16/2050 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 237133 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722694 |
| **United Kingdom — 4.4%** | **United Kingdom — 4.4%** | **United Kingdom — 4.4%** | **United Kingdom — 4.4%** |
| &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; 278298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 01/31/2039 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 421175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/2033 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 374973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/07/2027 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 808691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/22/2031 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 466113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/07/2036 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 515514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/31/2054 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 446379 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3311143 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
| &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; 92407 |
| **Zambia — 0.4%** | **Zambia — 0.4%** | **Zambia — 0.4%** | **Zambia — 0.4%** |
| &nbsp;&nbsp;&nbsp;Repubic of Zambia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/30/2033(1) |  | &nbsp;&nbsp; 353530 | &nbsp;&nbsp;&nbsp;&nbsp; 330627 |
| **Total Foreign Government Obligations<br> (cost $45,206,473)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;44570780 |
| **Total Long-Term Investment Securities<br> (cost $74,449,746)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;72959336 |

---

------

#### VALIC Company I International Government Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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 Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(2)(3)<br> (cost $318,000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;$318000 |
| **TOTAL INVESTMENTS<br> (cost $74,767,746)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.4% | &nbsp;&nbsp;&nbsp;&nbsp;73277336 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;1206997 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$74484333 |

---

\* 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 August 31, 2025, the aggregate value of these securities was $11,720,687 representing 15.7% of net assets.

# The security or a portion thereof is out on loan.

(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of August 31, 2025.

(2) The rate shown is the 7-day yield as of August 31, 2025.

(3) At August 31, 2025, the Fund had loaned securities with a total value of $3,034,934. This was secured by collateral of $318,000, which was received in cash and subsequently invested in short-term investments currently valued at $318,000 as reported in the Portfolio of Investments. Additional collateral of $2,880,671 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> August 31, 2025** |
| Federal Home Loan Mtg. Corp. | 1.50% to 9.50% | 04/15/2027 to 09/01/2055 | $1186265 |
| Federal National Mtg. Assoc. | 1.50% to 7.50% | 11/01/2025 to 09/01/2055 | &nbsp;&nbsp;&nbsp;1152414 |
| Government National Mtg. Assoc. | 1.82% to 5.91% | 08/20/2048 to 02/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp;541992 |

---

---

| |
|:---|
| 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;59.8% |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;33.9 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;98.4% |

---

\* Calculated as a percentage of net assets

------

#### VALIC Company I International Government Bond Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;$— | &nbsp;&nbsp;$3164242 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3164242 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25224314 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25224314 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44570780 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44570780 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318000 |
| **Total Investments at Value** | &nbsp;&nbsp;$318000 | &nbsp;&nbsp;$72959336 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$73277336 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I International Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** |
| **Brazil — 1.9%** | **Brazil — 1.9%** | **Brazil — 1.9%** |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;482990 | &nbsp;&nbsp;$7148252 |
| **Canada — 9.5%** | **Canada — 9.5%** | **Canada — 9.5%** |
| &nbsp;&nbsp;&nbsp;Brookfield Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;142103 | &nbsp;&nbsp;&nbsp;&nbsp; 9339009 |
| &nbsp;&nbsp;&nbsp;Canada Goose Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;368398 | &nbsp;&nbsp;&nbsp;&nbsp; 4781806 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;154792 | &nbsp;&nbsp;&nbsp;&nbsp; 11790724 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;60957 | &nbsp;&nbsp;&nbsp;&nbsp; 8612005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34523544 |
| **Denmark — 7.7%** | **Denmark — 7.7%** | **Denmark — 7.7%** |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;127074 | &nbsp;&nbsp;&nbsp;&nbsp; 28136816 |
| **France — 21.5%** | **France — 21.5%** | **France — 21.5%** |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;20799 | &nbsp;&nbsp;&nbsp;&nbsp; 6336275 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;12033 | &nbsp;&nbsp;&nbsp;&nbsp; 29414690 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;38995 | &nbsp;&nbsp;&nbsp;&nbsp; 18150589 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;12993 | &nbsp;&nbsp;&nbsp;&nbsp; 7656010 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;68996 | &nbsp;&nbsp;&nbsp;&nbsp; 16933760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;78491324 |
| **Hong Kong — 3.1%** | **Hong Kong — 3.1%** | **Hong Kong — 3.1%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | 1184918 | &nbsp;&nbsp;&nbsp;&nbsp; 11212893 |
| **India — 7.8%** | **India — 7.8%** | **India — 7.8%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | 1029702 | &nbsp;&nbsp;&nbsp;&nbsp; 11117731 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;387799 | &nbsp;&nbsp;&nbsp;&nbsp; 12308740 |
| &nbsp;&nbsp;&nbsp;Titan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;120496 | &nbsp;&nbsp;&nbsp;&nbsp; 4943583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28370054 |
| **Italy — 5.4%** | **Italy — 5.4%** | **Italy — 5.4%** |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;337475 | &nbsp;&nbsp;&nbsp;&nbsp; 19601034 |
| **Japan — 5.8%** | **Japan — 5.8%** | **Japan — 5.8%** |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp;&nbsp; 15498984 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp; 5881093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21380077 |
| **Luxembourg — 8.3%** | **Luxembourg — 8.3%** | **Luxembourg — 8.3%** |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;44344 | &nbsp;&nbsp;&nbsp;&nbsp; 30237287 |
| **Netherlands — 5.2%** | **Netherlands — 5.2%** | **Netherlands — 5.2%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp; 5935560 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;17706 | &nbsp;&nbsp;&nbsp;&nbsp; 13152853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19088413 |
| **Switzerland — 5.5%** | **Switzerland — 5.5%** | **Switzerland — 5.5%** |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 5542016 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;32360 | &nbsp;&nbsp;&nbsp;&nbsp; 5663109 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;75076 | &nbsp;&nbsp;&nbsp;&nbsp; 8812702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20017827 |
| **Taiwan — 5.8%** | **Taiwan — 5.8%** | **Taiwan — 5.8%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;559000 | &nbsp;&nbsp;&nbsp;&nbsp; 21045627 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom — 4.9%** | **United Kingdom — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;82617 | &nbsp;&nbsp;$4306824 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;76728 | &nbsp;&nbsp;&nbsp;&nbsp; 9509721 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | &nbsp;&nbsp;&nbsp;&nbsp;408864 | &nbsp;&nbsp;&nbsp;&nbsp; 4108841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17925386 |
| **United States — 7.2%** | **United States — 7.2%** |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;89960 | &nbsp;&nbsp;&nbsp;&nbsp; 8987004 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003 | &nbsp;&nbsp;&nbsp;&nbsp; 17317789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26304793 |
| **Total Long-Term Investment Securities<br> (cost $241,873,849)** |  | &nbsp;&nbsp;&nbsp;&nbsp;363483327 |
| **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> 4.31%(1)(2)<br> (cost $4,323,942) | 4323942 | &nbsp;&nbsp;&nbsp;&nbsp; 4323942 |
| **TOTAL INVESTMENTS<br> (cost $246,197,791)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.8% | &nbsp;&nbsp;&nbsp;&nbsp;367807269 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2877528) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$364929741 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| \* | &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 August 31, 2025, the aggregate value of these securities was $5,935,560 representing 1.6% of net assets. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (2) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $13,496,399. This was secured by collateral of $4,323,942, which was received in cash and subsequently invested in short-term investments currently valued at $4,323,942 as reported in the Portfolio of Investments. Additional collateral of $9,946,298 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> August 31, 2025** |
| United States Treasury Bills | 0.00% | 10/30/2025 to 12/26/2025 | $1858441 |
| United States Treasury Notes/Bonds | 0.13% to 4.63% | 11/15/2025 to 05/15/2053 | &nbsp;&nbsp;&nbsp;8087857 |

---

ADR—American Depositary Receipt

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;16.5% |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;12.7 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;10.9 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;9.4 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |

---

------

#### VALIC Company I International Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
|  | &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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Brazil | &nbsp;&nbsp;&nbsp;$7148252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7148252 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;34523544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34523544 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;12308740 | &nbsp;&nbsp;&nbsp;&nbsp;16061314 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28370054 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;30237287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30237287 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306824 | &nbsp;&nbsp;&nbsp;&nbsp;13618562 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17925386 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;26304793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26304793 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;218974011 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;218974011 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4323942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4323942 |
| **Total Investments at Value** | &nbsp;&nbsp;$119153382 | &nbsp;&nbsp;$248653887 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$367807269 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I International Opportunities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 95.2%** | **COMMON STOCKS — 95.2%** | **COMMON STOCKS — 95.2%** |
| **Australia — 4.5%** | **Australia — 4.5%** | **Australia — 4.5%** |
| &nbsp;&nbsp;&nbsp;ALS, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110645 | &nbsp;&nbsp;$1341536 |
| &nbsp;&nbsp;&nbsp;Challenger, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;241871 | &nbsp;&nbsp;&nbsp;&nbsp; 1319070 |
| &nbsp;&nbsp;&nbsp;Charter Hall Group | &nbsp;&nbsp;&nbsp;&nbsp;106925 | &nbsp;&nbsp;&nbsp;&nbsp; 1638423 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611 | &nbsp;&nbsp;&nbsp;&nbsp; 1106783 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73273 | &nbsp;&nbsp;&nbsp;&nbsp; 1824905 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;106453 | &nbsp;&nbsp;&nbsp;&nbsp; 614412 |
| &nbsp;&nbsp;&nbsp;FireFly Metals, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;582065 | &nbsp;&nbsp;&nbsp;&nbsp; 487403 |
| &nbsp;&nbsp;&nbsp;Genesis Minerals, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;344641 | &nbsp;&nbsp;&nbsp;&nbsp; 1047649 |
| &nbsp;&nbsp;&nbsp;Judo Capital Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;591951 | &nbsp;&nbsp;&nbsp;&nbsp; 657318 |
| &nbsp;&nbsp;&nbsp;Liberty Financial Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;247959 | &nbsp;&nbsp;&nbsp;&nbsp; 684896 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8121 | &nbsp;&nbsp;&nbsp;&nbsp; 73372 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19195 | &nbsp;&nbsp;&nbsp;&nbsp; 166449 |
| &nbsp;&nbsp;&nbsp;Nufarm, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95996 | &nbsp;&nbsp;&nbsp;&nbsp; 152209 |
| &nbsp;&nbsp;&nbsp;Orora, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;339130 | &nbsp;&nbsp;&nbsp;&nbsp; 460054 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;250790 | &nbsp;&nbsp;&nbsp;&nbsp; 397862 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94928 | &nbsp;&nbsp;&nbsp;&nbsp; 775103 |
| &nbsp;&nbsp;&nbsp;SiteMinder, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;107630 | &nbsp;&nbsp;&nbsp;&nbsp; 484354 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;475474 | &nbsp;&nbsp;&nbsp;&nbsp; 1925172 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69075 | &nbsp;&nbsp;&nbsp;&nbsp; 1300485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16457455 |
| **Austria — 1.8%** | **Austria — 1.8%** | **Austria — 1.8%** |
| &nbsp;&nbsp;&nbsp;Addiko Bank AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11201 | &nbsp;&nbsp;&nbsp;&nbsp; 301391 |
| &nbsp;&nbsp;&nbsp;ANDRITZ AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19794 | &nbsp;&nbsp;&nbsp;&nbsp; 1393710 |
| &nbsp;&nbsp;&nbsp;BAWAG Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29193 | &nbsp;&nbsp;&nbsp;&nbsp; 3772298 |
| &nbsp;&nbsp;&nbsp;Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31353 | &nbsp;&nbsp;&nbsp;&nbsp; 1092752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560151 |
| **Belgium — 1.2%** | **Belgium — 1.2%** | **Belgium — 1.2%** |
| &nbsp;&nbsp;&nbsp;Aedifica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171 | &nbsp;&nbsp;&nbsp;&nbsp; 397291 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10120 | &nbsp;&nbsp;&nbsp;&nbsp; 1157614 |
| &nbsp;&nbsp;&nbsp;KBC Ancora | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17299 | &nbsp;&nbsp;&nbsp;&nbsp; 1340921 |
| &nbsp;&nbsp;&nbsp;VGP NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11964 | &nbsp;&nbsp;&nbsp;&nbsp; 1366025 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034 | &nbsp;&nbsp;&nbsp;&nbsp; 103527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365378 |
| **Bermuda — 0.2%** | **Bermuda — 0.2%** | **Bermuda — 0.2%** |
| &nbsp;&nbsp;&nbsp;Conduit Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10266 | &nbsp;&nbsp;&nbsp;&nbsp; 41642 |
| &nbsp;&nbsp;&nbsp;Hiscox, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42507 | &nbsp;&nbsp;&nbsp;&nbsp; 750170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791812 |
| **Brazil — 4.2%** | **Brazil — 4.2%** | **Brazil — 4.2%** |
| &nbsp;&nbsp;&nbsp;Hapvida Participacoes e Investimentos SA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30924 | &nbsp;&nbsp;&nbsp;&nbsp; 237897 |
| &nbsp;&nbsp;&nbsp;Itausa SA (Preference Shares) | 1012500 | &nbsp;&nbsp;&nbsp;&nbsp; 2095272 |
| &nbsp;&nbsp;&nbsp;Odontoprev SA | &nbsp;&nbsp;&nbsp;&nbsp;496200 | &nbsp;&nbsp;&nbsp;&nbsp; 1204384 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;850500 | &nbsp;&nbsp;&nbsp;&nbsp; 2752986 |
| &nbsp;&nbsp;&nbsp;Rumo SA | &nbsp;&nbsp;&nbsp;&nbsp;622191 | &nbsp;&nbsp;&nbsp;&nbsp; 1669703 |
| &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;295500 | &nbsp;&nbsp;&nbsp;&nbsp; 1239913 |
| &nbsp;&nbsp;&nbsp;TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp;460348 | &nbsp;&nbsp;&nbsp;&nbsp; 3659452 |
| &nbsp;&nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;343200 | &nbsp;&nbsp;&nbsp;&nbsp; 2383856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15243463 |
| **Canada — 3.4%** | **Canada — 3.4%** | **Canada — 3.4%** |
| &nbsp;&nbsp;&nbsp;Birchcliff Energy, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85353 | &nbsp;&nbsp;&nbsp;&nbsp; 392163 |
| &nbsp;&nbsp;&nbsp;Canada Goose Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31988 | &nbsp;&nbsp;&nbsp;&nbsp; 414597 |
| &nbsp;&nbsp;&nbsp;CCL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36691 | &nbsp;&nbsp;&nbsp;&nbsp; 2197960 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;675580 | &nbsp;&nbsp;&nbsp;&nbsp; 678851 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34354 | &nbsp;&nbsp;&nbsp;&nbsp; 981150 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48172 | &nbsp;&nbsp;&nbsp;&nbsp; 557362 |
| &nbsp;&nbsp;&nbsp;Marimaca Copper Corp.†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67242 | &nbsp;&nbsp;&nbsp;&nbsp; 505548 |
| &nbsp;&nbsp;&nbsp;MEG Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14314 | &nbsp;&nbsp;&nbsp;&nbsp; 294441 |
| &nbsp;&nbsp;&nbsp;Metro, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14185 | &nbsp;&nbsp;&nbsp;&nbsp; 1016763 |
| &nbsp;&nbsp;&nbsp;Montage Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;305621 | &nbsp;&nbsp;&nbsp;&nbsp; 1219502 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;119388 | &nbsp;&nbsp;$1837742 |
| &nbsp;&nbsp;&nbsp;NuVista Energy, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52984 | &nbsp;&nbsp;&nbsp;&nbsp; 563270 |
| &nbsp;&nbsp;&nbsp;Peyto Exploration & Development Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30653 | &nbsp;&nbsp;&nbsp;&nbsp; 417158 |
| &nbsp;&nbsp;&nbsp;PrairieSky Royalty, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12680 | &nbsp;&nbsp;&nbsp;&nbsp; 222236 |
| &nbsp;&nbsp;&nbsp;Sprott, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13968 | &nbsp;&nbsp;&nbsp;&nbsp; 920631 |
| &nbsp;&nbsp;&nbsp;Topaz Energy Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10255 | &nbsp;&nbsp;&nbsp;&nbsp; 187052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12406426 |
| **China — 1.3%** | **China — 1.3%** | **China — 1.3%** |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100429 | &nbsp;&nbsp;&nbsp;&nbsp; 801834 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72600 | &nbsp;&nbsp;&nbsp;&nbsp; 431884 |
| &nbsp;&nbsp;&nbsp;Kanzhun, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19810 | &nbsp;&nbsp;&nbsp;&nbsp; 467912 |
| &nbsp;&nbsp;&nbsp;Pony AI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12667 | &nbsp;&nbsp;&nbsp;&nbsp; 182025 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;625106 | &nbsp;&nbsp;&nbsp;&nbsp; 470132 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;962000 | &nbsp;&nbsp;&nbsp;&nbsp; 1359122 |
| &nbsp;&nbsp;&nbsp;Zai Lab, Ltd. ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20946 | &nbsp;&nbsp;&nbsp;&nbsp; 693313 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;144554 | &nbsp;&nbsp;&nbsp;&nbsp; 297412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703634 |
| **Denmark — 2.4%** | **Denmark — 2.4%** | **Denmark — 2.4%** |
| &nbsp;&nbsp;&nbsp;ALK-Abello A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26802 | &nbsp;&nbsp;&nbsp;&nbsp; 844271 |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527 | &nbsp;&nbsp;&nbsp;&nbsp; 879460 |
| &nbsp;&nbsp;&nbsp;Chemometec A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21307 | &nbsp;&nbsp;&nbsp;&nbsp; 1735716 |
| &nbsp;&nbsp;&nbsp;Dfds A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28445 | &nbsp;&nbsp;&nbsp;&nbsp; 444950 |
| &nbsp;&nbsp;&nbsp;FLSmidth & Co. A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24936 | &nbsp;&nbsp;&nbsp;&nbsp; 1702207 |
| &nbsp;&nbsp;&nbsp;NTG Nordic Transport Group A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7843 | &nbsp;&nbsp;&nbsp;&nbsp; 225177 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13346 | &nbsp;&nbsp;&nbsp;&nbsp; 1842577 |
| &nbsp;&nbsp;&nbsp;Royal Unibrew A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12213 | &nbsp;&nbsp;&nbsp;&nbsp; 943206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8617564 |
| **Finland — 1.4%** | **Finland — 1.4%** | **Finland — 1.4%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24286 | &nbsp;&nbsp;&nbsp;&nbsp; 1295016 |
| &nbsp;&nbsp;&nbsp;Kemira Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40033 | &nbsp;&nbsp;&nbsp;&nbsp; 925079 |
| &nbsp;&nbsp;&nbsp;Konecranes OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19373 | &nbsp;&nbsp;&nbsp;&nbsp; 1597029 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38806 | &nbsp;&nbsp;&nbsp;&nbsp; 1136095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953219 |
| **France — 3.7%** | **France — 3.7%** | **France — 3.7%** |
| &nbsp;&nbsp;&nbsp;Alten SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12973 | &nbsp;&nbsp;&nbsp;&nbsp; 1001744 |
| &nbsp;&nbsp;&nbsp;Ayvens SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98032 | &nbsp;&nbsp;&nbsp;&nbsp; 1084937 |
| &nbsp;&nbsp;&nbsp;Carmila SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8029 | &nbsp;&nbsp;&nbsp;&nbsp; 161563 |
| &nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9847 | &nbsp;&nbsp;&nbsp;&nbsp; 1836434 |
| &nbsp;&nbsp;&nbsp;Interparfums SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26149 | &nbsp;&nbsp;&nbsp;&nbsp; 964235 |
| &nbsp;&nbsp;&nbsp;JCDecaux SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83190 | &nbsp;&nbsp;&nbsp;&nbsp; 1430944 |
| &nbsp;&nbsp;&nbsp;Kaufman & Broad SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10654 | &nbsp;&nbsp;&nbsp;&nbsp; 357064 |
| &nbsp;&nbsp;&nbsp;Lectra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31479 | &nbsp;&nbsp;&nbsp;&nbsp; 846547 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14603 | &nbsp;&nbsp;&nbsp;&nbsp; 2228096 |
| &nbsp;&nbsp;&nbsp;Medincell SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp; 535495 |
| &nbsp;&nbsp;&nbsp;Neurones | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29834 | &nbsp;&nbsp;&nbsp;&nbsp; 1401228 |
| &nbsp;&nbsp;&nbsp;Thermador Groupe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211 | &nbsp;&nbsp;&nbsp;&nbsp; 469253 |
| &nbsp;&nbsp;&nbsp;Valeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42001 | &nbsp;&nbsp;&nbsp;&nbsp; 508279 |
| &nbsp;&nbsp;&nbsp;Vetoquinol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230 | &nbsp;&nbsp;&nbsp;&nbsp; 463864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13289683 |
| **Germany — 3.1%** | **Germany — 3.1%** | **Germany — 3.1%** |
| &nbsp;&nbsp;&nbsp;Amadeus Fire AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp; 242776 |
| &nbsp;&nbsp;&nbsp;Atoss Software SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960 | &nbsp;&nbsp;&nbsp;&nbsp; 596117 |
| &nbsp;&nbsp;&nbsp;Bertrandt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7965 | &nbsp;&nbsp;&nbsp;&nbsp; 183912 |
| &nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69808 | &nbsp;&nbsp;&nbsp;&nbsp; 3525025 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20138 | &nbsp;&nbsp;&nbsp;&nbsp; 1888096 |
| &nbsp;&nbsp;&nbsp;Fuchs SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31547 | &nbsp;&nbsp;&nbsp;&nbsp; 1513490 |

---

------

#### VALIC Company I International Opportunities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17962 | &nbsp;&nbsp;$1874716 |
| &nbsp;&nbsp;&nbsp;United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43817 | &nbsp;&nbsp;&nbsp;&nbsp; 1399996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11224128 |
| **Greece — 0.5%** | **Greece — 0.5%** | **Greece — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alpha Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;187290 | &nbsp;&nbsp;&nbsp;&nbsp; 735037 |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63644 | &nbsp;&nbsp;&nbsp;&nbsp; 1181065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916102 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;958600 | &nbsp;&nbsp;&nbsp;&nbsp; 1789265 |
| &nbsp;&nbsp;&nbsp;Dah Sing Financial Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;176305 | &nbsp;&nbsp;&nbsp;&nbsp; 799811 |
| &nbsp;&nbsp;&nbsp;Fortune Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;761000 | &nbsp;&nbsp;&nbsp;&nbsp; 470661 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | 1016000 | &nbsp;&nbsp;&nbsp;&nbsp; 1536635 |
| &nbsp;&nbsp;&nbsp;Stella International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;324076 | &nbsp;&nbsp;&nbsp;&nbsp; 700158 |
| &nbsp;&nbsp;&nbsp;SUNeVision Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;752545 | &nbsp;&nbsp;&nbsp;&nbsp; 732187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028717 |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ashok Leyland, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;108630 | &nbsp;&nbsp;&nbsp;&nbsp; 156223 |
| &nbsp;&nbsp;&nbsp;Triveni Turbine, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17519 | &nbsp;&nbsp;&nbsp;&nbsp; 103170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259393 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur Tbk PT | 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 738281 |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 4991700 | &nbsp;&nbsp;&nbsp;&nbsp; 571391 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 13804100 | &nbsp;&nbsp;&nbsp;&nbsp; 2610565 |
| &nbsp;&nbsp;&nbsp;United Tractors Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;623600 | &nbsp;&nbsp;&nbsp;&nbsp; 922996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843233 |
| **Ireland — 1.4%** | **Ireland — 1.4%** | **Ireland — 1.4%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;240243 | &nbsp;&nbsp;&nbsp;&nbsp; 1958969 |
| &nbsp;&nbsp;&nbsp;Bank of Cyprus Holdings PLC (ASE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86120 | &nbsp;&nbsp;&nbsp;&nbsp; 769879 |
| &nbsp;&nbsp;&nbsp;Bank of Cyprus Holdings PLC (CSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13952 | &nbsp;&nbsp;&nbsp;&nbsp; 126662 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11593 | &nbsp;&nbsp;&nbsp;&nbsp; 2062858 |
| &nbsp;&nbsp;&nbsp;Irish Residential Properties REIT PLC | &nbsp;&nbsp;&nbsp;&nbsp;297255 | &nbsp;&nbsp;&nbsp;&nbsp; 334671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253039 |
| **Israel — 3.6%** | **Israel — 3.6%** | **Israel — 3.6%** |
| &nbsp;&nbsp;&nbsp;Camtek, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10436 | &nbsp;&nbsp;&nbsp;&nbsp; 863161 |
| &nbsp;&nbsp;&nbsp;First International Bank of Israel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17175 | &nbsp;&nbsp;&nbsp;&nbsp; 1219773 |
| &nbsp;&nbsp;&nbsp;Fiverr International, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86435 | &nbsp;&nbsp;&nbsp;&nbsp; 2035544 |
| &nbsp;&nbsp;&nbsp;Melisron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11575 | &nbsp;&nbsp;&nbsp;&nbsp; 1359828 |
| &nbsp;&nbsp;&nbsp;Nova, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4543 | &nbsp;&nbsp;&nbsp;&nbsp; 1196354 |
| &nbsp;&nbsp;&nbsp;Oddity Tech, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14376 | &nbsp;&nbsp;&nbsp;&nbsp; 865579 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29130 | &nbsp;&nbsp;&nbsp;&nbsp; 1036172 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43320 | &nbsp;&nbsp;&nbsp;&nbsp; 1858428 |
| &nbsp;&nbsp;&nbsp;SimilarWeb, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;157834 | &nbsp;&nbsp;&nbsp;&nbsp; 1639895 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980 | &nbsp;&nbsp;&nbsp;&nbsp; 1116404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13191138 |
| **Italy — 2.4%** | **Italy — 2.4%** | **Italy — 2.4%** |
| &nbsp;&nbsp;&nbsp;Azimut Holding SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521 | &nbsp;&nbsp;&nbsp;&nbsp; 270397 |
| &nbsp;&nbsp;&nbsp;BFF Bank SpA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92112 | &nbsp;&nbsp;&nbsp;&nbsp; 1207996 |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456 | &nbsp;&nbsp;&nbsp;&nbsp; 284398 |
| &nbsp;&nbsp;&nbsp;De' Longhi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24257 | &nbsp;&nbsp;&nbsp;&nbsp; 850672 |
| &nbsp;&nbsp;&nbsp;Eurogroup Laminations SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45560 | &nbsp;&nbsp;&nbsp;&nbsp; 191126 |
| &nbsp;&nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28231 | &nbsp;&nbsp;&nbsp;&nbsp; 1343902 |
| &nbsp;&nbsp;&nbsp;Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp;220755 | &nbsp;&nbsp;&nbsp;&nbsp; 1984835 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29753 | &nbsp;&nbsp;&nbsp;&nbsp; 1837457 |
| &nbsp;&nbsp;&nbsp;Saipem SpA# | &nbsp;&nbsp;&nbsp;&nbsp;212035 | &nbsp;&nbsp;&nbsp;&nbsp; 596085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8566868 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan — 25.9%** | **Japan — 25.9%** | **Japan — 25.9%** |
| &nbsp;&nbsp;&nbsp;ABC-Mart, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68723 | &nbsp;&nbsp;$1367684 |
| &nbsp;&nbsp;&nbsp;Adastria Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54384 | &nbsp;&nbsp;&nbsp;&nbsp; 1111274 |
| &nbsp;&nbsp;&nbsp;Air Water, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90923 | &nbsp;&nbsp;&nbsp;&nbsp; 1582765 |
| &nbsp;&nbsp;&nbsp;As One Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37800 | &nbsp;&nbsp;&nbsp;&nbsp; 649744 |
| &nbsp;&nbsp;&nbsp;Asahi Intecc Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39934 | &nbsp;&nbsp;&nbsp;&nbsp; 681831 |
| &nbsp;&nbsp;&nbsp;ASKUL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84057 | &nbsp;&nbsp;&nbsp;&nbsp; 866261 |
| &nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;296500 | &nbsp;&nbsp;&nbsp;&nbsp; 2971133 |
| &nbsp;&nbsp;&nbsp;BayCurrent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 | &nbsp;&nbsp;&nbsp;&nbsp; 285057 |
| &nbsp;&nbsp;&nbsp;Canon Marketing Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36959 | &nbsp;&nbsp;&nbsp;&nbsp; 1425285 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp; 2832063 |
| &nbsp;&nbsp;&nbsp;DMG Mori Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46319 | &nbsp;&nbsp;&nbsp;&nbsp; 954391 |
| &nbsp;&nbsp;&nbsp;eGuarantee, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98924 | &nbsp;&nbsp;&nbsp;&nbsp; 992716 |
| &nbsp;&nbsp;&nbsp;en Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47315 | &nbsp;&nbsp;&nbsp;&nbsp; 562518 |
| &nbsp;&nbsp;&nbsp;FP Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22805 | &nbsp;&nbsp;&nbsp;&nbsp; 406915 |
| &nbsp;&nbsp;&nbsp;Fujimi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76300 | &nbsp;&nbsp;&nbsp;&nbsp; 1071440 |
| &nbsp;&nbsp;&nbsp;Fukui Computer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp; 595352 |
| &nbsp;&nbsp;&nbsp;Funai Soken Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100 | &nbsp;&nbsp;&nbsp;&nbsp; 587440 |
| &nbsp;&nbsp;&nbsp;GMO Payment Gateway, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11826 | &nbsp;&nbsp;&nbsp;&nbsp; 678547 |
| &nbsp;&nbsp;&nbsp;Hachijuni Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67212 | &nbsp;&nbsp;&nbsp;&nbsp; 652409 |
| &nbsp;&nbsp;&nbsp;Ibiden Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp; 926399 |
| &nbsp;&nbsp;&nbsp;Japan Airport Terminal Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16559 | &nbsp;&nbsp;&nbsp;&nbsp; 564821 |
| &nbsp;&nbsp;&nbsp;Japan Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp; 872691 |
| &nbsp;&nbsp;&nbsp;Japan Steel Works, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9781 | &nbsp;&nbsp;&nbsp;&nbsp; 598113 |
| &nbsp;&nbsp;&nbsp;JCU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 509494 |
| &nbsp;&nbsp;&nbsp;Kansai Paint Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30772 | &nbsp;&nbsp;&nbsp;&nbsp; 518088 |
| &nbsp;&nbsp;&nbsp;Katitas Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99700 | &nbsp;&nbsp;&nbsp;&nbsp; 1823168 |
| &nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9394 | &nbsp;&nbsp;&nbsp;&nbsp; 574820 |
| &nbsp;&nbsp;&nbsp;KH Neochem Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 343562 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;160200 | &nbsp;&nbsp;&nbsp;&nbsp; 1377900 |
| &nbsp;&nbsp;&nbsp;Koito Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24081 | &nbsp;&nbsp;&nbsp;&nbsp; 342514 |
| &nbsp;&nbsp;&nbsp;Kyushu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223356 | &nbsp;&nbsp;&nbsp;&nbsp; 2361752 |
| &nbsp;&nbsp;&nbsp;Lixil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 585155 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72852 | &nbsp;&nbsp;&nbsp;&nbsp; 1081316 |
| &nbsp;&nbsp;&nbsp;Marui Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62953 | &nbsp;&nbsp;&nbsp;&nbsp; 1357979 |
| &nbsp;&nbsp;&nbsp;Maruwa Co. Ltd# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921 | &nbsp;&nbsp;&nbsp;&nbsp; 1061412 |
| &nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;433548 | &nbsp;&nbsp;&nbsp;&nbsp; 2689340 |
| &nbsp;&nbsp;&nbsp;MEC Co, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28200 | &nbsp;&nbsp;&nbsp;&nbsp; 566796 |
| &nbsp;&nbsp;&nbsp;Medikit Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 96460 |
| &nbsp;&nbsp;&nbsp;MEITEC Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp; 1614984 |
| &nbsp;&nbsp;&nbsp;MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277120 | &nbsp;&nbsp;&nbsp;&nbsp; 4201667 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36025 | &nbsp;&nbsp;&nbsp;&nbsp; 656936 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp; 840568 |
| &nbsp;&nbsp;&nbsp;Nabtesco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53364 | &nbsp;&nbsp;&nbsp;&nbsp; 1123927 |
| &nbsp;&nbsp;&nbsp;Nichias Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15013 | &nbsp;&nbsp;&nbsp;&nbsp; 578625 |
| &nbsp;&nbsp;&nbsp;Nifco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21733 | &nbsp;&nbsp;&nbsp;&nbsp; 622973 |
| &nbsp;&nbsp;&nbsp;Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24975 | &nbsp;&nbsp;&nbsp;&nbsp; 881159 |
| &nbsp;&nbsp;&nbsp;NOF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48600 | &nbsp;&nbsp;&nbsp;&nbsp; 903349 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp;&nbsp;&nbsp; 959782 |
| &nbsp;&nbsp;&nbsp;NSD Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp; 809449 |
| &nbsp;&nbsp;&nbsp;Nxera Pharma Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72750 | &nbsp;&nbsp;&nbsp;&nbsp; 455586 |
| &nbsp;&nbsp;&nbsp;OBIC Business Consultants Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27765 | &nbsp;&nbsp;&nbsp;&nbsp; 1606262 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63300 | &nbsp;&nbsp;&nbsp;&nbsp; 2236561 |
| &nbsp;&nbsp;&nbsp;OKUMA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp; 420874 |
| &nbsp;&nbsp;&nbsp;PALTAC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30658 | &nbsp;&nbsp;&nbsp;&nbsp; 944747 |
| &nbsp;&nbsp;&nbsp;Penta-Ocean Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;151607 | &nbsp;&nbsp;&nbsp;&nbsp; 1094588 |
| &nbsp;&nbsp;&nbsp;Persol Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;345913 | &nbsp;&nbsp;&nbsp;&nbsp; 646901 |
| &nbsp;&nbsp;&nbsp;Rakuten Bank, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37516 | &nbsp;&nbsp;&nbsp;&nbsp; 2093484 |
| &nbsp;&nbsp;&nbsp;Relo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp; 232597 |
| &nbsp;&nbsp;&nbsp;Resonac Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56810 | &nbsp;&nbsp;&nbsp;&nbsp; 1475941 |
| &nbsp;&nbsp;&nbsp;Resorttrust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132092 | &nbsp;&nbsp;&nbsp;&nbsp; 1691630 |
| &nbsp;&nbsp;&nbsp;Rohto Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21517 | &nbsp;&nbsp;&nbsp;&nbsp; 366871 |
| &nbsp;&nbsp;&nbsp;Sansan, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34151 | &nbsp;&nbsp;&nbsp;&nbsp; 446048 |
| &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60400 | &nbsp;&nbsp;&nbsp;&nbsp; 1931859 |

---

------

#### VALIC Company I International Opportunities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104587 | &nbsp;&nbsp;$2183889 |
| &nbsp;&nbsp;&nbsp;Seria Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88400 | &nbsp;&nbsp;&nbsp;&nbsp; 1821183 |
| &nbsp;&nbsp;&nbsp;Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28362 | &nbsp;&nbsp;&nbsp;&nbsp; 2098698 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp; 1513892 |
| &nbsp;&nbsp;&nbsp;SHO-BOND Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53100 | &nbsp;&nbsp;&nbsp;&nbsp; 1837285 |
| &nbsp;&nbsp;&nbsp;Sinfonia Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6828 | &nbsp;&nbsp;&nbsp;&nbsp; 361223 |
| &nbsp;&nbsp;&nbsp;SMS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;105800 | &nbsp;&nbsp;&nbsp;&nbsp; 1128793 |
| &nbsp;&nbsp;&nbsp;Socionext, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79961 | &nbsp;&nbsp;&nbsp;&nbsp; 1518449 |
| &nbsp;&nbsp;&nbsp;Starts Corp., Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14964 | &nbsp;&nbsp;&nbsp;&nbsp; 507324 |
| &nbsp;&nbsp;&nbsp;Sumitomo Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93200 | &nbsp;&nbsp;&nbsp;&nbsp; 280260 |
| &nbsp;&nbsp;&nbsp;Sumitomo Rubber Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21247 | &nbsp;&nbsp;&nbsp;&nbsp; 248737 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;148700 | &nbsp;&nbsp;&nbsp;&nbsp; 1882798 |
| &nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14629 | &nbsp;&nbsp;&nbsp;&nbsp; 479320 |
| &nbsp;&nbsp;&nbsp;THK Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30963 | &nbsp;&nbsp;&nbsp;&nbsp; 833666 |
| &nbsp;&nbsp;&nbsp;TKC Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp; 1054465 |
| &nbsp;&nbsp;&nbsp;Tokyo Seimitsu Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20029 | &nbsp;&nbsp;&nbsp;&nbsp; 1119457 |
| &nbsp;&nbsp;&nbsp;Tokyotokeiba Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14424 | &nbsp;&nbsp;&nbsp;&nbsp; 517106 |
| &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;218091 | &nbsp;&nbsp;&nbsp;&nbsp; 1763811 |
| &nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43620 | &nbsp;&nbsp;&nbsp;&nbsp; 2996501 |
| &nbsp;&nbsp;&nbsp;USS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;139600 | &nbsp;&nbsp;&nbsp;&nbsp; 1692254 |
| &nbsp;&nbsp;&nbsp;Visional, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp; 555665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;93758749 |
| **Jersey — 0.3%** | **Jersey — 0.3%** | **Jersey — 0.3%** |
| &nbsp;&nbsp;&nbsp;MAC Copper, Ltd. CDI† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85619 | &nbsp;&nbsp;&nbsp;&nbsp; 1036707 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| &nbsp;&nbsp;&nbsp;Subsea 7 SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12038 | &nbsp;&nbsp;&nbsp;&nbsp; 251222 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| &nbsp;&nbsp;&nbsp;Gruma SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96980 | &nbsp;&nbsp;&nbsp;&nbsp; 1667176 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14381 | &nbsp;&nbsp;&nbsp;&nbsp; 467709 |
| &nbsp;&nbsp;&nbsp;Grupo Traxion SAB de CV\*#† | &nbsp;&nbsp;&nbsp;&nbsp;164481 | &nbsp;&nbsp;&nbsp;&nbsp; 133069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267954 |
| **Netherlands — 2.2%** | **Netherlands — 2.2%** | **Netherlands — 2.2%** |
| &nbsp;&nbsp;&nbsp;Aalberts NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26735 | &nbsp;&nbsp;&nbsp;&nbsp; 934927 |
| &nbsp;&nbsp;&nbsp;Arcadis NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28129 | &nbsp;&nbsp;&nbsp;&nbsp; 1297692 |
| &nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16747 | &nbsp;&nbsp;&nbsp;&nbsp; 1878279 |
| &nbsp;&nbsp;&nbsp;Immatics NV#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67902 | &nbsp;&nbsp;&nbsp;&nbsp; 345621 |
| &nbsp;&nbsp;&nbsp;Koninklijke Vopak NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29237 | &nbsp;&nbsp;&nbsp;&nbsp; 1413254 |
| &nbsp;&nbsp;&nbsp;Merus NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18205 | &nbsp;&nbsp;&nbsp;&nbsp; 1198617 |
| &nbsp;&nbsp;&nbsp;Pharvaris NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22538 | &nbsp;&nbsp;&nbsp;&nbsp; 487948 |
| &nbsp;&nbsp;&nbsp;Wereldhave NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19879 | &nbsp;&nbsp;&nbsp;&nbsp; 432021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988359 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| &nbsp;&nbsp;&nbsp;DOF Group ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32469 | &nbsp;&nbsp;&nbsp;&nbsp; 316629 |
| &nbsp;&nbsp;&nbsp;Europris ASA\* | &nbsp;&nbsp;&nbsp;&nbsp;108690 | &nbsp;&nbsp;&nbsp;&nbsp; 1049789 |
| &nbsp;&nbsp;&nbsp;Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49435 | &nbsp;&nbsp;&nbsp;&nbsp; 760058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126476 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| &nbsp;&nbsp;&nbsp;Alior Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18155 | &nbsp;&nbsp;&nbsp;&nbsp; 515635 |
| **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 — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| &nbsp;&nbsp;&nbsp;BOC Aviation, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53439 | &nbsp;&nbsp;&nbsp;&nbsp; 476954 |
| &nbsp;&nbsp;&nbsp;Keppel DC REIT | &nbsp;&nbsp;&nbsp;&nbsp;412963 | &nbsp;&nbsp;&nbsp;&nbsp; 759717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236671 |
| **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;29040 | &nbsp;&nbsp;&nbsp;&nbsp; 1090429 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hudaco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33729 | &nbsp;&nbsp;$343525 |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45409 | &nbsp;&nbsp;&nbsp;&nbsp; 343746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687271 |
| **South Korea — 0.9%** | **South Korea — 0.9%** | **South Korea — 0.9%** |
| &nbsp;&nbsp;&nbsp;Coway Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24667 | &nbsp;&nbsp;&nbsp;&nbsp; 1832965 |
| &nbsp;&nbsp;&nbsp;NICE Information Service Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53328 | &nbsp;&nbsp;&nbsp;&nbsp; 604338 |
| &nbsp;&nbsp;&nbsp;Park Systems Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918 | &nbsp;&nbsp;&nbsp;&nbsp; 715325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152628 |
| **Spain — 0.8%** | **Spain — 0.8%** | **Spain — 0.8%** |
| &nbsp;&nbsp;&nbsp;Almirall SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63798 | &nbsp;&nbsp;&nbsp;&nbsp; 833828 |
| &nbsp;&nbsp;&nbsp;Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | &nbsp;&nbsp;&nbsp;&nbsp;309642 | &nbsp;&nbsp;&nbsp;&nbsp; 483410 |
| &nbsp;&nbsp;&nbsp;Logista Integral SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34283 | &nbsp;&nbsp;&nbsp;&nbsp; 1122775 |
| &nbsp;&nbsp;&nbsp;Unicaja Banco SA\* | &nbsp;&nbsp;&nbsp;&nbsp;102947 | &nbsp;&nbsp;&nbsp;&nbsp; 285242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725255 |
| **Sweden — 3.7%** | **Sweden — 3.7%** | **Sweden — 3.7%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40496 | &nbsp;&nbsp;&nbsp;&nbsp; 1419795 |
| &nbsp;&nbsp;&nbsp;Billerud Aktiebolag | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68326 | &nbsp;&nbsp;&nbsp;&nbsp; 652340 |
| &nbsp;&nbsp;&nbsp;Cellavision AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 11928 |
| &nbsp;&nbsp;&nbsp;Cibus Nordic Real Estate AB publ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82400 | &nbsp;&nbsp;&nbsp;&nbsp; 1483913 |
| &nbsp;&nbsp;&nbsp;Haypp Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43744 | &nbsp;&nbsp;&nbsp;&nbsp; 703740 |
| &nbsp;&nbsp;&nbsp;Hexpol AB | &nbsp;&nbsp;&nbsp;&nbsp;100907 | &nbsp;&nbsp;&nbsp;&nbsp; 910182 |
| &nbsp;&nbsp;&nbsp;Karnov Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91778 | &nbsp;&nbsp;&nbsp;&nbsp; 1145224 |
| &nbsp;&nbsp;&nbsp;Loomis AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33399 | &nbsp;&nbsp;&nbsp;&nbsp; 1481637 |
| &nbsp;&nbsp;&nbsp;MIPS AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17693 | &nbsp;&nbsp;&nbsp;&nbsp; 751435 |
| &nbsp;&nbsp;&nbsp;Mycronic AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76086 | &nbsp;&nbsp;&nbsp;&nbsp; 1706705 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;179675 | &nbsp;&nbsp;&nbsp;&nbsp; 2311007 |
| &nbsp;&nbsp;&nbsp;Thule Group AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29041 | &nbsp;&nbsp;&nbsp;&nbsp; 813787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13391693 |
| **Switzerland — 4.0%** | **Switzerland — 4.0%** | **Switzerland — 4.0%** |
| &nbsp;&nbsp;&nbsp;BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403 | &nbsp;&nbsp;&nbsp;&nbsp; 1125221 |
| &nbsp;&nbsp;&nbsp;Cembra Money Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10533 | &nbsp;&nbsp;&nbsp;&nbsp; 1194556 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234 | &nbsp;&nbsp;&nbsp;&nbsp; 4442146 |
| &nbsp;&nbsp;&nbsp;PSP Swiss Property AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6622 | &nbsp;&nbsp;&nbsp;&nbsp; 1101661 |
| &nbsp;&nbsp;&nbsp;Siegfried Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9876 | &nbsp;&nbsp;&nbsp;&nbsp; 1035931 |
| &nbsp;&nbsp;&nbsp;Sulzer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8257 | &nbsp;&nbsp;&nbsp;&nbsp; 1547254 |
| &nbsp;&nbsp;&nbsp;Tecan Group AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp; 1657368 |
| &nbsp;&nbsp;&nbsp;VZ Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10785 | &nbsp;&nbsp;&nbsp;&nbsp; 2443417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14547554 |
| **Taiwan — 2.0%** | **Taiwan — 2.0%** | **Taiwan — 2.0%** |
| &nbsp;&nbsp;&nbsp;Advantech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;&nbsp; 1648200 |
| &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10426 | &nbsp;&nbsp;&nbsp;&nbsp; 1679419 |
| &nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108716 | &nbsp;&nbsp;&nbsp;&nbsp; 2055357 |
| &nbsp;&nbsp;&nbsp;Minth Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91383 | &nbsp;&nbsp;&nbsp;&nbsp; 384743 |
| &nbsp;&nbsp;&nbsp;Nien Made Enterprise Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp; 1608467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376186 |
| **United Kingdom — 14.6%** | **United Kingdom — 14.6%** | **United Kingdom — 14.6%** |
| &nbsp;&nbsp;&nbsp;Allfunds Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;112950 | &nbsp;&nbsp;&nbsp;&nbsp; 792082 |
| &nbsp;&nbsp;&nbsp;Babcock International Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68003 | &nbsp;&nbsp;&nbsp;&nbsp; 933461 |
| &nbsp;&nbsp;&nbsp;Beazley PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75419 | &nbsp;&nbsp;&nbsp;&nbsp; 798359 |
| &nbsp;&nbsp;&nbsp;Bellway PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25644 | &nbsp;&nbsp;&nbsp;&nbsp; 808225 |
| &nbsp;&nbsp;&nbsp;BP Marsh & Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20331 | &nbsp;&nbsp;&nbsp;&nbsp; 191017 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65405 | &nbsp;&nbsp;&nbsp;&nbsp; 2213154 |
| &nbsp;&nbsp;&nbsp;Currys PLC | 1575513 | &nbsp;&nbsp;&nbsp;&nbsp; 2392392 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29091 | &nbsp;&nbsp;&nbsp;&nbsp; 2125963 |
| &nbsp;&nbsp;&nbsp;easyJet PLC | &nbsp;&nbsp;&nbsp;&nbsp;182461 | &nbsp;&nbsp;&nbsp;&nbsp; 1209210 |
| &nbsp;&nbsp;&nbsp;Elementis PLC | &nbsp;&nbsp;&nbsp;&nbsp;324316 | &nbsp;&nbsp;&nbsp;&nbsp; 712251 |
| &nbsp;&nbsp;&nbsp;Games Workshop Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp; 391714 |

---

------

#### VALIC Company I International Opportunities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;Genuit Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;193877 | &nbsp;&nbsp;$883520 |
| &nbsp;&nbsp;&nbsp;Genus PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21805 | &nbsp;&nbsp;&nbsp;&nbsp; 767500 |
| &nbsp;&nbsp;&nbsp;Greggs PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63018 | &nbsp;&nbsp;&nbsp;&nbsp; 1344517 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44842 | &nbsp;&nbsp;&nbsp;&nbsp; 1993768 |
| &nbsp;&nbsp;&nbsp;Hammerson PLC | &nbsp;&nbsp;&nbsp;&nbsp;610107 | &nbsp;&nbsp;&nbsp;&nbsp; 2367990 |
| &nbsp;&nbsp;&nbsp;Hill & Smith PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51780 | &nbsp;&nbsp;&nbsp;&nbsp; 1481102 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;154255 | &nbsp;&nbsp;&nbsp;&nbsp; 1746930 |
| &nbsp;&nbsp;&nbsp;IMI PLC | &nbsp;&nbsp;&nbsp;&nbsp;118867 | &nbsp;&nbsp;&nbsp;&nbsp; 3655676 |
| &nbsp;&nbsp;&nbsp;Immunocore Holdings PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16045 | &nbsp;&nbsp;&nbsp;&nbsp; 516970 |
| &nbsp;&nbsp;&nbsp;Inchcape PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83737 | &nbsp;&nbsp;&nbsp;&nbsp; 756349 |
| &nbsp;&nbsp;&nbsp;Intermediate Capital Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28182 | &nbsp;&nbsp;&nbsp;&nbsp; 831854 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23341 | &nbsp;&nbsp;&nbsp;&nbsp; 1480656 |
| &nbsp;&nbsp;&nbsp;JET2 PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27934 | &nbsp;&nbsp;&nbsp;&nbsp; 614898 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;256958 | &nbsp;&nbsp;&nbsp;&nbsp; 1199427 |
| &nbsp;&nbsp;&nbsp;Marshalls PLC | &nbsp;&nbsp;&nbsp;&nbsp;273059 | &nbsp;&nbsp;&nbsp;&nbsp; 658899 |
| &nbsp;&nbsp;&nbsp;Pennon Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95944 | &nbsp;&nbsp;&nbsp;&nbsp; 614380 |
| &nbsp;&nbsp;&nbsp;QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;165219 | &nbsp;&nbsp;&nbsp;&nbsp; 1062833 |
| &nbsp;&nbsp;&nbsp;Rathbones Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41684 | &nbsp;&nbsp;&nbsp;&nbsp; 1037151 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | &nbsp;&nbsp;&nbsp;&nbsp;119260 | &nbsp;&nbsp;&nbsp;&nbsp; 1198492 |
| &nbsp;&nbsp;&nbsp;Rotork PLC | &nbsp;&nbsp;&nbsp;&nbsp;733028 | &nbsp;&nbsp;&nbsp;&nbsp; 3413760 |
| &nbsp;&nbsp;&nbsp;SigmaRoc PLC† | 1026060 | &nbsp;&nbsp;&nbsp;&nbsp; 1594311 |
| &nbsp;&nbsp;&nbsp;Softcat PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71334 | &nbsp;&nbsp;&nbsp;&nbsp; 1553629 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32209 | &nbsp;&nbsp;&nbsp;&nbsp; 3177481 |
| &nbsp;&nbsp;&nbsp;Synthomer PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75703 | &nbsp;&nbsp;&nbsp;&nbsp; 61944 |
| &nbsp;&nbsp;&nbsp;Tate & Lyle PLC | &nbsp;&nbsp;&nbsp;&nbsp;146252 | &nbsp;&nbsp;&nbsp;&nbsp; 1050389 |
| &nbsp;&nbsp;&nbsp;Trainline PLC\*† | &nbsp;&nbsp;&nbsp;&nbsp;385070 | &nbsp;&nbsp;&nbsp;&nbsp; 1398742 |
| &nbsp;&nbsp;&nbsp;Verona Pharma PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12355 | &nbsp;&nbsp;&nbsp;&nbsp; 1308518 |
| &nbsp;&nbsp;&nbsp;Weir Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74470 | &nbsp;&nbsp;&nbsp;&nbsp; 2481286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52820800 |
| **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14134 | &nbsp;&nbsp;&nbsp;&nbsp; 1516013 |
| **Total Common Stocks<br> (cost $303,485,287)** |  | &nbsp;&nbsp;&nbsp;&nbsp;345161005 |
| **UNAFFILIATED INVESTMENT COMPANIES — 1.3%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.3%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.3%** |
| **United States — 1.3%** | **United States — 1.3%** | **United States — 1.3%** |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE Small-Cap ETF<br> (cost $4,676,351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61925 | &nbsp;&nbsp;&nbsp;&nbsp; 4679672 |
| **Total Long-Term Investment Securities<br> (cost $308,161,638)** |  | &nbsp;&nbsp;&nbsp;&nbsp;349840677 |
| **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** |
| **Unaffiliated Investment Companies — 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> 4.31%(3)(4)<br> (cost $4,497,868) | 4497868 | &nbsp;&nbsp;&nbsp;&nbsp; 4497868 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 0.3%** | **REPURCHASE AGREEMENTS — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 08/29/2025, to be repurchased 09/02/2025 in the amount of $1,122,106 and collateralized by $1,140,900 of United States Treasury Notes, bearing interest at 3.75% due 08/15/2027 and having an approximate value of $1,144,424<br> (cost $1,121,937) | $1121937 | &nbsp;&nbsp;$1121937 |
| **TOTAL INVESTMENTS<br> (cost $313,781,443)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.0% | &nbsp;&nbsp;&nbsp;&nbsp;355460482 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252789 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$362713271 |

---

# The security or a portion thereof is out on loan. <br> † Non-income producing security

------

#### VALIC Company I International Opportunities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

\* 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 August 31, 2025, the aggregate value of these securities was $10,892,595 representing 3.0% of net assets.

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. 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 August 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>** |
| Marimaca Copper Corp. | 06/13/25 | &nbsp;&nbsp;67242 | $226040 | $505548 | $7.52 | 0.1% |
| Moscow Exchange MICEX-RTS PJSC | 03/26/20, 03/27/20<br> 10/19/20 | 205642 | &nbsp;&nbsp;256066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.0 |
|  |  |  |  | $505548 |  | 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.

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

(3) The rate shown is the 7-day yield as of August 31, 2025.

(4) At August 31, 2025, the Fund had loaned securities with a total value of $21,868,632. This was secured by collateral of $4,497,868, which was received in cash and
subsequently invested in short-term investments currently valued at $4,497,868 as reported in the Portfolio of Investments. Additional collateral of $18,588,239 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4638 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53351 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4631 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25384 |
| Government National Mtg. Assoc. | 2.30% to 5.50% | 11/16/2050 to 12/16/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153194 |
| United States Treasury Bills | 0.00% | 10/09/2025 to 05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247945 |
| United States Treasury Notes/Bonds | 0.00% to 6.25% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;18099096 |

---

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASE—Athens Stock Exchange |
| CDI—CHESS Depositary Interest |
| CSE—Cyprus Stock Exchange |
| CVA—Certification Van Aandelen (Dutch Cert.) |
| ETF—Exchange Traded Fund |
| GDR—Global Depositary Receipt |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;6.3% |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |

---

------

#### VALIC Company I International Opportunities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.7% |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Housewares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Unknown Industry Minor | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;98.0% |

---

\* Calculated as a percentage of net assets

------

#### VALIC Company I International Opportunities Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Australia | &nbsp;&nbsp;&nbsp;&nbsp;$653852 | &nbsp;&nbsp;$15803603 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16457455 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;15243463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15243463 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;11900878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505548 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12406426 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;1343250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360384 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703634 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7738104 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8617564 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2189520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063519 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253039 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;9575365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615773 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13191138 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;2267954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267954 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2032186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956173 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988359 |
| &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;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343525 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687271 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1825488 | &nbsp;&nbsp;&nbsp;&nbsp;50995312 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52820800 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1516013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516013 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;204007889 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;204007889 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;4679672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679672 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;4497868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497868 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121937 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121937 |
| **Total Investments at Value** | &nbsp;&nbsp;$58948715 | &nbsp;&nbsp;$296511767 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$355460482 |

---

\* 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 Portfolio of Investments

------

#### VALIC Company I International Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| **Australia — 5.7%** | **Australia — 5.7%** | **Australia — 5.7%** |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;117773 | &nbsp;&nbsp;$678932 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852 | &nbsp;&nbsp;&nbsp;&nbsp; 362277 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;97951 | &nbsp;&nbsp;&nbsp;&nbsp; 1465820 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79984 | &nbsp;&nbsp;&nbsp;&nbsp; 1356566 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp; 422909 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29295 | &nbsp;&nbsp;&nbsp;&nbsp; 457723 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28543 | &nbsp;&nbsp;&nbsp;&nbsp; 710879 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19280 | &nbsp;&nbsp;&nbsp;&nbsp; 2689452 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99198 | &nbsp;&nbsp;&nbsp;&nbsp; 572538 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;62615 | &nbsp;&nbsp;&nbsp;&nbsp; 1406497 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17110 | &nbsp;&nbsp;&nbsp;&nbsp; 2512743 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106276 | &nbsp;&nbsp;&nbsp;&nbsp; 1340334 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73263 | &nbsp;&nbsp;&nbsp;&nbsp; 619240 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 89030 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20794 | &nbsp;&nbsp;&nbsp;&nbsp; 159278 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;57944 | &nbsp;&nbsp;&nbsp;&nbsp; 820439 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;272778 | &nbsp;&nbsp;&nbsp;&nbsp; 728078 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;233777 | &nbsp;&nbsp;&nbsp;&nbsp; 476417 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50356 | &nbsp;&nbsp;&nbsp;&nbsp; 792623 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;556397 | &nbsp;&nbsp;&nbsp;&nbsp; 986486 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;134404 | &nbsp;&nbsp;&nbsp;&nbsp; 544196 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58934 | &nbsp;&nbsp;&nbsp;&nbsp; 820220 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;207053 | &nbsp;&nbsp;&nbsp;&nbsp; 1974867 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;260754 | &nbsp;&nbsp;&nbsp;&nbsp; 442787 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56204 | &nbsp;&nbsp;&nbsp;&nbsp; 1608953 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33956 | &nbsp;&nbsp;&nbsp;&nbsp; 2033929 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151589 | &nbsp;&nbsp;&nbsp;&nbsp; 3825721 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;145926 | &nbsp;&nbsp;&nbsp;&nbsp; 2515474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32414408 |
| **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; 1437856 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;42150 | &nbsp;&nbsp;&nbsp;&nbsp; 2320215 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp; 181267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939338 |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp; 282210 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp; 566146 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp; 102721 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;12784 | &nbsp;&nbsp;&nbsp;&nbsp; 1122596 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;15833 | &nbsp;&nbsp;&nbsp;&nbsp; 1865015 |
| &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 127585 |
| &nbsp;&nbsp;&nbsp;Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684 | &nbsp;&nbsp;&nbsp;&nbsp; 501498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567771 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60528 | &nbsp;&nbsp;&nbsp;&nbsp; 475726 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 83450 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21300 | &nbsp;&nbsp;&nbsp;&nbsp; 132014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691190 |
| **Denmark — 1.3%** | **Denmark — 1.3%** | **Denmark — 1.3%** |
| &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; 1232953 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp; 274273 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;&nbsp; 155816 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123 | &nbsp;&nbsp;&nbsp;&nbsp; 1798600 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp; 790564 |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;12875 | &nbsp;&nbsp;&nbsp;&nbsp; 818176 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\*† | &nbsp;&nbsp;&nbsp;&nbsp;13854 | &nbsp;&nbsp;&nbsp;&nbsp; 427730 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824 | &nbsp;&nbsp;&nbsp;&nbsp; 804074 |

---

---

| | | |
|:---|:---|:---|
| **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;$371604 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;39375 | &nbsp;&nbsp;&nbsp;&nbsp; 780344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7454134 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp; 159704 |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp; 215559 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 521563 |
| &nbsp;&nbsp;&nbsp;Metso Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9703 | &nbsp;&nbsp;&nbsp;&nbsp; 125451 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;31325 | &nbsp;&nbsp;&nbsp;&nbsp; 575347 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;226054 | &nbsp;&nbsp;&nbsp;&nbsp; 971793 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;94264 | &nbsp;&nbsp;&nbsp;&nbsp; 1437585 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;12380 | &nbsp;&nbsp;&nbsp;&nbsp; 987904 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;79532 | &nbsp;&nbsp;&nbsp;&nbsp; 912318 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;25250 | &nbsp;&nbsp;&nbsp;&nbsp; 718362 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7246 | &nbsp;&nbsp;&nbsp;&nbsp; 212136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6837722 |
| **France — 9.0%** | **France — 9.0%** | **France — 9.0%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001 | &nbsp;&nbsp;&nbsp;&nbsp; 396189 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 | &nbsp;&nbsp;&nbsp;&nbsp; 319280 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;30076 | &nbsp;&nbsp;&nbsp;&nbsp; 6205334 |
| &nbsp;&nbsp;&nbsp;Alstom SA† | &nbsp;&nbsp;&nbsp;&nbsp;24771 | &nbsp;&nbsp;&nbsp;&nbsp; 595829 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 | &nbsp;&nbsp;&nbsp;&nbsp; 257602 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;124853 | &nbsp;&nbsp;&nbsp;&nbsp; 5808762 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 219341 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8771 | &nbsp;&nbsp;&nbsp;&nbsp; 264499 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp;&nbsp;&nbsp; 1176602 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp; 208128 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;147958 | &nbsp;&nbsp;&nbsp;&nbsp; 2704330 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;34390 | &nbsp;&nbsp;&nbsp;&nbsp; 1069661 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;16570 | &nbsp;&nbsp;&nbsp;&nbsp; 479406 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;11775 | &nbsp;&nbsp;&nbsp;&nbsp; 1481636 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;15171 | &nbsp;&nbsp;&nbsp;&nbsp; 4621743 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp; 240286 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;36038 | &nbsp;&nbsp;&nbsp;&nbsp; 680843 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp; 4312101 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8054 | &nbsp;&nbsp;&nbsp;&nbsp; 1093564 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | &nbsp;&nbsp;&nbsp;&nbsp; 1043121 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;16114 | &nbsp;&nbsp;&nbsp;&nbsp; 628463 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364 | &nbsp;&nbsp;&nbsp;&nbsp; 1276162 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;68021 | &nbsp;&nbsp;&nbsp;&nbsp; 1107675 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;14226 | &nbsp;&nbsp;&nbsp;&nbsp; 1310994 |
| &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;16485 | &nbsp;&nbsp;&nbsp;&nbsp; 533339 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp; 314510 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;21817 | &nbsp;&nbsp;&nbsp;&nbsp; 5354569 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;39743 | &nbsp;&nbsp;&nbsp;&nbsp; 2448721 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7791 | &nbsp;&nbsp;&nbsp;&nbsp; 467460 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp; 174584 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;31030 | &nbsp;&nbsp;&nbsp;&nbsp; 4209088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;51003822 |
| **Germany — 9.5%** | **Germany — 9.5%** | **Germany — 9.5%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 | &nbsp;&nbsp;&nbsp;&nbsp; 1298732 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;11586 | &nbsp;&nbsp;&nbsp;&nbsp; 4896243 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;34943 | &nbsp;&nbsp;&nbsp;&nbsp; 3665007 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7797 | &nbsp;&nbsp;&nbsp;&nbsp; 747544 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;16279 | &nbsp;&nbsp;&nbsp;&nbsp; 1873249 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761 | &nbsp;&nbsp;&nbsp;&nbsp; 232746 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;49319 | &nbsp;&nbsp;&nbsp;&nbsp; 1886677 |
| &nbsp;&nbsp;&nbsp;Covestro AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 | &nbsp;&nbsp;&nbsp;&nbsp; 143054 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;25966 | &nbsp;&nbsp;&nbsp;&nbsp; 1222845 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9618 | &nbsp;&nbsp;&nbsp;&nbsp; 2830713 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;67180 | &nbsp;&nbsp;&nbsp;&nbsp; 1197900 |

---

------

#### VALIC Company I International Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;26479 | &nbsp;&nbsp;$511863 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034 | &nbsp;&nbsp;&nbsp;&nbsp; 155586 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;13396 | &nbsp;&nbsp;&nbsp;&nbsp; 727203 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6949 | &nbsp;&nbsp;&nbsp;&nbsp; 505598 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp; 1085495 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp; 338684 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;17854 | &nbsp;&nbsp;&nbsp;&nbsp; 1506803 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;60409 | &nbsp;&nbsp;&nbsp;&nbsp; 2476753 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp; 184111 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;12377 | &nbsp;&nbsp;&nbsp;&nbsp; 1567900 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6234 | &nbsp;&nbsp;&nbsp;&nbsp; 3976702 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp; 321582 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;11776 | &nbsp;&nbsp;&nbsp;&nbsp; 471801 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;35369 | &nbsp;&nbsp;&nbsp;&nbsp; 9616750 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp; 257019 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;27204 | &nbsp;&nbsp;&nbsp;&nbsp; 7532167 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;21543 | &nbsp;&nbsp;&nbsp;&nbsp; 1193315 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp; 576058 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;25103 | &nbsp;&nbsp;&nbsp;&nbsp; 811585 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;12172 | &nbsp;&nbsp;&nbsp;&nbsp; 338833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;54150518 |
| **Hong Kong — 2.5%** | **Hong Kong — 2.5%** | **Hong Kong — 2.5%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;394200 | &nbsp;&nbsp;&nbsp;&nbsp; 3730319 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp; 940353 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;161500 | &nbsp;&nbsp;&nbsp;&nbsp; 761227 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 | &nbsp;&nbsp;&nbsp;&nbsp; 341133 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp; 491305 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 484850 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp; 307025 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp; 568038 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp; 1993788 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;72400 | &nbsp;&nbsp;&nbsp;&nbsp; 384517 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;81500 | &nbsp;&nbsp;&nbsp;&nbsp; 274541 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68500 | &nbsp;&nbsp;&nbsp;&nbsp; 445881 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp; 239934 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79500 | &nbsp;&nbsp;&nbsp;&nbsp; 933346 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;59500 | &nbsp;&nbsp;&nbsp;&nbsp; 510191 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp; 621393 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | 1018500 | &nbsp;&nbsp;&nbsp;&nbsp; 1086023 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp; 68666 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 246199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14428729 |
| **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;62526 | &nbsp;&nbsp;&nbsp;&nbsp; 509844 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;83479 | &nbsp;&nbsp;&nbsp;&nbsp; 1235091 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7880 | &nbsp;&nbsp;&nbsp;&nbsp; 501282 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC CDI† | &nbsp;&nbsp;&nbsp;&nbsp;19847 | &nbsp;&nbsp;&nbsp;&nbsp; 403139 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;15369 | &nbsp;&nbsp;&nbsp;&nbsp; 1406539 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp; 153439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209334 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;71791 | &nbsp;&nbsp;&nbsp;&nbsp; 1405820 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;80179 | &nbsp;&nbsp;&nbsp;&nbsp; 1543530 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 | &nbsp;&nbsp;&nbsp;&nbsp; 382610 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp; 281475 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46403 | &nbsp;&nbsp;&nbsp;&nbsp; 301912 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;62143 | &nbsp;&nbsp;&nbsp;&nbsp; 616537 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8963 | &nbsp;&nbsp;&nbsp;&nbsp; 587158 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 229091 |

---

---

| | | |
|:---|:---|:---|
| **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;$227224 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp; 209645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785002 |
| **Italy — 3.7%** | **Italy — 3.7%** | **Italy — 3.7%** |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;73493 | &nbsp;&nbsp;&nbsp;&nbsp; 1010500 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;72942 | &nbsp;&nbsp;&nbsp;&nbsp; 759810 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;22561 | &nbsp;&nbsp;&nbsp;&nbsp; 496065 |
| &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;25898 | &nbsp;&nbsp;&nbsp;&nbsp; 1012334 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;51764 | &nbsp;&nbsp;&nbsp;&nbsp; 627291 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;617795 | &nbsp;&nbsp;&nbsp;&nbsp; 3897366 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;74254 | &nbsp;&nbsp;&nbsp;&nbsp; 1803455 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;20870 | &nbsp;&nbsp;&nbsp;&nbsp; 1212160 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;12294 | &nbsp;&nbsp;&nbsp;&nbsp; 78133 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;69768 | &nbsp;&nbsp;&nbsp;&nbsp; 1634899 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362 | &nbsp;&nbsp;&nbsp;&nbsp; 731845 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;18231 | &nbsp;&nbsp;&nbsp;&nbsp; 1125892 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;59694 | &nbsp;&nbsp;&nbsp;&nbsp; 363387 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA† | &nbsp;&nbsp;&nbsp;&nbsp;498492 | &nbsp;&nbsp;&nbsp;&nbsp; 239184 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;119137 | &nbsp;&nbsp;&nbsp;&nbsp; 1197974 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;61235 | &nbsp;&nbsp;&nbsp;&nbsp; 4739127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20929422 |
| **Japan — 22.6%** | **Japan — 22.6%** | **Japan — 22.6%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 1786814 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;121200 | &nbsp;&nbsp;&nbsp;&nbsp; 1473324 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 295947 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43500 | &nbsp;&nbsp;&nbsp;&nbsp; 1175893 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp; 195928 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp; 185959 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 379430 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105500 | &nbsp;&nbsp;&nbsp;&nbsp; 1167069 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 419297 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52300 | &nbsp;&nbsp;&nbsp;&nbsp; 1528997 |
| &nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 135998 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp; 1274288 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp; 126728 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 71949 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 1252519 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176300 | &nbsp;&nbsp;&nbsp;&nbsp; 1446565 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;66900 | &nbsp;&nbsp;&nbsp;&nbsp; 1596466 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 355520 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97900 | &nbsp;&nbsp;&nbsp;&nbsp; 1398942 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 721898 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp; 883153 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 838843 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp; 556147 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 1009083 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 2119805 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112261 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 727735 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52800 | &nbsp;&nbsp;&nbsp;&nbsp; 1281983 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;154600 | &nbsp;&nbsp;&nbsp;&nbsp; 4165114 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 1266764 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;185400 | &nbsp;&nbsp;&nbsp;&nbsp; 1228527 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95900 | &nbsp;&nbsp;&nbsp;&nbsp; 1635723 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63500 | &nbsp;&nbsp;&nbsp;&nbsp; 832174 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp; 2226972 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 121548 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp; 309725 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53800 | &nbsp;&nbsp;&nbsp;&nbsp; 675965 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp; 302651 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132200 | &nbsp;&nbsp;&nbsp;&nbsp; 1637347 |

---

------

#### VALIC Company I International Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;$1051650 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp; 1219541 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141300 | &nbsp;&nbsp;&nbsp;&nbsp; 2448018 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 2595889 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 1348435 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp; 488047 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;&nbsp; 519280 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp; 426435 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 229762 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 176628 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85200 | &nbsp;&nbsp;&nbsp;&nbsp; 1936505 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp; 530864 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93200 | &nbsp;&nbsp;&nbsp;&nbsp; 531072 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56900 | &nbsp;&nbsp;&nbsp;&nbsp; 1370760 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58700 | &nbsp;&nbsp;&nbsp;&nbsp; 1260154 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp; 5199211 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;123600 | &nbsp;&nbsp;&nbsp;&nbsp; 1323444 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 342744 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102800 | &nbsp;&nbsp;&nbsp;&nbsp; 3363120 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61100 | &nbsp;&nbsp;&nbsp;&nbsp; 1421107 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68700 | &nbsp;&nbsp;&nbsp;&nbsp; 1117329 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36700 | &nbsp;&nbsp;&nbsp;&nbsp; 1128238 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 295276 |
| &nbsp;&nbsp;&nbsp;NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 358601 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp; 3172467 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp; 136241 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 626624 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp; 258332 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 110776 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp; 208962 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 272531 |
| &nbsp;&nbsp;&nbsp;NTT Data Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7720 | &nbsp;&nbsp;&nbsp;&nbsp; 206275 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp; 418920 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp; 339194 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp; 395322 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004360 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59100 | &nbsp;&nbsp;&nbsp;&nbsp; 1532625 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp; 841923 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp; 1247111 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp; 780374 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp; 267069 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp;&nbsp;&nbsp; 2404998 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp; 500148 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102600 | &nbsp;&nbsp;&nbsp;&nbsp; 1022231 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 325667 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 87701 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 388800 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 444307 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 106345 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp; 636653 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 77757 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 267157 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76100 | &nbsp;&nbsp;&nbsp;&nbsp; 2357604 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59500 | &nbsp;&nbsp;&nbsp;&nbsp; 1034024 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22900 | &nbsp;&nbsp;&nbsp;&nbsp; 375222 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 492207 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | 1092100 | &nbsp;&nbsp;&nbsp;&nbsp; 1686198 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp; 3540841 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp; 860003 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181600 | &nbsp;&nbsp;&nbsp;&nbsp; 5011545 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58700 | &nbsp;&nbsp;&nbsp;&nbsp; 1144917 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59800 | &nbsp;&nbsp;&nbsp;&nbsp; 1667699 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55900 | &nbsp;&nbsp;$1575831 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;65300 | &nbsp;&nbsp;&nbsp;&nbsp; 1790158 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154600 | &nbsp;&nbsp;&nbsp;&nbsp; 4186039 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 297307 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 189641 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 575956 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107800 | &nbsp;&nbsp;&nbsp;&nbsp; 1422873 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 58244 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 193969 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46900 | &nbsp;&nbsp;&nbsp;&nbsp; 1412227 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57800 | &nbsp;&nbsp;&nbsp;&nbsp; 743833 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 475919 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67300 | &nbsp;&nbsp;&nbsp;&nbsp; 2896152 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp; 1883806 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp; 823634 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 15463 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65700 | &nbsp;&nbsp;&nbsp;&nbsp; 439616 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 854924 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp; 212064 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 300321 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp; 401973 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 868601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;128472842 |
| **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;125993 | &nbsp;&nbsp;&nbsp;&nbsp; 667914 |
| **Luxembourg — 0.8%** | **Luxembourg — 0.8%** | **Luxembourg — 0.8%** |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp; 279964 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606 | &nbsp;&nbsp;&nbsp;&nbsp; 3140739 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;60135 | &nbsp;&nbsp;&nbsp;&nbsp; 1090035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510738 |
| **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; 907267 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 1251797 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 | &nbsp;&nbsp;&nbsp;&nbsp; 388654 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;11652 | &nbsp;&nbsp;&nbsp;&nbsp; 802753 |
| &nbsp;&nbsp;&nbsp;Argenx SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp; 1523392 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 456866 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;12356 | &nbsp;&nbsp;&nbsp;&nbsp; 9178620 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp; 306074 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp; 192415 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 162539 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;12567 | &nbsp;&nbsp;&nbsp;&nbsp; 1257536 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199 | &nbsp;&nbsp;&nbsp;&nbsp; 2479088 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;49140 | &nbsp;&nbsp;&nbsp;&nbsp; 2685369 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;174695 | &nbsp;&nbsp;&nbsp;&nbsp; 4158375 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;36383 | &nbsp;&nbsp;&nbsp;&nbsp; 1329149 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;58219 | &nbsp;&nbsp;&nbsp;&nbsp; 2333157 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;146860 | &nbsp;&nbsp;&nbsp;&nbsp; 701376 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;17789 | &nbsp;&nbsp;&nbsp;&nbsp; 1223639 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;51545 | &nbsp;&nbsp;&nbsp;&nbsp; 3178527 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;11519 | &nbsp;&nbsp;&nbsp;&nbsp; 535655 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;36153 | &nbsp;&nbsp;&nbsp;&nbsp; 977507 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;25864 | &nbsp;&nbsp;&nbsp;&nbsp; 731170 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | &nbsp;&nbsp;&nbsp;&nbsp; 892349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37653274 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019 | &nbsp;&nbsp;&nbsp;&nbsp; 86413 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77092 | &nbsp;&nbsp;&nbsp;&nbsp; 259624 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp; 404659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750696 |

---

------

#### VALIC Company I International Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Norway — 1.2%** | **Norway — 1.2%** | **Norway — 1.2%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;53557 | &nbsp;&nbsp;$1355622 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;25803 | &nbsp;&nbsp;&nbsp;&nbsp; 679636 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;112243 | &nbsp;&nbsp;&nbsp;&nbsp; 2767671 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;38141 | &nbsp;&nbsp;&nbsp;&nbsp; 783675 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;63087 | &nbsp;&nbsp;&nbsp;&nbsp; 704910 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;30180 | &nbsp;&nbsp;&nbsp;&nbsp; 503201 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204 | &nbsp;&nbsp;&nbsp;&nbsp; 225642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020357 |
| **Portugal — 0.7%** | **Portugal — 0.7%** | **Portugal — 0.7%** |
| &nbsp;&nbsp;&nbsp;EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;292190 | &nbsp;&nbsp;&nbsp;&nbsp; 1294695 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;97799 | &nbsp;&nbsp;&nbsp;&nbsp; 1901212 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;40329 | &nbsp;&nbsp;&nbsp;&nbsp; 997246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193153 |
| **Singapore — 2.0%** | **Singapore — 2.0%** | **Singapore — 2.0%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;174800 | &nbsp;&nbsp;&nbsp;&nbsp; 310612 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;90700 | &nbsp;&nbsp;&nbsp;&nbsp; 3574870 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;85903 | &nbsp;&nbsp;&nbsp;&nbsp; 428656 |
| &nbsp;&nbsp;&nbsp;Keppel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46700 | &nbsp;&nbsp;&nbsp;&nbsp; 318605 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;170100 | &nbsp;&nbsp;&nbsp;&nbsp; 2218056 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;12019 | &nbsp;&nbsp;&nbsp;&nbsp; 2242024 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp; 320333 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127400 | &nbsp;&nbsp;&nbsp;&nbsp; 428053 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48200 | &nbsp;&nbsp;&nbsp;&nbsp; 1320433 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp; 255657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11417299 |
| **Spain — 2.4%** | **Spain — 2.4%** | **Spain — 2.4%** |
| &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp; 400985 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;10986 | &nbsp;&nbsp;&nbsp;&nbsp; 829244 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;88980 | &nbsp;&nbsp;&nbsp;&nbsp; 2574499 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;22347 | &nbsp;&nbsp;&nbsp;&nbsp; 1875908 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;576061 | &nbsp;&nbsp;&nbsp;&nbsp; 2185559 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;80192 | &nbsp;&nbsp;&nbsp;&nbsp; 1195049 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;252861 | &nbsp;&nbsp;&nbsp;&nbsp; 2521671 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;20733 | &nbsp;&nbsp;&nbsp;&nbsp; 737377 |
| &nbsp;&nbsp;&nbsp;Grifols SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917 | &nbsp;&nbsp;&nbsp;&nbsp; 125843 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;182065 | &nbsp;&nbsp;&nbsp;&nbsp; 938792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13384927 |
| **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; 592931 |
| **Sweden — 3.2%** | **Sweden — 3.2%** | **Sweden — 3.2%** |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp; 183890 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;28787 | &nbsp;&nbsp;&nbsp;&nbsp; 1017173 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;103690 | &nbsp;&nbsp;&nbsp;&nbsp; 1655642 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;46706 | &nbsp;&nbsp;&nbsp;&nbsp; 663984 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;53987 | &nbsp;&nbsp;&nbsp;&nbsp; 1861953 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;12571 | &nbsp;&nbsp;&nbsp;&nbsp; 262793 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;33990 | &nbsp;&nbsp;&nbsp;&nbsp; 632656 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683 | &nbsp;&nbsp;&nbsp;&nbsp; 348401 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;52353 | &nbsp;&nbsp;&nbsp;&nbsp; 1414219 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;60210 | &nbsp;&nbsp;&nbsp;&nbsp; 671132 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp; 75953 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681 | &nbsp;&nbsp;&nbsp;&nbsp; 186349 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;120607 | &nbsp;&nbsp;&nbsp;&nbsp; 3716350 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;46829 | &nbsp;&nbsp;&nbsp;&nbsp; 1183894 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;97136 | &nbsp;&nbsp;&nbsp;&nbsp; 1798063 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8286 | &nbsp;&nbsp;&nbsp;&nbsp; 112631 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;87012 | &nbsp;&nbsp;$1119161 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;47659 | &nbsp;&nbsp;&nbsp;&nbsp; 1465867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18370111 |
| **Switzerland — 10.0%** | **Switzerland — 10.0%** | **Switzerland — 10.0%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88147 | &nbsp;&nbsp;&nbsp;&nbsp; 5906187 |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;24295 | &nbsp;&nbsp;&nbsp;&nbsp; 1935841 |
| &nbsp;&nbsp;&nbsp;Amrize, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;13399 | &nbsp;&nbsp;&nbsp;&nbsp; 699684 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp; 810575 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 203047 |
| &nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 320434 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 299568 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp; 426777 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;28434 | &nbsp;&nbsp;&nbsp;&nbsp; 1436097 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9365 | &nbsp;&nbsp;&nbsp;&nbsp; 914119 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp; 1148847 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914 | &nbsp;&nbsp;&nbsp;&nbsp; 683310 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp; 851432 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 2458726 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;15132 | &nbsp;&nbsp;&nbsp;&nbsp; 1268642 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21179 | &nbsp;&nbsp;&nbsp;&nbsp; 1531081 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 | &nbsp;&nbsp;&nbsp;&nbsp; 812612 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;10692 | &nbsp;&nbsp;&nbsp;&nbsp; 1102524 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp; 1808646 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;79164 | &nbsp;&nbsp;&nbsp;&nbsp; 10018309 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp; 2153768 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;15641 | &nbsp;&nbsp;&nbsp;&nbsp; 980922 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 119462 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;&nbsp;&nbsp; 1941000 |
| &nbsp;&nbsp;&nbsp;SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;11982 | &nbsp;&nbsp;&nbsp;&nbsp; 1222041 |
| &nbsp;&nbsp;&nbsp;SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;21758 | &nbsp;&nbsp;&nbsp;&nbsp; 344384 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8897 | &nbsp;&nbsp;&nbsp;&nbsp; 2066161 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp; 745743 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp; 794101 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240 | &nbsp;&nbsp;&nbsp;&nbsp; 1129830 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 | &nbsp;&nbsp;&nbsp;&nbsp; 2336959 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256 | &nbsp;&nbsp;&nbsp;&nbsp; 869423 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;16918 | &nbsp;&nbsp;&nbsp;&nbsp; 3065524 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 723803 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 349979 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 | &nbsp;&nbsp;&nbsp;&nbsp; 3348760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;56828318 |
| **United Kingdom — 12.9%** | **United Kingdom — 12.9%** | **United Kingdom — 12.9%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;61409 | &nbsp;&nbsp;&nbsp;&nbsp; 3336950 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9707 | &nbsp;&nbsp;&nbsp;&nbsp; 475836 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;79759 | &nbsp;&nbsp;&nbsp;&nbsp; 2311172 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;23641 | &nbsp;&nbsp;&nbsp;&nbsp; 1738692 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;33977 | &nbsp;&nbsp;&nbsp;&nbsp; 991529 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;64762 | &nbsp;&nbsp;&nbsp;&nbsp; 10353227 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;40872 | &nbsp;&nbsp;&nbsp;&nbsp; 443727 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;345491 | &nbsp;&nbsp;&nbsp;&nbsp; 3044856 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;97429 | &nbsp;&nbsp;&nbsp;&nbsp; 473884 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;36752 | &nbsp;&nbsp;&nbsp;&nbsp; 1243603 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;471021 | &nbsp;&nbsp;&nbsp;&nbsp; 1024530 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;20562 | &nbsp;&nbsp;&nbsp;&nbsp; 1827139 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;100969 | &nbsp;&nbsp;&nbsp;&nbsp; 3432839 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | &nbsp;&nbsp;&nbsp;&nbsp;16584 | &nbsp;&nbsp;&nbsp;&nbsp; 400726 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;298408 | &nbsp;&nbsp;&nbsp;&nbsp; 1467260 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;31063 | &nbsp;&nbsp;&nbsp;&nbsp; 1381125 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;29760 | &nbsp;&nbsp;&nbsp;&nbsp; 718524 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;114123 | &nbsp;&nbsp;&nbsp;&nbsp; 1344834 |

---

------

#### VALIC Company I International Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;13778 | &nbsp;&nbsp;$1672212 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;13487 | &nbsp;&nbsp;&nbsp;&nbsp; 855559 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;344064 | &nbsp;&nbsp;&nbsp;&nbsp; 446140 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;285409 | &nbsp;&nbsp;&nbsp;&nbsp; 992515 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;97015 | &nbsp;&nbsp;&nbsp;&nbsp; 726105 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;443375 | &nbsp;&nbsp;&nbsp;&nbsp; 1482679 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;19956 | &nbsp;&nbsp;&nbsp;&nbsp; 2473360 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;220155 | &nbsp;&nbsp;&nbsp;&nbsp; 789148 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;99158 | &nbsp;&nbsp;&nbsp;&nbsp; 462849 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;58401 | &nbsp;&nbsp;&nbsp;&nbsp; 821773 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;323692 | &nbsp;&nbsp;&nbsp;&nbsp; 4552479 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;66907 | &nbsp;&nbsp;&nbsp;&nbsp; 973690 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;126522 | &nbsp;&nbsp;&nbsp;&nbsp; 1165646 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;167787 | &nbsp;&nbsp;&nbsp;&nbsp; 2242787 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;86692 | &nbsp;&nbsp;&nbsp;&nbsp; 4043083 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;193090 | &nbsp;&nbsp;&nbsp;&nbsp; 955614 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;57507 | &nbsp;&nbsp;&nbsp;&nbsp; 844600 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;155152 | &nbsp;&nbsp;&nbsp;&nbsp; 797439 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;90738 | &nbsp;&nbsp;&nbsp;&nbsp; 770489 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;91848 | &nbsp;&nbsp;&nbsp;&nbsp; 1718563 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;49016 | &nbsp;&nbsp;&nbsp;&nbsp; 1561827 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 552056 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;98243 | &nbsp;&nbsp;&nbsp;&nbsp; 2296582 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;136696 | &nbsp;&nbsp;&nbsp;&nbsp; 2558970 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;10628 | &nbsp;&nbsp;&nbsp;&nbsp; 165142 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;30845 | &nbsp;&nbsp;&nbsp;&nbsp; 1315249 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17608 | &nbsp;&nbsp;&nbsp;&nbsp; 250909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;73497918 |
| **Total Common Stocks<br> (cost $426,234,802)** |  | &nbsp;&nbsp;&nbsp;&nbsp;563771868 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |  |
| **Italy — 0.0%** | **Italy — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA†<br> Expires 09/12/2025<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;498492 | &nbsp;&nbsp;$6 |
| **Total Long-Term Investment Securities<br> (cost $426,234,802)** |  | &nbsp;&nbsp;&nbsp;&nbsp;563771874 |
| **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> 4.23%(1)<br> (cost $1,549,266) | 1549266 | &nbsp;&nbsp;&nbsp;&nbsp; 1549266 |
| **TOTAL INVESTMENTS<br> (cost $427,784,068)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2% | &nbsp;&nbsp;&nbsp;&nbsp;565321140 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4449890 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$569771030 |

---

---

| | |
|:---|:---|
| † | &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 August 31, 2025, the aggregate value of these securities was $12,071,011 representing 2.1% of net assets. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |

---

ADR—American Depositary Receipt <br> CDI—CHESS Depositary Interest <br> 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;2.37% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/10/2028 | &nbsp;&nbsp;$222509 | &nbsp;&nbsp;$4249 | &nbsp;&nbsp;$4249 |
| **Hong Kong** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp;2.87 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp;325625 | &nbsp;&nbsp;&nbsp;13195 | &nbsp;&nbsp;&nbsp;13195 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$17444 | &nbsp;&nbsp;$17444 |

---

#### 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;SGX Nikkei 225 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1014046 | &nbsp;&nbsp;&nbsp;&nbsp;$1016859 | &nbsp;&nbsp;&nbsp;&nbsp;$2813 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SPI 200 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9030 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 32 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Euro STOXX 50 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2049048 | &nbsp;&nbsp;&nbsp;&nbsp;$2007362 | &nbsp;&nbsp;&nbsp;&nbsp;$(41686) |
| 8 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2110) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(43796) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(34766) |

---

\* 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.

------

#### VALIC Company I International Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;13.6% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.2% |

---

\* Calculated as a percentage of net assets

------

#### VALIC Company I International Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;$341133 | &nbsp;&nbsp;$14087596 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14428729 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;1102821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682181 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785002 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;3140739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369999 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510738 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388654 | &nbsp;&nbsp;&nbsp;&nbsp;37264620 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;37653274 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;2670680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8746619 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11417299 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1827139 | &nbsp;&nbsp;&nbsp;&nbsp;71670779 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;73497918 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;416478908 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;416478908 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1549266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549266 |
| **Total Investments at Value** | &nbsp;&nbsp;$11020438 | &nbsp;&nbsp;$554300702 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$565321140 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17444 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17444 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17444 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26474 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;$43796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43796 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I International Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
| **Australia — 1.5%** | **Australia — 1.5%** | **Australia — 1.5%** |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;367683 | &nbsp;&nbsp;$4637153 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;271304 | &nbsp;&nbsp;&nbsp;&nbsp; 1375016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012169 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| &nbsp;&nbsp;&nbsp;Galapagos NV ADR† | &nbsp;&nbsp;&nbsp;&nbsp;22021 | &nbsp;&nbsp;&nbsp;&nbsp; 692340 |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;622999 | &nbsp;&nbsp;&nbsp;&nbsp; 2457823 |
| **Canada — 2.0%** | **Canada — 2.0%** | **Canada — 2.0%** |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11819 | &nbsp;&nbsp;&nbsp;&nbsp; 914672 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;157224 | &nbsp;&nbsp;&nbsp;&nbsp; 1817509 |
| &nbsp;&nbsp;&nbsp;Finning International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29572 | &nbsp;&nbsp;&nbsp;&nbsp; 1226075 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77092 | &nbsp;&nbsp;&nbsp;&nbsp; 2614961 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9436 | &nbsp;&nbsp;&nbsp;&nbsp; 322617 |
| &nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157745 | &nbsp;&nbsp;&nbsp;&nbsp; 1190975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086809 |
| **China — 0.7%** | **China — 0.7%** | **China — 0.7%** |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp;&nbsp; 2740710 |
| **Finland — 0.6%** | **Finland — 0.6%** | **Finland — 0.6%** |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;81285 | &nbsp;&nbsp;&nbsp;&nbsp; 2312556 |
| **France — 11.9%** | **France — 11.9%** | **France — 11.9%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;56291 | &nbsp;&nbsp;&nbsp;&nbsp; 2787383 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;87522 | &nbsp;&nbsp;&nbsp;&nbsp; 4071944 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;35805 | &nbsp;&nbsp;&nbsp;&nbsp; 3215714 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;37195 | &nbsp;&nbsp;&nbsp;&nbsp; 5280372 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8419 | &nbsp;&nbsp;&nbsp;&nbsp; 908934 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9278 | &nbsp;&nbsp;&nbsp;&nbsp; 1167441 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;112925 | &nbsp;&nbsp;&nbsp;&nbsp; 2336837 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;179337 | &nbsp;&nbsp;&nbsp;&nbsp; 2920379 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;39404 | &nbsp;&nbsp;&nbsp;&nbsp; 3915065 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;19099 | &nbsp;&nbsp;&nbsp;&nbsp; 4687487 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;48955 | &nbsp;&nbsp;&nbsp;&nbsp; 3016309 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;171476 | &nbsp;&nbsp;&nbsp;&nbsp; 10761675 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;21864 | &nbsp;&nbsp;&nbsp;&nbsp; 2965759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;48035299 |
| **Germany — 5.6%** | **Germany — 5.6%** | **Germany — 5.6%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;183048 | &nbsp;&nbsp;&nbsp;&nbsp; 6694848 |
| &nbsp;&nbsp;&nbsp;Duerr AG | &nbsp;&nbsp;&nbsp;&nbsp;39235 | &nbsp;&nbsp;&nbsp;&nbsp; 975869 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;212400 | &nbsp;&nbsp;&nbsp;&nbsp; 3787347 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;43967 | &nbsp;&nbsp;&nbsp;&nbsp; 2254669 |
| &nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;25035 | &nbsp;&nbsp;&nbsp;&nbsp; 1633179 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;26702 | &nbsp;&nbsp;&nbsp;&nbsp; 7393175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22739087 |
| **Greece — 0.9%** | **Greece — 0.9%** | **Greece — 0.9%** |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;457421 | &nbsp;&nbsp;&nbsp;&nbsp; 3504523 |
| **Guernsey — 0.5%** | **Guernsey — 0.5%** | **Guernsey — 0.5%** |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;134435 | &nbsp;&nbsp;&nbsp;&nbsp; 1882090 |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;628000 | &nbsp;&nbsp;&nbsp;&nbsp; 2839143 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp; 2512404 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | 3071000 | &nbsp;&nbsp;&nbsp;&nbsp; 3274595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8626142 |
| **Ireland — 2.2%** | **Ireland — 2.2%** | **Ireland — 2.2%** |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;265308 | &nbsp;&nbsp;&nbsp;&nbsp; 3925291 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;15480 | &nbsp;&nbsp;&nbsp;&nbsp; 984752 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 | &nbsp;&nbsp;&nbsp;&nbsp; 836731 |

---

---

| | | |
|:---|:---|:---|
| **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;13329 | &nbsp;&nbsp;$1702780 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;27082 | &nbsp;&nbsp;&nbsp;&nbsp; 1282603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8732157 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;20830 | &nbsp;&nbsp;&nbsp;&nbsp; 4023106 |
| **Italy — 2.6%** | **Italy — 2.6%** | **Italy — 2.6%** |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;424221 | &nbsp;&nbsp;&nbsp;&nbsp; 4418951 |
| &nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;19460 | &nbsp;&nbsp;&nbsp;&nbsp; 990008 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;539970 | &nbsp;&nbsp;&nbsp;&nbsp; 4979960 |
| &nbsp;&nbsp;&nbsp;PRADA SpA | &nbsp;&nbsp;&nbsp;&nbsp;62300 | &nbsp;&nbsp;&nbsp;&nbsp; 365041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10753960 |
| **Japan — 21.2%** | **Japan — 21.2%** | **Japan — 21.2%** |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;261800 | &nbsp;&nbsp;&nbsp;&nbsp; 2148104 |
| &nbsp;&nbsp;&nbsp;Daiwabo Holdings Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;120600 | &nbsp;&nbsp;&nbsp;&nbsp; 2557014 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130100 | &nbsp;&nbsp;&nbsp;&nbsp; 7372242 |
| &nbsp;&nbsp;&nbsp;Iyogin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp; 1614993 |
| &nbsp;&nbsp;&nbsp;Kinden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49700 | &nbsp;&nbsp;&nbsp;&nbsp; 1780005 |
| &nbsp;&nbsp;&nbsp;Macnica Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123200 | &nbsp;&nbsp;&nbsp;&nbsp; 1677911 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59700 | &nbsp;&nbsp;&nbsp;&nbsp; 1356918 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;97300 | &nbsp;&nbsp;&nbsp;&nbsp; 2015599 |
| &nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;540300 | &nbsp;&nbsp;&nbsp;&nbsp; 3351533 |
| &nbsp;&nbsp;&nbsp;Medipal Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102800 | &nbsp;&nbsp;&nbsp;&nbsp; 1816476 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;212400 | &nbsp;&nbsp;&nbsp;&nbsp; 3454451 |
| &nbsp;&nbsp;&nbsp;Nippon Television Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89300 | &nbsp;&nbsp;&nbsp;&nbsp; 2340891 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;413900 | &nbsp;&nbsp;&nbsp;&nbsp; 10733561 |
| &nbsp;&nbsp;&nbsp;Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;194500 | &nbsp;&nbsp;&nbsp;&nbsp; 3930173 |
| &nbsp;&nbsp;&nbsp;Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41400 | &nbsp;&nbsp;&nbsp;&nbsp; 1344094 |
| &nbsp;&nbsp;&nbsp;Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41600 | &nbsp;&nbsp;&nbsp;&nbsp; 3078268 |
| &nbsp;&nbsp;&nbsp;Ship Healthcare Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 756330 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140300 | &nbsp;&nbsp;&nbsp;&nbsp; 2736488 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101400 | &nbsp;&nbsp;&nbsp;&nbsp; 2827837 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;422800 | &nbsp;&nbsp;&nbsp;&nbsp; 11447976 |
| &nbsp;&nbsp;&nbsp;Sundrug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;&nbsp; 1049096 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;101700 | &nbsp;&nbsp;&nbsp;&nbsp; 3062334 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp; 2825709 |
| &nbsp;&nbsp;&nbsp;Tokyo Tatemono Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127700 | &nbsp;&nbsp;&nbsp;&nbsp; 2405891 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94400 | &nbsp;&nbsp;&nbsp;&nbsp; 2432846 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;290900 | &nbsp;&nbsp;&nbsp;&nbsp; 5673692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;85790432 |
| **Jersey — 0.9%** | **Jersey — 0.9%** | **Jersey — 0.9%** |
| &nbsp;&nbsp;&nbsp;TP ICAP Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;711495 | &nbsp;&nbsp;&nbsp;&nbsp; 2667908 |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;177191 | &nbsp;&nbsp;&nbsp;&nbsp; 939325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607233 |
| **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 | &nbsp;&nbsp;&nbsp;&nbsp; 117356 |
| **Marshall Islands — 0.3%** | **Marshall Islands — 0.3%** | **Marshall Islands — 0.3%** |
| &nbsp;&nbsp;&nbsp;Star Bulk Carriers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64344 | &nbsp;&nbsp;&nbsp;&nbsp; 1200016 |
| **Netherlands — 6.1%** | **Netherlands — 6.1%** | **Netherlands — 6.1%** |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;53683 | &nbsp;&nbsp;&nbsp;&nbsp; 3721620 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;394106 | &nbsp;&nbsp;&nbsp;&nbsp; 9381154 |
| &nbsp;&nbsp;&nbsp;JBS NV† | &nbsp;&nbsp;&nbsp;&nbsp;136163 | &nbsp;&nbsp;&nbsp;&nbsp; 2191426 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;179602 | &nbsp;&nbsp;&nbsp;&nbsp; 7197644 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;39228 | &nbsp;&nbsp;&nbsp;&nbsp; 2418998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24910842 |

---

------

#### VALIC Company I International Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;47643 | &nbsp;&nbsp;$1254889 |
| &nbsp;&nbsp;&nbsp;Leroy Seafood Group ASA | &nbsp;&nbsp;&nbsp;&nbsp;478310 | &nbsp;&nbsp;&nbsp;&nbsp; 2341856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596745 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;&nbsp;&nbsp;27638 | &nbsp;&nbsp;&nbsp;&nbsp; 537368 |
| **Singapore — 3.0%** | **Singapore — 3.0%** | **Singapore — 3.0%** |
| &nbsp;&nbsp;&nbsp;BW LPG, Ltd. (NYSE)\* | &nbsp;&nbsp;&nbsp;&nbsp;77357 | &nbsp;&nbsp;&nbsp;&nbsp; 1204449 |
| &nbsp;&nbsp;&nbsp;BW LPG, Ltd. (OSEAX)\* | &nbsp;&nbsp;&nbsp;&nbsp;25439 | &nbsp;&nbsp;&nbsp;&nbsp; 396007 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;118100 | &nbsp;&nbsp;&nbsp;&nbsp; 4654820 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;297900 | &nbsp;&nbsp;&nbsp;&nbsp; 3847876 |
| &nbsp;&nbsp;&nbsp;Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;208800 | &nbsp;&nbsp;&nbsp;&nbsp; 2209147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12312299 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;110595 | &nbsp;&nbsp;&nbsp;&nbsp; 999593 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| &nbsp;&nbsp;&nbsp;Youngone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22702 | &nbsp;&nbsp;&nbsp;&nbsp; 957934 |
| **Spain — 5.0%** | **Spain — 5.0%** | **Spain — 5.0%** |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;369802 | &nbsp;&nbsp;&nbsp;&nbsp; 6696674 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;682299 | &nbsp;&nbsp;&nbsp;&nbsp; 6508238 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;35736 | &nbsp;&nbsp;&nbsp;&nbsp; 1088442 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;315122 | &nbsp;&nbsp;&nbsp;&nbsp; 5926347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20219701 |
| **Switzerland — 5.5%** | **Switzerland — 5.5%** | **Switzerland — 5.5%** |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;50629 | &nbsp;&nbsp;&nbsp;&nbsp; 4769383 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;15669 | &nbsp;&nbsp;&nbsp;&nbsp; 1982933 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 | &nbsp;&nbsp;&nbsp;&nbsp; 2907862 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4864 | &nbsp;&nbsp;&nbsp;&nbsp; 1587864 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG# | &nbsp;&nbsp;&nbsp;&nbsp;21557 | &nbsp;&nbsp;&nbsp;&nbsp; 3906106 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9562 | &nbsp;&nbsp;&nbsp;&nbsp; 6986874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22141022 |
| **Taiwan — 0.9%** | **Taiwan — 0.9%** | **Taiwan — 0.9%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3764871 |
| **United Arab Emirates — 0.9%** | **United Arab Emirates — 0.9%** | **United Arab Emirates — 0.9%** |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;916374 | &nbsp;&nbsp;&nbsp;&nbsp; 3587980 |
| **United Kingdom — 21.0%** | **United Kingdom — 21.0%** | **United Kingdom — 21.0%** |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;72526 | &nbsp;&nbsp;&nbsp;&nbsp; 5333970 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;45246 | &nbsp;&nbsp;&nbsp;&nbsp; 7233287 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;19987 | &nbsp;&nbsp;&nbsp;&nbsp; 1596961 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;938946 | &nbsp;&nbsp;&nbsp;&nbsp; 2747836 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;831600 | &nbsp;&nbsp;&nbsp;&nbsp; 1808834 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;83740 | &nbsp;&nbsp;&nbsp;&nbsp; 7441136 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;165177 | &nbsp;&nbsp;&nbsp;&nbsp; 5615843 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| &nbsp;&nbsp;&nbsp;Diversified Energy Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;127444 | &nbsp;&nbsp;$2099003 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;601466 | &nbsp;&nbsp;&nbsp;&nbsp; 7707752 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;119930 | &nbsp;&nbsp;&nbsp;&nbsp; 5063751 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | 1087366 | &nbsp;&nbsp;&nbsp;&nbsp; 1409962 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;593116 | &nbsp;&nbsp;&nbsp;&nbsp; 2768544 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;457206 | &nbsp;&nbsp;&nbsp;&nbsp; 6430250 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;842143 | &nbsp;&nbsp;&nbsp;&nbsp; 5826280 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;100713 | &nbsp;&nbsp;&nbsp;&nbsp; 6292359 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;379360 | &nbsp;&nbsp;&nbsp;&nbsp; 13953721 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 1325158 | &nbsp;&nbsp;&nbsp;&nbsp; 1585101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;84914590 |
| **United States — 0.1%** | **United States — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413 | &nbsp;&nbsp;&nbsp;&nbsp; 600609 |
| **Total Long-Term Investment Securities<br> (cost $334,236,388)** |  | &nbsp;&nbsp;&nbsp;&nbsp;399857362 |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |  |
| **Unaffiliated Investment Companies — 0.7%** | **Unaffiliated Investment Companies — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund, Institutional Shares Class 5.17%(1) | &nbsp;&nbsp;&nbsp;&nbsp;830425 | &nbsp;&nbsp;&nbsp;&nbsp; 830425 |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 4.23%(1) | 1935311 | &nbsp;&nbsp;&nbsp;&nbsp; 1935311 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.31%(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;57714 | &nbsp;&nbsp;&nbsp;&nbsp; 57714 |
| **Total Short-Term Investments<br> (cost $2,823,450)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823450 |
| **TOTAL INVESTMENTS<br> (cost $337,059,838)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.4% | &nbsp;&nbsp;&nbsp;&nbsp;402680812 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310945 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$404991757 |

---

---

| | |
|:---|:---|
| † | &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 August 31, 2025, the aggregate value of these securities was $4,875,051 representing 1.2% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (2) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $55,065. This was secured by collateral of $57,714, which was received in cash and subsequently invested in short-term investments currently valued at $57,714 as reported in the Portfolio of Investments. |

---

ADR—American Depositary Receipt <br> NYSE—New York Stock Exchange <br> OSEAX—Oslo 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;CAD | &nbsp;&nbsp;&nbsp;&nbsp;3052000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2209921 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(14101) |
|  | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;6129000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606492 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3282) |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;2892000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1694538 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12534) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29917) |
| Citibank, N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;4026000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4610414 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(104185) |
|  | &nbsp;&nbsp;JPY | &nbsp;&nbsp;617900000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4241640 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 29965 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6483439 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;5496000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47413) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29965 | &nbsp;&nbsp;&nbsp;&nbsp;(151598) |

---

------

#### VALIC Company I International Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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)** |
| HSBC Bank PLC | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2005059 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(29591) |
|  | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;2315000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1819647 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13149 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8930801 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;13494000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (97253) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1040004 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1293) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13149 | &nbsp;&nbsp;&nbsp;&nbsp;(128137) |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;5490000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4044593 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 43978 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1012673 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;6405000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7738) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1215157 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2723 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1808879 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;3060000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2641) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10379) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423812 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1755) |
|  | &nbsp;&nbsp;JPY | &nbsp;&nbsp;477750000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3212693 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (43703) |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405115 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10812 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;7927000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831650 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6708) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8892633 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;7012000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(112963) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3384514 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2905000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17352 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5462661 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;4028000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17575) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3019538 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;31033000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 67935 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96099 | &nbsp;&nbsp;&nbsp;&nbsp;(182704) |
| UBS AG | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624120 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1113) |
|  | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;10714000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1061949 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3987) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3617394 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;5612000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 56377 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1039847 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;1739000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13361) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1819945 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;17264000 | &nbsp;&nbsp;09/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5892 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18461) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$248183 | &nbsp;&nbsp;$(521196) |

---

---

| |
|:---|
| 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;20.1% |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;5.8 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;5.6 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |

---

------

#### VALIC Company I International Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.2% |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.4% |

---

\* 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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;$692340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$692340 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;2457823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457823 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;8086809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086809 |
| &nbsp;&nbsp;&nbsp;Guernsey | &nbsp;&nbsp;&nbsp;&nbsp;1882090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882090 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3822114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910043 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8732157 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;4023106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023106 |
| &nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117356 |
| &nbsp;&nbsp;&nbsp;Marshall Islands | &nbsp;&nbsp;&nbsp;&nbsp;1200016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200016 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2191426 | &nbsp;&nbsp;&nbsp;&nbsp;22719416 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24910842 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1204449 | &nbsp;&nbsp;&nbsp;&nbsp;11107850 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12312299 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;11137100 | &nbsp;&nbsp;&nbsp;&nbsp;73777490 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84914590 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600609 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;249927325 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;249927325 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2823450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823450 |
| **Total Investments at Value** | &nbsp;&nbsp;$40238688 | &nbsp;&nbsp;$362442124 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$402680812 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$248183 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$248183 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$521196 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$521196 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Large Cap Core Fund^<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** |
| **Apparel — 1.0%** | **Apparel — 1.0%** | **Apparel — 1.0%** |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;10647 | &nbsp;&nbsp;$6273650 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10050 | &nbsp;&nbsp;&nbsp;&nbsp; 1493933 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;19088 | &nbsp;&nbsp;&nbsp;&nbsp; 6982963 |
| **Commercial Services — 3.6%** | **Commercial Services — 3.6%** | **Commercial Services — 3.6%** |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15556 | &nbsp;&nbsp;&nbsp;&nbsp; 7929827 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;154713 | &nbsp;&nbsp;&nbsp;&nbsp; 13676629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21606456 |
| **Computers — 8.2%** | **Computers — 8.2%** | **Computers — 8.2%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;65708 | &nbsp;&nbsp;&nbsp;&nbsp; 17082109 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132821 | &nbsp;&nbsp;&nbsp;&nbsp; 30833067 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103 | &nbsp;&nbsp;&nbsp;&nbsp; 2035392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;49950568 |
| **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;17505 | &nbsp;&nbsp;&nbsp;&nbsp; 8147867 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| &nbsp;&nbsp;&nbsp;Pool Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;17054 | &nbsp;&nbsp;&nbsp;&nbsp; 5298848 |
| **Diversified Financial Services — 9.4%** | **Diversified Financial Services — 9.4%** | **Diversified Financial Services — 9.4%** |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;109900 | &nbsp;&nbsp;&nbsp;&nbsp; 6613926 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79887 | &nbsp;&nbsp;&nbsp;&nbsp; 7656370 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16879 | &nbsp;&nbsp;&nbsp;&nbsp; 4498422 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25307 | &nbsp;&nbsp;&nbsp;&nbsp; 15065004 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;66205 | &nbsp;&nbsp;&nbsp;&nbsp; 23289595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;57123317 |
| **Electric — 2.0%** | **Electric — 2.0%** | **Electric — 2.0%** |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;170569 | &nbsp;&nbsp;&nbsp;&nbsp; 12207623 |
| **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;37406 | &nbsp;&nbsp;&nbsp;&nbsp; 13059931 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;20309 | &nbsp;&nbsp;&nbsp;&nbsp; 4984459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18044390 |
| **Electronics — 7.8%** | **Electronics — 7.8%** | **Electronics — 7.8%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;158584 | &nbsp;&nbsp;&nbsp;&nbsp; 17263454 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31835 | &nbsp;&nbsp;&nbsp;&nbsp; 13720567 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170 | &nbsp;&nbsp;&nbsp;&nbsp; 6726377 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;48296 | &nbsp;&nbsp;&nbsp;&nbsp; 9973124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47683522 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69347 | &nbsp;&nbsp;&nbsp;&nbsp; 4879948 |
| **Healthcare-Products — 7.5%** | **Healthcare-Products — 7.5%** | **Healthcare-Products — 7.5%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92513 | &nbsp;&nbsp;&nbsp;&nbsp; 11625184 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;56679 | &nbsp;&nbsp;&nbsp;&nbsp; 5979634 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41937 | &nbsp;&nbsp;&nbsp;&nbsp; 8631473 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;53853 | &nbsp;&nbsp;&nbsp;&nbsp; 13197216 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 2583306 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7608 | &nbsp;&nbsp;&nbsp;&nbsp; 3748614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45765427 |
| **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;26893 | &nbsp;&nbsp;&nbsp;&nbsp; 4785340 |
| **Household Products/Wares — 2.0%** | **Household Products/Wares — 2.0%** | **Household Products/Wares — 2.0%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131602 | &nbsp;&nbsp;&nbsp;&nbsp; 12260042 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;37028 | &nbsp;&nbsp;$13589276 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30817 | &nbsp;&nbsp;&nbsp;&nbsp; 6342447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19931723 |
| **Internet — 4.0%** | **Internet — 4.0%** | **Internet — 4.0%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;56026 | &nbsp;&nbsp;&nbsp;&nbsp; 11928496 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;157200 | &nbsp;&nbsp;&nbsp;&nbsp; 12156069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24084565 |
| **Lodging — 1.9%** | **Lodging — 1.9%** | **Lodging — 1.9%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41202 | &nbsp;&nbsp;&nbsp;&nbsp; 11374224 |
| **Machinery-Diversified — 1.6%** | **Machinery-Diversified — 1.6%** | **Machinery-Diversified — 1.6%** |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46031 | &nbsp;&nbsp;&nbsp;&nbsp; 3930587 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66966 | &nbsp;&nbsp;&nbsp;&nbsp; 5784523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9715110 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;12362 | &nbsp;&nbsp;&nbsp;&nbsp; 1463414 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;51593 | &nbsp;&nbsp;&nbsp;&nbsp; 9956417 |
| **REITS — 1.8%** | **REITS — 1.8%** | **REITS — 1.8%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53639 | &nbsp;&nbsp;&nbsp;&nbsp; 10934310 |
| **Retail — 2.8%** | **Retail — 2.8%** | **Retail — 2.8%** |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55282 | &nbsp;&nbsp;&nbsp;&nbsp; 8135299 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27717 | &nbsp;&nbsp;&nbsp;&nbsp; 2444362 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48929 | &nbsp;&nbsp;&nbsp;&nbsp; 6684191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17263852 |
| **Semiconductors — 13.3%** | **Semiconductors — 13.3%** | **Semiconductors — 13.3%** |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17015 | &nbsp;&nbsp;&nbsp;&nbsp; 4276040 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;322300 | &nbsp;&nbsp;&nbsp;&nbsp; 56138214 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;72403 | &nbsp;&nbsp;&nbsp;&nbsp; 16715681 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19907 | &nbsp;&nbsp;&nbsp;&nbsp; 4030769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;81160704 |
| **Software — 18.4%** | **Software — 18.4%** | **Software — 18.4%** |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;42175 | &nbsp;&nbsp;&nbsp;&nbsp; 5827742 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178296 | &nbsp;&nbsp;&nbsp;&nbsp; 90340800 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50061 | &nbsp;&nbsp;&nbsp;&nbsp; 12828131 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11193 | &nbsp;&nbsp;&nbsp;&nbsp; 3013156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;112009829 |
| **Transportation — 0.8%** | **Transportation — 0.8%** | **Transportation — 0.8%** |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;62598 | &nbsp;&nbsp;&nbsp;&nbsp; 4769342 |
| **Total Long-Term Investment Securities<br> (cost $427,458,554)** |  | &nbsp;&nbsp;&nbsp;&nbsp;605167384 |

---

------

#### VALIC Company I Large Cap Core Fund^<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** |  |
| **Sovereign — 0.6%** | **Sovereign — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 09/02/2025<br> (cost $3,630,582) | $3631000 | &nbsp;&nbsp;$3629305 |
| **TOTAL INVESTMENTS<br> (cost $431,089,136)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;608796689 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$608799495 |

---

---

| |
|:---|
| &nbsp;&nbsp;Prior to September 29, 2025, the Fund was known as Large Capital Growth Fund. |
| &nbsp;&nbsp;Non-income producing security |
| &nbsp;&nbsp;The security or a portion thereof is out on loan.<br> At August 31, 2025, the Fund had loaned securities with a total value of $195,126. This was secured by collateral of $201,993 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;$1381 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15883 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7557 |
| United States Treasury Notes/Bonds | 0.00% to 4.75% | 10/15/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;175793 |

---

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$6273650 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$6273650 |
| &nbsp;&nbsp;&nbsp;Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8147867 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8147867 |
| &nbsp;&nbsp;&nbsp;Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;13059931 | &nbsp;&nbsp;&nbsp;&nbsp;4984459 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18044390 |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;11928496 | &nbsp;&nbsp;&nbsp;&nbsp;12156069 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24084565 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;548616912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;548616912 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3629305 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629305 |
| **Total Investments at Value** | &nbsp;&nbsp;$573605339 | &nbsp;&nbsp;$35191350 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$608796689 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Mid Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **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 — 1.3%** | **Aerospace/Defense — 1.3%** | **Aerospace/Defense — 1.3%** |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26682 | &nbsp;&nbsp;$6439701 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;118246 | &nbsp;&nbsp;&nbsp;&nbsp; 9168795 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31592 | &nbsp;&nbsp;&nbsp;&nbsp; 15105715 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67291 | &nbsp;&nbsp;&nbsp;&nbsp; 4249426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34963637 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;132395 | &nbsp;&nbsp;&nbsp;&nbsp; 4496134 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;101754 | &nbsp;&nbsp;&nbsp;&nbsp; 6388116 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;552818 | &nbsp;&nbsp;&nbsp;&nbsp; 7391177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13779293 |
| **Apparel — 0.9%** | **Apparel — 0.9%** | **Apparel — 0.9%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98650 | &nbsp;&nbsp;&nbsp;&nbsp; 2031203 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25728 | &nbsp;&nbsp;&nbsp;&nbsp; 1433564 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46908 | &nbsp;&nbsp;&nbsp;&nbsp; 4090378 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40093 | &nbsp;&nbsp;&nbsp;&nbsp; 3380642 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;109211 | &nbsp;&nbsp;&nbsp;&nbsp; 6889030 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;155563 | &nbsp;&nbsp;&nbsp;&nbsp; 777815 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94938 | &nbsp;&nbsp;&nbsp;&nbsp; 467095 |
| &nbsp;&nbsp;&nbsp;VF Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;277039 | &nbsp;&nbsp;&nbsp;&nbsp; 4191600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23261327 |
| **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59615 | &nbsp;&nbsp;&nbsp;&nbsp; 7396433 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188336 | &nbsp;&nbsp;&nbsp;&nbsp; 5275291 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;238053 | &nbsp;&nbsp;&nbsp;&nbsp; 2018690 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44773 | &nbsp;&nbsp;&nbsp;&nbsp; 4925030 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22740 | &nbsp;&nbsp;&nbsp;&nbsp; 2818850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22434294 |
| **Banks — 6.7%** | **Banks — 6.7%** | **Banks — 6.7%** |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136552 | &nbsp;&nbsp;&nbsp;&nbsp; 3682807 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88453 | &nbsp;&nbsp;&nbsp;&nbsp; 4641129 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;133378 | &nbsp;&nbsp;&nbsp;&nbsp; 5020348 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251504 | &nbsp;&nbsp;&nbsp;&nbsp; 6732762 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110153 | &nbsp;&nbsp;&nbsp;&nbsp; 7774599 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101777 | &nbsp;&nbsp;&nbsp;&nbsp; 6304067 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53888 | &nbsp;&nbsp;&nbsp;&nbsp; 6953169 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115528 | &nbsp;&nbsp;&nbsp;&nbsp; 12146614 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107695 | &nbsp;&nbsp;&nbsp;&nbsp; 4003023 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;425174 | &nbsp;&nbsp;&nbsp;&nbsp; 9608932 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;301362 | &nbsp;&nbsp;&nbsp;&nbsp; 5029732 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99131 | &nbsp;&nbsp;&nbsp;&nbsp; 4872289 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71690 | &nbsp;&nbsp;&nbsp;&nbsp; 4510735 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153733 | &nbsp;&nbsp;&nbsp;&nbsp; 4575094 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44630 | &nbsp;&nbsp;&nbsp;&nbsp; 3192830 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;272873 | &nbsp;&nbsp;&nbsp;&nbsp; 6246063 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64438 | &nbsp;&nbsp;&nbsp;&nbsp; 6264662 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79843 | &nbsp;&nbsp;&nbsp;&nbsp; 5519547 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82522 | &nbsp;&nbsp;&nbsp;&nbsp; 8422195 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116522 | &nbsp;&nbsp;&nbsp;&nbsp; 6013700 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38345 | &nbsp;&nbsp;&nbsp;&nbsp; 3319527 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59819 | &nbsp;&nbsp;&nbsp;&nbsp; 7291936 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118638 | &nbsp;&nbsp;&nbsp;&nbsp; 4548581 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;400640 | &nbsp;&nbsp;&nbsp;&nbsp; 4190694 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141013 | &nbsp;&nbsp;&nbsp;&nbsp; 8773829 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91370 | &nbsp;&nbsp;&nbsp;&nbsp; 8182184 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56102 | &nbsp;&nbsp;&nbsp;&nbsp; 7702244 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;123697 | &nbsp;&nbsp;&nbsp;&nbsp; 7175663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172698955 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6903 | &nbsp;&nbsp;$1526184 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;131787 | &nbsp;&nbsp;&nbsp;&nbsp; 8286767 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49127 | &nbsp;&nbsp;&nbsp;&nbsp; 5759649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15572600 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;160751 | &nbsp;&nbsp;&nbsp;&nbsp; 9366961 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15569 | &nbsp;&nbsp;&nbsp;&nbsp; 4637694 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99849 | &nbsp;&nbsp;&nbsp;&nbsp; 3527665 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;228590 | &nbsp;&nbsp;&nbsp;&nbsp; 8553838 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;103287 | &nbsp;&nbsp;&nbsp;&nbsp; 7555444 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;132691 | &nbsp;&nbsp;&nbsp;&nbsp; 13263792 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;352256 | &nbsp;&nbsp;&nbsp;&nbsp; 4202414 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37810 | &nbsp;&nbsp;&nbsp;&nbsp; 11522976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62630784 |
| **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;56551 | &nbsp;&nbsp;&nbsp;&nbsp; 4690905 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27903 | &nbsp;&nbsp;&nbsp;&nbsp; 6442803 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100805 | &nbsp;&nbsp;&nbsp;&nbsp; 5899109 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47374 | &nbsp;&nbsp;&nbsp;&nbsp; 3837294 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51870 | &nbsp;&nbsp;&nbsp;&nbsp; 4933356 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71293 | &nbsp;&nbsp;&nbsp;&nbsp; 10706070 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35061 | &nbsp;&nbsp;&nbsp;&nbsp; 6700858 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89859 | &nbsp;&nbsp;&nbsp;&nbsp; 5538010 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50590 | &nbsp;&nbsp;&nbsp;&nbsp; 5108072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53856477 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38240 | &nbsp;&nbsp;&nbsp;&nbsp; 2147176 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76352 | &nbsp;&nbsp;&nbsp;&nbsp; 2855565 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;183162 | &nbsp;&nbsp;&nbsp;&nbsp; 5725644 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44910 | &nbsp;&nbsp;&nbsp;&nbsp; 3662860 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6322 | &nbsp;&nbsp;&nbsp;&nbsp; 5228041 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96227 | &nbsp;&nbsp;&nbsp;&nbsp; 2276731 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107647 | &nbsp;&nbsp;&nbsp;&nbsp; 13489245 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28005 | &nbsp;&nbsp;&nbsp;&nbsp; 2459399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37844661 |
| **Commercial Services — 3.9%** | **Commercial Services — 3.9%** | **Commercial Services — 3.9%** |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;306311 | &nbsp;&nbsp;&nbsp;&nbsp; 10929177 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14212 | &nbsp;&nbsp;&nbsp;&nbsp; 2248765 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35128 | &nbsp;&nbsp;&nbsp;&nbsp; 3935741 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33946 | &nbsp;&nbsp;&nbsp;&nbsp; 3163428 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28197 | &nbsp;&nbsp;&nbsp;&nbsp; 4755142 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 | &nbsp;&nbsp;&nbsp;&nbsp; 3078952 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23420 | &nbsp;&nbsp;&nbsp;&nbsp; 4720769 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95837 | &nbsp;&nbsp;&nbsp;&nbsp; 5045818 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112194 | &nbsp;&nbsp;&nbsp;&nbsp; 5648968 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29614 | &nbsp;&nbsp;&nbsp;&nbsp; 1635285 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38962 | &nbsp;&nbsp;&nbsp;&nbsp; 1651989 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22309 | &nbsp;&nbsp;&nbsp;&nbsp; 5854328 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36110 | &nbsp;&nbsp;&nbsp;&nbsp; 6471995 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155232 | &nbsp;&nbsp;&nbsp;&nbsp; 17780273 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;119328 | &nbsp;&nbsp;&nbsp;&nbsp; 9456744 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56519 | &nbsp;&nbsp;&nbsp;&nbsp; 5111013 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;106350 | &nbsp;&nbsp;&nbsp;&nbsp; 4124253 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28678 | &nbsp;&nbsp;&nbsp;&nbsp; 4913975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100526615 |
| **Computers — 3.6%** | **Computers — 3.6%** | **Computers — 3.6%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36535 | &nbsp;&nbsp;&nbsp;&nbsp; 1982024 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18433 | &nbsp;&nbsp;&nbsp;&nbsp; 8842679 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41495 | &nbsp;&nbsp;&nbsp;&nbsp; 2478496 |

---

------

#### VALIC Company I Mid Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;136373 | &nbsp;&nbsp;$5970410 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;134857 | &nbsp;&nbsp;&nbsp;&nbsp; 6114416 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108716 | &nbsp;&nbsp;&nbsp;&nbsp; 5485809 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;195050 | &nbsp;&nbsp;&nbsp;&nbsp; 6200640 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58173 | &nbsp;&nbsp;&nbsp;&nbsp; 7725956 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47144 | &nbsp;&nbsp;&nbsp;&nbsp; 4144900 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;140118 | &nbsp;&nbsp;&nbsp;&nbsp; 12998747 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39265 | &nbsp;&nbsp;&nbsp;&nbsp; 3145127 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;260508 | &nbsp;&nbsp;&nbsp;&nbsp; 20218026 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30390 | &nbsp;&nbsp;&nbsp;&nbsp; 4127266 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39489 | &nbsp;&nbsp;&nbsp;&nbsp; 4647855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94082351 |
| **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;308019 | &nbsp;&nbsp;&nbsp;&nbsp; 1318321 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47275 | &nbsp;&nbsp;&nbsp;&nbsp; 5909375 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;115348 | &nbsp;&nbsp;&nbsp;&nbsp; 2738362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9966058 |
| **Distribution/Wholesale — 1.2%** | **Distribution/Wholesale — 1.2%** | **Distribution/Wholesale — 1.2%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;158764 | &nbsp;&nbsp;&nbsp;&nbsp; 10275206 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29241 | &nbsp;&nbsp;&nbsp;&nbsp; 11765993 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37227 | &nbsp;&nbsp;&nbsp;&nbsp; 8183984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30225183 |
| **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23820 | &nbsp;&nbsp;&nbsp;&nbsp; 5355212 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231733 | &nbsp;&nbsp;&nbsp;&nbsp; 9512640 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30137 | &nbsp;&nbsp;&nbsp;&nbsp; 9690552 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63042 | &nbsp;&nbsp;&nbsp;&nbsp; 3347530 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36317 | &nbsp;&nbsp;&nbsp;&nbsp; 5605166 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45088 | &nbsp;&nbsp;&nbsp;&nbsp; 8983784 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;105536 | &nbsp;&nbsp;&nbsp;&nbsp; 4677356 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136582 | &nbsp;&nbsp;&nbsp;&nbsp; 8857343 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79304 | &nbsp;&nbsp;&nbsp;&nbsp; 7000957 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175846 | &nbsp;&nbsp;&nbsp;&nbsp; 5500463 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86108 | &nbsp;&nbsp;&nbsp;&nbsp; 9927391 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80716 | &nbsp;&nbsp;&nbsp;&nbsp; 6060964 |
| &nbsp;&nbsp;&nbsp;Western Union Co.# | &nbsp;&nbsp;&nbsp;&nbsp;273759 | &nbsp;&nbsp;&nbsp;&nbsp; 2373491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86892849 |
| **Electric — 1.9%** | **Electric — 1.9%** | **Electric — 1.9%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48341 | &nbsp;&nbsp;&nbsp;&nbsp; 3101075 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60610 | &nbsp;&nbsp;&nbsp;&nbsp; 3625084 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45272 | &nbsp;&nbsp;&nbsp;&nbsp; 5663527 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51224 | &nbsp;&nbsp;&nbsp;&nbsp; 2945892 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168759 | &nbsp;&nbsp;&nbsp;&nbsp; 7536777 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48238 | &nbsp;&nbsp;&nbsp;&nbsp; 4432590 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91554 | &nbsp;&nbsp;&nbsp;&nbsp; 3916680 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38119 | &nbsp;&nbsp;&nbsp;&nbsp; 14444052 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77549 | &nbsp;&nbsp;&nbsp;&nbsp; 4392375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50058052 |
| **Electrical Components & Equipment — 1.2%** | **Electrical Components & Equipment — 1.2%** | **Electrical Components & Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25654 | &nbsp;&nbsp;&nbsp;&nbsp; 8375261 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33056 | &nbsp;&nbsp;&nbsp;&nbsp; 4303891 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33033 | &nbsp;&nbsp;&nbsp;&nbsp; 3390837 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20709 | &nbsp;&nbsp;&nbsp;&nbsp; 5380820 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30228 | &nbsp;&nbsp;&nbsp;&nbsp; 3518842 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37026 | &nbsp;&nbsp;&nbsp;&nbsp; 5131433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30101084 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics — 3.1%** | **Electronics — 3.1%** | **Electronics — 3.1%** |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43467 | &nbsp;&nbsp;$5491186 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70019 | &nbsp;&nbsp;&nbsp;&nbsp; 3820937 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;130294 | &nbsp;&nbsp;&nbsp;&nbsp; 11787698 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;321126 | &nbsp;&nbsp;&nbsp;&nbsp; 17218776 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;138002 | &nbsp;&nbsp;&nbsp;&nbsp; 12474001 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;122382 | &nbsp;&nbsp;&nbsp;&nbsp; 3982310 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62607 | &nbsp;&nbsp;&nbsp;&nbsp; 9270219 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123917 | &nbsp;&nbsp;&nbsp;&nbsp; 5317278 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49875 | &nbsp;&nbsp;&nbsp;&nbsp; 12310148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81672553 |
| **Energy - Alternate Sources — 0.3%** | **Energy - Alternate Sources — 0.3%** | **Energy - Alternate Sources — 0.3%** |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;120461 | &nbsp;&nbsp;&nbsp;&nbsp; 8102207 |
| **Engineering & Construction — 3.3%** | **Engineering & Construction — 3.3%** | **Engineering & Construction — 3.3%** |
| &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;110898 | &nbsp;&nbsp;&nbsp;&nbsp; 13850051 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29502 | &nbsp;&nbsp;&nbsp;&nbsp; 20751117 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37517 | &nbsp;&nbsp;&nbsp;&nbsp; 23260540 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42680 | &nbsp;&nbsp;&nbsp;&nbsp; 3046499 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;138005 | &nbsp;&nbsp;&nbsp;&nbsp; 5660965 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51390 | &nbsp;&nbsp;&nbsp;&nbsp; 9337049 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23820 | &nbsp;&nbsp;&nbsp;&nbsp; 10022503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85928724 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60546 | &nbsp;&nbsp;&nbsp;&nbsp; 6280437 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70728 | &nbsp;&nbsp;&nbsp;&nbsp; 6540218 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26614 | &nbsp;&nbsp;&nbsp;&nbsp; 2079884 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31276 | &nbsp;&nbsp;&nbsp;&nbsp; 5123009 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;122043 | &nbsp;&nbsp;&nbsp;&nbsp; 4070134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24093682 |
| **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;42217 | &nbsp;&nbsp;&nbsp;&nbsp; 10225380 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220874 | &nbsp;&nbsp;&nbsp;&nbsp; 8044231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18269611 |
| **Food — 2.5%** | **Food — 2.5%** | **Food — 2.5%** |
| &nbsp;&nbsp;&nbsp;Marzetti Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16191 | &nbsp;&nbsp;&nbsp;&nbsp; 2956477 |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;337825 | &nbsp;&nbsp;&nbsp;&nbsp; 6574074 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163574 | &nbsp;&nbsp;&nbsp;&nbsp; 2460153 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53907 | &nbsp;&nbsp;&nbsp;&nbsp; 6983113 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;130839 | &nbsp;&nbsp;&nbsp;&nbsp; 13267074 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33915 | &nbsp;&nbsp;&nbsp;&nbsp; 1507522 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37754 | &nbsp;&nbsp;&nbsp;&nbsp; 4271865 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82028 | &nbsp;&nbsp;&nbsp;&nbsp; 11528215 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;193923 | &nbsp;&nbsp;&nbsp;&nbsp; 15048425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64596918 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;219674 | &nbsp;&nbsp;&nbsp;&nbsp; 8591450 |
| **Gas — 1.1%** | **Gas — 1.1%** | **Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75735 | &nbsp;&nbsp;&nbsp;&nbsp; 6569254 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83917 | &nbsp;&nbsp;&nbsp;&nbsp; 3968435 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50348 | &nbsp;&nbsp;&nbsp;&nbsp; 3851622 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50522 | &nbsp;&nbsp;&nbsp;&nbsp; 4035697 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49346 | &nbsp;&nbsp;&nbsp;&nbsp; 3779904 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179749 | &nbsp;&nbsp;&nbsp;&nbsp; 6226505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28431417 |
| **Hand/Machine Tools — 0.7%** | **Hand/Machine Tools — 0.7%** | **Hand/Machine Tools — 0.7%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46795 | &nbsp;&nbsp;&nbsp;&nbsp; 11353871 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32941 | &nbsp;&nbsp;&nbsp;&nbsp; 5619734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16973605 |

---

------

#### VALIC Company I Mid Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Products — 1.9%** | **Healthcare-Products — 1.9%** | **Healthcare-Products — 1.9%** |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;571190 | &nbsp;&nbsp;$7693929 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92708 | &nbsp;&nbsp;&nbsp;&nbsp; 3150218 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167583 | &nbsp;&nbsp;&nbsp;&nbsp; 2396437 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;141469 | &nbsp;&nbsp;&nbsp;&nbsp; 2996313 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94665 | &nbsp;&nbsp;&nbsp;&nbsp; 5800125 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42154 | &nbsp;&nbsp;&nbsp;&nbsp; 2299079 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58073 | &nbsp;&nbsp;&nbsp;&nbsp; 3188208 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45774 | &nbsp;&nbsp;&nbsp;&nbsp; 2580280 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37702 | &nbsp;&nbsp;&nbsp;&nbsp; 5267347 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32461 | &nbsp;&nbsp;&nbsp;&nbsp; 8850167 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43776 | &nbsp;&nbsp;&nbsp;&nbsp; 5354680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49576783 |
| **Healthcare-Services — 2.2%** | **Healthcare-Services — 2.2%** | **Healthcare-Services — 2.2%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77512 | &nbsp;&nbsp;&nbsp;&nbsp; 1779676 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12258 | &nbsp;&nbsp;&nbsp;&nbsp; 5613551 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84490 | &nbsp;&nbsp;&nbsp;&nbsp; 10287502 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47838 | &nbsp;&nbsp;&nbsp;&nbsp; 8217612 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72616 | &nbsp;&nbsp;&nbsp;&nbsp; 6486787 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19756 | &nbsp;&nbsp;&nbsp;&nbsp; 9394176 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.† | &nbsp;&nbsp;&nbsp;&nbsp;128904 | &nbsp;&nbsp;&nbsp;&nbsp; 2110158 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77858 | &nbsp;&nbsp;&nbsp;&nbsp; 14351565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58241027 |
| **Home Builders — 1.0%** | **Home Builders — 1.0%** | **Home Builders — 1.0%** |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60286 | &nbsp;&nbsp;&nbsp;&nbsp; 3831175 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84112 | &nbsp;&nbsp;&nbsp;&nbsp; 5666626 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44555 | &nbsp;&nbsp;&nbsp;&nbsp; 4883228 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83350 | &nbsp;&nbsp;&nbsp;&nbsp; 11585650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25966679 |
| **Home Furnishings — 0.9%** | **Home Furnishings — 0.9%** | **Home Furnishings — 0.9%** |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51317 | &nbsp;&nbsp;&nbsp;&nbsp; 3678403 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;173092 | &nbsp;&nbsp;&nbsp;&nbsp; 14531073 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46539 | &nbsp;&nbsp;&nbsp;&nbsp; 4335108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22544584 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36335 | &nbsp;&nbsp;&nbsp;&nbsp; 2224429 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60206 | &nbsp;&nbsp;&nbsp;&nbsp; 8179587 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48180 | &nbsp;&nbsp;&nbsp;&nbsp; 2276987 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82736 | &nbsp;&nbsp;&nbsp;&nbsp; 3265590 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84954 | &nbsp;&nbsp;&nbsp;&nbsp; 5330014 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218699 | &nbsp;&nbsp;&nbsp;&nbsp; 13093509 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86233 | &nbsp;&nbsp;&nbsp;&nbsp; 5691378 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30087 | &nbsp;&nbsp;&nbsp;&nbsp; 5219493 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50643 | &nbsp;&nbsp;&nbsp;&nbsp; 2716997 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18563 | &nbsp;&nbsp;&nbsp;&nbsp; 8491644 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;198956 | &nbsp;&nbsp;&nbsp;&nbsp; 5536945 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;190604 | &nbsp;&nbsp;&nbsp;&nbsp; 7618442 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27543 | &nbsp;&nbsp;&nbsp;&nbsp; 7418432 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55395 | &nbsp;&nbsp;&nbsp;&nbsp; 10790392 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45611 | &nbsp;&nbsp;&nbsp;&nbsp; 11083017 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69924 | &nbsp;&nbsp;&nbsp;&nbsp; 4735953 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90167 | &nbsp;&nbsp;&nbsp;&nbsp; 5097140 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50818 | &nbsp;&nbsp;&nbsp;&nbsp; 3975492 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;134462 | &nbsp;&nbsp;&nbsp;&nbsp; 9393515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119914527 |
| **Internet — 0.8%** | **Internet — 0.8%** | **Internet — 0.8%** |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;183960 | &nbsp;&nbsp;&nbsp;&nbsp; 7535001 |

---

---

| | | |
|:---|:---|:---|
| **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;164345 | &nbsp;&nbsp;$6960011 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;137689 | &nbsp;&nbsp;&nbsp;&nbsp; 5971572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20466584 |
| **Iron/Steel — 1.3%** | **Iron/Steel — 1.3%** | **Iron/Steel — 1.3%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41726 | &nbsp;&nbsp;&nbsp;&nbsp; 10050959 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;405731 | &nbsp;&nbsp;&nbsp;&nbsp; 4361608 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94685 | &nbsp;&nbsp;&nbsp;&nbsp; 5460484 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44080 | &nbsp;&nbsp;&nbsp;&nbsp; 13032693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32905744 |
| **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;54892 | &nbsp;&nbsp;&nbsp;&nbsp; 3490582 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91944 | &nbsp;&nbsp;&nbsp;&nbsp; 2677409 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70286 | &nbsp;&nbsp;&nbsp;&nbsp; 7365973 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44418 | &nbsp;&nbsp;&nbsp;&nbsp; 2513171 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69652 | &nbsp;&nbsp;&nbsp;&nbsp; 2448964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18496099 |
| **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51100 | &nbsp;&nbsp;&nbsp;&nbsp; 4387446 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18573 | &nbsp;&nbsp;&nbsp;&nbsp; 2220960 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53383 | &nbsp;&nbsp;&nbsp;&nbsp; 2536760 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35133 | &nbsp;&nbsp;&nbsp;&nbsp; 5068989 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55501 | &nbsp;&nbsp;&nbsp;&nbsp; 3508218 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64526 | &nbsp;&nbsp;&nbsp;&nbsp; 5588597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23310970 |
| **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76581 | &nbsp;&nbsp;&nbsp;&nbsp; 12409185 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53959 | &nbsp;&nbsp;&nbsp;&nbsp; 7520266 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54731 | &nbsp;&nbsp;&nbsp;&nbsp; 2733266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22662717 |
| **Machinery-Diversified — 3.7%** | **Machinery-Diversified — 3.7%** | **Machinery-Diversified — 3.7%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51885 | &nbsp;&nbsp;&nbsp;&nbsp; 5613438 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31924 | &nbsp;&nbsp;&nbsp;&nbsp; 8414528 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37666 | &nbsp;&nbsp;&nbsp;&nbsp; 7509094 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;733111 | &nbsp;&nbsp;&nbsp;&nbsp; 8394121 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140708 | &nbsp;&nbsp;&nbsp;&nbsp; 6182710 |
| &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40967 | &nbsp;&nbsp;&nbsp;&nbsp; 7591185 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47753 | &nbsp;&nbsp;&nbsp;&nbsp; 5509264 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109580 | &nbsp;&nbsp;&nbsp;&nbsp; 5880063 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140095 | &nbsp;&nbsp;&nbsp;&nbsp; 11962712 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44830 | &nbsp;&nbsp;&nbsp;&nbsp; 6134985 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55604 | &nbsp;&nbsp;&nbsp;&nbsp; 8303345 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83671 | &nbsp;&nbsp;&nbsp;&nbsp; 6782371 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22986 | &nbsp;&nbsp;&nbsp;&nbsp; 6364823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94642639 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;136018 | &nbsp;&nbsp;&nbsp;&nbsp; 8139317 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23730 | &nbsp;&nbsp;&nbsp;&nbsp; 4853497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12992814 |
| **Metal Fabricate/Hardware — 1.5%** | **Metal Fabricate/Hardware — 1.5%** | **Metal Fabricate/Hardware — 1.5%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59180 | &nbsp;&nbsp;&nbsp;&nbsp; 8520144 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92749 | &nbsp;&nbsp;&nbsp;&nbsp; 8898339 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26274 | &nbsp;&nbsp;&nbsp;&nbsp; 10245809 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53268 | &nbsp;&nbsp;&nbsp;&nbsp; 4113888 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16824 | &nbsp;&nbsp;&nbsp;&nbsp; 6176427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37954607 |

---

------

#### VALIC Company I Mid Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Mining — 0.6%** | **Mining — 0.6%** | **Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;217003 | &nbsp;&nbsp;$6985327 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55168 | &nbsp;&nbsp;&nbsp;&nbsp; 9907069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16892396 |
| **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36173 | &nbsp;&nbsp;&nbsp;&nbsp; 13958799 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100183 | &nbsp;&nbsp;&nbsp;&nbsp; 7981579 |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30034 | &nbsp;&nbsp;&nbsp;&nbsp; 9949964 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65968 | &nbsp;&nbsp;&nbsp;&nbsp; 11231052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43121394 |
| **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;244673 | &nbsp;&nbsp;&nbsp;&nbsp; 7809962 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48386 | &nbsp;&nbsp;&nbsp;&nbsp; 5317138 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71499 | &nbsp;&nbsp;&nbsp;&nbsp; 2629733 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;120801 | &nbsp;&nbsp;&nbsp;&nbsp; 3527389 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134240 | &nbsp;&nbsp;&nbsp;&nbsp; 6830131 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97510 | &nbsp;&nbsp;&nbsp;&nbsp; 4910604 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;111895 | &nbsp;&nbsp;&nbsp;&nbsp; 2781710 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;217783 | &nbsp;&nbsp;&nbsp;&nbsp; 9173020 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82251 | &nbsp;&nbsp;&nbsp;&nbsp; 2247097 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;534572 | &nbsp;&nbsp;&nbsp;&nbsp; 7639034 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200313 | &nbsp;&nbsp;&nbsp;&nbsp; 6864727 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54517 | &nbsp;&nbsp;&nbsp;&nbsp; 2707859 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;142877 | &nbsp;&nbsp;&nbsp;&nbsp; 5692934 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60679 | &nbsp;&nbsp;&nbsp;&nbsp; 3865556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71996894 |
| **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314364 | &nbsp;&nbsp;&nbsp;&nbsp; 4177898 |
| **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55357 | &nbsp;&nbsp;&nbsp;&nbsp; 7709569 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96448 | &nbsp;&nbsp;&nbsp;&nbsp; 9585002 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;252872 | &nbsp;&nbsp;&nbsp;&nbsp; 5631460 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21914 | &nbsp;&nbsp;&nbsp;&nbsp; 1431203 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67903 | &nbsp;&nbsp;&nbsp;&nbsp; 3186009 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82474 | &nbsp;&nbsp;&nbsp;&nbsp; 3896897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31440140 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;106282 | &nbsp;&nbsp;&nbsp;&nbsp; 4362876 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;417192 | &nbsp;&nbsp;&nbsp;&nbsp; 7655473 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51662 | &nbsp;&nbsp;&nbsp;&nbsp; 6599820 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82956 | &nbsp;&nbsp;&nbsp;&nbsp; 11580658 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;136954 | &nbsp;&nbsp;&nbsp;&nbsp; 3927841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34126668 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;280958 | &nbsp;&nbsp;&nbsp;&nbsp; 4998243 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85156 | &nbsp;&nbsp;&nbsp;&nbsp; 8871552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13869795 |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178600 | &nbsp;&nbsp;&nbsp;&nbsp; 11530416 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39794 | &nbsp;&nbsp;&nbsp;&nbsp; 12159853 |
| **REITS — 7.0%** | **REITS — 7.0%** | **REITS — 7.0%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92043 | &nbsp;&nbsp;&nbsp;&nbsp; 6695208 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;266381 | &nbsp;&nbsp;&nbsp;&nbsp; 9541767 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507199 | &nbsp;&nbsp;&nbsp;&nbsp; 10747547 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;256546 | &nbsp;&nbsp;&nbsp;&nbsp; 7180723 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94833 | &nbsp;&nbsp;&nbsp;&nbsp; 2729294 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140425 | &nbsp;&nbsp;$4141133 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;191076 | &nbsp;&nbsp;&nbsp;&nbsp; 7818830 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43957 | &nbsp;&nbsp;&nbsp;&nbsp; 7453349 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63900 | &nbsp;&nbsp;&nbsp;&nbsp; 3466575 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160260 | &nbsp;&nbsp;&nbsp;&nbsp; 9662075 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110967 | &nbsp;&nbsp;&nbsp;&nbsp; 5836864 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230371 | &nbsp;&nbsp;&nbsp;&nbsp; 11060112 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;294363 | &nbsp;&nbsp;&nbsp;&nbsp; 5116029 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195036 | &nbsp;&nbsp;&nbsp;&nbsp; 3532102 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp; 3701510 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;183908 | &nbsp;&nbsp;&nbsp;&nbsp; 4196781 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73738 | &nbsp;&nbsp;&nbsp;&nbsp; 9383160 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58657 | &nbsp;&nbsp;&nbsp;&nbsp; 1890515 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157545 | &nbsp;&nbsp;&nbsp;&nbsp; 6760256 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242577 | &nbsp;&nbsp;&nbsp;&nbsp; 10326503 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166573 | &nbsp;&nbsp;&nbsp;&nbsp; 1958898 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60196 | &nbsp;&nbsp;&nbsp;&nbsp; 2530038 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117571 | &nbsp;&nbsp;&nbsp;&nbsp; 3089766 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;197925 | &nbsp;&nbsp;&nbsp;&nbsp; 8196074 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198761 | &nbsp;&nbsp;&nbsp;&nbsp; 3798323 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156402 | &nbsp;&nbsp;&nbsp;&nbsp; 5763414 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290597 | &nbsp;&nbsp;&nbsp;&nbsp; 5890401 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;139900 | &nbsp;&nbsp;&nbsp;&nbsp; 5320397 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183551 | &nbsp;&nbsp;&nbsp;&nbsp; 12316272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180103916 |
| **Retail — 5.8%** | **Retail — 5.8%** | **Retail — 5.8%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39838 | &nbsp;&nbsp;&nbsp;&nbsp; 3726048 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20831 | &nbsp;&nbsp;&nbsp;&nbsp; 4563655 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178443 | &nbsp;&nbsp;&nbsp;&nbsp; 5212320 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;110689 | &nbsp;&nbsp;&nbsp;&nbsp; 10812102 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52800 | &nbsp;&nbsp;&nbsp;&nbsp; 15347904 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31114 | &nbsp;&nbsp;&nbsp;&nbsp; 15386495 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68753 | &nbsp;&nbsp;&nbsp;&nbsp; 4644265 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47346 | &nbsp;&nbsp;&nbsp;&nbsp; 10075229 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32319 | &nbsp;&nbsp;&nbsp;&nbsp; 4759619 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46149 | &nbsp;&nbsp;&nbsp;&nbsp; 6696220 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90198 | &nbsp;&nbsp;&nbsp;&nbsp; 7389020 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;341194 | &nbsp;&nbsp;&nbsp;&nbsp; 7646158 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186851 | &nbsp;&nbsp;&nbsp;&nbsp; 4112590 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21820 | &nbsp;&nbsp;&nbsp;&nbsp; 7346358 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;232587 | &nbsp;&nbsp;&nbsp;&nbsp; 3077126 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37244 | &nbsp;&nbsp;&nbsp;&nbsp; 3360526 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15070 | &nbsp;&nbsp;&nbsp;&nbsp; 5673855 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51469 | &nbsp;&nbsp;&nbsp;&nbsp; 6528328 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15458 | &nbsp;&nbsp;&nbsp;&nbsp; 2850610 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12658 | &nbsp;&nbsp;&nbsp;&nbsp; 2856531 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55609 | &nbsp;&nbsp;&nbsp;&nbsp; 9595333 |
| &nbsp;&nbsp;&nbsp;Wendy's Co.# | &nbsp;&nbsp;&nbsp;&nbsp;135297 | &nbsp;&nbsp;&nbsp;&nbsp; 1435501 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23389 | &nbsp;&nbsp;&nbsp;&nbsp; 7674399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150770192 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;253071 | &nbsp;&nbsp;&nbsp;&nbsp; 3244370 |
| **Semiconductors — 2.4%** | **Semiconductors — 2.4%** | **Semiconductors — 2.4%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;109725 | &nbsp;&nbsp;&nbsp;&nbsp; 3385016 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95392 | &nbsp;&nbsp;&nbsp;&nbsp; 2307533 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44516 | &nbsp;&nbsp;&nbsp;&nbsp; 5083282 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126907 | &nbsp;&nbsp;&nbsp;&nbsp; 10627192 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22146 | &nbsp;&nbsp;&nbsp;&nbsp; 1811986 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;115262 | &nbsp;&nbsp;&nbsp;&nbsp; 7651092 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49885 | &nbsp;&nbsp;&nbsp;&nbsp; 6392763 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56221 | &nbsp;&nbsp;&nbsp;&nbsp; 5809878 |

---

------

#### VALIC Company I Mid Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40909 | &nbsp;&nbsp;$4336354 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47254 | &nbsp;&nbsp;&nbsp;&nbsp; 2131155 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90035 | &nbsp;&nbsp;&nbsp;&nbsp; 6641882 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27372 | &nbsp;&nbsp;&nbsp;&nbsp; 3677428 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32312 | &nbsp;&nbsp;&nbsp;&nbsp; 2257316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62112877 |
| **Software — 4.4%** | **Software — 4.4%** | **Software — 4.4%** |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19309 | &nbsp;&nbsp;&nbsp;&nbsp; 5355930 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79572 | &nbsp;&nbsp;&nbsp;&nbsp; 3693732 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31580 | &nbsp;&nbsp;&nbsp;&nbsp; 2106702 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36987 | &nbsp;&nbsp;&nbsp;&nbsp; 6903438 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38493 | &nbsp;&nbsp;&nbsp;&nbsp; 2030891 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;169743 | &nbsp;&nbsp;&nbsp;&nbsp; 13012498 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;111904 | &nbsp;&nbsp;&nbsp;&nbsp; 7602758 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;164294 | &nbsp;&nbsp;&nbsp;&nbsp; 4774384 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32909 | &nbsp;&nbsp;&nbsp;&nbsp; 9802275 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;251310 | &nbsp;&nbsp;&nbsp;&nbsp; 12716286 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70311 | &nbsp;&nbsp;&nbsp;&nbsp; 15258893 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50893 | &nbsp;&nbsp;&nbsp;&nbsp; 10964388 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74448 | &nbsp;&nbsp;&nbsp;&nbsp; 4035826 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;127975 | &nbsp;&nbsp;&nbsp;&nbsp; 13515440 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;218260 | &nbsp;&nbsp;&nbsp;&nbsp; 2379034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114152475 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;119150 | &nbsp;&nbsp;&nbsp;&nbsp; 11196525 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;112478 | &nbsp;&nbsp;&nbsp;&nbsp; 6950016 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;186689 | &nbsp;&nbsp;&nbsp;&nbsp; 6922428 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90290 | &nbsp;&nbsp;&nbsp;&nbsp; 2247318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27316287 |
| **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;270439 | &nbsp;&nbsp;&nbsp;&nbsp; 4949034 |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46940 | &nbsp;&nbsp;&nbsp;&nbsp; 4562568 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135834 | &nbsp;&nbsp;&nbsp;&nbsp; 5963113 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29220 | &nbsp;&nbsp;&nbsp;&nbsp; 3866683 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34653 | &nbsp;&nbsp;&nbsp;&nbsp; 6498130 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22325 | &nbsp;&nbsp;&nbsp;&nbsp; 6618469 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98748 | &nbsp;&nbsp;&nbsp;&nbsp; 12807616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40316579 |

---

---

| | | |
|:---|:---|:---|
| **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;29902 | &nbsp;&nbsp;$5032806 |
| **Water — 0.3%** | **Water — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216187 | &nbsp;&nbsp;&nbsp;&nbsp; 8541548 |
| **Total Long-Term Investment Securities<br> (cost $1,831,351,433)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2557806262 |
| **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> 4.23%(1) | 25982683 | &nbsp;&nbsp;&nbsp;&nbsp; 25982683 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(1)(2) | 31488566 | &nbsp;&nbsp;&nbsp;&nbsp; 31488566 |
| **Total Short-Term Investments<br> (cost $57,471,249)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57471249 |
| **TOTAL INVESTMENTS<br> (cost $1,888,822,682)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.0% | &nbsp;&nbsp;&nbsp;&nbsp;2615277511 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27142844) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2588134667 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (2) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $92,424,147. This was secured by collateral of $31,488,566, which was received in cash and subsequently invested in short-term investments currently valued at $31,488,566 as reported in the Portfolio of Investments. Additional collateral of $64,158,669 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$78735 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905639 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78611 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430891 |
| United States Treasury Bills | 0.00% | 10/09/2025 to 04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5481894 |
| United States Treasury Notes/Bonds | 0.00% to 5.38% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;57182899 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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; 3764 | &nbsp;&nbsp;4.73% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;$30262 | &nbsp;&nbsp;$2371 | &nbsp;&nbsp;$2371 |
| **Insurance** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Equitable Holdings Inc | &nbsp;&nbsp;255840 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp;13789776 | &nbsp;&nbsp;&nbsp;&nbsp;(163737) | &nbsp;&nbsp;&nbsp;&nbsp;(163737) |
| **Banks** |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp; 23528 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 806540 | &nbsp;&nbsp;&nbsp; 79054 | &nbsp;&nbsp;&nbsp; 79054 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(82312) | &nbsp;&nbsp;$(82312) |

---

------

#### VALIC Company I Mid Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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** |
| 51 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P Mid Cap 400 E-Mini Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$16547752 | &nbsp;&nbsp;&nbsp;&nbsp;$16618350 | &nbsp;&nbsp;&nbsp;&nbsp;$70598 |

---

\* 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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$2557806262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2557806262 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57471249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57471249 |
| **Total Investments at Value** | &nbsp;&nbsp;$2615277511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2615277511 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$81425 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$81425 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70598 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70598 | &nbsp;&nbsp;$81425 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$152023 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$163737 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$163737 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Mid Cap Strategic Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.7%** | **COMMON STOCKS — 97.7%** | **COMMON STOCKS — 97.7%** |
| **Advertising — 0.6%** | **Advertising — 0.6%** | **Advertising — 0.6%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;136875 | &nbsp;&nbsp;$7481588 |
| **Aerospace/Defense — 4.9%** | **Aerospace/Defense — 4.9%** | **Aerospace/Defense — 4.9%** |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39794 | &nbsp;&nbsp;&nbsp;&nbsp; 9604282 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39230 | &nbsp;&nbsp;&nbsp;&nbsp; 12240545 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119810 | &nbsp;&nbsp;&nbsp;&nbsp; 20858921 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;336255 | &nbsp;&nbsp;&nbsp;&nbsp; 14008383 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;106935 | &nbsp;&nbsp;&nbsp;&nbsp; 5197041 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91404 | &nbsp;&nbsp;&nbsp;&nbsp; 2421292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64330464 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp; 6854760 |
| **Apparel — 1.1%** | **Apparel — 1.1%** | **Apparel — 1.1%** |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;143702 | &nbsp;&nbsp;&nbsp;&nbsp; 7846129 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;157954 | &nbsp;&nbsp;&nbsp;&nbsp; 7120567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14966696 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71709 | &nbsp;&nbsp;&nbsp;&nbsp; 7169466 |
| **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83840 | &nbsp;&nbsp;&nbsp;&nbsp; 7507872 |
| **Biotechnology — 2.7%** | **Biotechnology — 2.7%** | **Biotechnology — 2.7%** |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6567 | &nbsp;&nbsp;&nbsp;&nbsp; 4677017 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96580 | &nbsp;&nbsp;&nbsp;&nbsp; 7165270 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24764 | &nbsp;&nbsp;&nbsp;&nbsp; 2475410 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;108124 | &nbsp;&nbsp;&nbsp;&nbsp; 14715677 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47156 | &nbsp;&nbsp;&nbsp;&nbsp; 1790513 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;110942 | &nbsp;&nbsp;&nbsp;&nbsp; 3991693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34815580 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410 | &nbsp;&nbsp;&nbsp;&nbsp; 2101924 |
| **Commercial Services — 5.1%** | **Commercial Services — 5.1%** | **Commercial Services — 5.1%** |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;238406 | &nbsp;&nbsp;&nbsp;&nbsp; 8506326 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38286 | &nbsp;&nbsp;&nbsp;&nbsp; 2416421 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29104 | &nbsp;&nbsp;&nbsp;&nbsp; 2585017 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33432 | &nbsp;&nbsp;&nbsp;&nbsp; 12635959 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56183 | &nbsp;&nbsp;&nbsp;&nbsp; 6435201 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;332183 | &nbsp;&nbsp;&nbsp;&nbsp; 1643994 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC ADR# | &nbsp;&nbsp;&nbsp;&nbsp;141412 | &nbsp;&nbsp;&nbsp;&nbsp; 3491462 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;187305 | &nbsp;&nbsp;&nbsp;&nbsp; 8447455 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40524 | &nbsp;&nbsp;&nbsp;&nbsp; 3582322 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28871 | &nbsp;&nbsp;&nbsp;&nbsp; 1823781 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23475 | &nbsp;&nbsp;&nbsp;&nbsp; 6294117 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54426 | &nbsp;&nbsp;&nbsp;&nbsp; 9325895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67187950 |
| **Computers — 2.8%** | **Computers — 2.8%** | **Computers — 2.8%** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57745 | &nbsp;&nbsp;&nbsp;&nbsp; 4941239 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;114070 | &nbsp;&nbsp;&nbsp;&nbsp; 9137007 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;420173 | &nbsp;&nbsp;&nbsp;&nbsp; 8672371 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51620 | &nbsp;&nbsp;&nbsp;&nbsp; 14301321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37051938 |
| **Cosmetics/Personal Care — 0.9%** | **Cosmetics/Personal Care — 0.9%** | **Cosmetics/Personal Care — 0.9%** |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95844 | &nbsp;&nbsp;&nbsp;&nbsp; 11980500 |
| **Diversified Financial Services — 4.9%** | **Diversified Financial Services — 4.9%** | **Diversified Financial Services — 4.9%** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26031 | &nbsp;&nbsp;&nbsp;&nbsp; 13401019 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;414730 | &nbsp;&nbsp;&nbsp;&nbsp; 7680799 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11647 | &nbsp;&nbsp;&nbsp;&nbsp; 2748110 |

---

---

| | | |
|:---|:---|:---|
| **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;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43950 | &nbsp;&nbsp;$4212168 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28720 | &nbsp;&nbsp;&nbsp;&nbsp; 8746389 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31402 | &nbsp;&nbsp;&nbsp;&nbsp; 11445401 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;433594 | &nbsp;&nbsp;&nbsp;&nbsp; 7704965 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71383 | &nbsp;&nbsp;&nbsp;&nbsp; 8805807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64744658 |
| **Electric — 3.3%** | **Electric — 3.3%** | **Electric — 3.3%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140932 | &nbsp;&nbsp;&nbsp;&nbsp; 9170445 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66053 | &nbsp;&nbsp;&nbsp;&nbsp; 6590768 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43686 | &nbsp;&nbsp;&nbsp;&nbsp; 5969692 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115079 | &nbsp;&nbsp;&nbsp;&nbsp; 21762590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43493495 |
| **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;80594 | &nbsp;&nbsp;&nbsp;&nbsp; 10638408 |
| **Electronics — 3.8%** | **Electronics — 3.8%** | **Electronics — 3.8%** |
| &nbsp;&nbsp;&nbsp;Celestica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36955 | &nbsp;&nbsp;&nbsp;&nbsp; 7196986 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;316816 | &nbsp;&nbsp;&nbsp;&nbsp; 16987674 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67253 | &nbsp;&nbsp;&nbsp;&nbsp; 3218729 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49755 | &nbsp;&nbsp;&nbsp;&nbsp; 12031754 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;192534 | &nbsp;&nbsp;&nbsp;&nbsp; 6265056 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18241 | &nbsp;&nbsp;&nbsp;&nbsp; 3766767 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49466966 |
| **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** | **Engineering & Construction — 0.8%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15420 | &nbsp;&nbsp;&nbsp;&nbsp; 10846120 |
| **Entertainment — 2.6%** | **Entertainment — 2.6%** | **Entertainment — 2.6%** |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;313885 | &nbsp;&nbsp;&nbsp;&nbsp; 15060202 |
| &nbsp;&nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;243308 | &nbsp;&nbsp;&nbsp;&nbsp; 2890217 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99561 | &nbsp;&nbsp;&nbsp;&nbsp; 16575911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34526330 |
| **Environmental Control — 1.4%** | **Environmental Control — 1.4%** | **Environmental Control — 1.4%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25080 | &nbsp;&nbsp;&nbsp;&nbsp; 6074627 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33952 | &nbsp;&nbsp;&nbsp;&nbsp; 3605363 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44280 | &nbsp;&nbsp;&nbsp;&nbsp; 8183386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17863376 |
| **Food Service — 0.6%** | **Food Service — 0.6%** | **Food Service — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;200665 | &nbsp;&nbsp;&nbsp;&nbsp; 7848008 |
| **Healthcare-Products — 6.7%** | **Healthcare-Products — 6.7%** | **Healthcare-Products — 6.7%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;102019 | &nbsp;&nbsp;&nbsp;&nbsp; 10763004 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27634 | &nbsp;&nbsp;&nbsp;&nbsp; 1862393 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44111 | &nbsp;&nbsp;&nbsp;&nbsp; 2702681 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26686 | &nbsp;&nbsp;&nbsp;&nbsp; 3406735 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13937 | &nbsp;&nbsp;&nbsp;&nbsp; 9018493 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34698 | &nbsp;&nbsp;&nbsp;&nbsp; 11793156 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22234 | &nbsp;&nbsp;&nbsp;&nbsp; 1220647 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62366 | &nbsp;&nbsp;&nbsp;&nbsp; 10493080 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31562 | &nbsp;&nbsp;&nbsp;&nbsp; 8605064 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;110170 | &nbsp;&nbsp;&nbsp;&nbsp; 9927419 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14968 | &nbsp;&nbsp;&nbsp;&nbsp; 3668058 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64898 | &nbsp;&nbsp;&nbsp;&nbsp; 8203756 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18353 | &nbsp;&nbsp;&nbsp;&nbsp; 5538935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87203421 |
| **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33925 | &nbsp;&nbsp;&nbsp;&nbsp; 5827636 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67138 | &nbsp;&nbsp;&nbsp;&nbsp; 12375548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18203184 |

---

------

#### VALIC Company I Mid Cap Strategic Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Home Builders — 0.8%** | **Home Builders — 0.8%** | **Home Builders — 0.8%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59163 | &nbsp;&nbsp;$10026945 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33059 | &nbsp;&nbsp;&nbsp;&nbsp; 10008612 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67628 | &nbsp;&nbsp;&nbsp;&nbsp; 13543327 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;240914 | &nbsp;&nbsp;&nbsp;&nbsp; 6704637 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101219 | &nbsp;&nbsp;&nbsp;&nbsp; 7256390 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12335 | &nbsp;&nbsp;&nbsp;&nbsp; 4030955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41543921 |
| **Internet — 4.3%** | **Internet — 4.3%** | **Internet — 4.3%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30335 | &nbsp;&nbsp;&nbsp;&nbsp; 4997995 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25840 | &nbsp;&nbsp;&nbsp;&nbsp; 6337260 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32278 | &nbsp;&nbsp;&nbsp;&nbsp; 4787150 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84719 | &nbsp;&nbsp;&nbsp;&nbsp; 19068552 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;160448 | &nbsp;&nbsp;&nbsp;&nbsp; 16691405 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43085 | &nbsp;&nbsp;&nbsp;&nbsp; 3214141 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36055 | &nbsp;&nbsp;&nbsp;&nbsp; 1377662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56474165 |
| **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30796 | &nbsp;&nbsp;&nbsp;&nbsp; 7418140 |
| **Leisure Time — 2.4%** | **Leisure Time — 2.4%** | **Leisure Time — 2.4%** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85725 | &nbsp;&nbsp;&nbsp;&nbsp; 31137035 |
| **Lodging — 1.6%** | **Lodging — 1.6%** | **Lodging — 1.6%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77810 | &nbsp;&nbsp;&nbsp;&nbsp; 21480229 |
| **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;101247 | &nbsp;&nbsp;&nbsp;&nbsp; 12914055 |
| **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89884 | &nbsp;&nbsp;&nbsp;&nbsp; 7139486 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13908 | &nbsp;&nbsp;&nbsp;&nbsp; 1253389 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98247 | &nbsp;&nbsp;&nbsp;&nbsp; 9814875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11068264 |
| **Miscellaneous Manufacturing — 2.4%** | **Miscellaneous Manufacturing — 2.4%** | **Miscellaneous Manufacturing — 2.4%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11535 | &nbsp;&nbsp;&nbsp;&nbsp; 8619990 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15985 | &nbsp;&nbsp;&nbsp;&nbsp; 12138210 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20137 | &nbsp;&nbsp;&nbsp;&nbsp; 10837129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31595329 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18322 | &nbsp;&nbsp;&nbsp;&nbsp; 3559415 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60555 | &nbsp;&nbsp;&nbsp;&nbsp; 17658443 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97061 | &nbsp;&nbsp;&nbsp;&nbsp; 7312576 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61552 | &nbsp;&nbsp;&nbsp;&nbsp; 1895186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30425620 |
| **Pipelines — 1.9%** | **Pipelines — 1.9%** | **Pipelines — 1.9%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53935 | &nbsp;&nbsp;&nbsp;&nbsp; 13042562 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24088 | &nbsp;&nbsp;&nbsp;&nbsp; 1839841 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55820 | &nbsp;&nbsp;&nbsp;&nbsp; 9364363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24246766 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76975 | &nbsp;&nbsp;&nbsp;&nbsp; 6888493 |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9639 | &nbsp;&nbsp;&nbsp;&nbsp; 1939367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8827860 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS — 0.6%** | **REITS — 0.6%** | **REITS — 0.6%** |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp; 42410 | &nbsp;&nbsp;$5396673 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. | &nbsp;&nbsp; 48642 | &nbsp;&nbsp;&nbsp;&nbsp; 2038586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7435259 |
| **Retail — 7.2%** | **Retail — 7.2%** | **Retail — 7.2%** |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp; 11007 | &nbsp;&nbsp;&nbsp;&nbsp; 3199515 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp; 73548 | &nbsp;&nbsp;&nbsp;&nbsp; 4512170 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp; 40660 | &nbsp;&nbsp;&nbsp;&nbsp; 15122267 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp; 121643 | &nbsp;&nbsp;&nbsp;&nbsp; 8216985 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp; 38956 | &nbsp;&nbsp;&nbsp;&nbsp; 8061555 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp; 27072 | &nbsp;&nbsp;&nbsp;&nbsp; 2955450 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp; 55110 | &nbsp;&nbsp;&nbsp;&nbsp; 12738676 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp; 112315 | &nbsp;&nbsp;&nbsp;&nbsp; 11644819 |
| &nbsp;&nbsp;&nbsp;QXO, Inc.#† | &nbsp;&nbsp; 267975 | &nbsp;&nbsp;&nbsp;&nbsp; 5394337 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp; 62910 | &nbsp;&nbsp;&nbsp;&nbsp; 10855120 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp; 36116 | &nbsp;&nbsp;&nbsp;&nbsp; 11850382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94551276 |
| **Semiconductors — 5.8%** | **Semiconductors — 5.8%** | **Semiconductors — 5.8%** |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp; 127654 | &nbsp;&nbsp;&nbsp;&nbsp; 23258559 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp; 4028 | &nbsp;&nbsp;&nbsp;&nbsp; 3512416 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp; 198840 | &nbsp;&nbsp;&nbsp;&nbsp; 12924600 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp; 23432 | &nbsp;&nbsp;&nbsp;&nbsp; 19583529 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp; 37999 | &nbsp;&nbsp;&nbsp;&nbsp; 8924065 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp; 150014 | &nbsp;&nbsp;&nbsp;&nbsp; 7439194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75642363 |
| **Software — 14.0%** | **Software — 14.0%** | **Software — 14.0%** |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp; 33459 | &nbsp;&nbsp;&nbsp;&nbsp; 16013143 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 34915 | &nbsp;&nbsp;&nbsp;&nbsp; 8924972 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp; 124983 | &nbsp;&nbsp;&nbsp;&nbsp; 26085202 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp; 6112 | &nbsp;&nbsp;&nbsp;&nbsp; 20250976 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp; 130192 | &nbsp;&nbsp;&nbsp;&nbsp; 9083496 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.† | &nbsp;&nbsp; 20632 | &nbsp;&nbsp;&nbsp;&nbsp; 2062168 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp; 9898 | &nbsp;&nbsp;&nbsp;&nbsp; 2948218 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp; 51264 | &nbsp;&nbsp;&nbsp;&nbsp; 2593959 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp; 88666 | &nbsp;&nbsp;&nbsp;&nbsp; 7541930 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp; 35205 | &nbsp;&nbsp;&nbsp;&nbsp; 7640189 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp; 25566 | &nbsp;&nbsp;&nbsp;&nbsp; 4934238 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp; 40730 | &nbsp;&nbsp;&nbsp;&nbsp; 8695855 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp; 113520 | &nbsp;&nbsp;&nbsp;&nbsp; 14143457 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp; 279750 | &nbsp;&nbsp;&nbsp;&nbsp; 10110165 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp; 389131 | &nbsp;&nbsp;&nbsp;&nbsp; 7339011 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp; 52465 | &nbsp;&nbsp;&nbsp;&nbsp; 12521297 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 184668 | &nbsp;&nbsp;&nbsp;&nbsp; 16372665 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp; 16630 | &nbsp;&nbsp;&nbsp;&nbsp; 3879280 |
| &nbsp;&nbsp;&nbsp;Topicus.com, Inc.† | &nbsp;&nbsp; 21255 | &nbsp;&nbsp;&nbsp;&nbsp; 2639096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183779317 |
| **Transportation — 1.4%** | **Transportation — 1.4%** | **Transportation — 1.4%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp; 54128 | &nbsp;&nbsp;&nbsp;&nbsp; 6966274 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 56061 | &nbsp;&nbsp;&nbsp;&nbsp; 8128284 |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. | &nbsp;&nbsp; 37712 | &nbsp;&nbsp;&nbsp;&nbsp; 3575475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18670033 |
| **Total Long-Term Investment Securities<br> (cost $1,044,036,134)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1280658767 |
| **SHORT-TERM INVESTMENTS — 2.0%** | **SHORT-TERM INVESTMENTS — 2.0%** | **SHORT-TERM INVESTMENTS — 2.0%** |
| **Sovereign — 1.0%** | **Sovereign — 1.0%** | **Sovereign — 1.0%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 09/02/2025 | $13200000 | &nbsp;&nbsp;&nbsp;&nbsp; 13193840 |

---

------

#### VALIC Company I Mid Cap Strategic Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |  |
| **Unaffiliated Investment Companies — 1.0%** | **Unaffiliated Investment Companies — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(1)(2) | 12859308 | &nbsp;&nbsp;$12859308 |
| **Total Short-Term Investments<br> (cost $26,053,221)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26053148 |
| **TOTAL INVESTMENTS<br> (cost $1,070,089,355)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;1306711915 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906890 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1310618805 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (2) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $29,263,934. This was secured by collateral of $12,859,308, which was received in cash and subsequently invested in short-term investments currently valued at $12,859,308 as reported in the Portfolio of Investments. Additional collateral of $17,342,143 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$70888 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815382 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70777 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387948 |
| United States Treasury Bills | 0.00% | 10/30/2025 to 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384702 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;15612446 |

---

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;$65543956 | &nbsp;&nbsp;$1643994 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$67187950 |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31636113 | &nbsp;&nbsp;&nbsp;&nbsp;2890217 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34526330 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;1178944487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1178944487 |
| 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;&nbsp;&nbsp;&nbsp;13193840 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13193840 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12859308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12859308 |
| **Total Investments at Value** | &nbsp;&nbsp;$1288983864 | &nbsp;&nbsp;$17728051 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1306711915 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Mid Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| **Aerospace/Defense — 2.1%** | **Aerospace/Defense — 2.1%** | **Aerospace/Defense — 2.1%** |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19733 | &nbsp;&nbsp;$1800044 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21776 | &nbsp;&nbsp;&nbsp;&nbsp; 3791202 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8410 | &nbsp;&nbsp;&nbsp;&nbsp; 2334784 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12921 | &nbsp;&nbsp;&nbsp;&nbsp; 2530578 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;82180 | &nbsp;&nbsp;&nbsp;&nbsp; 2176948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12633556 |
| **Apparel — 1.1%** | **Apparel — 1.1%** | **Apparel — 1.1%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;10646 | &nbsp;&nbsp;&nbsp;&nbsp; 928331 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948 | &nbsp;&nbsp;&nbsp;&nbsp; 2360000 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;127217 | &nbsp;&nbsp;&nbsp;&nbsp; 3694382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6982713 |
| **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65539 | &nbsp;&nbsp;&nbsp;&nbsp; 1835748 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;177882 | &nbsp;&nbsp;&nbsp;&nbsp; 1508439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344187 |
| **Banks — 6.7%** | **Banks — 6.7%** | **Banks — 6.7%** |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;42419 | &nbsp;&nbsp;&nbsp;&nbsp; 3108464 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;114462 | &nbsp;&nbsp;&nbsp;&nbsp; 4308350 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134820 | &nbsp;&nbsp;&nbsp;&nbsp; 3609131 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34069 | &nbsp;&nbsp;&nbsp;&nbsp; 3582015 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;59296 | &nbsp;&nbsp;&nbsp;&nbsp; 2713978 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;240423 | &nbsp;&nbsp;&nbsp;&nbsp; 4281934 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;34901 | &nbsp;&nbsp;&nbsp;&nbsp; 1368817 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;69056 | &nbsp;&nbsp;&nbsp;&nbsp; 2148332 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39718 | &nbsp;&nbsp;&nbsp;&nbsp; 4053619 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92096 | &nbsp;&nbsp;&nbsp;&nbsp; 4753075 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34776 | &nbsp;&nbsp;&nbsp;&nbsp; 4239194 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47379 | &nbsp;&nbsp;&nbsp;&nbsp; 2947921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41114830 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21058 | &nbsp;&nbsp;&nbsp;&nbsp; 2468840 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;20852 | &nbsp;&nbsp;&nbsp;&nbsp; 1852909 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70096 | &nbsp;&nbsp;&nbsp;&nbsp; 1760110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6081859 |
| **Building Materials — 3.7%** | **Building Materials — 3.7%** | **Building Materials — 3.7%** |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;37392 | &nbsp;&nbsp;&nbsp;&nbsp; 3253104 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 2579448 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;141413 | &nbsp;&nbsp;&nbsp;&nbsp; 2273921 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;164362 | &nbsp;&nbsp;&nbsp;&nbsp; 3308607 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12437 | &nbsp;&nbsp;&nbsp;&nbsp; 1182883 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57972 | &nbsp;&nbsp;&nbsp;&nbsp; 4254565 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;76387 | &nbsp;&nbsp;&nbsp;&nbsp; 970879 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;21375 | &nbsp;&nbsp;&nbsp;&nbsp; 2909779 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20578 | &nbsp;&nbsp;&nbsp;&nbsp; 2077760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22810946 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74109 | &nbsp;&nbsp;&nbsp;&nbsp; 2771677 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39843 | &nbsp;&nbsp;&nbsp;&nbsp; 3451599 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27906 | &nbsp;&nbsp;&nbsp;&nbsp; 2146529 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;67120 | &nbsp;&nbsp;&nbsp;&nbsp; 3918466 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;19940 | &nbsp;&nbsp;&nbsp;&nbsp; 2892696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15180967 |
| **Commercial Services — 3.1%** | **Commercial Services — 3.1%** | **Commercial Services — 3.1%** |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9394 | &nbsp;&nbsp;&nbsp;&nbsp; 2313742 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43098 | &nbsp;&nbsp;&nbsp;&nbsp; 2169984 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29360 | &nbsp;&nbsp;&nbsp;&nbsp; 3362894 |

---

---

| | | |
|:---|:---|:---|
| **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;39064 | &nbsp;&nbsp;$3453258 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10631 | &nbsp;&nbsp;&nbsp;&nbsp; 769897 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;131929 | &nbsp;&nbsp;&nbsp;&nbsp; 5116207 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9698 | &nbsp;&nbsp;&nbsp;&nbsp; 1661752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18847734 |
| **Computers — 3.7%** | **Computers — 3.7%** | **Computers — 3.7%** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34733 | &nbsp;&nbsp;&nbsp;&nbsp; 2972103 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;13378 | &nbsp;&nbsp;&nbsp;&nbsp; 6417694 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 3360636 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;14569 | &nbsp;&nbsp;&nbsp;&nbsp; 1779603 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12815 | &nbsp;&nbsp;&nbsp;&nbsp; 2318490 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28959 | &nbsp;&nbsp;&nbsp;&nbsp; 3266286 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;15077 | &nbsp;&nbsp;&nbsp;&nbsp; 2523890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22638702 |
| **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;119062 | &nbsp;&nbsp;&nbsp;&nbsp; 2826532 |
| **Distribution/Wholesale — 1.4%** | **Distribution/Wholesale — 1.4%** | **Distribution/Wholesale — 1.4%** |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59288 | &nbsp;&nbsp;&nbsp;&nbsp; 1933975 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38170 | &nbsp;&nbsp;&nbsp;&nbsp; 575604 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;66711 | &nbsp;&nbsp;&nbsp;&nbsp; 2271509 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17331 | &nbsp;&nbsp;&nbsp;&nbsp; 3810047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8591135 |
| **Diversified Financial Services — 9.6%** | **Diversified Financial Services — 9.6%** | **Diversified Financial Services — 9.6%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12852 | &nbsp;&nbsp;&nbsp;&nbsp; 2889387 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48677 | &nbsp;&nbsp;&nbsp;&nbsp; 2930842 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74712 | &nbsp;&nbsp;&nbsp;&nbsp; 3066928 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13160 | &nbsp;&nbsp;&nbsp;&nbsp; 6774900 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45938 | &nbsp;&nbsp;&nbsp;&nbsp; 3040636 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp; 536349 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;21170 | &nbsp;&nbsp;&nbsp;&nbsp; 6807213 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16913 | &nbsp;&nbsp;&nbsp;&nbsp; 6164450 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;98941 | &nbsp;&nbsp;&nbsp;&nbsp; 1690902 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;164697 | &nbsp;&nbsp;&nbsp;&nbsp; 2926666 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;73628 | &nbsp;&nbsp;&nbsp;&nbsp; 2303084 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64477 | &nbsp;&nbsp;&nbsp;&nbsp; 7433553 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;50584 | &nbsp;&nbsp;&nbsp;&nbsp; 3861582 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36687 | &nbsp;&nbsp;&nbsp;&nbsp; 2214060 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78636 | &nbsp;&nbsp;&nbsp;&nbsp; 5904777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;58545329 |
| **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38509 | &nbsp;&nbsp;&nbsp;&nbsp; 1452174 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;28385 | &nbsp;&nbsp;&nbsp;&nbsp; 3878810 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27107 | &nbsp;&nbsp;&nbsp;&nbsp; 2387856 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44059 | &nbsp;&nbsp;&nbsp;&nbsp; 1921854 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8529 | &nbsp;&nbsp;&nbsp;&nbsp; 1241481 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63895 | &nbsp;&nbsp;&nbsp;&nbsp; 2853551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13735726 |
| **Electrical Components & Equipment — 1.4%** | **Electrical Components & Equipment — 1.4%** | **Electrical Components & Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11383 | &nbsp;&nbsp;&nbsp;&nbsp; 2103579 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21371 | &nbsp;&nbsp;&nbsp;&nbsp; 2782504 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20625 | &nbsp;&nbsp;&nbsp;&nbsp; 3820781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8706864 |
| **Electronics — 4.0%** | **Electronics — 4.0%** | **Electronics — 4.0%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;29225 | &nbsp;&nbsp;&nbsp;&nbsp; 4962405 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15234 | &nbsp;&nbsp;&nbsp;&nbsp; 1924511 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60202 | &nbsp;&nbsp;&nbsp;&nbsp; 2680193 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;118700 | &nbsp;&nbsp;&nbsp;&nbsp; 6364694 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8449 | &nbsp;&nbsp;&nbsp;&nbsp; 1730609 |

---

------

#### VALIC Company I Mid Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;23209 | &nbsp;&nbsp;$3793047 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;14067 | &nbsp;&nbsp;&nbsp;&nbsp; 2904835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24360294 |
| **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;36600 | &nbsp;&nbsp;&nbsp;&nbsp; 1501332 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48635 | &nbsp;&nbsp;&nbsp;&nbsp; 2954576 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614 | &nbsp;&nbsp;&nbsp;&nbsp; 3203667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7659575 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC# | &nbsp;&nbsp;&nbsp;&nbsp;116876 | &nbsp;&nbsp;&nbsp;&nbsp; 1944817 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13933 | &nbsp;&nbsp;&nbsp;&nbsp; 1445270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390087 |
| **Food — 2.7%** | **Food — 2.7%** | **Food — 2.7%** |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23018 | &nbsp;&nbsp;&nbsp;&nbsp; 1324226 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8222 | &nbsp;&nbsp;&nbsp;&nbsp; 833711 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;76797 | &nbsp;&nbsp;&nbsp;&nbsp; 2198698 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38367 | &nbsp;&nbsp;&nbsp;&nbsp; 3087392 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;113180 | &nbsp;&nbsp;&nbsp;&nbsp; 8782768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16226795 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp; 3163648 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38351 | &nbsp;&nbsp;&nbsp;&nbsp; 2933852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097500 |
| **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9426 | &nbsp;&nbsp;&nbsp;&nbsp; 2287030 |
| **Healthcare-Products — 2.2%** | **Healthcare-Products — 2.2%** | **Healthcare-Products — 2.2%** |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23388 | &nbsp;&nbsp;&nbsp;&nbsp; 1576234 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16179 | &nbsp;&nbsp;&nbsp;&nbsp; 2065411 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;48798 | &nbsp;&nbsp;&nbsp;&nbsp; 2750743 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV# | &nbsp;&nbsp;&nbsp;&nbsp;44615 | &nbsp;&nbsp;&nbsp;&nbsp; 2074598 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;46119 | &nbsp;&nbsp;&nbsp;&nbsp; 3370838 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605 | &nbsp;&nbsp;&nbsp;&nbsp; 1373561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13211385 |
| **Healthcare-Services — 2.9%** | **Healthcare-Services — 2.9%** | **Healthcare-Services — 2.9%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;65583 | &nbsp;&nbsp;&nbsp;&nbsp; 1505786 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;44371 | &nbsp;&nbsp;&nbsp;&nbsp; 1288534 |
| &nbsp;&nbsp;&nbsp;Evotec SE† | &nbsp;&nbsp;&nbsp;&nbsp;276243 | &nbsp;&nbsp;&nbsp;&nbsp; 966850 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;21788 | &nbsp;&nbsp;&nbsp;&nbsp; 3876957 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13397 | &nbsp;&nbsp;&nbsp;&nbsp; 2556282 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216 | &nbsp;&nbsp;&nbsp;&nbsp; 1304869 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12649 | &nbsp;&nbsp;&nbsp;&nbsp; 2297564 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;19576 | &nbsp;&nbsp;&nbsp;&nbsp; 3608444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17405286 |
| **Home Builders — 1.7%** | **Home Builders — 1.7%** | **Home Builders — 1.7%** |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323 | &nbsp;&nbsp;&nbsp;&nbsp; 1762818 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33602 | &nbsp;&nbsp;&nbsp;&nbsp; 2213700 |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15647 | &nbsp;&nbsp;&nbsp;&nbsp; 2651853 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 4018237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10646608 |
| **Home Furnishings — 1.3%** | **Home Furnishings — 1.3%** | **Home Furnishings — 1.3%** |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;91197 | &nbsp;&nbsp;&nbsp;&nbsp; 7655988 |
| **Insurance — 3.6%** | **Insurance — 3.6%** | **Insurance — 3.6%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44198 | &nbsp;&nbsp;&nbsp;&nbsp; 344302 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17442 | &nbsp;&nbsp;&nbsp;&nbsp; 1691002 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38799 | &nbsp;&nbsp;$2066435 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9464 | &nbsp;&nbsp;&nbsp;&nbsp; 3235552 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37859 | &nbsp;&nbsp;&nbsp;&nbsp; 2498694 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80647 | &nbsp;&nbsp;&nbsp;&nbsp; 4326712 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | &nbsp;&nbsp;&nbsp;&nbsp; 4129698 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378 | &nbsp;&nbsp;&nbsp;&nbsp; 1306800 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7813 | &nbsp;&nbsp;&nbsp;&nbsp; 2121308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21720503 |
| **Internet — 3.0%** | **Internet — 3.0%** | **Internet — 3.0%** |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;72522 | &nbsp;&nbsp;&nbsp;&nbsp; 2509261 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21991 | &nbsp;&nbsp;&nbsp;&nbsp; 3623237 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49077 | &nbsp;&nbsp;&nbsp;&nbsp; 4446867 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565 | &nbsp;&nbsp;&nbsp;&nbsp; 2368904 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93341 | &nbsp;&nbsp;&nbsp;&nbsp; 2818898 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;59475 | &nbsp;&nbsp;&nbsp;&nbsp; 2579431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18346598 |
| **Iron/Steel — 1.7%** | **Iron/Steel — 1.7%** | **Iron/Steel — 1.7%** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;39879 | &nbsp;&nbsp;&nbsp;&nbsp; 2299822 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27860 | &nbsp;&nbsp;&nbsp;&nbsp; 8237088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10536910 |
| **Leisure Time — 1.0%** | **Leisure Time — 1.0%** | **Leisure Time — 1.0%** |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44599 | &nbsp;&nbsp;&nbsp;&nbsp; 1298723 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;74450 | &nbsp;&nbsp;&nbsp;&nbsp; 2471740 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;105588 | &nbsp;&nbsp;&nbsp;&nbsp; 2383121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153584 |
| **Lodging — 1.6%** | **Lodging — 1.6%** | **Lodging — 1.6%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31869 | &nbsp;&nbsp;&nbsp;&nbsp; 2736272 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589 | &nbsp;&nbsp;&nbsp;&nbsp; 1497070 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62976 | &nbsp;&nbsp;&nbsp;&nbsp; 5454351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9687693 |
| **Machinery-Diversified — 1.7%** | **Machinery-Diversified — 1.7%** | **Machinery-Diversified — 1.7%** |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284 | &nbsp;&nbsp;&nbsp;&nbsp; 1660536 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14487 | &nbsp;&nbsp;&nbsp;&nbsp; 2383112 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;23658 | &nbsp;&nbsp;&nbsp;&nbsp; 3237597 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10068 | &nbsp;&nbsp;&nbsp;&nbsp; 2787829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10069074 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35871 | &nbsp;&nbsp;&nbsp;&nbsp; 1592672 |
| **Miscellaneous Manufacturing — 2.3%** | **Miscellaneous Manufacturing — 2.3%** | **Miscellaneous Manufacturing — 2.3%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;14904 | &nbsp;&nbsp;&nbsp;&nbsp; 2318019 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7730 | &nbsp;&nbsp;&nbsp;&nbsp; 1316033 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26924 | &nbsp;&nbsp;&nbsp;&nbsp; 3857940 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp; 1770045 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57115 | &nbsp;&nbsp;&nbsp;&nbsp; 4578338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13840375 |
| **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;10516 | &nbsp;&nbsp;&nbsp;&nbsp; 3334518 |
| **Oil & Gas — 4.6%** | **Oil & Gas — 4.6%** | **Oil & Gas — 4.6%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;118511 | &nbsp;&nbsp;&nbsp;&nbsp; 3782871 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37720 | &nbsp;&nbsp;&nbsp;&nbsp; 4145051 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70277 | &nbsp;&nbsp;&nbsp;&nbsp; 1717570 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15764 | &nbsp;&nbsp;&nbsp;&nbsp; 2345053 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50174 | &nbsp;&nbsp;&nbsp;&nbsp; 2601020 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24490 | &nbsp;&nbsp;&nbsp;&nbsp; 4401098 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130745 | &nbsp;&nbsp;&nbsp;&nbsp; 1868346 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;12748 | &nbsp;&nbsp;&nbsp;&nbsp; 1702878 |

---

------

#### VALIC Company I Mid Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77635 | &nbsp;&nbsp;$2660551 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;68748 | &nbsp;&nbsp;&nbsp;&nbsp; 2739264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27963702 |
| **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41103 | &nbsp;&nbsp;&nbsp;&nbsp; 657648 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;104127 | &nbsp;&nbsp;&nbsp;&nbsp; 3827709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485357 |
| **Packaging & Containers — 1.7%** | **Packaging & Containers — 1.7%** | **Packaging & Containers — 1.7%** |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42405 | &nbsp;&nbsp;&nbsp;&nbsp; 2232199 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;18463 | &nbsp;&nbsp;&nbsp;&nbsp; 4024196 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91299 | &nbsp;&nbsp;&nbsp;&nbsp; 4283749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10540144 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15608 | &nbsp;&nbsp;&nbsp;&nbsp; 4551449 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp; 1609484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160933 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17386 | &nbsp;&nbsp;&nbsp;&nbsp; 1327943 |
| **Private Equity — 0.8%** | **Private Equity — 0.8%** | **Private Equity — 0.8%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71505 | &nbsp;&nbsp;&nbsp;&nbsp; 4616363 |
| **REITS — 7.3%** | **REITS — 7.3%** | **REITS — 7.3%** |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59443 | &nbsp;&nbsp;&nbsp;&nbsp; 2543566 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164193 | &nbsp;&nbsp;&nbsp;&nbsp; 4595762 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38875 | &nbsp;&nbsp;&nbsp;&nbsp; 2818826 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;38457 | &nbsp;&nbsp;&nbsp;&nbsp; 4306415 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122862 | &nbsp;&nbsp;&nbsp;&nbsp; 1991593 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13368 | &nbsp;&nbsp;&nbsp;&nbsp; 2266678 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32177 | &nbsp;&nbsp;&nbsp;&nbsp; 1939952 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;27005 | &nbsp;&nbsp;&nbsp;&nbsp; 1785571 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96807 | &nbsp;&nbsp;&nbsp;&nbsp; 3031995 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190 | &nbsp;&nbsp;&nbsp;&nbsp; 1942810 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11229 | &nbsp;&nbsp;&nbsp;&nbsp; 1612260 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55347 | &nbsp;&nbsp;&nbsp;&nbsp; 2911252 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25461 | &nbsp;&nbsp;&nbsp;&nbsp; 3239912 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38946 | &nbsp;&nbsp;&nbsp;&nbsp; 2823585 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27111 | &nbsp;&nbsp;&nbsp;&nbsp; 4897873 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49877 | &nbsp;&nbsp;&nbsp;&nbsp; 1684845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44392895 |
| **Retail — 3.6%** | **Retail — 3.6%** | **Retail — 3.6%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp; 6260008 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10667 | &nbsp;&nbsp;&nbsp;&nbsp; 1896272 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8744 | &nbsp;&nbsp;&nbsp;&nbsp; 1809483 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17555 | &nbsp;&nbsp;&nbsp;&nbsp; 3735704 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12421 | &nbsp;&nbsp;&nbsp;&nbsp; 1802287 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19590 | &nbsp;&nbsp;&nbsp;&nbsp; 1767606 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15242 | &nbsp;&nbsp;&nbsp;&nbsp; 2243013 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14440 | &nbsp;&nbsp;&nbsp;&nbsp; 2717464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22231837 |
| **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55832 | &nbsp;&nbsp;&nbsp;&nbsp; 3629080 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41534 | &nbsp;&nbsp;&nbsp;&nbsp; 4292124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7921204 |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26472 | &nbsp;&nbsp;&nbsp;&nbsp; 1435047 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52888 | &nbsp;&nbsp;&nbsp;&nbsp; 2448186 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp; 12925 | &nbsp;&nbsp;$2759487 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 30239 | &nbsp;&nbsp;&nbsp;&nbsp; 2680990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9323710 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc.# | &nbsp;&nbsp; 9439 | &nbsp;&nbsp;&nbsp;&nbsp; 2564671 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp; 233166 | &nbsp;&nbsp;&nbsp;&nbsp; 2630112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5194783 |
| **Transportation — 2.0%** | **Transportation — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 28752 | &nbsp;&nbsp;&nbsp;&nbsp; 3465766 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp; 14228 | &nbsp;&nbsp;&nbsp;&nbsp; 1882791 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 22846 | &nbsp;&nbsp;&nbsp;&nbsp; 3449061 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp; 18055 | &nbsp;&nbsp;&nbsp;&nbsp; 3385674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12183292 |
| **Total Long-Term Investment Securities<br> (cost $544,127,150)** |  | &nbsp;&nbsp;&nbsp;&nbsp;602605718 |
| **SHORT-TERM INVESTMENTS — 2.0%** | **SHORT-TERM INVESTMENTS — 2.0%** |  |
| **Unaffiliated Investment Companies — 2.0%** | **Unaffiliated Investment Companies — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class<br> 3.98%(1) | &nbsp;&nbsp;5256168 | &nbsp;&nbsp;&nbsp;&nbsp; 5256167 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(1)(2) | &nbsp;&nbsp;6769664 | &nbsp;&nbsp;&nbsp;&nbsp; 6769664 |
| **Total Short-Term Investments<br> (cost $12,025,832)** |  | &nbsp;&nbsp;&nbsp;&nbsp;12025831 |
| **REPURCHASE AGREEMENTS — 0.1%** | **REPURCHASE AGREEMENTS — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 08/29/2025, to be repurchased 09/02/2025 in the amount of $776,523 and collateralized by $789,600 of United States Treasury Notes, bearing interest at 3.75% due 08/15/2027 and having an approximate value of $792,110<br> (cost $776,406) | $776406 | &nbsp;&nbsp;&nbsp;&nbsp; 776406 |
| **TOTAL INVESTMENTS<br> (cost $556,929,388)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.0% | &nbsp;&nbsp;&nbsp;&nbsp;615407955 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6329350) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$609078605 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (2) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $18,977,748. This was secured by collateral of $6,769,664, which was received in cash and subsequently invested in short-term investments currently valued at $6,769,664 as reported in the Portfolio of Investments. Additional collateral of $12,938,582 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9201 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105838 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9187 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50356 |
| United States Treasury Bills | 0.00% | 10/30/2025 to 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577752 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;12186248 |

---

------

#### VALIC Company I Mid Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$602605718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$602605718 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;12025831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12025831 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;776406 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776406 |
| **Total Investments at Value** | &nbsp;&nbsp;$614631549 | &nbsp;&nbsp;$776406 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$615407955 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Moderate Allocation Lifestyle Fund^<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 99.3%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.3%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.3%** |
| **Domestic Equity Investment Companies — 41.8%** | **Domestic Equity Investment Companies — 41.8%** | **Domestic Equity Investment Companies — 41.8%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | 1054935 | &nbsp;&nbsp;$18355874 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | 1486354 | &nbsp;&nbsp;&nbsp;&nbsp; 18594284 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | 3925889 | &nbsp;&nbsp;&nbsp;&nbsp; 251099883 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | 3580603 | &nbsp;&nbsp;&nbsp;&nbsp; 72471408 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | 4305424 | &nbsp;&nbsp;&nbsp;&nbsp; 67982646 |
| **Total Domestic Equity Investment Companies<br> (cost $338,876,700)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428504095 |
| **Domestic Fixed Income Investment Companies — 41.7%** | **Domestic Fixed Income Investment Companies — 41.7%** | **Domestic Fixed Income Investment Companies — 41.7%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | 41963100 | &nbsp;&nbsp;&nbsp;&nbsp; 417532848 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | 1468432 | &nbsp;&nbsp;&nbsp;&nbsp; 10631445 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $411,186,613)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428164293 |
| **International Equity Investment Companies — 15.8%** | **International Equity Investment Companies — 15.8%** | **International Equity Investment Companies — 15.8%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Emerging Economies Fund | &nbsp;&nbsp;&nbsp;&nbsp;721715 | &nbsp;&nbsp;&nbsp;&nbsp; 5225216 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund | 16633028 | &nbsp;&nbsp;&nbsp;&nbsp; 157015781 |
| **Total International Equity Investment Companies<br> (cost $126,947,342)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162240997 |
| **Total Long-Term Investment Securities<br> (cost $877,010,655)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1018909385 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.8%** | **SHORT-TERM INVESTMENTS — 0.8%** |  |
| **Unaffiliated Investment Companies — 0.8%** | **Unaffiliated Investment Companies — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.23%(2)<br> (cost $8,056,437) | 8056437 | &nbsp;&nbsp;$8056437 |
| **TOTAL INVESTMENTS<br> (cost $885,067,092)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;1026965822 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1221426) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1025744396 |

---

---

| | |
|:---|:---|
| ^ | &nbsp;&nbsp;Prior to September 29, 2025, the Fund was known as Moderate Growth Lifestyle Fund. |
| # | &nbsp;&nbsp;The VALIC Company I Moderate Allocation 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) | &nbsp;&nbsp;See Note 3. |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |

---

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$1018909385 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1018909385 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8056437 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8056437 |
| **Total Investments at Value** | &nbsp;&nbsp;$1026965822 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1026965822 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Nasdaq-100® Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;27260 | &nbsp;&nbsp;$1490032 |
| **Auto Manufacturers — 3.1%** | **Auto Manufacturers — 3.1%** | **Auto Manufacturers — 3.1%** |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32073 | &nbsp;&nbsp;&nbsp;&nbsp; 3206659 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;90135 | &nbsp;&nbsp;&nbsp;&nbsp; 30093372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300031 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;27958 | &nbsp;&nbsp;&nbsp;&nbsp; 2484348 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82598 | &nbsp;&nbsp;&nbsp;&nbsp; 2402776 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;59711 | &nbsp;&nbsp;&nbsp;&nbsp; 3726564 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83536 | &nbsp;&nbsp;&nbsp;&nbsp; 12417626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21031314 |
| **Biotechnology — 2.7%** | **Biotechnology — 2.7%** | **Biotechnology — 2.7%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32761 | &nbsp;&nbsp;&nbsp;&nbsp; 9425667 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8983 | &nbsp;&nbsp;&nbsp;&nbsp; 1187732 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75759 | &nbsp;&nbsp;&nbsp;&nbsp; 8558494 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp; 3762936 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15623 | &nbsp;&nbsp;&nbsp;&nbsp; 6108906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29043735 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;28680 | &nbsp;&nbsp;&nbsp;&nbsp; 13717357 |
| **Commercial Services — 1.8%** | **Commercial Services — 1.8%** | **Commercial Services — 1.8%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24680 | &nbsp;&nbsp;&nbsp;&nbsp; 7503954 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24651 | &nbsp;&nbsp;&nbsp;&nbsp; 5177449 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;59252 | &nbsp;&nbsp;&nbsp;&nbsp; 4158898 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8497 | &nbsp;&nbsp;&nbsp;&nbsp; 2278216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19118517 |
| **Computers — 9.3%** | **Computers — 9.3%** | **Computers — 9.3%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369881 | &nbsp;&nbsp;&nbsp;&nbsp; 85864175 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;29870 | &nbsp;&nbsp;&nbsp;&nbsp; 2158108 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15153 | &nbsp;&nbsp;&nbsp;&nbsp; 6420326 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46794 | &nbsp;&nbsp;&nbsp;&nbsp; 3685963 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9432 | &nbsp;&nbsp;&nbsp;&nbsp; 2613136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100741708 |
| **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;58811 | &nbsp;&nbsp;&nbsp;&nbsp; 2870565 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;70040 | &nbsp;&nbsp;&nbsp;&nbsp; 3478186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348751 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32680 | &nbsp;&nbsp;&nbsp;&nbsp; 3628133 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19063 | &nbsp;&nbsp;&nbsp;&nbsp; 5871023 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61835 | &nbsp;&nbsp;&nbsp;&nbsp; 2700953 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35267 | &nbsp;&nbsp;&nbsp;&nbsp; 2552978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14753087 |
| **Electronics — 0.8%** | **Electronics — 0.8%** | **Electronics — 0.8%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39142 | &nbsp;&nbsp;&nbsp;&nbsp; 8591669 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;71525 | &nbsp;&nbsp;&nbsp;&nbsp; 2000554 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;78991 | &nbsp;&nbsp;&nbsp;&nbsp; 4853207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6853761 |
| **Healthcare-Products — 1.4%** | **Healthcare-Products — 1.4%** | **Healthcare-Products — 1.4%** |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27965 | &nbsp;&nbsp;&nbsp;&nbsp; 2061859 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | &nbsp;&nbsp;&nbsp;&nbsp; 3154564 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21838 | &nbsp;&nbsp;&nbsp;&nbsp; 10335816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15552239 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet — 22.5%** | **Internet — 22.5%** | **Internet — 22.5%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;26199 | &nbsp;&nbsp;$3419755 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;144131 | &nbsp;&nbsp;&nbsp;&nbsp; 30686931 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;135190 | &nbsp;&nbsp;&nbsp;&nbsp; 28867121 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;262911 | &nbsp;&nbsp;&nbsp;&nbsp; 60206619 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | &nbsp;&nbsp;&nbsp;&nbsp; 11102916 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973 | &nbsp;&nbsp;&nbsp;&nbsp; 1313632 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;24249 | &nbsp;&nbsp;&nbsp;&nbsp; 5947067 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086 | &nbsp;&nbsp;&nbsp;&nbsp; 7631400 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;53768 | &nbsp;&nbsp;&nbsp;&nbsp; 39718422 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25929 | &nbsp;&nbsp;&nbsp;&nbsp; 31328714 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40717 | &nbsp;&nbsp;&nbsp;&nbsp; 7757403 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;40795 | &nbsp;&nbsp;&nbsp;&nbsp; 4904375 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;74218 | &nbsp;&nbsp;&nbsp;&nbsp; 10485519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243369874 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16711 | &nbsp;&nbsp;&nbsp;&nbsp; 4476209 |
| **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552 | &nbsp;&nbsp;&nbsp;&nbsp; 2271240 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;226910 | &nbsp;&nbsp;&nbsp;&nbsp; 7708133 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27524 | &nbsp;&nbsp;&nbsp;&nbsp; 4888537 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;149467 | &nbsp;&nbsp;&nbsp;&nbsp; 1739796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16607706 |
| **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 | &nbsp;&nbsp;&nbsp;&nbsp; 3545144 |
| **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17792 | &nbsp;&nbsp;&nbsp;&nbsp; 2646738 |
| **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;60097 | &nbsp;&nbsp;&nbsp;&nbsp; 2728404 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;36103 | &nbsp;&nbsp;&nbsp;&nbsp; 2884630 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23827 | &nbsp;&nbsp;&nbsp;&nbsp; 1795126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679756 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25744 | &nbsp;&nbsp;&nbsp;&nbsp; 2303831 |
| **Retail — 3.8%** | **Retail — 3.8%** | **Retail — 3.8%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27033 | &nbsp;&nbsp;&nbsp;&nbsp; 25500769 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6935 | &nbsp;&nbsp;&nbsp;&nbsp; 1402257 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;51963 | &nbsp;&nbsp;&nbsp;&nbsp; 5387524 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20085 | &nbsp;&nbsp;&nbsp;&nbsp; 2955709 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69238 | &nbsp;&nbsp;&nbsp;&nbsp; 6106099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41352358 |
| **Semiconductors — 24.2%** | **Semiconductors — 24.2%** | **Semiconductors — 24.2%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;98788 | &nbsp;&nbsp;&nbsp;&nbsp; 16065892 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30217 | &nbsp;&nbsp;&nbsp;&nbsp; 7593834 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48871 | &nbsp;&nbsp;&nbsp;&nbsp; 7856502 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247 | &nbsp;&nbsp;&nbsp;&nbsp; 1140643 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359 | &nbsp;&nbsp;&nbsp;&nbsp; 3979701 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192585 | &nbsp;&nbsp;&nbsp;&nbsp; 57272853 |
| &nbsp;&nbsp;&nbsp;GlobalFoundries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33980 | &nbsp;&nbsp;&nbsp;&nbsp; 1134592 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;265384 | &nbsp;&nbsp;&nbsp;&nbsp; 6462100 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8057 | &nbsp;&nbsp;&nbsp;&nbsp; 7025704 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77788 | &nbsp;&nbsp;&nbsp;&nbsp; 7790468 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52329 | &nbsp;&nbsp;&nbsp;&nbsp; 3289663 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32952 | &nbsp;&nbsp;&nbsp;&nbsp; 2141880 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68240 | &nbsp;&nbsp;&nbsp;&nbsp; 8121242 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;604259 | &nbsp;&nbsp;&nbsp;&nbsp; 105249833 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;15385 | &nbsp;&nbsp;&nbsp;&nbsp; 3613167 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;25280 | &nbsp;&nbsp;&nbsp;&nbsp; 1253635 |

---

------

#### VALIC Company I Nasdaq-100® Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;66898 | &nbsp;&nbsp;$10752516 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55351 | &nbsp;&nbsp;&nbsp;&nbsp; 11207471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261951696 |
| **Software — 17.1%** | **Software — 17.1%** | **Software — 17.1%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25967 | &nbsp;&nbsp;&nbsp;&nbsp; 9262429 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;18777 | &nbsp;&nbsp;&nbsp;&nbsp; 8986484 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10160 | &nbsp;&nbsp;&nbsp;&nbsp; 1806245 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13014 | &nbsp;&nbsp;&nbsp;&nbsp; 4095506 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16604 | &nbsp;&nbsp;&nbsp;&nbsp; 5818540 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19531 | &nbsp;&nbsp;&nbsp;&nbsp; 2669497 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15320 | &nbsp;&nbsp;&nbsp;&nbsp; 2634274 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16996 | &nbsp;&nbsp;&nbsp;&nbsp; 11336332 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;184065 | &nbsp;&nbsp;&nbsp;&nbsp; 93263895 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;137873 | &nbsp;&nbsp;&nbsp;&nbsp; 21606078 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22046 | &nbsp;&nbsp;&nbsp;&nbsp; 3074425 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6528 | &nbsp;&nbsp;&nbsp;&nbsp; 3435752 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15452 | &nbsp;&nbsp;&nbsp;&nbsp; 5167303 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11274 | &nbsp;&nbsp;&nbsp;&nbsp; 6804084 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11154 | &nbsp;&nbsp;&nbsp;&nbsp; 2601894 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;13220 | &nbsp;&nbsp;&nbsp;&nbsp; 3051440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185614178 |
| **Telecommunications — 3.2%** | **Telecommunications — 3.2%** | **Telecommunications — 3.2%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241273 | &nbsp;&nbsp;&nbsp;&nbsp; 16669552 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69180 | &nbsp;&nbsp;&nbsp;&nbsp; 17432668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34102220 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;114162 | &nbsp;&nbsp;&nbsp;&nbsp; 3711407 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12986 | &nbsp;&nbsp;&nbsp;&nbsp; 1960496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671903 |
| **Total Common Stocks<br> (cost $472,686,386)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1079592218 |
| **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; 5704 |
| **Total Long-Term Investment Securities<br> (cost $472,691,102)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1079597922 |

---

---

| | | |
|:---|:---|:---|
| **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> 4.23%(1)<br> (cost $3,160,547) | 3160547 | &nbsp;&nbsp;$3160547 |
| **TOTAL INVESTMENTS<br> (cost $475,851,649)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;1082758469 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896100 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1083654569 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan.<br> At August 31, 2025, the Fund had loaned securities with a total value of $1,167,145. This was secured by collateral of $1,228,023 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 10/15/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;1225369 |

---

(1) The rate shown is the 7-day yield as of August 31, 2025.

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> (Depreciation)** |
| 8 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;NASDAQ 100 E-Mini Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3778255 | &nbsp;&nbsp;&nbsp;&nbsp;$3753880 | &nbsp;&nbsp;&nbsp;&nbsp;$(24375) |

---

\* 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.

------

#### VALIC Company I Nasdaq-100® Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$1079592218 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1079592218 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160547 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160547 |
| **Total Investments at Value** | &nbsp;&nbsp;$1082758469 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1082758469 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24375 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24375 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Science & Technology Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.7%** | **COMMON STOCKS — 96.7%** | **COMMON STOCKS — 96.7%** |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37006 | &nbsp;&nbsp;$12355193 |
| **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 — 0.9%** | **Commercial Services — 0.9%** | **Commercial Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;313429 | &nbsp;&nbsp;&nbsp;&nbsp; 14617491 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;279797 | &nbsp;&nbsp;&nbsp;&nbsp; 12618845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27236336 |
| **Computers — 9.6%** | **Computers — 9.6%** | **Computers — 9.6%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;679024 | &nbsp;&nbsp;&nbsp;&nbsp; 157628631 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;107022 | &nbsp;&nbsp;&nbsp;&nbsp; 45345221 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15341 | &nbsp;&nbsp;&nbsp;&nbsp; 6953462 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44344 | &nbsp;&nbsp;&nbsp;&nbsp; 7820508 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;173452 | &nbsp;&nbsp;&nbsp;&nbsp; 16091142 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;311320 | &nbsp;&nbsp;&nbsp;&nbsp; 27832008 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;489554 | &nbsp;&nbsp;&nbsp;&nbsp; 10104395 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79500 | &nbsp;&nbsp;&nbsp;&nbsp; 22025475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293800842 |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38102 | &nbsp;&nbsp;&nbsp;&nbsp; 10154564 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24110 | &nbsp;&nbsp;&nbsp;&nbsp; 7342460 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48097 | &nbsp;&nbsp;&nbsp;&nbsp; 8926803 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41715 | &nbsp;&nbsp;&nbsp;&nbsp; 24832522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51256349 |
| **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27062 | &nbsp;&nbsp;&nbsp;&nbsp; 8334555 |
| **Electronics — 2.2%** | **Electronics — 2.2%** | **Electronics — 2.2%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;359523 | &nbsp;&nbsp;&nbsp;&nbsp; 39137674 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85130 | &nbsp;&nbsp;&nbsp;&nbsp; 16579067 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;219561 | &nbsp;&nbsp;&nbsp;&nbsp; 11772861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67489602 |
| **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; 2263402 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc. (Lockup Shares)†(2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54478 | &nbsp;&nbsp;&nbsp;&nbsp; 2091401 |
| **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; 853689 |
| **Internet — 18.5%** | **Internet — 18.5%** | **Internet — 18.5%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;149352 | &nbsp;&nbsp;&nbsp;&nbsp; 31798534 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;525455 | &nbsp;&nbsp;&nbsp;&nbsp; 112200406 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;193801 | &nbsp;&nbsp;&nbsp;&nbsp; 44380429 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44111 | &nbsp;&nbsp;&nbsp;&nbsp; 10818223 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology\*† | &nbsp;&nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp; 6639761 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10286 | &nbsp;&nbsp;&nbsp;&nbsp; 25436352 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;260359 | &nbsp;&nbsp;&nbsp;&nbsp; 192327193 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22605 | &nbsp;&nbsp;&nbsp;&nbsp; 27312491 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81863 | &nbsp;&nbsp;&nbsp;&nbsp; 15596539 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70461 | &nbsp;&nbsp;&nbsp;&nbsp; 15859362 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;174526 | &nbsp;&nbsp;&nbsp;&nbsp; 18155940 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;114375 | &nbsp;&nbsp;&nbsp;&nbsp; 16158900 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69628 | &nbsp;&nbsp;&nbsp;&nbsp; 47477941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564162071 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Construction & Mining — 1.3%** | **Machinery-Construction & Mining — 1.3%** | **Machinery-Construction & Mining — 1.3%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80735 | &nbsp;&nbsp;$13082300 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;528200 | &nbsp;&nbsp;&nbsp;&nbsp; 14230358 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;119214 | &nbsp;&nbsp;&nbsp;&nbsp; 12654614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39967272 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107654 | &nbsp;&nbsp;&nbsp;&nbsp; 19119589 |
| **Semiconductors — 31.0%** | **Semiconductors — 31.0%** | **Semiconductors — 31.0%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;277290 | &nbsp;&nbsp;&nbsp;&nbsp; 45095673 |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;229600 | &nbsp;&nbsp;&nbsp;&nbsp; 17837061 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120515 | &nbsp;&nbsp;&nbsp;&nbsp; 30286624 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60524 | &nbsp;&nbsp;&nbsp;&nbsp; 9729838 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81968 | &nbsp;&nbsp;&nbsp;&nbsp; 11336994 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13818 | &nbsp;&nbsp;&nbsp;&nbsp; 6631283 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12111 | &nbsp;&nbsp;&nbsp;&nbsp; 8996622 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700341 | &nbsp;&nbsp;&nbsp;&nbsp; 208274410 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32556 | &nbsp;&nbsp;&nbsp;&nbsp; 28388832 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;415078 | &nbsp;&nbsp;&nbsp;&nbsp; 41570062 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192312 | &nbsp;&nbsp;&nbsp;&nbsp; 12089694 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244041 | &nbsp;&nbsp;&nbsp;&nbsp; 29043319 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34074 | &nbsp;&nbsp;&nbsp;&nbsp; 28477686 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2232754 | &nbsp;&nbsp;&nbsp;&nbsp; 388901092 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67342 | &nbsp;&nbsp;&nbsp;&nbsp; 15815269 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;201545 | &nbsp;&nbsp;&nbsp;&nbsp; 10084486 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;220618 | &nbsp;&nbsp;&nbsp;&nbsp; 50934078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943493023 |
| **Software — 27.1%** | **Software — 27.1%** | **Software — 27.1%** |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52372 | &nbsp;&nbsp;&nbsp;&nbsp; 25064715 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54759 | &nbsp;&nbsp;&nbsp;&nbsp; 9735055 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35814 | &nbsp;&nbsp;&nbsp;&nbsp; 11270666 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94645 | &nbsp;&nbsp;&nbsp;&nbsp; 33166447 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;117749 | &nbsp;&nbsp;&nbsp;&nbsp; 24575394 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;145920 | &nbsp;&nbsp;&nbsp;&nbsp; 7383552 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;100466 | &nbsp;&nbsp;&nbsp;&nbsp; 8545638 |
| &nbsp;&nbsp;&nbsp;Figma, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48054 | &nbsp;&nbsp;&nbsp;&nbsp; 3377235 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30075 | &nbsp;&nbsp;&nbsp;&nbsp; 4155764 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60618 | &nbsp;&nbsp;&nbsp;&nbsp; 13155318 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43627 | &nbsp;&nbsp;&nbsp;&nbsp; 29099209 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;466355 | &nbsp;&nbsp;&nbsp;&nbsp; 15128556 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;525810 | &nbsp;&nbsp;&nbsp;&nbsp; 266422669 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35728 | &nbsp;&nbsp;&nbsp;&nbsp; 6895504 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54925 | &nbsp;&nbsp;&nbsp;&nbsp; 17334879 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;381474 | &nbsp;&nbsp;&nbsp;&nbsp; 86262716 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;219576 | &nbsp;&nbsp;&nbsp;&nbsp; 34409755 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57698 | &nbsp;&nbsp;&nbsp;&nbsp; 14785113 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;400004 | &nbsp;&nbsp;&nbsp;&nbsp; 14456145 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65940 | &nbsp;&nbsp;&nbsp;&nbsp; 17928935 |
| &nbsp;&nbsp;&nbsp;SAP SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51495 | &nbsp;&nbsp;&nbsp;&nbsp; 14014879 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;388854 | &nbsp;&nbsp;&nbsp;&nbsp; 7333786 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48720 | &nbsp;&nbsp;&nbsp;&nbsp; 44698651 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;359842 | &nbsp;&nbsp;&nbsp;&nbsp; 85879892 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74549 | &nbsp;&nbsp;&nbsp;&nbsp; 17390045 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;105418 | &nbsp;&nbsp;&nbsp;&nbsp; 11279319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823749837 |
| **Telecommunications — 2.5%** | **Telecommunications — 2.5%** | **Telecommunications — 2.5%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;346591 | &nbsp;&nbsp;&nbsp;&nbsp; 47327001 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;264600 | &nbsp;&nbsp;&nbsp;&nbsp; 28651579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75978580 |

---

------

#### VALIC Company I Science & Technology Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Toys/Games/Hobbies — 0.4%** | **Toys/Games/Hobbies — 0.4%** | **Toys/Games/Hobbies — 0.4%** |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp; 144400 | &nbsp;&nbsp;$12904342 |
| **Total Common Stocks<br> (cost $1,940,433,784)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2945065281 |
| **CONVERTIBLE PREFERRED STOCKS — 0.2%** | **CONVERTIBLE PREFERRED STOCKS — 0.2%** | **CONVERTIBLE PREFERRED STOCKS — 0.2%** |
| **Automotive - Cars & Lt. Trucks — 0.1%** | **Automotive - Cars & Lt. Trucks — 0.1%** | **Automotive - Cars & Lt. Trucks — 0.1%** |
| &nbsp;&nbsp;&nbsp;Waymo LLC<br> Series A-2 (1)(2) | &nbsp;&nbsp; 21059 | &nbsp;&nbsp;&nbsp;&nbsp; 1552680 |
| &nbsp;&nbsp;&nbsp;Waymo LLC<br> Series B-2(1)(2) | &nbsp;&nbsp; 10055 | &nbsp;&nbsp;&nbsp;&nbsp; 753220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305900 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| &nbsp;&nbsp;&nbsp;Freenome Holdings, Inc.<br> Series B (1)(2) | &nbsp;&nbsp; 94602 | &nbsp;&nbsp;&nbsp;&nbsp; 389760 |
| &nbsp;&nbsp;&nbsp;Freenome Holdings, Inc.<br> Series C(1)(2) | &nbsp;&nbsp; 53807 | &nbsp;&nbsp;&nbsp;&nbsp; 261502 |
| &nbsp;&nbsp;&nbsp;Insitro, Inc.<br> Series B(1)(2) | &nbsp;&nbsp; 52029 | &nbsp;&nbsp;&nbsp;&nbsp; 476586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127848 |
| **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; 39184 | &nbsp;&nbsp;&nbsp;&nbsp; 1260810 |
| &nbsp;&nbsp;&nbsp;Rappi, Inc.<br> Series F(1)(2) | &nbsp;&nbsp; 14609 | &nbsp;&nbsp;&nbsp;&nbsp; 470069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730879 |
| **Medical - Biomedical/Gene — 0.0%** | **Medical - Biomedical/Gene — 0.0%** | **Medical - Biomedical/Gene — 0.0%** |
| &nbsp;&nbsp;&nbsp;National Resilience, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp; 69360 | &nbsp;&nbsp;&nbsp;&nbsp; 1000865 |
| **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; 160251 | &nbsp;&nbsp;&nbsp;&nbsp; 4808 |
| &nbsp;&nbsp;&nbsp;RefleXion Medical, Inc.<br> Series D(1)(2) | &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; 542402 | &nbsp;&nbsp;&nbsp;&nbsp; 547121 |
| **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; 180527 | &nbsp;&nbsp;&nbsp;&nbsp; 252738 |
| **Therapeutics — 0.0%** | **Therapeutics — 0.0%** | **Therapeutics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Color Health, Inc.<br> Series D-1(1)(2) | &nbsp;&nbsp; 26210 | &nbsp;&nbsp;&nbsp;&nbsp; 164337 |
| **Total Convertible Preferred Stocks<br> (cost $9,974,556)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7136507 |
| **UNAFFILIATED INVESTMENT COMPANIES — 1.8%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.8%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.8%** |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF #<br> (cost $50,143,521) | &nbsp;&nbsp; 1388807 | &nbsp;&nbsp;&nbsp;&nbsp; 53024651 |
| **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) | $216096 | &nbsp;&nbsp;&nbsp;&nbsp; 118853 |
| &nbsp;&nbsp;&nbsp;Exact Sciences FDA Milestone †(1) | &nbsp;&nbsp; 108048 | &nbsp;&nbsp;&nbsp;&nbsp; 66990 |
| **Total Escrows and Litigation Trusts<br> (cost $0)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185843 |

---

---

| | | |
|:---|:---|:---|
| **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 $2,000,551,861)** |  | &nbsp;&nbsp;&nbsp;&nbsp;3005412282 |
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |  |
| **Unaffiliated Investment Companies — 0.9%** | **Unaffiliated Investment Companies — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.23%(4) | 25022936 | &nbsp;&nbsp;&nbsp;&nbsp; 25022936 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(4)(5) | 2964500 | &nbsp;&nbsp;&nbsp;&nbsp; 2964500 |
| **Total Short-Term Investments<br> (cost $27,987,436)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27987436 |
| **TOTAL INVESTMENTS<br> (cost $2,028,539,297)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.6% | &nbsp;&nbsp;&nbsp;&nbsp;3033399718 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12052140 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3045451858 |

---

---

| | |
|:---|:---|
| † | &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 August 31, 2025, the aggregate value of these securities was $6,639,761 representing 0.2% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 1). |
| (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 1. 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 August 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>** |
| Caris Life Sciences, Inc. (Lockup Shares) | 08/14/20 | &nbsp;&nbsp;54478 | $601434 | $2091401 | $38.39 | 0.1% |
| Epic Games, Inc. | 06/18/20, 03/29/21 | &nbsp;&nbsp;&nbsp;&nbsp;3719 | 2457490 | &nbsp;&nbsp;&nbsp;&nbsp;2263402 | &nbsp;&nbsp;608.61 | 0.1 |
| PrognomiQ, Inc., Class A | 11/15/19, 05/12/20<br> 09/11/20 | &nbsp;&nbsp;28713 | &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 | 01/23/19 | &nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;861094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853689 | &nbsp;&nbsp;122.20 | 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>** |
| Color Health, Inc.<br> Series D-1 | 01/13/20 | &nbsp;&nbsp;26210 | &nbsp;&nbsp;&nbsp;543971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164337 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | 0.0 |
| Freenome Holdings, Inc.<br> Series B | 06/24/19 | &nbsp;&nbsp;94602 | &nbsp;&nbsp;&nbsp;431111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389760 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | 0.0 |
| Freenome Holdings, Inc.<br> Series C | 08/14/20 | &nbsp;&nbsp;53807 | &nbsp;&nbsp;&nbsp;355842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261502 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | 0.0 |

---

------

#### VALIC Company I Science & Technology Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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>** |
| Honor Tech, Inc.<br> Series D | 10/16/20 | 180527 | $434723 | &nbsp;&nbsp;&nbsp;&nbsp;$252738 | &nbsp;&nbsp;&nbsp;$1.40 | 0.0% |
| Insitro, Inc.<br> Series B | 05/21/20 | &nbsp;&nbsp;52029 | &nbsp;&nbsp;&nbsp;324177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476586 | &nbsp;&nbsp;&nbsp;&nbsp;9.16 | 0.0 |
| Kardium, Inc.<br> Series D-5 | 11/29/18 | 542402 | &nbsp;&nbsp;&nbsp;525533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547121 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 0.0 |
| National Resilience, Inc.<br> Series B | 10/23/20 | &nbsp;&nbsp;69360 | &nbsp;&nbsp;&nbsp;947458 | &nbsp;&nbsp;&nbsp;&nbsp;1000865 | &nbsp;&nbsp;&nbsp;&nbsp;14.43 | 0.0 |
| Rappi, Inc.<br> Series E | 09/08/20 | &nbsp;&nbsp;39184 | 2341089 | &nbsp;&nbsp;&nbsp;&nbsp;1260810 | &nbsp;&nbsp;&nbsp;&nbsp;32.18 | 0.1 |
| Rappi, Inc.<br> Series F | 07/08/21 | &nbsp;&nbsp;14609 | &nbsp;&nbsp;&nbsp;941157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470069 | &nbsp;&nbsp;&nbsp;&nbsp;32.18 | 0.0 |
| RefleXion Medical, Inc.<br> Series C | 04/03/18 | 160251 | &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 | 04/04/20 | &nbsp;&nbsp;67040 | &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 | 05/08/20 | &nbsp;&nbsp;21059 | 1808277 | &nbsp;&nbsp;&nbsp;&nbsp;1552680 | &nbsp;&nbsp;&nbsp;&nbsp;73.73 | 0.1 |
| Waymo LLC<br> Series B-2 | 06/11/21 | &nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;922265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753220 | &nbsp;&nbsp;&nbsp;&nbsp;74.91 | 0.0 |
|  |  |  |  | $12354187 |  | 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) Security is subject to a contractual sale restriction. The value represents 0.1% of net assets. The lock-up agreement lasts for 180 days and ends on December 14, 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 August 31, 2025.

(5) At August 31, 2025, the Fund had loaned securities with a total value of $14,276,854. This was secured by collateral of $2,964,500, which was received in cash and
subsequently invested in short-term investments currently valued at $2,964,500 as reported in the Portfolio of Investments. Additional collateral of $12,404,157 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> August 31, 2025** |
| United States Treasury Bills | 0.00% | 10/30/2025 to 12/26/2025 | $2182523 |
| United States Treasury Notes/Bonds | 0.13% to 4.63% | 11/15/2025 to 05/15/2053 | &nbsp;&nbsp;&nbsp;10221634 |

---

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund

CAD—Canadian Dollar

------

#### VALIC Company I Science & Technology Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9198 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12618845 | &nbsp;&nbsp;&nbsp;&nbsp;14617491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27236336 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2263402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263402 |
| &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853689 |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557522310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564162071 |
| &nbsp;&nbsp;&nbsp;Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13082300 | &nbsp;&nbsp;&nbsp;&nbsp;26884972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39967272 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899943571 | &nbsp;&nbsp;&nbsp;&nbsp;43549452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943493023 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794541583 | &nbsp;&nbsp;&nbsp;&nbsp;29208254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823749837 |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47327001 | &nbsp;&nbsp;&nbsp;&nbsp;28651579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75978580 |
| &nbsp;&nbsp;&nbsp;Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12904342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12904342 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454447531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454447531 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7136507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7136507 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53024651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53024651 |
| 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185843 |
| 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;&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;27987436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27987436 |
| **Total Investments at Value** | &nbsp;&nbsp;$2860495228 | &nbsp;&nbsp;$162455851 | &nbsp;&nbsp;$10448639 | &nbsp;&nbsp;$3033399718 |

---

\* 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 Portfolio of Investments

------

#### VALIC Company I Small Cap Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **Aerospace/Defense — 3.7%** | **Aerospace/Defense — 3.7%** | **Aerospace/Defense — 3.7%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;59366 | &nbsp;&nbsp;$4491632 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;70495 | &nbsp;&nbsp;&nbsp;&nbsp; 5466182 |
| &nbsp;&nbsp;&nbsp;Firefly Aerospace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26932 | &nbsp;&nbsp;&nbsp;&nbsp; 1221905 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109523 | &nbsp;&nbsp;&nbsp;&nbsp; 6916377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18096096 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| &nbsp;&nbsp;&nbsp;Farmer's Business Network, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;60029 | &nbsp;&nbsp;&nbsp;&nbsp; 3066882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066882 |
| **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;76769 | &nbsp;&nbsp;&nbsp;&nbsp; 5852869 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;27277 | &nbsp;&nbsp;&nbsp;&nbsp; 3123216 |
| &nbsp;&nbsp;&nbsp;Dogwood State Bank† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 | &nbsp;&nbsp;&nbsp;&nbsp; 124072 |
| &nbsp;&nbsp;&nbsp;Grasshopper Bancorp, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 | &nbsp;&nbsp;&nbsp;&nbsp; 21770 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47080 | &nbsp;&nbsp;&nbsp;&nbsp; 2894949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12016876 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;80887 | &nbsp;&nbsp;&nbsp;&nbsp; 5086175 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21498 | &nbsp;&nbsp;&nbsp;&nbsp; 768338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854513 |
| **Biotechnology — 6.8%** | **Biotechnology — 6.8%** | **Biotechnology — 6.8%** |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;279127 | &nbsp;&nbsp;&nbsp;&nbsp; 4817732 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29334 | &nbsp;&nbsp;&nbsp;&nbsp; 2035486 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;151865 | &nbsp;&nbsp;&nbsp;&nbsp; 2356945 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;49285 | &nbsp;&nbsp;&nbsp;&nbsp; 758496 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;90766 | &nbsp;&nbsp;&nbsp;&nbsp; 4698048 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;53833 | &nbsp;&nbsp;&nbsp;&nbsp; 1188633 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;54070 | &nbsp;&nbsp;&nbsp;&nbsp; 1675629 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32382 | &nbsp;&nbsp;&nbsp;&nbsp; 1144056 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;63256 | &nbsp;&nbsp;&nbsp;&nbsp; 907723 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14550 | &nbsp;&nbsp;&nbsp;&nbsp; 1980255 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;22676 | &nbsp;&nbsp;&nbsp;&nbsp; 800236 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;52020 | &nbsp;&nbsp;&nbsp;&nbsp; 805270 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV† | &nbsp;&nbsp;&nbsp;&nbsp;28213 | &nbsp;&nbsp;&nbsp;&nbsp; 678523 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;29353 | &nbsp;&nbsp;&nbsp;&nbsp; 2247853 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33097 | &nbsp;&nbsp;&nbsp;&nbsp; 1256693 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;56976 | &nbsp;&nbsp;&nbsp;&nbsp; 1860266 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;54192 | &nbsp;&nbsp;&nbsp;&nbsp; 1172715 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;22775 | &nbsp;&nbsp;&nbsp;&nbsp; 616064 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;53700 | &nbsp;&nbsp;&nbsp;&nbsp; 2078727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33079350 |
| **Building Materials — 4.9%** | **Building Materials — 4.9%** | **Building Materials — 4.9%** |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78090 | &nbsp;&nbsp;&nbsp;&nbsp; 4569827 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;475276 | &nbsp;&nbsp;&nbsp;&nbsp; 7642438 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;24877 | &nbsp;&nbsp;&nbsp;&nbsp; 2015037 |
| &nbsp;&nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;198795 | &nbsp;&nbsp;&nbsp;&nbsp; 3083310 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;101504 | &nbsp;&nbsp;&nbsp;&nbsp; 6255692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23566304 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104937 | &nbsp;&nbsp;&nbsp;&nbsp; 2698980 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40977 | &nbsp;&nbsp;&nbsp;&nbsp; 4649250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348230 |
| **Commercial Services — 6.2%** | **Commercial Services — 6.2%** | **Commercial Services — 6.2%** |
| &nbsp;&nbsp;&nbsp;Colliers International Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;28016 | &nbsp;&nbsp;&nbsp;&nbsp; 4632446 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;201428 | &nbsp;&nbsp;&nbsp;&nbsp; 3295362 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48311 | &nbsp;&nbsp;&nbsp;&nbsp; 6318596 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;18480 | &nbsp;&nbsp;$3312170 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;24477 | &nbsp;&nbsp;&nbsp;&nbsp; 2213455 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35674 | &nbsp;&nbsp;&nbsp;&nbsp; 5821640 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;181512 | &nbsp;&nbsp;&nbsp;&nbsp; 4510573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30104242 |
| **Distribution/Wholesale — 2.5%** | **Distribution/Wholesale — 2.5%** | **Distribution/Wholesale — 2.5%** |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;177903 | &nbsp;&nbsp;&nbsp;&nbsp; 5144955 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48466 | &nbsp;&nbsp;&nbsp;&nbsp; 6942270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12087225 |
| **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** |
| &nbsp;&nbsp;&nbsp;Dave, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12160 | &nbsp;&nbsp;&nbsp;&nbsp; 2592755 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;33723 | &nbsp;&nbsp;&nbsp;&nbsp; 5204808 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;13124 | &nbsp;&nbsp;&nbsp;&nbsp; 4380660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12178223 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;11632 | &nbsp;&nbsp;&nbsp;&nbsp; 4407597 |
| &nbsp;&nbsp;&nbsp;TransAlta Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;223365 | &nbsp;&nbsp;&nbsp;&nbsp; 2743778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151375 |
| **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20256 | &nbsp;&nbsp;&nbsp;&nbsp; 5263116 |
| **Electronics — 2.0%** | **Electronics — 2.0%** | **Electronics — 2.0%** |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21082 | &nbsp;&nbsp;&nbsp;&nbsp; 2591821 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;202719 | &nbsp;&nbsp;&nbsp;&nbsp; 4155740 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21102 | &nbsp;&nbsp;&nbsp;&nbsp; 3124573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9872134 |
| **Engineering & Construction — 2.6%** | **Engineering & Construction — 2.6%** | **Engineering & Construction — 2.6%** |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;62872 | &nbsp;&nbsp;&nbsp;&nbsp; 7538353 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;17192 | &nbsp;&nbsp;&nbsp;&nbsp; 4788488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12326841 |
| **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15098 | &nbsp;&nbsp;&nbsp;&nbsp; 3656887 |
| **Healthcare-Products — 4.7%** | **Healthcare-Products — 4.7%** | **Healthcare-Products — 4.7%** |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;498122 | &nbsp;&nbsp;&nbsp;&nbsp; 7920140 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;119226 | &nbsp;&nbsp;&nbsp;&nbsp; 1605974 |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc. (Lockup Shares)†(2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481 | &nbsp;&nbsp;&nbsp;&nbsp; 172025 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;30208 | &nbsp;&nbsp;&nbsp;&nbsp; 3258537 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;194178 | &nbsp;&nbsp;&nbsp;&nbsp; 3236947 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;68405 | &nbsp;&nbsp;&nbsp;&nbsp; 1844883 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20986 | &nbsp;&nbsp;&nbsp;&nbsp; 4410418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22448924 |
| **Healthcare-Services — 5.6%** | **Healthcare-Services — 5.6%** | **Healthcare-Services — 5.6%** |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42867 | &nbsp;&nbsp;&nbsp;&nbsp; 5219486 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44131 | &nbsp;&nbsp;&nbsp;&nbsp; 7580823 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46130 | &nbsp;&nbsp;&nbsp;&nbsp; 4120793 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;139074 | &nbsp;&nbsp;&nbsp;&nbsp; 2393464 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;92834 | &nbsp;&nbsp;&nbsp;&nbsp; 6661768 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14660 | &nbsp;&nbsp;&nbsp;&nbsp; 1215167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27191501 |
| **Home Builders — 0.9%** | **Home Builders — 0.9%** | **Home Builders — 0.9%** |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;56783 | &nbsp;&nbsp;&nbsp;&nbsp; 4284845 |
| **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; 36029 |
| **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46935 | &nbsp;&nbsp;&nbsp;&nbsp; 1457801 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25166 | &nbsp;&nbsp;&nbsp;&nbsp; 2131812 |

---

------

#### VALIC Company I Small Cap Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16383 | &nbsp;&nbsp;$2731210 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8437 | &nbsp;&nbsp;&nbsp;&nbsp; 3859506 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp; 271751 |
| &nbsp;&nbsp;&nbsp;Root, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;22741 | &nbsp;&nbsp;&nbsp;&nbsp; 2097175 |
| &nbsp;&nbsp;&nbsp;Slide Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 18665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12567920 |
| **Internet — 3.9%** | **Internet — 3.9%** | **Internet — 3.9%** |
| &nbsp;&nbsp;&nbsp;Etoro Group, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;26580 | &nbsp;&nbsp;&nbsp;&nbsp; 1180152 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;257200 | &nbsp;&nbsp;&nbsp;&nbsp; 6674340 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;51758 | &nbsp;&nbsp;&nbsp;&nbsp; 2244745 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;79459 | &nbsp;&nbsp;&nbsp;&nbsp; 6255807 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;33554 | &nbsp;&nbsp;&nbsp;&nbsp; 2503128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18858172 |
| **Iron/Steel — 1.2%** | **Iron/Steel — 1.2%** | **Iron/Steel — 1.2%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24076 | &nbsp;&nbsp;&nbsp;&nbsp; 5799427 |
| **Leisure Time — 2.6%** | **Leisure Time — 2.6%** | **Leisure Time — 2.6%** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;159019 | &nbsp;&nbsp;&nbsp;&nbsp; 4439811 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;201533 | &nbsp;&nbsp;&nbsp;&nbsp; 4548600 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;35663 | &nbsp;&nbsp;&nbsp;&nbsp; 3737482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12725893 |
| **Machinery-Diversified — 3.4%** | **Machinery-Diversified — 3.4%** | **Machinery-Diversified — 3.4%** |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;84073 | &nbsp;&nbsp;&nbsp;&nbsp; 5339476 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13348 | &nbsp;&nbsp;&nbsp;&nbsp; 3518266 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67244 | &nbsp;&nbsp;&nbsp;&nbsp; 2954701 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30342 | &nbsp;&nbsp;&nbsp;&nbsp; 4530971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16343414 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;52014 | &nbsp;&nbsp;&nbsp;&nbsp; 3112518 |
| **Metal Fabricate/Hardware — 1.1%** | **Metal Fabricate/Hardware — 1.1%** | **Metal Fabricate/Hardware — 1.1%** |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12995 | &nbsp;&nbsp;&nbsp;&nbsp; 5067530 |
| **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8667 | &nbsp;&nbsp;&nbsp;&nbsp; 2871290 |
| **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** |
| &nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd.#† | 1421218 | &nbsp;&nbsp;&nbsp;&nbsp; 2543980 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.#† | 1252001 | &nbsp;&nbsp;&nbsp;&nbsp; 3793563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6337543 |
| **Oil & Gas Services — 1.0%** | **Oil & Gas Services — 1.0%** | **Oil & Gas Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;387489 | &nbsp;&nbsp;&nbsp;&nbsp; 4831988 |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;137729 | &nbsp;&nbsp;&nbsp;&nbsp; 3067225 |
| **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;89096 | &nbsp;&nbsp;&nbsp;&nbsp; 2581111 |
| &nbsp;&nbsp;&nbsp;Centessa Pharmaceuticals PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;88088 | &nbsp;&nbsp;&nbsp;&nbsp; 1478998 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13604 | &nbsp;&nbsp;&nbsp;&nbsp; 5956511 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;37289 | &nbsp;&nbsp;&nbsp;&nbsp; 2201916 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25880 | &nbsp;&nbsp;&nbsp;&nbsp; 796845 |
| &nbsp;&nbsp;&nbsp;Verona Pharma PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;17024 | &nbsp;&nbsp;&nbsp;&nbsp; 1803012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14818393 |
| **Private Equity — 0.5%** | **Private Equity — 0.5%** | **Private Equity — 0.5%** |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;210620 | &nbsp;&nbsp;&nbsp;&nbsp; 2599051 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17678 | &nbsp;&nbsp;&nbsp;&nbsp; 3559027 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43831 | &nbsp;&nbsp;&nbsp;&nbsp; 1875528 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail — 5.7%** | **Retail — 5.7%** | **Retail — 5.7%** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38989 | &nbsp;&nbsp;$6931075 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32641 | &nbsp;&nbsp;&nbsp;&nbsp; 5091343 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15372 | &nbsp;&nbsp;&nbsp;&nbsp; 2230477 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17431 | &nbsp;&nbsp;&nbsp;&nbsp; 972998 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;205822 | &nbsp;&nbsp;&nbsp;&nbsp; 4721557 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17460 | &nbsp;&nbsp;&nbsp;&nbsp; 2214626 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29364 | &nbsp;&nbsp;&nbsp;&nbsp; 3149583 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29645 | &nbsp;&nbsp;&nbsp;&nbsp; 1988587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27300246 |
| **Semiconductors — 4.9%** | **Semiconductors — 4.9%** | **Semiconductors — 4.9%** |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30217 | &nbsp;&nbsp;&nbsp;&nbsp; 5664781 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32167 | &nbsp;&nbsp;&nbsp;&nbsp; 4122201 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11663 | &nbsp;&nbsp;&nbsp;&nbsp; 1236278 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36484 | &nbsp;&nbsp;&nbsp;&nbsp; 1645428 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;43265 | &nbsp;&nbsp;&nbsp;&nbsp; 5812653 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;20521 | &nbsp;&nbsp;&nbsp;&nbsp; 4959310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23440651 |
| **Software — 8.9%** | **Software — 8.9%** | **Software — 8.9%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;131391 | &nbsp;&nbsp;&nbsp;&nbsp; 6484146 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;49507 | &nbsp;&nbsp;&nbsp;&nbsp; 5402204 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;102524 | &nbsp;&nbsp;&nbsp;&nbsp; 5574230 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;31118 | &nbsp;&nbsp;&nbsp;&nbsp; 2646897 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;207065 | &nbsp;&nbsp;&nbsp;&nbsp; 6717189 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;16126 | &nbsp;&nbsp;&nbsp;&nbsp; 1458516 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;83345 | &nbsp;&nbsp;&nbsp;&nbsp; 2676208 |
| &nbsp;&nbsp;&nbsp;Onestream, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;105690 | &nbsp;&nbsp;&nbsp;&nbsp; 2197295 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77532 | &nbsp;&nbsp;&nbsp;&nbsp; 4203010 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;81049 | &nbsp;&nbsp;&nbsp;&nbsp; 2566011 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;85674 | &nbsp;&nbsp;&nbsp;&nbsp; 1671500 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;570366 | &nbsp;&nbsp;&nbsp;&nbsp; 1517173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43114379 |
| **Telecommunications — 2.8%** | **Telecommunications — 2.8%** | **Telecommunications — 2.8%** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;63626 | &nbsp;&nbsp;&nbsp;&nbsp; 7829498 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;176440 | &nbsp;&nbsp;&nbsp;&nbsp; 3772287 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;57740 | &nbsp;&nbsp;&nbsp;&nbsp; 1728158 |
| &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;13329943 |
| **Transportation — 2.2%** | **Transportation — 2.2%** | **Transportation — 2.2%** |
| &nbsp;&nbsp;&nbsp;Cargojet, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;36592 | &nbsp;&nbsp;&nbsp;&nbsp; 2686815 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103312 | &nbsp;&nbsp;&nbsp;&nbsp; 4535397 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;136415 | &nbsp;&nbsp;&nbsp;&nbsp; 3372179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10594391 |
| **Total Common Stocks<br> (cost $445,577,841)** |  | &nbsp;&nbsp;&nbsp;&nbsp;481844122 |
| **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;2221 | &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; 43228 |

---

------

#### VALIC Company I Small Cap Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |  |
| **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;$55223 |
| &nbsp;&nbsp;&nbsp;Checkr, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;12252 | &nbsp;&nbsp;&nbsp;&nbsp; 75228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130451 |
| **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; 79307 |
| **Medical Information Systems — 0.0%** | **Medical Information Systems — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Kardium, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;58843 | &nbsp;&nbsp;&nbsp;&nbsp; 59355 |
| **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;43123 | &nbsp;&nbsp;&nbsp;&nbsp; 60372 |
| **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; 3165 |
| **Total Convertible Preferred Stocks<br> (cost $721,279)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479971 |
| **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; 504 |
| **Total Long-Term Investment Securities<br> (cost $446,299,120)** |  | &nbsp;&nbsp;&nbsp;&nbsp;482324597 |
| **SHORT-TERM INVESTMENTS — 0.9%** | **SHORT-TERM INVESTMENTS — 0.9%** |  |
| **Unaffiliated Investment Companies — 0.9%** | **Unaffiliated Investment Companies — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.23%(4) | 1490019 | &nbsp;&nbsp;&nbsp;&nbsp; 1490019 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(4)(5) | 3176438 | &nbsp;&nbsp;&nbsp;&nbsp; 3176438 |
| **Total Short-Term Investments<br> (cost $4,666,457)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666457 |
| **TOTAL INVESTMENTS<br> (cost $450,965,577)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.7% | &nbsp;&nbsp;&nbsp;&nbsp;486991054 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3606423) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$483384631 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan.

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

(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 1. 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 August 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>** |
| Caris Life Sciences, Inc. (Lockup Shares) | 08/14/20 | &nbsp;&nbsp;4481 | $49462 | $172025 | $38.39 | 0.0% |
| Checkr, Inc. | 06/29/18, 12/02/19 | &nbsp;&nbsp;5868 | &nbsp;&nbsp;44688 | &nbsp;&nbsp;&nbsp;&nbsp;36029 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | 0.0 |
| Farmer's Business Network, Inc. | 11/03/17 | &nbsp;&nbsp;6066 | 112003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.0 |
| Grasshopper Bancorp, Inc. | 10/12/18, 05/02/19 | &nbsp;&nbsp;5208 | &nbsp;&nbsp;52080 | &nbsp;&nbsp;&nbsp;&nbsp;21770 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | 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>** |
| Checkr, Inc.<br> Series C | 04/10/18 | &nbsp;&nbsp;8994 | &nbsp;&nbsp;40926 | &nbsp;&nbsp;&nbsp;&nbsp;55223 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | 0.0 |
| Checkr, Inc.<br> Series D | 09/06/19 | 12252 | 123526 | &nbsp;&nbsp;&nbsp;&nbsp;75228 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | 0.1 |
| Farmer's Business Network, Inc.<br> Series D | 11/03/17 | &nbsp;&nbsp;2221 | &nbsp;&nbsp;41009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.0 |
| Flexe, Inc.<br> Series C | 11/18/20 | &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 | 02/14/20 | &nbsp;&nbsp;2168 | &nbsp;&nbsp;31609 | &nbsp;&nbsp;&nbsp;&nbsp;3165 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | 0.0 |
| Honor Tech, Inc.<br> Series D | 10/16/20 | 43123 | 103844 | &nbsp;&nbsp;&nbsp;&nbsp;60372 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | 0.0 |
| Kardium, Inc.<br> Series D | 01/08/21 | 58843 | &nbsp;&nbsp;59775 | &nbsp;&nbsp;&nbsp;&nbsp;59355 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | 0.0 |
| National Resilience, Inc.<br> Series B | 10/23/20 | &nbsp;&nbsp;5496 | &nbsp;&nbsp;75075 | &nbsp;&nbsp;&nbsp;&nbsp;79307 | &nbsp;&nbsp;14.43 | 0.0 |
| Nuro, Inc.<br> Series C | 10/30/20 | &nbsp;&nbsp;6234 | &nbsp;&nbsp;81383 | &nbsp;&nbsp;&nbsp;&nbsp;79764 | &nbsp;&nbsp;12.80 | 0.0 |
| Sila Nanotechnologies, Inc.<br> Series F | 01/07/21 | &nbsp;&nbsp;2608 | 107640 | &nbsp;&nbsp;&nbsp;&nbsp;43228 | &nbsp;&nbsp;16.58 | 0.0 |

---

------

#### VALIC Company I Small Cap Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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 | 10/12/18 | &nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$504 | $0.50 | 0.0% |
|  |  |  |  | $710299 |  | 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 December 14, 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 August 31, 2025.

(5) At August 31, 2025, the Fund had loaned securities with a total value of $30,515,424. This was secured by collateral of $3,176,438, which was received in cash and
subsequently invested in short-term investments currently valued at $3,176,438 as reported in the Portfolio of Investments. Additional collateral of $28,643,878 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$51131 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588127 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51051 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279823 |
| United States Treasury Bills | 0.00% | 10/09/2025 to 05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1179396 |
| United States Treasury Notes/Bonds | 0.00% to 6.13% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;26494350 |

---

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;15361453 | &nbsp;&nbsp;USD | &nbsp;&nbsp;11207613 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;$9281 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3037824 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;4140550 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(19408) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$9281 | &nbsp;&nbsp;$(19408) |

---

CAD—Canadian Dollar <br> USD—United States Dollar

------

#### VALIC Company I Small Cap Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;$3066882 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;$3066882 |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;11995106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21770 | &nbsp;&nbsp;&nbsp;&nbsp;12016876 |
| &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;36029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36029 |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;13329943 | &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;13329943 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;453394392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;453394392 |
| 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;479971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479971 |
| 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;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666457 |
| **Total Investments at Value** | &nbsp;&nbsp;$486452780 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$538274 | &nbsp;&nbsp;$486991054 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$9281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9281 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$19408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19408 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38322 | &nbsp;&nbsp;$69746 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854 | &nbsp;&nbsp;&nbsp;&nbsp; 118112 |
| &nbsp;&nbsp;&nbsp;National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26068 | &nbsp;&nbsp;&nbsp;&nbsp; 114439 |
| &nbsp;&nbsp;&nbsp;Nexxen International, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14413 | &nbsp;&nbsp;&nbsp;&nbsp; 144562 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45534 | &nbsp;&nbsp;&nbsp;&nbsp; 256812 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10795 | &nbsp;&nbsp;&nbsp;&nbsp; 63691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767362 |
| **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13986 | &nbsp;&nbsp;&nbsp;&nbsp; 1058181 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12327 | &nbsp;&nbsp;&nbsp;&nbsp; 2975121 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13079 | &nbsp;&nbsp;&nbsp;&nbsp; 112872 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35318 | &nbsp;&nbsp;&nbsp;&nbsp; 250405 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;211192 | &nbsp;&nbsp;&nbsp;&nbsp; 1890168 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11967 | &nbsp;&nbsp;&nbsp;&nbsp; 435240 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343 | &nbsp;&nbsp;&nbsp;&nbsp; 487389 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20761 | &nbsp;&nbsp;&nbsp;&nbsp; 81591 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41959 | &nbsp;&nbsp;&nbsp;&nbsp; 367980 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;178902 | &nbsp;&nbsp;&nbsp;&nbsp; 2531463 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63940 | &nbsp;&nbsp;&nbsp;&nbsp; 4209810 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20295 | &nbsp;&nbsp;&nbsp;&nbsp; 1370927 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10967 | &nbsp;&nbsp;&nbsp;&nbsp; 2147887 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp; 211946 |
| &nbsp;&nbsp;&nbsp;Red Cat Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29553 | &nbsp;&nbsp;&nbsp;&nbsp; 264204 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13076 | &nbsp;&nbsp;&nbsp;&nbsp; 116507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18511691 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 | &nbsp;&nbsp;&nbsp;&nbsp; 73500 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12656 | &nbsp;&nbsp;&nbsp;&nbsp; 517630 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26233 | &nbsp;&nbsp;&nbsp;&nbsp; 386150 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12847 | &nbsp;&nbsp;&nbsp;&nbsp; 466089 |
| &nbsp;&nbsp;&nbsp;Ispire Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7662 | &nbsp;&nbsp;&nbsp;&nbsp; 24365 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773 | &nbsp;&nbsp;&nbsp;&nbsp; 106743 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001 | &nbsp;&nbsp;&nbsp;&nbsp; 139297 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6660 | &nbsp;&nbsp;&nbsp;&nbsp; 662670 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370 | &nbsp;&nbsp;&nbsp;&nbsp; 524252 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13476 | &nbsp;&nbsp;&nbsp;&nbsp; 688489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589185 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682 | &nbsp;&nbsp;&nbsp;&nbsp; 356034 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32078 | &nbsp;&nbsp;&nbsp;&nbsp; 157182 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;125174 | &nbsp;&nbsp;&nbsp;&nbsp; 669681 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15820 | &nbsp;&nbsp;&nbsp;&nbsp; 1920548 |
| &nbsp;&nbsp;&nbsp;Spirit Aviation Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6542 | &nbsp;&nbsp;&nbsp;&nbsp; 7981 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19981 | &nbsp;&nbsp;&nbsp;&nbsp; 264749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376175 |
| **Apparel — 0.6%** | **Apparel — 0.6%** | **Apparel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45469 | &nbsp;&nbsp;&nbsp;&nbsp; 936207 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13518 | &nbsp;&nbsp;&nbsp;&nbsp; 386074 |
| &nbsp;&nbsp;&nbsp;Ermenegildo Zegna NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23974 | &nbsp;&nbsp;&nbsp;&nbsp; 202341 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;136708 | &nbsp;&nbsp;&nbsp;&nbsp; 862628 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21480 | &nbsp;&nbsp;&nbsp;&nbsp; 1659330 |
| &nbsp;&nbsp;&nbsp;Lakeland Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 | &nbsp;&nbsp;&nbsp;&nbsp; 56568 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509 | &nbsp;&nbsp;&nbsp;&nbsp; 242671 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871 | &nbsp;&nbsp;&nbsp;&nbsp; 87365 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27052 | &nbsp;&nbsp;&nbsp;&nbsp; 785590 |
| &nbsp;&nbsp;&nbsp;Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 60444 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9630 | &nbsp;&nbsp;&nbsp;&nbsp; 20993 |

---

---

| | | |
|:---|:---|:---|
| **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;2158 | &nbsp;&nbsp;$65387 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31429 | &nbsp;&nbsp;&nbsp;&nbsp; 1003842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369440 |
| **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;12561 | &nbsp;&nbsp;&nbsp;&nbsp; 733437 |
| &nbsp;&nbsp;&nbsp;Faraday Future Intelligent Electric, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36191 | &nbsp;&nbsp;&nbsp;&nbsp; 80706 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51720 | &nbsp;&nbsp;&nbsp;&nbsp; 86889 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20121 | &nbsp;&nbsp;&nbsp;&nbsp; 1070638 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15707 | &nbsp;&nbsp;&nbsp;&nbsp; 174191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145861 |
| **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;32829 | &nbsp;&nbsp;&nbsp;&nbsp; 814159 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11381 | &nbsp;&nbsp;&nbsp;&nbsp; 168496 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44625 | &nbsp;&nbsp;&nbsp;&nbsp; 259718 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6601 | &nbsp;&nbsp;&nbsp;&nbsp; 243049 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51711 | &nbsp;&nbsp;&nbsp;&nbsp; 1042494 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10762 | &nbsp;&nbsp;&nbsp;&nbsp; 1741184 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8590 | &nbsp;&nbsp;&nbsp;&nbsp; 289225 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16624 | &nbsp;&nbsp;&nbsp;&nbsp; 480932 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49420 | &nbsp;&nbsp;&nbsp;&nbsp; 641966 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11990 | &nbsp;&nbsp;&nbsp;&nbsp; 440872 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;100885 | &nbsp;&nbsp;&nbsp;&nbsp; 855505 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24217 | &nbsp;&nbsp;&nbsp;&nbsp; 98563 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76585 | &nbsp;&nbsp;&nbsp;&nbsp; 346930 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16357 | &nbsp;&nbsp;&nbsp;&nbsp; 27807 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13772 | &nbsp;&nbsp;&nbsp;&nbsp; 106458 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77827 | &nbsp;&nbsp;&nbsp;&nbsp; 207798 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;&nbsp;&nbsp; 179346 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp; 110558 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15388 | &nbsp;&nbsp;&nbsp;&nbsp; 899890 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55660 | &nbsp;&nbsp;&nbsp;&nbsp; 241008 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8358 | &nbsp;&nbsp;&nbsp;&nbsp; 324374 |
| &nbsp;&nbsp;&nbsp;Strattec Security Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp; 103811 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18692 | &nbsp;&nbsp;&nbsp;&nbsp; 164863 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10765 | &nbsp;&nbsp;&nbsp;&nbsp; 1334429 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389 | &nbsp;&nbsp;&nbsp;&nbsp; 348895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11472330 |
| **Banks — 9.6%** | **Banks — 9.6%** | **Banks — 9.6%** |
| &nbsp;&nbsp;&nbsp;Mechanics Bancorp † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952 | &nbsp;&nbsp;&nbsp;&nbsp; 96424 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7370 | &nbsp;&nbsp;&nbsp;&nbsp; 474775 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 | &nbsp;&nbsp;&nbsp;&nbsp; 178878 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8617 | &nbsp;&nbsp;&nbsp;&nbsp; 191901 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 251343 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14691 | &nbsp;&nbsp;&nbsp;&nbsp; 315857 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25802 | &nbsp;&nbsp;&nbsp;&nbsp; 1890771 |
| &nbsp;&nbsp;&nbsp;Ames National Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617 | &nbsp;&nbsp;&nbsp;&nbsp; 72268 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224 | &nbsp;&nbsp;&nbsp;&nbsp; 185040 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64884 | &nbsp;&nbsp;&nbsp;&nbsp; 1749922 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55573 | &nbsp;&nbsp;&nbsp;&nbsp; 1985623 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8095 | &nbsp;&nbsp;&nbsp;&nbsp; 1076392 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17723 | &nbsp;&nbsp;&nbsp;&nbsp; 1351202 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp; 460307 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15415 | &nbsp;&nbsp;&nbsp;&nbsp; 1050070 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583 | &nbsp;&nbsp;&nbsp;&nbsp; 137007 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16758 | &nbsp;&nbsp;&nbsp;&nbsp; 756121 |
| &nbsp;&nbsp;&nbsp;Bank7 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 83444 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29572 | &nbsp;&nbsp;&nbsp;&nbsp; 1158927 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759 | &nbsp;&nbsp;&nbsp;&nbsp; 116651 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13314 | &nbsp;&nbsp;&nbsp;&nbsp; 892437 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608 | &nbsp;&nbsp;&nbsp;&nbsp; 180970 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072 | &nbsp;&nbsp;&nbsp;&nbsp; 123219 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;BCB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313 | &nbsp;&nbsp;$56186 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7295 | &nbsp;&nbsp;&nbsp;&nbsp; 67771 |
| &nbsp;&nbsp;&nbsp;Blue Ridge Bankshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26121 | &nbsp;&nbsp;&nbsp;&nbsp; 104745 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253 | &nbsp;&nbsp;&nbsp;&nbsp; 135184 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 324156 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10714 | &nbsp;&nbsp;&nbsp;&nbsp; 267957 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10727 | &nbsp;&nbsp;&nbsp;&nbsp; 310118 |
| &nbsp;&nbsp;&nbsp;C & F Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp; 89327 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64831 | &nbsp;&nbsp;&nbsp;&nbsp; 2440239 |
| &nbsp;&nbsp;&nbsp;California Bancorp† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8519 | &nbsp;&nbsp;&nbsp;&nbsp; 143460 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945 | &nbsp;&nbsp;&nbsp;&nbsp; 243091 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp; 152003 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350 | &nbsp;&nbsp;&nbsp;&nbsp; 234651 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8764 | &nbsp;&nbsp;&nbsp;&nbsp; 170547 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26401 | &nbsp;&nbsp;&nbsp;&nbsp; 1317674 |
| &nbsp;&nbsp;&nbsp;CB Financial Services, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 | &nbsp;&nbsp;&nbsp;&nbsp; 63118 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10467 | &nbsp;&nbsp;&nbsp;&nbsp; 327826 |
| &nbsp;&nbsp;&nbsp;Chain Bridge Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 28788 |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp; 91287 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464 | &nbsp;&nbsp;&nbsp;&nbsp; 168619 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553 | &nbsp;&nbsp;&nbsp;&nbsp; 112171 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp; 106189 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486 | &nbsp;&nbsp;&nbsp;&nbsp; 704841 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061 | &nbsp;&nbsp;&nbsp;&nbsp; 128433 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10826 | &nbsp;&nbsp;&nbsp;&nbsp; 284832 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003 | &nbsp;&nbsp;&nbsp;&nbsp; 572844 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454 | &nbsp;&nbsp;&nbsp;&nbsp; 110880 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20492 | &nbsp;&nbsp;&nbsp;&nbsp; 1227266 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp; 345846 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658 | &nbsp;&nbsp;&nbsp;&nbsp; 141949 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18407 | &nbsp;&nbsp;&nbsp;&nbsp; 471219 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11539 | &nbsp;&nbsp;&nbsp;&nbsp; 827231 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50296 | &nbsp;&nbsp;&nbsp;&nbsp; 1012458 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15397 | &nbsp;&nbsp;&nbsp;&nbsp; 473612 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11749 | &nbsp;&nbsp;&nbsp;&nbsp; 228166 |
| &nbsp;&nbsp;&nbsp;Eagle Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 69919 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77147 | &nbsp;&nbsp;&nbsp;&nbsp; 1319985 |
| &nbsp;&nbsp;&nbsp;ECB Bancorp, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129 | &nbsp;&nbsp;&nbsp;&nbsp; 53256 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14331 | &nbsp;&nbsp;&nbsp;&nbsp; 877630 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292 | &nbsp;&nbsp;&nbsp;&nbsp; 255015 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723 | &nbsp;&nbsp;&nbsp;&nbsp; 267126 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 | &nbsp;&nbsp;&nbsp;&nbsp; 132326 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13979 | &nbsp;&nbsp;&nbsp;&nbsp; 212201 |
| &nbsp;&nbsp;&nbsp;FB Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252 | &nbsp;&nbsp;&nbsp;&nbsp; 86879 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp; 880352 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp; 84375 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6834 | &nbsp;&nbsp;&nbsp;&nbsp; 189097 |
| &nbsp;&nbsp;&nbsp;Finwise Bancorp† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685 | &nbsp;&nbsp;&nbsp;&nbsp; 71231 |
| &nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15749 | &nbsp;&nbsp;&nbsp;&nbsp; 859738 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp; 108285 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63354 | &nbsp;&nbsp;&nbsp;&nbsp; 1408359 |
| &nbsp;&nbsp;&nbsp;First Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp;&nbsp;&nbsp; 139404 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32551 | &nbsp;&nbsp;&nbsp;&nbsp; 804010 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;&nbsp;&nbsp; 164337 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39450 | &nbsp;&nbsp;&nbsp;&nbsp; 700238 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693 | &nbsp;&nbsp;&nbsp;&nbsp; 216220 |
| &nbsp;&nbsp;&nbsp;First Community Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp; 82028 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37290 | &nbsp;&nbsp;&nbsp;&nbsp; 987439 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51909 | &nbsp;&nbsp;&nbsp;&nbsp; 1929458 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307 | &nbsp;&nbsp;&nbsp;&nbsp; 254113 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25022 | &nbsp;&nbsp;&nbsp;&nbsp; 148881 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068 | &nbsp;&nbsp;&nbsp;&nbsp; 77053 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34480 | &nbsp;&nbsp;$1128186 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22806 | &nbsp;&nbsp;&nbsp;&nbsp; 946905 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160 | &nbsp;&nbsp;&nbsp;&nbsp; 329990 |
| &nbsp;&nbsp;&nbsp;First National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp; 74051 |
| &nbsp;&nbsp;&nbsp;First United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp; 91482 |
| &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855 | &nbsp;&nbsp;&nbsp;&nbsp; 184539 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009 | &nbsp;&nbsp;&nbsp;&nbsp; 196915 |
| &nbsp;&nbsp;&nbsp;Franklin Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 | &nbsp;&nbsp;&nbsp;&nbsp; 79577 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71536 | &nbsp;&nbsp;&nbsp;&nbsp; 1406398 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225 | &nbsp;&nbsp;&nbsp;&nbsp; 84442 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13569 | &nbsp;&nbsp;&nbsp;&nbsp; 566913 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44536 | &nbsp;&nbsp;&nbsp;&nbsp; 2188944 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314 | &nbsp;&nbsp;&nbsp;&nbsp; 209743 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp; 167862 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33556 | &nbsp;&nbsp;&nbsp;&nbsp; 2111344 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12491 | &nbsp;&nbsp;&nbsp;&nbsp; 314274 |
| &nbsp;&nbsp;&nbsp;Hanover Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp; 43431 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15131 | &nbsp;&nbsp;&nbsp;&nbsp; 194585 |
| &nbsp;&nbsp;&nbsp;Hawthorn Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364 | &nbsp;&nbsp;&nbsp;&nbsp; 79029 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035 | &nbsp;&nbsp;&nbsp;&nbsp; 133377 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21488 | &nbsp;&nbsp;&nbsp;&nbsp; 221971 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12309 | &nbsp;&nbsp;&nbsp;&nbsp; 300832 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17854 | &nbsp;&nbsp;&nbsp;&nbsp; 626318 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72924 | &nbsp;&nbsp;&nbsp;&nbsp; 2170218 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45248 | &nbsp;&nbsp;&nbsp;&nbsp; 503610 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17173 | &nbsp;&nbsp;&nbsp;&nbsp; 289537 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18978 | &nbsp;&nbsp;&nbsp;&nbsp; 1357117 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21264 | &nbsp;&nbsp;&nbsp;&nbsp; 1521227 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp; 79602 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp;&nbsp;&nbsp; 101823 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21607 | &nbsp;&nbsp;&nbsp;&nbsp; 145847 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9971 | &nbsp;&nbsp;&nbsp;&nbsp; 682515 |
| &nbsp;&nbsp;&nbsp;Landmark Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp; 49048 |
| &nbsp;&nbsp;&nbsp;LCNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473 | &nbsp;&nbsp;&nbsp;&nbsp; 88553 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747 | &nbsp;&nbsp;&nbsp;&nbsp; 63678 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13662 | &nbsp;&nbsp;&nbsp;&nbsp; 528583 |
| &nbsp;&nbsp;&nbsp;MainStreet Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 64779 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6019 | &nbsp;&nbsp;&nbsp;&nbsp; 296436 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941 | &nbsp;&nbsp;&nbsp;&nbsp; 322287 |
| &nbsp;&nbsp;&nbsp;Meridian Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688 | &nbsp;&nbsp;&nbsp;&nbsp; 58049 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002 | &nbsp;&nbsp;&nbsp;&nbsp; 209640 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819 | &nbsp;&nbsp;&nbsp;&nbsp; 303190 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7766 | &nbsp;&nbsp;&nbsp;&nbsp; 234067 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971 | &nbsp;&nbsp;&nbsp;&nbsp; 91210 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;&nbsp; 147323 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8111 | &nbsp;&nbsp;&nbsp;&nbsp; 245277 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242 | &nbsp;&nbsp;&nbsp;&nbsp; 103505 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14732 | &nbsp;&nbsp;&nbsp;&nbsp; 577789 |
| &nbsp;&nbsp;&nbsp;National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 | &nbsp;&nbsp;&nbsp;&nbsp; 79353 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13680 | &nbsp;&nbsp;&nbsp;&nbsp; 258415 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20006 | &nbsp;&nbsp;&nbsp;&nbsp; 885666 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9593 | &nbsp;&nbsp;&nbsp;&nbsp; 118665 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5261 | &nbsp;&nbsp;&nbsp;&nbsp; 727544 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;&nbsp;&nbsp; 320182 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793 | &nbsp;&nbsp;&nbsp;&nbsp; 108082 |
| &nbsp;&nbsp;&nbsp;Northpointe Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp; 76483 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;&nbsp;&nbsp; 191163 |
| &nbsp;&nbsp;&nbsp;Norwood Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp; 84617 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp; 79202 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17688 | &nbsp;&nbsp;&nbsp;&nbsp; 791538 |
| &nbsp;&nbsp;&nbsp;Ohio Valley Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp; 57165 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;124518 | &nbsp;&nbsp;&nbsp;&nbsp; 2850217 |
| &nbsp;&nbsp;&nbsp;Old Point Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629 | &nbsp;&nbsp;&nbsp;&nbsp; 68581 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16546 | &nbsp;&nbsp;$305439 |
| &nbsp;&nbsp;&nbsp;Op Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp;&nbsp;&nbsp; 69647 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483 | &nbsp;&nbsp;&nbsp;&nbsp; 92926 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11481 | &nbsp;&nbsp;&nbsp;&nbsp; 446496 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7385 | &nbsp;&nbsp;&nbsp;&nbsp; 257367 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5803 | &nbsp;&nbsp;&nbsp;&nbsp; 996781 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp; 90989 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9160 | &nbsp;&nbsp;&nbsp;&nbsp; 727945 |
| &nbsp;&nbsp;&nbsp;Patriot National Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17868 | &nbsp;&nbsp;&nbsp;&nbsp; 26802 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141 | &nbsp;&nbsp;&nbsp;&nbsp; 91516 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165 | &nbsp;&nbsp;&nbsp;&nbsp; 178847 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp; 54268 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12349 | &nbsp;&nbsp;&nbsp;&nbsp; 382078 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | &nbsp;&nbsp;&nbsp;&nbsp; 179976 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575 | &nbsp;&nbsp;&nbsp;&nbsp; 59978 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp; 90945 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7484 | &nbsp;&nbsp;&nbsp;&nbsp; 111063 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8462 | &nbsp;&nbsp;&nbsp;&nbsp; 96890 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 | &nbsp;&nbsp;&nbsp;&nbsp; 73683 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6505 | &nbsp;&nbsp;&nbsp;&nbsp; 83719 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401 | &nbsp;&nbsp;&nbsp;&nbsp; 501710 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367 | &nbsp;&nbsp;&nbsp;&nbsp; 128804 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 114842 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36756 | &nbsp;&nbsp;&nbsp;&nbsp; 1438262 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176 | &nbsp;&nbsp;&nbsp;&nbsp; 243726 |
| &nbsp;&nbsp;&nbsp;Rhinebeck Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 | &nbsp;&nbsp;&nbsp;&nbsp; 24547 |
| &nbsp;&nbsp;&nbsp;Richmond Mutual BanCorp, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703 | &nbsp;&nbsp;&nbsp;&nbsp; 54767 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14865 | &nbsp;&nbsp;&nbsp;&nbsp; 587316 |
| &nbsp;&nbsp;&nbsp;SB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp; 50715 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33278 | &nbsp;&nbsp;&nbsp;&nbsp; 1035279 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20119 | &nbsp;&nbsp;&nbsp;&nbsp; 1773490 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10157 | &nbsp;&nbsp;&nbsp;&nbsp; 174599 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776 | &nbsp;&nbsp;&nbsp;&nbsp; 146432 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55266 | &nbsp;&nbsp;&nbsp;&nbsp; 1148427 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 | &nbsp;&nbsp;&nbsp;&nbsp; 207281 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5014 | &nbsp;&nbsp;&nbsp;&nbsp; 203719 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp; 135661 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp; 320960 |
| &nbsp;&nbsp;&nbsp;SR Bancorp, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 48224 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17766 | &nbsp;&nbsp;&nbsp;&nbsp; 549325 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10275 | &nbsp;&nbsp;&nbsp;&nbsp; 829295 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17743 | &nbsp;&nbsp;&nbsp;&nbsp; 1536012 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951 | &nbsp;&nbsp;&nbsp;&nbsp; 197198 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254 | &nbsp;&nbsp;&nbsp;&nbsp; 368516 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27670 | &nbsp;&nbsp;&nbsp;&nbsp; 1015212 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11865 | &nbsp;&nbsp;&nbsp;&nbsp; 538908 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 | &nbsp;&nbsp;&nbsp;&nbsp; 532995 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283 | &nbsp;&nbsp;&nbsp;&nbsp; 289791 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22190 | &nbsp;&nbsp;&nbsp;&nbsp; 893591 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28339 | &nbsp;&nbsp;&nbsp;&nbsp; 3454524 |
| &nbsp;&nbsp;&nbsp;Union Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp; 38732 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54887 | &nbsp;&nbsp;&nbsp;&nbsp; 2104368 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46986 | &nbsp;&nbsp;&nbsp;&nbsp; 1569332 |
| &nbsp;&nbsp;&nbsp;United Security Bancshare/Ca | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp;&nbsp;&nbsp; 53598 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp; 147522 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11054 | &nbsp;&nbsp;&nbsp;&nbsp; 350080 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;189714 | &nbsp;&nbsp;&nbsp;&nbsp; 1984408 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20633 | &nbsp;&nbsp;&nbsp;&nbsp; 708744 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp; 80557 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12905 | &nbsp;&nbsp;&nbsp;&nbsp; 1097570 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6388 | &nbsp;&nbsp;&nbsp;&nbsp; 193748 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36396 | &nbsp;&nbsp;&nbsp;&nbsp; 1193802 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;$111696 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9842 | &nbsp;&nbsp;&nbsp;&nbsp; 492198 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 | &nbsp;&nbsp;&nbsp;&nbsp; 93749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102437666 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;BRC, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25218 | &nbsp;&nbsp;&nbsp;&nbsp; 39088 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391 | &nbsp;&nbsp;&nbsp;&nbsp; 159412 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9255 | &nbsp;&nbsp;&nbsp;&nbsp; 389173 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15578 | &nbsp;&nbsp;&nbsp;&nbsp; 556757 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14656 | &nbsp;&nbsp;&nbsp;&nbsp; 79289 |
| &nbsp;&nbsp;&nbsp;Zevia PBC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12831 | &nbsp;&nbsp;&nbsp;&nbsp; 35927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259646 |
| **Biotechnology — 6.2%** | **Biotechnology — 6.2%** | **Biotechnology — 6.2%** |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16007 | &nbsp;&nbsp;&nbsp;&nbsp; 98603 |
| &nbsp;&nbsp;&nbsp;89bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48196 | &nbsp;&nbsp;&nbsp;&nbsp; 435210 |
| &nbsp;&nbsp;&nbsp;Aardvark Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp;&nbsp;&nbsp; 19123 |
| &nbsp;&nbsp;&nbsp;Abeona Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16323 | &nbsp;&nbsp;&nbsp;&nbsp; 111486 |
| &nbsp;&nbsp;&nbsp;Absci Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41473 | &nbsp;&nbsp;&nbsp;&nbsp; 99120 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48284 | &nbsp;&nbsp;&nbsp;&nbsp; 1254901 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29457 | &nbsp;&nbsp;&nbsp;&nbsp; 90433 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89735 | &nbsp;&nbsp;&nbsp;&nbsp; 1548826 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27224 | &nbsp;&nbsp;&nbsp;&nbsp; 1272178 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21450 | &nbsp;&nbsp;&nbsp;&nbsp; 125268 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61653 | &nbsp;&nbsp;&nbsp;&nbsp; 69668 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 | &nbsp;&nbsp;&nbsp;&nbsp; 19056 |
| &nbsp;&nbsp;&nbsp;Altimmune, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30194 | &nbsp;&nbsp;&nbsp;&nbsp; 115643 |
| &nbsp;&nbsp;&nbsp;Alumis Inc† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18311 | &nbsp;&nbsp;&nbsp;&nbsp; 84963 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;108602 | &nbsp;&nbsp;&nbsp;&nbsp; 824289 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546 | &nbsp;&nbsp;&nbsp;&nbsp; 153410 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31884 | &nbsp;&nbsp;&nbsp;&nbsp; 307362 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp; 661232 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36633 | &nbsp;&nbsp;&nbsp;&nbsp; 75464 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12346 | &nbsp;&nbsp;&nbsp;&nbsp; 449024 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58841 | &nbsp;&nbsp;&nbsp;&nbsp; 218300 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14082 | &nbsp;&nbsp;&nbsp;&nbsp; 977150 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9614 | &nbsp;&nbsp;&nbsp;&nbsp; 163534 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26928 | &nbsp;&nbsp;&nbsp;&nbsp; 285168 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41648 | &nbsp;&nbsp;&nbsp;&nbsp; 646377 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91505 | &nbsp;&nbsp;&nbsp;&nbsp; 581972 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 | &nbsp;&nbsp;&nbsp;&nbsp; 170130 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47080 | &nbsp;&nbsp;&nbsp;&nbsp; 1037172 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20812 | &nbsp;&nbsp;&nbsp;&nbsp; 241835 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16584 | &nbsp;&nbsp;&nbsp;&nbsp; 102489 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp; 101808 |
| &nbsp;&nbsp;&nbsp;Atlantic International Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579 | &nbsp;&nbsp;&nbsp;&nbsp; 18133 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15246 | &nbsp;&nbsp;&nbsp;&nbsp; 95440 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45685 | &nbsp;&nbsp;&nbsp;&nbsp; 547763 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44364 | &nbsp;&nbsp;&nbsp;&nbsp; 2066475 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15631 | &nbsp;&nbsp;&nbsp;&nbsp; 1895728 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36721 | &nbsp;&nbsp;&nbsp;&nbsp; 600756 |
| &nbsp;&nbsp;&nbsp;Benitec Biopharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;&nbsp; 77904 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13004 | &nbsp;&nbsp;&nbsp;&nbsp; 155268 |
| &nbsp;&nbsp;&nbsp;BioAge Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9646 | &nbsp;&nbsp;&nbsp;&nbsp; 47555 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81655 | &nbsp;&nbsp;&nbsp;&nbsp; 678553 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34832 | &nbsp;&nbsp;&nbsp;&nbsp; 536064 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60538 | &nbsp;&nbsp;&nbsp;&nbsp; 3133447 |
| &nbsp;&nbsp;&nbsp;Bright Minds Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp; 72715 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15995 | &nbsp;&nbsp;&nbsp;&nbsp; 92611 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14790 | &nbsp;&nbsp;&nbsp;&nbsp; 92881 |
| &nbsp;&nbsp;&nbsp;Cardiff Oncology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24027 | &nbsp;&nbsp;&nbsp;&nbsp; 50457 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 | &nbsp;&nbsp;&nbsp;&nbsp; 35617 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Cartesian Therapeutics, Inc. CVR#†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44751 | &nbsp;&nbsp;$10740 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10915 | &nbsp;&nbsp;&nbsp;&nbsp; 559175 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25321 | &nbsp;&nbsp;&nbsp;&nbsp; 559088 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21704 | &nbsp;&nbsp;&nbsp;&nbsp; 582101 |
| &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;Cogent Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41079 | &nbsp;&nbsp;&nbsp;&nbsp; 496234 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36234 | &nbsp;&nbsp;&nbsp;&nbsp; 126457 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34683 | &nbsp;&nbsp;&nbsp;&nbsp; 1074826 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31982 | &nbsp;&nbsp;&nbsp;&nbsp; 1657627 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19389 | &nbsp;&nbsp;&nbsp;&nbsp; 146193 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44843 | &nbsp;&nbsp;&nbsp;&nbsp; 185650 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45528 | &nbsp;&nbsp;&nbsp;&nbsp; 1608504 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27724 | &nbsp;&nbsp;&nbsp;&nbsp; 208207 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51658 | &nbsp;&nbsp;&nbsp;&nbsp; 788818 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13098 | &nbsp;&nbsp;&nbsp;&nbsp; 72432 |
| &nbsp;&nbsp;&nbsp;DiaMedica Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10741 | &nbsp;&nbsp;&nbsp;&nbsp; 61331 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 | &nbsp;&nbsp;&nbsp;&nbsp; 175644 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9571 | &nbsp;&nbsp;&nbsp;&nbsp; 570862 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40613 | &nbsp;&nbsp;&nbsp;&nbsp; 411004 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36269 | &nbsp;&nbsp;&nbsp;&nbsp; 489269 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28747 | &nbsp;&nbsp;&nbsp;&nbsp; 412519 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34316 | &nbsp;&nbsp;&nbsp;&nbsp; 88192 |
| &nbsp;&nbsp;&nbsp;Eledon Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19778 | &nbsp;&nbsp;&nbsp;&nbsp; 51225 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20476 | &nbsp;&nbsp;&nbsp;&nbsp; 169951 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11437 | &nbsp;&nbsp;&nbsp;&nbsp; 62560 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70584 | &nbsp;&nbsp;&nbsp;&nbsp; 110817 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76178 | &nbsp;&nbsp;&nbsp;&nbsp; 169115 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20602 | &nbsp;&nbsp;&nbsp;&nbsp; 157193 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24240 | &nbsp;&nbsp;&nbsp;&nbsp; 280457 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38835 | &nbsp;&nbsp;&nbsp;&nbsp; 40388 |
| &nbsp;&nbsp;&nbsp;Forafric Global PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 | &nbsp;&nbsp;&nbsp;&nbsp; 17823 |
| &nbsp;&nbsp;&nbsp;Geron Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;236456 | &nbsp;&nbsp;&nbsp;&nbsp; 331038 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72599 | &nbsp;&nbsp;&nbsp;&nbsp; 179320 |
| &nbsp;&nbsp;&nbsp;Greenwich Lifesciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp; 29733 |
| &nbsp;&nbsp;&nbsp;GTX, Inc. CVR#†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50962 | &nbsp;&nbsp;&nbsp;&nbsp; 78991 |
| &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;32721 | &nbsp;&nbsp;&nbsp;&nbsp; 803301 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89732 | &nbsp;&nbsp;&nbsp;&nbsp; 209973 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28971 | &nbsp;&nbsp;&nbsp;&nbsp; 275514 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26384 | &nbsp;&nbsp;&nbsp;&nbsp; 387581 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686 | &nbsp;&nbsp;&nbsp;&nbsp; 103945 |
| &nbsp;&nbsp;&nbsp;Inhibrx. Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13726 | &nbsp;&nbsp;&nbsp;&nbsp; 15785 |
| &nbsp;&nbsp;&nbsp;Inmune Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;&nbsp;&nbsp; 14476 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24392 | &nbsp;&nbsp;&nbsp;&nbsp; 498329 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39821 | &nbsp;&nbsp;&nbsp;&nbsp; 452167 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99663 | &nbsp;&nbsp;&nbsp;&nbsp; 222248 |
| &nbsp;&nbsp;&nbsp;Jade Biosciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11869 | &nbsp;&nbsp;&nbsp;&nbsp; 93765 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15564 | &nbsp;&nbsp;&nbsp;&nbsp; 353614 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13347 | &nbsp;&nbsp;&nbsp;&nbsp; 203008 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp; 110505 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp; 52830 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9663 | &nbsp;&nbsp;&nbsp;&nbsp; 1427225 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31263 | &nbsp;&nbsp;&nbsp;&nbsp; 246978 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18275 | &nbsp;&nbsp;&nbsp;&nbsp; 752930 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15445 | &nbsp;&nbsp;&nbsp;&nbsp; 55911 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6932 | &nbsp;&nbsp;&nbsp;&nbsp; 267783 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8458 | &nbsp;&nbsp;&nbsp;&nbsp; 40514 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7349 | &nbsp;&nbsp;&nbsp;&nbsp; 1188407 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25139 | &nbsp;&nbsp;&nbsp;&nbsp; 695848 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45638 | &nbsp;&nbsp;&nbsp;&nbsp; 110444 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756 | &nbsp;&nbsp;&nbsp;&nbsp; 54424 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934 | &nbsp;&nbsp;$104634 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15772 | &nbsp;&nbsp;&nbsp;&nbsp; 115136 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665 | &nbsp;&nbsp;&nbsp;&nbsp; 235208 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp; 254856 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15197 | &nbsp;&nbsp;&nbsp;&nbsp; 235250 |
| &nbsp;&nbsp;&nbsp;Monopar Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp; 56450 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18965 | &nbsp;&nbsp;&nbsp;&nbsp; 91032 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35368 | &nbsp;&nbsp;&nbsp;&nbsp; 225294 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51131 | &nbsp;&nbsp;&nbsp;&nbsp; 448930 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20341 | &nbsp;&nbsp;&nbsp;&nbsp; 201376 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22493 | &nbsp;&nbsp;&nbsp;&nbsp; 47685 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58087 | &nbsp;&nbsp;&nbsp;&nbsp; 433910 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800 | &nbsp;&nbsp;&nbsp;&nbsp; 278332 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16433 | &nbsp;&nbsp;&nbsp;&nbsp; 1258439 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96897 | &nbsp;&nbsp;&nbsp;&nbsp; 287784 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22357 | &nbsp;&nbsp;&nbsp;&nbsp; 122069 |
| &nbsp;&nbsp;&nbsp;Omeros Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20742 | &nbsp;&nbsp;&nbsp;&nbsp; 86287 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25562 | &nbsp;&nbsp;&nbsp;&nbsp; 131644 |
| &nbsp;&nbsp;&nbsp;Oruka Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 | &nbsp;&nbsp;&nbsp;&nbsp; 152736 |
| &nbsp;&nbsp;&nbsp;Palvella Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp; 138786 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23144 | &nbsp;&nbsp;&nbsp;&nbsp; 77764 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16691 | &nbsp;&nbsp;&nbsp;&nbsp; 203296 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6772 | &nbsp;&nbsp;&nbsp;&nbsp; 308397 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56514 | &nbsp;&nbsp;&nbsp;&nbsp; 254878 |
| &nbsp;&nbsp;&nbsp;Prime Medicine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23070 | &nbsp;&nbsp;&nbsp;&nbsp; 74747 |
| &nbsp;&nbsp;&nbsp;Protalix BioTherapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28351 | &nbsp;&nbsp;&nbsp;&nbsp; 43944 |
| &nbsp;&nbsp;&nbsp;Protara Therapeutic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13134 | &nbsp;&nbsp;&nbsp;&nbsp; 40978 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15186 | &nbsp;&nbsp;&nbsp;&nbsp; 124525 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30291 | &nbsp;&nbsp;&nbsp;&nbsp; 1494255 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15939 | &nbsp;&nbsp;&nbsp;&nbsp; 80333 |
| &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;7139 | &nbsp;&nbsp;&nbsp;&nbsp; 125861 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;132500 | &nbsp;&nbsp;&nbsp;&nbsp; 622750 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17993 | &nbsp;&nbsp;&nbsp;&nbsp; 160677 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52348 | &nbsp;&nbsp;&nbsp;&nbsp; 187929 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25953 | &nbsp;&nbsp;&nbsp;&nbsp; 140146 |
| &nbsp;&nbsp;&nbsp;Rezolute, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25325 | &nbsp;&nbsp;&nbsp;&nbsp; 180314 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869 | &nbsp;&nbsp;&nbsp;&nbsp; 266861 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32577 | &nbsp;&nbsp;&nbsp;&nbsp; 106853 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52742 | &nbsp;&nbsp;&nbsp;&nbsp; 161391 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50016 | &nbsp;&nbsp;&nbsp;&nbsp; 164052 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31523 | &nbsp;&nbsp;&nbsp;&nbsp; 1029226 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 98978 |
| &nbsp;&nbsp;&nbsp;Sionna Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 | &nbsp;&nbsp;&nbsp;&nbsp; 123469 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15480 | &nbsp;&nbsp;&nbsp;&nbsp; 1047532 |
| &nbsp;&nbsp;&nbsp;Solid Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25243 | &nbsp;&nbsp;&nbsp;&nbsp; 138332 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15805 | &nbsp;&nbsp;&nbsp;&nbsp; 312307 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32821 | &nbsp;&nbsp;&nbsp;&nbsp; 535967 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29575 | &nbsp;&nbsp;&nbsp;&nbsp; 198448 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15084 | &nbsp;&nbsp;&nbsp;&nbsp; 883621 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63355 | &nbsp;&nbsp;&nbsp;&nbsp; 184997 |
| &nbsp;&nbsp;&nbsp;Tectonic Therapeutic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp; 114087 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28376 | &nbsp;&nbsp;&nbsp;&nbsp; 197497 |
| &nbsp;&nbsp;&nbsp;Tevogen Bio Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11524 | &nbsp;&nbsp;&nbsp;&nbsp; 10487 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56171 | &nbsp;&nbsp;&nbsp;&nbsp; 1647495 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14931 | &nbsp;&nbsp;&nbsp;&nbsp; 207242 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7273 | &nbsp;&nbsp;&nbsp;&nbsp; 170188 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34257 | &nbsp;&nbsp;&nbsp;&nbsp; 599498 |
| &nbsp;&nbsp;&nbsp;TriSalus Life Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488 | &nbsp;&nbsp;&nbsp;&nbsp; 33867 |
| &nbsp;&nbsp;&nbsp;Tvardi Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 41529 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9794 | &nbsp;&nbsp;&nbsp;&nbsp; 124090 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13213 | &nbsp;&nbsp;&nbsp;&nbsp; 226339 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14290 | &nbsp;&nbsp;&nbsp;&nbsp; 277941 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Vera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19852 | &nbsp;&nbsp;$429597 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30573 | &nbsp;&nbsp;&nbsp;&nbsp; 927585 |
| &nbsp;&nbsp;&nbsp;Verastem, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17108 | &nbsp;&nbsp;&nbsp;&nbsp; 158249 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19653 | &nbsp;&nbsp;&nbsp;&nbsp; 714583 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35046 | &nbsp;&nbsp;&nbsp;&nbsp; 173127 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26898 | &nbsp;&nbsp;&nbsp;&nbsp; 494385 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44310 | &nbsp;&nbsp;&nbsp;&nbsp; 425376 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27569 | &nbsp;&nbsp;&nbsp;&nbsp; 224136 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29736 | &nbsp;&nbsp;&nbsp;&nbsp; 1151081 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499 | &nbsp;&nbsp;&nbsp;&nbsp; 113613 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605 | &nbsp;&nbsp;&nbsp;&nbsp; 105680 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20256 | &nbsp;&nbsp;&nbsp;&nbsp; 183722 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19184 | &nbsp;&nbsp;&nbsp;&nbsp; 284115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66461311 |
| **Building Materials — 1.6%** | **Building Materials — 1.6%** | **Building Materials — 1.6%** |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839 | &nbsp;&nbsp;&nbsp;&nbsp; 203313 |
| &nbsp;&nbsp;&nbsp;AirJoule Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737 | &nbsp;&nbsp;&nbsp;&nbsp; 40190 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 | &nbsp;&nbsp;&nbsp;&nbsp; 370955 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8361 | &nbsp;&nbsp;&nbsp;&nbsp; 367675 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25594 | &nbsp;&nbsp;&nbsp;&nbsp; 175063 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14843 | &nbsp;&nbsp;&nbsp;&nbsp; 1291341 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11647 | &nbsp;&nbsp;&nbsp;&nbsp; 728986 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15178 | &nbsp;&nbsp;&nbsp;&nbsp; 1155956 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33614 | &nbsp;&nbsp;&nbsp;&nbsp; 214793 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22375 | &nbsp;&nbsp;&nbsp;&nbsp; 1812375 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10361 | &nbsp;&nbsp;&nbsp;&nbsp; 237578 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49419 | &nbsp;&nbsp;&nbsp;&nbsp; 628116 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20331 | &nbsp;&nbsp;&nbsp;&nbsp; 2767659 |
| &nbsp;&nbsp;&nbsp;Smith-Midland Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp; 47832 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18703 | &nbsp;&nbsp;&nbsp;&nbsp; 3499518 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9346 | &nbsp;&nbsp;&nbsp;&nbsp; 678333 |
| &nbsp;&nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9188 | &nbsp;&nbsp;&nbsp;&nbsp; 142506 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23433 | &nbsp;&nbsp;&nbsp;&nbsp; 2366030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16728219 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10384 | &nbsp;&nbsp;&nbsp;&nbsp; 222841 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596 | &nbsp;&nbsp;&nbsp;&nbsp; 57218 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36050 | &nbsp;&nbsp;&nbsp;&nbsp; 1348270 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659 | &nbsp;&nbsp;&nbsp;&nbsp; 2051897 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21149 | &nbsp;&nbsp;&nbsp;&nbsp; 1724912 |
| &nbsp;&nbsp;&nbsp;Calumet, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26583 | &nbsp;&nbsp;&nbsp;&nbsp; 433303 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58748 | &nbsp;&nbsp;&nbsp;&nbsp; 904719 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32365 | &nbsp;&nbsp;&nbsp;&nbsp; 88356 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42699 | &nbsp;&nbsp;&nbsp;&nbsp; 388134 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21286 | &nbsp;&nbsp;&nbsp;&nbsp; 1299510 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7548 | &nbsp;&nbsp;&nbsp;&nbsp; 1263007 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14175 | &nbsp;&nbsp;&nbsp;&nbsp; 827537 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9806 | &nbsp;&nbsp;&nbsp;&nbsp; 858908 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077 | &nbsp;&nbsp;&nbsp;&nbsp; 124063 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7635 | &nbsp;&nbsp;&nbsp;&nbsp; 221262 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp; 56623 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20576 | &nbsp;&nbsp;&nbsp;&nbsp; 258640 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12454 | &nbsp;&nbsp;&nbsp;&nbsp; 815114 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp; 222081 |
| &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21603 | &nbsp;&nbsp;&nbsp;&nbsp; 227912 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54405 | &nbsp;&nbsp;&nbsp;&nbsp; 1218128 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 | &nbsp;&nbsp;&nbsp;&nbsp; 790632 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24153 | &nbsp;&nbsp;&nbsp;&nbsp; 134532 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp; 546474 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16330 | &nbsp;&nbsp;&nbsp;&nbsp; 1852802 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8317 | &nbsp;&nbsp;$416100 |
| &nbsp;&nbsp;&nbsp;Trinseo PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13843 | &nbsp;&nbsp;&nbsp;&nbsp; 33223 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46746 | &nbsp;&nbsp;&nbsp;&nbsp; 200073 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp; 16098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18602369 |
| **Coal — 0.5%** | **Coal — 0.5%** | **Coal — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572 | &nbsp;&nbsp;&nbsp;&nbsp; 682097 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20485 | &nbsp;&nbsp;&nbsp;&nbsp; 1521216 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11941 | &nbsp;&nbsp;&nbsp;&nbsp; 194758 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 63374 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47794 | &nbsp;&nbsp;&nbsp;&nbsp; 831616 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13988 | &nbsp;&nbsp;&nbsp;&nbsp; 362709 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33350 | &nbsp;&nbsp;&nbsp;&nbsp; 257462 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20245 | &nbsp;&nbsp;&nbsp;&nbsp; 1237779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151011 |
| **Commercial Services — 4.5%** | **Commercial Services — 4.5%** | **Commercial Services — 4.5%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24260 | &nbsp;&nbsp;&nbsp;&nbsp; 1192864 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13907 | &nbsp;&nbsp;&nbsp;&nbsp; 47423 |
| &nbsp;&nbsp;&nbsp;Acuren Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66295 | &nbsp;&nbsp;&nbsp;&nbsp; 747145 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14354 | &nbsp;&nbsp;&nbsp;&nbsp; 1879656 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193 | &nbsp;&nbsp;&nbsp;&nbsp; 33495 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18651 | &nbsp;&nbsp;&nbsp;&nbsp; 1093508 |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;165740 | &nbsp;&nbsp;&nbsp;&nbsp; 643071 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8264 | &nbsp;&nbsp;&nbsp;&nbsp; 68922 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6856 | &nbsp;&nbsp;&nbsp;&nbsp; 206914 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15034 | &nbsp;&nbsp;&nbsp;&nbsp; 312407 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38696 | &nbsp;&nbsp;&nbsp;&nbsp; 673697 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9625 | &nbsp;&nbsp;&nbsp;&nbsp; 469700 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23796 | &nbsp;&nbsp;&nbsp;&nbsp; 342662 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16886 | &nbsp;&nbsp;&nbsp;&nbsp; 1891908 |
| &nbsp;&nbsp;&nbsp;Cadiz, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22357 | &nbsp;&nbsp;&nbsp;&nbsp; 80038 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552 | &nbsp;&nbsp;&nbsp;&nbsp; 243067 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp;&nbsp; 174377 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20257 | &nbsp;&nbsp;&nbsp;&nbsp; 1307387 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5879 | &nbsp;&nbsp;&nbsp;&nbsp; 371053 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17197 | &nbsp;&nbsp;&nbsp;&nbsp; 328807 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42152 | &nbsp;&nbsp;&nbsp;&nbsp; 854843 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53819 | &nbsp;&nbsp;&nbsp;&nbsp; 618919 |
| &nbsp;&nbsp;&nbsp;CPI Card Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp;&nbsp;&nbsp; 37439 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp; 506682 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11959 | &nbsp;&nbsp;&nbsp;&nbsp; 160011 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22836 | &nbsp;&nbsp;&nbsp;&nbsp; 140213 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17365 | &nbsp;&nbsp;&nbsp;&nbsp; 341396 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;&nbsp;&nbsp; 128389 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23617 | &nbsp;&nbsp;&nbsp;&nbsp; 435025 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp;&nbsp;&nbsp; 29149 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8716 | &nbsp;&nbsp;&nbsp;&nbsp; 159241 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11876 | &nbsp;&nbsp;&nbsp;&nbsp; 50948 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25155 | &nbsp;&nbsp;&nbsp;&nbsp; 897530 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30698 | &nbsp;&nbsp;&nbsp;&nbsp; 502219 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45515 | &nbsp;&nbsp;&nbsp;&nbsp; 598522 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp; 39067 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327 | &nbsp;&nbsp;&nbsp;&nbsp; 84636 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53076 | &nbsp;&nbsp;&nbsp;&nbsp; 1100796 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp; 1366251 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20861 | &nbsp;&nbsp;&nbsp;&nbsp; 290385 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9274 | &nbsp;&nbsp;&nbsp;&nbsp; 193085 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28142 | &nbsp;&nbsp;&nbsp;&nbsp; 439297 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101 | &nbsp;&nbsp;&nbsp;&nbsp; 411612 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12742 | &nbsp;&nbsp;&nbsp;&nbsp; 1666526 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46389 | &nbsp;&nbsp;&nbsp;&nbsp; 265809 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;HireQuest, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;$21970 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6661 | &nbsp;&nbsp;&nbsp;&nbsp; 912291 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7156 | &nbsp;&nbsp;&nbsp;&nbsp; 702862 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12992 | &nbsp;&nbsp;&nbsp;&nbsp; 67169 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14057 | &nbsp;&nbsp;&nbsp;&nbsp; 776228 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16016 | &nbsp;&nbsp;&nbsp;&nbsp; 649929 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11534 | &nbsp;&nbsp;&nbsp;&nbsp; 164129 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719 | &nbsp;&nbsp;&nbsp;&nbsp; 219039 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12823 | &nbsp;&nbsp;&nbsp;&nbsp; 92197 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20155 | &nbsp;&nbsp;&nbsp;&nbsp; 1494292 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50042 | &nbsp;&nbsp;&nbsp;&nbsp; 1375154 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42838 | &nbsp;&nbsp;&nbsp;&nbsp; 474645 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11221 | &nbsp;&nbsp;&nbsp;&nbsp; 85392 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11082 | &nbsp;&nbsp;&nbsp;&nbsp; 208452 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp; 15913 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;150309 | &nbsp;&nbsp;&nbsp;&nbsp; 956717 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11727 | &nbsp;&nbsp;&nbsp;&nbsp; 288132 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 | &nbsp;&nbsp;&nbsp;&nbsp; 53356 |
| &nbsp;&nbsp;&nbsp;Mercurity Fintech Holding, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13010 | &nbsp;&nbsp;&nbsp;&nbsp; 90940 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38746 | &nbsp;&nbsp;&nbsp;&nbsp; 221240 |
| &nbsp;&nbsp;&nbsp;Monro, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11467 | &nbsp;&nbsp;&nbsp;&nbsp; 190123 |
| &nbsp;&nbsp;&nbsp;National Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995 | &nbsp;&nbsp;&nbsp;&nbsp; 73377 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31791 | &nbsp;&nbsp;&nbsp;&nbsp; 330626 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;108548 | &nbsp;&nbsp;&nbsp;&nbsp; 754409 |
| &nbsp;&nbsp;&nbsp;Paysafe, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12464 | &nbsp;&nbsp;&nbsp;&nbsp; 175867 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23988 | &nbsp;&nbsp;&nbsp;&nbsp; 785367 |
| &nbsp;&nbsp;&nbsp;Performant Healthcare, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27198 | &nbsp;&nbsp;&nbsp;&nbsp; 207521 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10151 | &nbsp;&nbsp;&nbsp;&nbsp; 84964 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 | &nbsp;&nbsp;&nbsp;&nbsp; 548334 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26253 | &nbsp;&nbsp;&nbsp;&nbsp; 621409 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11294 | &nbsp;&nbsp;&nbsp;&nbsp; 75218 |
| &nbsp;&nbsp;&nbsp;RCM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp; 54179 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60700 | &nbsp;&nbsp;&nbsp;&nbsp; 1124771 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29634 | &nbsp;&nbsp;&nbsp;&nbsp; 175433 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11991 | &nbsp;&nbsp;&nbsp;&nbsp; 61274 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp;&nbsp;&nbsp; 535436 |
| &nbsp;&nbsp;&nbsp;SoundThinking, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884 | &nbsp;&nbsp;&nbsp;&nbsp; 49443 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11159 | &nbsp;&nbsp;&nbsp;&nbsp; 100877 |
| &nbsp;&nbsp;&nbsp;StoneCo., Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94454 | &nbsp;&nbsp;&nbsp;&nbsp; 1555657 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389 | &nbsp;&nbsp;&nbsp;&nbsp; 763795 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16597 | &nbsp;&nbsp;&nbsp;&nbsp; 2708464 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12571 | &nbsp;&nbsp;&nbsp;&nbsp; 114019 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612 | &nbsp;&nbsp;&nbsp;&nbsp; 303227 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11675 | &nbsp;&nbsp;&nbsp;&nbsp; 845504 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10809 | &nbsp;&nbsp;&nbsp;&nbsp; 64530 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38155 | &nbsp;&nbsp;&nbsp;&nbsp; 261743 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17323 | &nbsp;&nbsp;&nbsp;&nbsp; 460619 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20763 | &nbsp;&nbsp;&nbsp;&nbsp; 527588 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912 | &nbsp;&nbsp;&nbsp;&nbsp; 68030 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62278 | &nbsp;&nbsp;&nbsp;&nbsp; 1547608 |
| &nbsp;&nbsp;&nbsp;Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45218 | &nbsp;&nbsp;&nbsp;&nbsp; 211620 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333 | &nbsp;&nbsp;&nbsp;&nbsp; 585883 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25898 | &nbsp;&nbsp;&nbsp;&nbsp; 129490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48392543 |
| **Computers — 2.1%** | **Computers — 2.1%** | **Computers — 2.1%** |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51572 | &nbsp;&nbsp;&nbsp;&nbsp; 118616 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16729 | &nbsp;&nbsp;&nbsp;&nbsp; 907548 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20695 | &nbsp;&nbsp;&nbsp;&nbsp; 224955 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56716 | &nbsp;&nbsp;&nbsp;&nbsp; 157671 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17898 | &nbsp;&nbsp;&nbsp;&nbsp; 159829 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18722 | &nbsp;&nbsp;&nbsp;&nbsp; 106715 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;CSP, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822 | &nbsp;&nbsp;$34033 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9871 | &nbsp;&nbsp;&nbsp;&nbsp; 603217 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;111473 | &nbsp;&nbsp;&nbsp;&nbsp; 1741208 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26091 | &nbsp;&nbsp;&nbsp;&nbsp; 216294 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10822 | &nbsp;&nbsp;&nbsp;&nbsp; 1408592 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29799 | &nbsp;&nbsp;&nbsp;&nbsp; 267893 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22071 | &nbsp;&nbsp;&nbsp;&nbsp; 1940482 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17599 | &nbsp;&nbsp;&nbsp;&nbsp; 178982 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28645 | &nbsp;&nbsp;&nbsp;&nbsp; 1134915 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54291 | &nbsp;&nbsp;&nbsp;&nbsp; 715555 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27191 | &nbsp;&nbsp;&nbsp;&nbsp; 676784 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34115 | &nbsp;&nbsp;&nbsp;&nbsp; 607588 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14009 | &nbsp;&nbsp;&nbsp;&nbsp; 211886 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15346 | &nbsp;&nbsp;&nbsp;&nbsp; 785408 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14225 | &nbsp;&nbsp;&nbsp;&nbsp; 1931897 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24768 | &nbsp;&nbsp;&nbsp;&nbsp; 512945 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;109625 | &nbsp;&nbsp;&nbsp;&nbsp; 1779214 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19844 | &nbsp;&nbsp;&nbsp;&nbsp; 85925 |
| &nbsp;&nbsp;&nbsp;Telos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20730 | &nbsp;&nbsp;&nbsp;&nbsp; 128112 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46587 | &nbsp;&nbsp;&nbsp;&nbsp; 1440470 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084 | &nbsp;&nbsp;&nbsp;&nbsp; 30638 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27133 | &nbsp;&nbsp;&nbsp;&nbsp; 106090 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632 | &nbsp;&nbsp;&nbsp;&nbsp; 381340 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42805 | &nbsp;&nbsp;&nbsp;&nbsp; 2526351 |
| &nbsp;&nbsp;&nbsp;Vuzix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26115 | &nbsp;&nbsp;&nbsp;&nbsp; 55364 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15870 | &nbsp;&nbsp;&nbsp;&nbsp; 1197392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22373909 |
| **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46494 | &nbsp;&nbsp;&nbsp;&nbsp; 96707 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18028 | &nbsp;&nbsp;&nbsp;&nbsp; 433032 |
| &nbsp;&nbsp;&nbsp;Honest Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35770 | &nbsp;&nbsp;&nbsp;&nbsp; 141649 |
| &nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036 | &nbsp;&nbsp;&nbsp;&nbsp; 808718 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54467 | &nbsp;&nbsp;&nbsp;&nbsp; 77888 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19042 | &nbsp;&nbsp;&nbsp;&nbsp; 1295618 |
| &nbsp;&nbsp;&nbsp;Solesence, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7648 | &nbsp;&nbsp;&nbsp;&nbsp; 27992 |
| &nbsp;&nbsp;&nbsp;Waldencast PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17220 | &nbsp;&nbsp;&nbsp;&nbsp; 26863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908467 |
| **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;7247 | &nbsp;&nbsp;&nbsp;&nbsp; 169652 |
| &nbsp;&nbsp;&nbsp;EVI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062 | &nbsp;&nbsp;&nbsp;&nbsp; 57200 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15486 | &nbsp;&nbsp;&nbsp;&nbsp; 418122 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5618 | &nbsp;&nbsp;&nbsp;&nbsp; 209720 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp; 150520 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32955 | &nbsp;&nbsp;&nbsp;&nbsp; 496961 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41641 | &nbsp;&nbsp;&nbsp;&nbsp; 1204258 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57915 | &nbsp;&nbsp;&nbsp;&nbsp; 1972006 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24365 | &nbsp;&nbsp;&nbsp;&nbsp; 1398551 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545 | &nbsp;&nbsp;&nbsp;&nbsp; 205752 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8611 | &nbsp;&nbsp;&nbsp;&nbsp; 375870 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35804 | &nbsp;&nbsp;&nbsp;&nbsp; 387399 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074 | &nbsp;&nbsp;&nbsp;&nbsp; 161480 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7957 | &nbsp;&nbsp;&nbsp;&nbsp; 1292217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8499708 |
| **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10741 | &nbsp;&nbsp;&nbsp;&nbsp; 547469 |
| &nbsp;&nbsp;&nbsp;AlTi Global, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17306 | &nbsp;&nbsp;&nbsp;&nbsp; 74935 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24224 | &nbsp;&nbsp;&nbsp;&nbsp; 1133441 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp; 133533 |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 18285 |
| &nbsp;&nbsp;&nbsp;Better Home & Finance Holding Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp; 45192 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;139712 | &nbsp;&nbsp;&nbsp;&nbsp; 1370575 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6237 | &nbsp;&nbsp;$412827 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9378 | &nbsp;&nbsp;&nbsp;&nbsp; 309474 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75069 | &nbsp;&nbsp;&nbsp;&nbsp; 1050966 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10637 | &nbsp;&nbsp;&nbsp;&nbsp; 785649 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10907 | &nbsp;&nbsp;&nbsp;&nbsp; 163932 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp;&nbsp; 30250 |
| &nbsp;&nbsp;&nbsp;Dave, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625 | &nbsp;&nbsp;&nbsp;&nbsp; 772922 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp; 140950 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11176 | &nbsp;&nbsp;&nbsp;&nbsp; 420776 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152 | &nbsp;&nbsp;&nbsp;&nbsp; 382920 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577 | &nbsp;&nbsp;&nbsp;&nbsp; 1161690 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mtg. Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632 | &nbsp;&nbsp;&nbsp;&nbsp; 761158 |
| &nbsp;&nbsp;&nbsp;Finance Of America Cos, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 48212 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp; 70757 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919 | &nbsp;&nbsp;&nbsp;&nbsp; 73873 |
| &nbsp;&nbsp;&nbsp;GBank Financial Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 | &nbsp;&nbsp;&nbsp;&nbsp; 135939 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17150 | &nbsp;&nbsp;&nbsp;&nbsp; 222264 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696 | &nbsp;&nbsp;&nbsp;&nbsp; 155092 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44153 | &nbsp;&nbsp;&nbsp;&nbsp; 758548 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282 | &nbsp;&nbsp;&nbsp;&nbsp; 290962 |
| &nbsp;&nbsp;&nbsp;loanDepot, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200 | &nbsp;&nbsp;&nbsp;&nbsp; 71048 |
| &nbsp;&nbsp;&nbsp;Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12298 | &nbsp;&nbsp;&nbsp;&nbsp; 434857 |
| &nbsp;&nbsp;&nbsp;Medallion Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp; 69844 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18951 | &nbsp;&nbsp;&nbsp;&nbsp; 1366557 |
| &nbsp;&nbsp;&nbsp;Navient Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27819 | &nbsp;&nbsp;&nbsp;&nbsp; 381398 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5414 | &nbsp;&nbsp;&nbsp;&nbsp; 696295 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15844 | &nbsp;&nbsp;&nbsp;&nbsp; 163827 |
| &nbsp;&nbsp;&nbsp;Onity Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 101770 |
| &nbsp;&nbsp;&nbsp;Oportun Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13614 | &nbsp;&nbsp;&nbsp;&nbsp; 89989 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9863 | &nbsp;&nbsp;&nbsp;&nbsp; 100701 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68967 | &nbsp;&nbsp;&nbsp;&nbsp; 617944 |
| &nbsp;&nbsp;&nbsp;Paysign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12020 | &nbsp;&nbsp;&nbsp;&nbsp; 62264 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11458 | &nbsp;&nbsp;&nbsp;&nbsp; 1261526 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23390 | &nbsp;&nbsp;&nbsp;&nbsp; 517621 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6820 | &nbsp;&nbsp;&nbsp;&nbsp; 2276448 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8892 | &nbsp;&nbsp;&nbsp;&nbsp; 1591668 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15396 | &nbsp;&nbsp;&nbsp;&nbsp; 263118 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54957 | &nbsp;&nbsp;&nbsp;&nbsp; 1916900 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 | &nbsp;&nbsp;&nbsp;&nbsp; 153528 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 105480 |
| &nbsp;&nbsp;&nbsp;Security National Financial Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6286 | &nbsp;&nbsp;&nbsp;&nbsp; 56574 |
| &nbsp;&nbsp;&nbsp;Siebert Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp; 15700 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;&nbsp;&nbsp; 53415 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24113 | &nbsp;&nbsp;&nbsp;&nbsp; 1496453 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17622 | &nbsp;&nbsp;&nbsp;&nbsp; 1800440 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp; 18429 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32639 | &nbsp;&nbsp;&nbsp;&nbsp; 2391786 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp; 86890 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17344 | &nbsp;&nbsp;&nbsp;&nbsp; 1236280 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp; 512841 |
| &nbsp;&nbsp;&nbsp;Vroom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 12397 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp; 53795 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46795 | &nbsp;&nbsp;&nbsp;&nbsp; 636880 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 | &nbsp;&nbsp;&nbsp;&nbsp; 224745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32311999 |
| **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22816 | &nbsp;&nbsp;&nbsp;&nbsp; 1463646 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12502 | &nbsp;&nbsp;&nbsp;&nbsp; 317926 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31580 | &nbsp;&nbsp;&nbsp;&nbsp; 1153933 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28351 | &nbsp;&nbsp;&nbsp;&nbsp; 1695673 |
| &nbsp;&nbsp;&nbsp;Genie Energy, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8172 | &nbsp;&nbsp;&nbsp;&nbsp; 125032 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68055 | &nbsp;&nbsp;$881993 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14481 | &nbsp;&nbsp;&nbsp;&nbsp; 1233057 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24026 | &nbsp;&nbsp;&nbsp;&nbsp; 1381735 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39865 | &nbsp;&nbsp;&nbsp;&nbsp; 2935659 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23810 | &nbsp;&nbsp;&nbsp;&nbsp; 2187901 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15112 | &nbsp;&nbsp;&nbsp;&nbsp; 1269257 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43124 | &nbsp;&nbsp;&nbsp;&nbsp; 1844845 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36131 | &nbsp;&nbsp;&nbsp;&nbsp; 2046460 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6372 | &nbsp;&nbsp;&nbsp;&nbsp; 299229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18836346 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14919 | &nbsp;&nbsp;&nbsp;&nbsp; 744458 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp; 1992060 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25843 | &nbsp;&nbsp;&nbsp;&nbsp; 712233 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15318 | &nbsp;&nbsp;&nbsp;&nbsp; 1572393 |
| &nbsp;&nbsp;&nbsp;Graham Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886 | &nbsp;&nbsp;&nbsp;&nbsp; 190608 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146 | &nbsp;&nbsp;&nbsp;&nbsp; 274264 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18620 | &nbsp;&nbsp;&nbsp;&nbsp; 536256 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13790 | &nbsp;&nbsp;&nbsp;&nbsp; 1605294 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733 | &nbsp;&nbsp;&nbsp;&nbsp; 993575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8621141 |
| **Electronics — 2.5%** | **Electronics — 2.5%** | **Electronics — 2.5%** |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14621 | &nbsp;&nbsp;&nbsp;&nbsp; 2188471 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608 | &nbsp;&nbsp;&nbsp;&nbsp; 254491 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20754 | &nbsp;&nbsp;&nbsp;&nbsp; 502247 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13296 | &nbsp;&nbsp;&nbsp;&nbsp; 773694 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32522 | &nbsp;&nbsp;&nbsp;&nbsp; 1447879 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11466 | &nbsp;&nbsp;&nbsp;&nbsp; 2097361 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp; 75066 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032 | &nbsp;&nbsp;&nbsp;&nbsp; 542546 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13873 | &nbsp;&nbsp;&nbsp;&nbsp; 563105 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11107 | &nbsp;&nbsp;&nbsp;&nbsp; 471936 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63346 | &nbsp;&nbsp;&nbsp;&nbsp; 609389 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10048 | &nbsp;&nbsp;&nbsp;&nbsp; 2018744 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45716 | &nbsp;&nbsp;&nbsp;&nbsp; 376700 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17591 | &nbsp;&nbsp;&nbsp;&nbsp; 2162638 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9366 | &nbsp;&nbsp;&nbsp;&nbsp; 270396 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33713 | &nbsp;&nbsp;&nbsp;&nbsp; 719773 |
| &nbsp;&nbsp;&nbsp;Kopin Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55976 | &nbsp;&nbsp;&nbsp;&nbsp; 117550 |
| &nbsp;&nbsp;&nbsp;KULR Technology Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13409 | &nbsp;&nbsp;&nbsp;&nbsp; 63022 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;&nbsp;&nbsp; 133874 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89724 | &nbsp;&nbsp;&nbsp;&nbsp; 103183 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80926 | &nbsp;&nbsp;&nbsp;&nbsp; 1658983 |
| &nbsp;&nbsp;&nbsp;M-Tron Industries, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;&nbsp; 44890 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13604 | &nbsp;&nbsp;&nbsp;&nbsp; 517632 |
| &nbsp;&nbsp;&nbsp;Neonode, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818 | &nbsp;&nbsp;&nbsp;&nbsp; 91441 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 | &nbsp;&nbsp;&nbsp;&nbsp; 108236 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 1437812 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10396 | &nbsp;&nbsp;&nbsp;&nbsp; 1424356 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20379 | &nbsp;&nbsp;&nbsp;&nbsp; 2394940 |
| &nbsp;&nbsp;&nbsp;SKYX Platforms Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24896 | &nbsp;&nbsp;&nbsp;&nbsp; 28879 |
| &nbsp;&nbsp;&nbsp;Standard BioTools, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;113627 | &nbsp;&nbsp;&nbsp;&nbsp; 143170 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39054 | &nbsp;&nbsp;&nbsp;&nbsp; 1740637 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6084 | &nbsp;&nbsp;&nbsp;&nbsp; 96249 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017 | &nbsp;&nbsp;&nbsp;&nbsp; 460859 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47324 | &nbsp;&nbsp;&nbsp;&nbsp; 731629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26371778 |
| **Energy - Alternate Sources — 0.4%** | **Energy - Alternate Sources — 0.4%** | **Energy - Alternate Sources — 0.4%** |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55103 | &nbsp;&nbsp;&nbsp;&nbsp; 3706228 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Energy-Alternate Sources — 0.5%** | **Energy-Alternate Sources — 0.5%** | **Energy-Alternate Sources — 0.5%** |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60052 | &nbsp;&nbsp;$541069 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21452 | &nbsp;&nbsp;&nbsp;&nbsp; 199075 |
| &nbsp;&nbsp;&nbsp;Complete Solaria, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24517 | &nbsp;&nbsp;&nbsp;&nbsp; 37021 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86336 | &nbsp;&nbsp;&nbsp;&nbsp; 595718 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29808 | &nbsp;&nbsp;&nbsp;&nbsp; 220579 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527 | &nbsp;&nbsp;&nbsp;&nbsp; 29205 |
| &nbsp;&nbsp;&nbsp;Gevo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88455 | &nbsp;&nbsp;&nbsp;&nbsp; 153027 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25561 | &nbsp;&nbsp;&nbsp;&nbsp; 283983 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27358 | &nbsp;&nbsp;&nbsp;&nbsp; 58820 |
| &nbsp;&nbsp;&nbsp;OPAL Fuels, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8596 | &nbsp;&nbsp;&nbsp;&nbsp; 20201 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;355132 | &nbsp;&nbsp;&nbsp;&nbsp; 557557 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5834 | &nbsp;&nbsp;&nbsp;&nbsp; 365033 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65529 | &nbsp;&nbsp;&nbsp;&nbsp; 426594 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81851 | &nbsp;&nbsp;&nbsp;&nbsp; 1307160 |
| &nbsp;&nbsp;&nbsp;T1 Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45350 | &nbsp;&nbsp;&nbsp;&nbsp; 74827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869869 |
| **Engineering & Construction — 2.4%** | **Engineering & Construction — 2.4%** | **Engineering & Construction — 2.4%** |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11133 | &nbsp;&nbsp;&nbsp;&nbsp; 69581 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18936 | &nbsp;&nbsp;&nbsp;&nbsp; 1873717 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 | &nbsp;&nbsp;&nbsp;&nbsp; 231853 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12375 | &nbsp;&nbsp;&nbsp;&nbsp; 262845 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9129 | &nbsp;&nbsp;&nbsp;&nbsp; 63538 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18195 | &nbsp;&nbsp;&nbsp;&nbsp; 2181581 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10876 | &nbsp;&nbsp;&nbsp;&nbsp; 2745864 |
| &nbsp;&nbsp;&nbsp;Energy Services of America Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | &nbsp;&nbsp;&nbsp;&nbsp; 48963 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19814 | &nbsp;&nbsp;&nbsp;&nbsp; 1414323 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64946 | &nbsp;&nbsp;&nbsp;&nbsp; 2664085 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28839 | &nbsp;&nbsp;&nbsp;&nbsp; 1751969 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17071 | &nbsp;&nbsp;&nbsp;&nbsp; 1839400 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26007 | &nbsp;&nbsp;&nbsp;&nbsp; 303242 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp; 1225030 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16958 | &nbsp;&nbsp;&nbsp;&nbsp; 136173 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;&nbsp; 469925 |
| &nbsp;&nbsp;&nbsp;Mistras Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693 | &nbsp;&nbsp;&nbsp;&nbsp; 63985 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5966 | &nbsp;&nbsp;&nbsp;&nbsp; 1117253 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14485 | &nbsp;&nbsp;&nbsp;&nbsp; 107189 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21086 | &nbsp;&nbsp;&nbsp;&nbsp; 2499745 |
| &nbsp;&nbsp;&nbsp;Southland Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp; 17689 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11582 | &nbsp;&nbsp;&nbsp;&nbsp; 3225935 |
| &nbsp;&nbsp;&nbsp;TSS, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018 | &nbsp;&nbsp;&nbsp;&nbsp; 97726 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17393 | &nbsp;&nbsp;&nbsp;&nbsp; 1025143 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56578 | &nbsp;&nbsp;&nbsp;&nbsp; 356441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25793195 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21197 | &nbsp;&nbsp;&nbsp;&nbsp; 245673 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;168675 | &nbsp;&nbsp;&nbsp;&nbsp; 473977 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 98573 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18030 | &nbsp;&nbsp;&nbsp;&nbsp; 810989 |
| &nbsp;&nbsp;&nbsp;Bally's Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 | &nbsp;&nbsp;&nbsp;&nbsp; 29681 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43571 | &nbsp;&nbsp;&nbsp;&nbsp; 725021 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41389 | &nbsp;&nbsp;&nbsp;&nbsp; 1067836 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592 | &nbsp;&nbsp;&nbsp;&nbsp; 188813 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16673 | &nbsp;&nbsp;&nbsp;&nbsp; 476181 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74245 | &nbsp;&nbsp;&nbsp;&nbsp; 477395 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15429 | &nbsp;&nbsp;&nbsp;&nbsp; 628114 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12514 | &nbsp;&nbsp;&nbsp;&nbsp; 977969 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997 | &nbsp;&nbsp;&nbsp;&nbsp; 521337 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8292 | &nbsp;&nbsp;&nbsp;&nbsp; 309292 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 | &nbsp;&nbsp;&nbsp;&nbsp; 124467 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19141 | &nbsp;&nbsp;&nbsp;&nbsp; 1184254 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8277 | &nbsp;&nbsp;$65223 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34579 | &nbsp;&nbsp;&nbsp;&nbsp; 771112 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37598 | &nbsp;&nbsp;&nbsp;&nbsp; 853099 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp; 64131 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62082 | &nbsp;&nbsp;&nbsp;&nbsp; 722014 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10542 | &nbsp;&nbsp;&nbsp;&nbsp; 554298 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 105631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11475080 |
| **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;12507 | &nbsp;&nbsp;&nbsp;&nbsp; 96554 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24313 | &nbsp;&nbsp;&nbsp;&nbsp; 2396289 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11304 | &nbsp;&nbsp;&nbsp;&nbsp; 515349 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20336 | &nbsp;&nbsp;&nbsp;&nbsp; 288975 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30071 | &nbsp;&nbsp;&nbsp;&nbsp; 339802 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12830 | &nbsp;&nbsp;&nbsp;&nbsp; 398500 |
| &nbsp;&nbsp;&nbsp;Perma-Fix Environmental Services, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;&nbsp; 83646 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8052 | &nbsp;&nbsp;&nbsp;&nbsp; 81325 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50729 | &nbsp;&nbsp;&nbsp;&nbsp; 724918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925358 |
| **Food — 1.1%** | **Food — 1.1%** | **Food — 1.1%** |
| &nbsp;&nbsp;&nbsp;Marzetti Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774 | &nbsp;&nbsp;&nbsp;&nbsp; 1419532 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31027 | &nbsp;&nbsp;&nbsp;&nbsp; 139932 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29948 | &nbsp;&nbsp;&nbsp;&nbsp; 74870 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457 | &nbsp;&nbsp;&nbsp;&nbsp; 176599 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17876 | &nbsp;&nbsp;&nbsp;&nbsp; 2067181 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14011 | &nbsp;&nbsp;&nbsp;&nbsp; 884654 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36887 | &nbsp;&nbsp;&nbsp;&nbsp; 668024 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30290 | &nbsp;&nbsp;&nbsp;&nbsp; 54522 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14789 | &nbsp;&nbsp;&nbsp;&nbsp; 48508 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616 | &nbsp;&nbsp;&nbsp;&nbsp; 380147 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051 | &nbsp;&nbsp;&nbsp;&nbsp; 675110 |
| &nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp; 194570 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089 | &nbsp;&nbsp;&nbsp;&nbsp; 63652 |
| &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12529 | &nbsp;&nbsp;&nbsp;&nbsp; 99981 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18756 | &nbsp;&nbsp;&nbsp;&nbsp; 234637 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp; 112448 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932 | &nbsp;&nbsp;&nbsp;&nbsp; 189635 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp; 200138 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36124 | &nbsp;&nbsp;&nbsp;&nbsp; 1034230 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12929 | &nbsp;&nbsp;&nbsp;&nbsp; 346497 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37251 | &nbsp;&nbsp;&nbsp;&nbsp; 233564 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6619 | &nbsp;&nbsp;&nbsp;&nbsp; 266150 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19880 | &nbsp;&nbsp;&nbsp;&nbsp; 364599 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23326 | &nbsp;&nbsp;&nbsp;&nbsp; 659659 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27766 | &nbsp;&nbsp;&nbsp;&nbsp; 372620 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp; 124368 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238 | &nbsp;&nbsp;&nbsp;&nbsp; 446953 |
| &nbsp;&nbsp;&nbsp;WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24166 | &nbsp;&nbsp;&nbsp;&nbsp; 553885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12086665 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| &nbsp;&nbsp;&nbsp;Magnera Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12751 | &nbsp;&nbsp;&nbsp;&nbsp; 158112 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13382 | &nbsp;&nbsp;&nbsp;&nbsp; 617312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775424 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47149 | &nbsp;&nbsp;&nbsp;&nbsp; 1896333 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8960 | &nbsp;&nbsp;&nbsp;&nbsp; 1107277 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39529 | &nbsp;&nbsp;&nbsp;&nbsp; 1869326 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15756 | &nbsp;&nbsp;&nbsp;&nbsp; 654347 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23358 | &nbsp;&nbsp;&nbsp;&nbsp; 1786887 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp; 74882 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25223 | &nbsp;&nbsp;$2014813 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22497 | &nbsp;&nbsp;&nbsp;&nbsp; 1723270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11127135 |
| **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10914 | &nbsp;&nbsp;&nbsp;&nbsp; 336261 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21168 | &nbsp;&nbsp;&nbsp;&nbsp; 896253 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15435 | &nbsp;&nbsp;&nbsp;&nbsp; 1510469 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29668 | &nbsp;&nbsp;&nbsp;&nbsp; 635785 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10238 | &nbsp;&nbsp;&nbsp;&nbsp; 137394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516162 |
| **Healthcare-Products — 3.3%** | **Healthcare-Products — 3.3%** | **Healthcare-Products — 3.3%** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41012 | &nbsp;&nbsp;&nbsp;&nbsp; 574578 |
| &nbsp;&nbsp;&nbsp;Accuray, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41240 | &nbsp;&nbsp;&nbsp;&nbsp; 62685 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58088 | &nbsp;&nbsp;&nbsp;&nbsp; 765600 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45185 | &nbsp;&nbsp;&nbsp;&nbsp; 718441 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15586 | &nbsp;&nbsp;&nbsp;&nbsp; 159912 |
| &nbsp;&nbsp;&nbsp;Anteris Technologies Global Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654 | &nbsp;&nbsp;&nbsp;&nbsp; 26749 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14828 | &nbsp;&nbsp;&nbsp;&nbsp; 651394 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18853 | &nbsp;&nbsp;&nbsp;&nbsp; 697372 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17329 | &nbsp;&nbsp;&nbsp;&nbsp; 206908 |
| &nbsp;&nbsp;&nbsp;Avita Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9931 | &nbsp;&nbsp;&nbsp;&nbsp; 43101 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16980 | &nbsp;&nbsp;&nbsp;&nbsp; 274057 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16138 | &nbsp;&nbsp;&nbsp;&nbsp; 492855 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;&nbsp;&nbsp; 98382 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14846 | &nbsp;&nbsp;&nbsp;&nbsp; 371892 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17337 | &nbsp;&nbsp;&nbsp;&nbsp; 128294 |
| &nbsp;&nbsp;&nbsp;Butterfly Network, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71144 | &nbsp;&nbsp;&nbsp;&nbsp; 114542 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21548 | &nbsp;&nbsp;&nbsp;&nbsp; 294346 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11003 | &nbsp;&nbsp;&nbsp;&nbsp; 264182 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9462 | &nbsp;&nbsp;&nbsp;&nbsp; 111935 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75101 | &nbsp;&nbsp;&nbsp;&nbsp; 98382 |
| &nbsp;&nbsp;&nbsp;ClearPoint Neuro, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9597 | &nbsp;&nbsp;&nbsp;&nbsp; 100673 |
| &nbsp;&nbsp;&nbsp;CONMED Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12123 | &nbsp;&nbsp;&nbsp;&nbsp; 659006 |
| &nbsp;&nbsp;&nbsp;CVRx, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;&nbsp;&nbsp; 38826 |
| &nbsp;&nbsp;&nbsp;Delcath Systems, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11215 | &nbsp;&nbsp;&nbsp;&nbsp; 123589 |
| &nbsp;&nbsp;&nbsp;Electromed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 | &nbsp;&nbsp;&nbsp;&nbsp; 69368 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22492 | &nbsp;&nbsp;&nbsp;&nbsp; 325684 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22226 | &nbsp;&nbsp;&nbsp;&nbsp; 686783 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21529 | &nbsp;&nbsp;&nbsp;&nbsp; 2062909 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11720 | &nbsp;&nbsp;&nbsp;&nbsp; 384299 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46345 | &nbsp;&nbsp;&nbsp;&nbsp; 3124580 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19402 | &nbsp;&nbsp;&nbsp;&nbsp; 1058185 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9471 | &nbsp;&nbsp;&nbsp;&nbsp; 1209068 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 | &nbsp;&nbsp;&nbsp;&nbsp; 68522 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13283 | &nbsp;&nbsp;&nbsp;&nbsp; 1432837 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26513 | &nbsp;&nbsp;&nbsp;&nbsp; 401142 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133 | &nbsp;&nbsp;&nbsp;&nbsp; 226955 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12367 | &nbsp;&nbsp;&nbsp;&nbsp; 2102143 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4644 | &nbsp;&nbsp;&nbsp;&nbsp; 74954 |
| &nbsp;&nbsp;&nbsp;KORU Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17269 | &nbsp;&nbsp;&nbsp;&nbsp; 72875 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26141 | &nbsp;&nbsp;&nbsp;&nbsp; 1435141 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8130 | &nbsp;&nbsp;&nbsp;&nbsp; 775317 |
| &nbsp;&nbsp;&nbsp;Lensar, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 | &nbsp;&nbsp;&nbsp;&nbsp; 46983 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21323 | &nbsp;&nbsp;&nbsp;&nbsp; 1201978 |
| &nbsp;&nbsp;&nbsp;Lucid Diagnostics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28147 | &nbsp;&nbsp;&nbsp;&nbsp; 35465 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40429 | &nbsp;&nbsp;&nbsp;&nbsp; 56196 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22616 | &nbsp;&nbsp;&nbsp;&nbsp; 2047653 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46598 | &nbsp;&nbsp;&nbsp;&nbsp; 330846 |
| &nbsp;&nbsp;&nbsp;Myomo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13237 | &nbsp;&nbsp;&nbsp;&nbsp; 13899 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86464 | &nbsp;&nbsp;&nbsp;&nbsp; 497168 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;NeuroPace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9777 | &nbsp;&nbsp;$89460 |
| &nbsp;&nbsp;&nbsp;Novocure, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39270 | &nbsp;&nbsp;&nbsp;&nbsp; 484199 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38572 | &nbsp;&nbsp;&nbsp;&nbsp; 61715 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18091 | &nbsp;&nbsp;&nbsp;&nbsp; 589586 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30575 | &nbsp;&nbsp;&nbsp;&nbsp; 101203 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14823 | &nbsp;&nbsp;&nbsp;&nbsp; 222049 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 | &nbsp;&nbsp;&nbsp;&nbsp; 136554 |
| &nbsp;&nbsp;&nbsp;Outset Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205 | &nbsp;&nbsp;&nbsp;&nbsp; 100222 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;107956 | &nbsp;&nbsp;&nbsp;&nbsp; 141422 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20202 | &nbsp;&nbsp;&nbsp;&nbsp; 811514 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14206 | &nbsp;&nbsp;&nbsp;&nbsp; 24292 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6760 | &nbsp;&nbsp;&nbsp;&nbsp; 105050 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13596 | &nbsp;&nbsp;&nbsp;&nbsp; 61862 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53165 | &nbsp;&nbsp;&nbsp;&nbsp; 59545 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26405 | &nbsp;&nbsp;&nbsp;&nbsp; 757559 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15093 | &nbsp;&nbsp;&nbsp;&nbsp; 136441 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 37733 |
| &nbsp;&nbsp;&nbsp;SANUWAVE Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852 | &nbsp;&nbsp;&nbsp;&nbsp; 118757 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059 | &nbsp;&nbsp;&nbsp;&nbsp; 90669 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14316 | &nbsp;&nbsp;&nbsp;&nbsp; 238648 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19372 | &nbsp;&nbsp;&nbsp;&nbsp; 530018 |
| &nbsp;&nbsp;&nbsp;Stereotaxis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23285 | &nbsp;&nbsp;&nbsp;&nbsp; 67061 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541 | &nbsp;&nbsp;&nbsp;&nbsp; 188616 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9528 | &nbsp;&nbsp;&nbsp;&nbsp; 126818 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25555 | &nbsp;&nbsp;&nbsp;&nbsp; 319693 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12957 | &nbsp;&nbsp;&nbsp;&nbsp; 1489537 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18826 | &nbsp;&nbsp;&nbsp;&nbsp; 138183 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23083 | &nbsp;&nbsp;&nbsp;&nbsp; 622549 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp; 615348 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp; 67436 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15746 | &nbsp;&nbsp;&nbsp;&nbsp; 181866 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10474 | &nbsp;&nbsp;&nbsp;&nbsp; 197749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35732005 |
| **Healthcare-Services — 2.2%** | **Healthcare-Services — 2.2%** | **Healthcare-Services — 2.2%** |
| &nbsp;&nbsp;&nbsp;Strata Critical Medical, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26074 | &nbsp;&nbsp;&nbsp;&nbsp; 113943 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6991 | &nbsp;&nbsp;&nbsp;&nbsp; 805153 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;120781 | &nbsp;&nbsp;&nbsp;&nbsp; 154600 |
| &nbsp;&nbsp;&nbsp;Ardent Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9427 | &nbsp;&nbsp;&nbsp;&nbsp; 119629 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15780 | &nbsp;&nbsp;&nbsp;&nbsp; 504329 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18444 | &nbsp;&nbsp;&nbsp;&nbsp; 147552 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32936 | &nbsp;&nbsp;&nbsp;&nbsp; 780254 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89458 | &nbsp;&nbsp;&nbsp;&nbsp; 688827 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;153340 | &nbsp;&nbsp;&nbsp;&nbsp; 401751 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49991 | &nbsp;&nbsp;&nbsp;&nbsp; 137975 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45693 | &nbsp;&nbsp;&nbsp;&nbsp; 1087493 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11133 | &nbsp;&nbsp;&nbsp;&nbsp; 991394 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37043 | &nbsp;&nbsp;&nbsp;&nbsp; 57787 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18746 | &nbsp;&nbsp;&nbsp;&nbsp; 147718 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21825 | &nbsp;&nbsp;&nbsp;&nbsp; 3749099 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34957 | &nbsp;&nbsp;&nbsp;&nbsp; 344326 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979 | &nbsp;&nbsp;&nbsp;&nbsp; 176894 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7329 | &nbsp;&nbsp;&nbsp;&nbsp; 949032 |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14907 | &nbsp;&nbsp;&nbsp;&nbsp; 188872 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33070 | &nbsp;&nbsp;&nbsp;&nbsp; 2954143 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8226 | &nbsp;&nbsp;&nbsp;&nbsp; 31506 |
| &nbsp;&nbsp;&nbsp;Joint Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050 | &nbsp;&nbsp;&nbsp;&nbsp; 54237 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52380 | &nbsp;&nbsp;&nbsp;&nbsp; 287042 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22447 | &nbsp;&nbsp;&nbsp;&nbsp; 86870 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 | &nbsp;&nbsp;&nbsp;&nbsp; 558776 |
| &nbsp;&nbsp;&nbsp;Neuronetics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14703 | &nbsp;&nbsp;&nbsp;&nbsp; 48961 |
| &nbsp;&nbsp;&nbsp;Oncology Institute, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp; 81600 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;139587 | &nbsp;&nbsp;&nbsp;&nbsp; 192630 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71698 | &nbsp;&nbsp;$1194489 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17088 | &nbsp;&nbsp;&nbsp;&nbsp; 198904 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33080 | &nbsp;&nbsp;&nbsp;&nbsp; 569307 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13394 | &nbsp;&nbsp;&nbsp;&nbsp; 321590 |
| &nbsp;&nbsp;&nbsp;Personalis, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20391 | &nbsp;&nbsp;&nbsp;&nbsp; 99712 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44143 | &nbsp;&nbsp;&nbsp;&nbsp; 1017055 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26298 | &nbsp;&nbsp;&nbsp;&nbsp; 1887144 |
| &nbsp;&nbsp;&nbsp;SBC Medical Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp;&nbsp;&nbsp; 9714 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43386 | &nbsp;&nbsp;&nbsp;&nbsp; 564452 |
| &nbsp;&nbsp;&nbsp;Sonida Senior Living, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp; 57835 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30114 | &nbsp;&nbsp;&nbsp;&nbsp; 683287 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67783 | &nbsp;&nbsp;&nbsp;&nbsp; 523963 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841 | &nbsp;&nbsp;&nbsp;&nbsp; 484160 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12590 | &nbsp;&nbsp;&nbsp;&nbsp; 92788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23546793 |
| **Home Builders — 1.8%** | **Home Builders — 1.8%** | **Home Builders — 1.8%** |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11458 | &nbsp;&nbsp;&nbsp;&nbsp; 288283 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971 | &nbsp;&nbsp;&nbsp;&nbsp; 1576086 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10442 | &nbsp;&nbsp;&nbsp;&nbsp; 687919 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21066 | &nbsp;&nbsp;&nbsp;&nbsp; 1589640 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11613 | &nbsp;&nbsp;&nbsp;&nbsp; 322725 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 204758 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12364 | &nbsp;&nbsp;&nbsp;&nbsp; 863502 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9128 | &nbsp;&nbsp;&nbsp;&nbsp; 2389893 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27283 | &nbsp;&nbsp;&nbsp;&nbsp; 1733835 |
| &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp;&nbsp;&nbsp; 1016249 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8062 | &nbsp;&nbsp;&nbsp;&nbsp; 499119 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10305 | &nbsp;&nbsp;&nbsp;&nbsp; 1517514 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27689 | &nbsp;&nbsp;&nbsp;&nbsp; 2151158 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38455 | &nbsp;&nbsp;&nbsp;&nbsp; 2590713 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35042 | &nbsp;&nbsp;&nbsp;&nbsp; 1238034 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10749 | &nbsp;&nbsp;&nbsp;&nbsp; 386749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19321177 |
| **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19824 | &nbsp;&nbsp;&nbsp;&nbsp; 232536 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16270 | &nbsp;&nbsp;&nbsp;&nbsp; 282284 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 | &nbsp;&nbsp;&nbsp;&nbsp; 255793 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp; 69663 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 43114 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51638 | &nbsp;&nbsp;&nbsp;&nbsp; 496241 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5127 | &nbsp;&nbsp;&nbsp;&nbsp; 98079 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26270 | &nbsp;&nbsp;&nbsp;&nbsp; 554560 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8496 | &nbsp;&nbsp;&nbsp;&nbsp; 89463 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45730 | &nbsp;&nbsp;&nbsp;&nbsp; 636562 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12881 | &nbsp;&nbsp;&nbsp;&nbsp; 16230 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18161 | &nbsp;&nbsp;&nbsp;&nbsp; 108966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883491 |
| **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;32880 | &nbsp;&nbsp;&nbsp;&nbsp; 132178 |
| &nbsp;&nbsp;&nbsp;Acme United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp; 58120 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777 | &nbsp;&nbsp;&nbsp;&nbsp; 137596 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19834 | &nbsp;&nbsp;&nbsp;&nbsp; 655117 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058 | &nbsp;&nbsp;&nbsp;&nbsp; 222374 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18704 | &nbsp;&nbsp;&nbsp;&nbsp; 397834 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9932 | &nbsp;&nbsp;&nbsp;&nbsp; 566025 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259 | &nbsp;&nbsp;&nbsp;&nbsp; 1136154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305398 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17901 | &nbsp;&nbsp;$161646 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9331 | &nbsp;&nbsp;&nbsp;&nbsp; 103107 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6969 | &nbsp;&nbsp;&nbsp;&nbsp; 321828 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27107 | &nbsp;&nbsp;&nbsp;&nbsp; 858479 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123 | &nbsp;&nbsp;&nbsp;&nbsp; 190180 |
| &nbsp;&nbsp;&nbsp;Citizens, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18387 | &nbsp;&nbsp;&nbsp;&nbsp; 97267 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38675 | &nbsp;&nbsp;&nbsp;&nbsp; 1526502 |
| &nbsp;&nbsp;&nbsp;Crawford & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454 | &nbsp;&nbsp;&nbsp;&nbsp; 69961 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038 | &nbsp;&nbsp;&nbsp;&nbsp; 108020 |
| &nbsp;&nbsp;&nbsp;eHealth, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11702 | &nbsp;&nbsp;&nbsp;&nbsp; 45287 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9155 | &nbsp;&nbsp;&nbsp;&nbsp; 396045 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38760 | &nbsp;&nbsp;&nbsp;&nbsp; 2431802 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8419 | &nbsp;&nbsp;&nbsp;&nbsp; 291045 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22962 | &nbsp;&nbsp;&nbsp;&nbsp; 401376 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;160600 | &nbsp;&nbsp;&nbsp;&nbsp; 1376342 |
| &nbsp;&nbsp;&nbsp;GoHealth, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp; 10159 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9194 | &nbsp;&nbsp;&nbsp;&nbsp; 778824 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976 | &nbsp;&nbsp;&nbsp;&nbsp; 128591 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17613 | &nbsp;&nbsp;&nbsp;&nbsp; 419894 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp; 554144 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8633 | &nbsp;&nbsp;&nbsp;&nbsp; 196573 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6892 | &nbsp;&nbsp;&nbsp;&nbsp; 233018 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15891 | &nbsp;&nbsp;&nbsp;&nbsp; 730668 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp; 137288 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14159 | &nbsp;&nbsp;&nbsp;&nbsp; 79574 |
| &nbsp;&nbsp;&nbsp;Kestrel Group, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp; 18892 |
| &nbsp;&nbsp;&nbsp;Kingstone Cos, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494 | &nbsp;&nbsp;&nbsp;&nbsp; 60489 |
| &nbsp;&nbsp;&nbsp;Kingsway Financial Services, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6620 | &nbsp;&nbsp;&nbsp;&nbsp; 94997 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21731 | &nbsp;&nbsp;&nbsp;&nbsp; 1149570 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16922 | &nbsp;&nbsp;&nbsp;&nbsp; 134699 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10503 | &nbsp;&nbsp;&nbsp;&nbsp; 812197 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784 | &nbsp;&nbsp;&nbsp;&nbsp; 37278 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30643 | &nbsp;&nbsp;&nbsp;&nbsp; 1205802 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10181 | &nbsp;&nbsp;&nbsp;&nbsp; 1252467 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19762 | &nbsp;&nbsp;&nbsp;&nbsp; 470533 |
| &nbsp;&nbsp;&nbsp;Root, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp; 377088 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5694 | &nbsp;&nbsp;&nbsp;&nbsp; 421413 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23542 | &nbsp;&nbsp;&nbsp;&nbsp; 1841691 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55887 | &nbsp;&nbsp;&nbsp;&nbsp; 126305 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715 | &nbsp;&nbsp;&nbsp;&nbsp; 662434 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10844 | &nbsp;&nbsp;&nbsp;&nbsp; 789877 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9091 | &nbsp;&nbsp;&nbsp;&nbsp; 213184 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14458 | &nbsp;&nbsp;&nbsp;&nbsp; 670273 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8324 | &nbsp;&nbsp;&nbsp;&nbsp; 255880 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10015 | &nbsp;&nbsp;&nbsp;&nbsp; 244266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22486955 |
| **Internet — 1.8%** | **Internet — 1.8%** | **Internet — 1.8%** |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21431 | &nbsp;&nbsp;&nbsp;&nbsp; 193093 |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8909 | &nbsp;&nbsp;&nbsp;&nbsp; 49890 |
| &nbsp;&nbsp;&nbsp;Angi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16983 | &nbsp;&nbsp;&nbsp;&nbsp; 300939 |
| &nbsp;&nbsp;&nbsp;Arena Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247 | &nbsp;&nbsp;&nbsp;&nbsp; 30957 |
| &nbsp;&nbsp;&nbsp;AudioEye, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 34888 |
| &nbsp;&nbsp;&nbsp;Backblaze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20417 | &nbsp;&nbsp;&nbsp;&nbsp; 170482 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46384 | &nbsp;&nbsp;&nbsp;&nbsp; 41852 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28116 | &nbsp;&nbsp;&nbsp;&nbsp; 173476 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32225 | &nbsp;&nbsp;&nbsp;&nbsp; 1114985 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22858 | &nbsp;&nbsp;&nbsp;&nbsp; 298297 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17277 | &nbsp;&nbsp;&nbsp;&nbsp; 660500 |
| &nbsp;&nbsp;&nbsp;Couchbase, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16592 | &nbsp;&nbsp;&nbsp;&nbsp; 404679 |
| &nbsp;&nbsp;&nbsp;Crexendo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881 | &nbsp;&nbsp;&nbsp;&nbsp; 37168 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25298 | &nbsp;&nbsp;&nbsp;&nbsp; 65522 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10276 | &nbsp;&nbsp;&nbsp;&nbsp; 743674 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Eventbrite, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30649 | &nbsp;&nbsp;$81220 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10732 | &nbsp;&nbsp;&nbsp;&nbsp; 249519 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34239 | &nbsp;&nbsp;&nbsp;&nbsp; 241385 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;129124 | &nbsp;&nbsp;&nbsp;&nbsp; 455808 |
| &nbsp;&nbsp;&nbsp;Gaia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928 | &nbsp;&nbsp;&nbsp;&nbsp; 39351 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp; 47544 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44774 | &nbsp;&nbsp;&nbsp;&nbsp; 82384 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12335 | &nbsp;&nbsp;&nbsp;&nbsp; 192919 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9891 | &nbsp;&nbsp;&nbsp;&nbsp; 258155 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9588 | &nbsp;&nbsp;&nbsp;&nbsp; 269231 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73928 | &nbsp;&nbsp;&nbsp;&nbsp; 3130851 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp; 69502 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14010 | &nbsp;&nbsp;&nbsp;&nbsp; 86722 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 | &nbsp;&nbsp;&nbsp;&nbsp; 240374 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54504 | &nbsp;&nbsp;&nbsp;&nbsp; 1414379 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12520 | &nbsp;&nbsp;&nbsp;&nbsp; 132336 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23511 | &nbsp;&nbsp;&nbsp;&nbsp; 31975 |
| &nbsp;&nbsp;&nbsp;Newsmax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089 | &nbsp;&nbsp;&nbsp;&nbsp; 43833 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81120 | &nbsp;&nbsp;&nbsp;&nbsp; 166296 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41686 | &nbsp;&nbsp;&nbsp;&nbsp; 87957 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023 | &nbsp;&nbsp;&nbsp;&nbsp; 126906 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23994 | &nbsp;&nbsp;&nbsp;&nbsp; 1889048 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21468 | &nbsp;&nbsp;&nbsp;&nbsp; 336618 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36786 | &nbsp;&nbsp;&nbsp;&nbsp; 280677 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15751 | &nbsp;&nbsp;&nbsp;&nbsp; 352350 |
| &nbsp;&nbsp;&nbsp;Rumble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30893 | &nbsp;&nbsp;&nbsp;&nbsp; 225210 |
| &nbsp;&nbsp;&nbsp;Serve Robotics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18192 | &nbsp;&nbsp;&nbsp;&nbsp; 201931 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193 | &nbsp;&nbsp;&nbsp;&nbsp; 192409 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43547 | &nbsp;&nbsp;&nbsp;&nbsp; 376246 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40776 | &nbsp;&nbsp;&nbsp;&nbsp; 215705 |
| &nbsp;&nbsp;&nbsp;Travelzoo#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp; 25339 |
| &nbsp;&nbsp;&nbsp;Triller Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41901 | &nbsp;&nbsp;&nbsp;&nbsp; 20469 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45400 | &nbsp;&nbsp;&nbsp;&nbsp; 790868 |
| &nbsp;&nbsp;&nbsp;TrueCar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32014 | &nbsp;&nbsp;&nbsp;&nbsp; 70431 |
| &nbsp;&nbsp;&nbsp;Tucows, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 50087 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48355 | &nbsp;&nbsp;&nbsp;&nbsp; 744183 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp; 25010 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23721 | &nbsp;&nbsp;&nbsp;&nbsp; 750058 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16542 | &nbsp;&nbsp;&nbsp;&nbsp; 632070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18947758 |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71173 | &nbsp;&nbsp;&nbsp;&nbsp; 182915 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34739 | &nbsp;&nbsp;&nbsp;&nbsp; 496420 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22199 | &nbsp;&nbsp;&nbsp;&nbsp; 415121 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;102894 | &nbsp;&nbsp;&nbsp;&nbsp; 786110 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;107886 | &nbsp;&nbsp;&nbsp;&nbsp; 1021680 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25731 | &nbsp;&nbsp;&nbsp;&nbsp; 192983 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;107636 | &nbsp;&nbsp;&nbsp;&nbsp; 1544577 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38084 | &nbsp;&nbsp;&nbsp;&nbsp; 182803 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47624 | &nbsp;&nbsp;&nbsp;&nbsp; 1344902 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36792 | &nbsp;&nbsp;&nbsp;&nbsp; 983450 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;134440 | &nbsp;&nbsp;&nbsp;&nbsp; 2148351 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;127941 | &nbsp;&nbsp;&nbsp;&nbsp; 1760468 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;103818 | &nbsp;&nbsp;&nbsp;&nbsp; 981080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12040860 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44220 | &nbsp;&nbsp;&nbsp;&nbsp; 2550168 |
| &nbsp;&nbsp;&nbsp;Friedman Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704 | &nbsp;&nbsp;&nbsp;&nbsp; 51619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601787 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Leisure Time — 0.7%** | **Leisure Time — 0.7%** | **Leisure Time — 0.7%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10837 | &nbsp;&nbsp;$830656 |
| &nbsp;&nbsp;&nbsp;American Outdoor Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996 | &nbsp;&nbsp;&nbsp;&nbsp; 52158 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112 | &nbsp;&nbsp;&nbsp;&nbsp; 51811 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36815 | &nbsp;&nbsp;&nbsp;&nbsp; 307037 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | &nbsp;&nbsp;&nbsp;&nbsp; 75721 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52931 | &nbsp;&nbsp;&nbsp;&nbsp; 1477834 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14482 | &nbsp;&nbsp;&nbsp;&nbsp; 211148 |
| &nbsp;&nbsp;&nbsp;Livewire Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14936 | &nbsp;&nbsp;&nbsp;&nbsp; 57504 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7390 | &nbsp;&nbsp;&nbsp;&nbsp; 245348 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp;&nbsp; 29036 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117 | &nbsp;&nbsp;&nbsp;&nbsp; 134207 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37057 | &nbsp;&nbsp;&nbsp;&nbsp; 836376 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;144352 | &nbsp;&nbsp;&nbsp;&nbsp; 1097075 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20887 | &nbsp;&nbsp;&nbsp;&nbsp; 1181786 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;140054 | &nbsp;&nbsp;&nbsp;&nbsp; 250697 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51150 | &nbsp;&nbsp;&nbsp;&nbsp; 488994 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11144 | &nbsp;&nbsp;&nbsp;&nbsp; 93721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421109 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23994 | &nbsp;&nbsp;&nbsp;&nbsp; 1140195 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9084 | &nbsp;&nbsp;&nbsp;&nbsp; 140257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280452 |
| **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138 | &nbsp;&nbsp;&nbsp;&nbsp; 1172594 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9041 | &nbsp;&nbsp;&nbsp;&nbsp; 418508 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79523 | &nbsp;&nbsp;&nbsp;&nbsp; 4209948 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522 | &nbsp;&nbsp;&nbsp;&nbsp; 169575 |
| &nbsp;&nbsp;&nbsp;Lightbridge Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7624 | &nbsp;&nbsp;&nbsp;&nbsp; 115351 |
| &nbsp;&nbsp;&nbsp;Manitowoc Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13781 | &nbsp;&nbsp;&nbsp;&nbsp; 136432 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575 | &nbsp;&nbsp;&nbsp;&nbsp; 344110 |
| &nbsp;&nbsp;&nbsp;Net Power, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13807 | &nbsp;&nbsp;&nbsp;&nbsp; 35208 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49080 | &nbsp;&nbsp;&nbsp;&nbsp; 1700622 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25357 | &nbsp;&nbsp;&nbsp;&nbsp; 1266329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9568677 |
| **Machinery-Diversified — 1.9%** | **Machinery-Diversified — 1.9%** | **Machinery-Diversified — 1.9%** |
| &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12832 | &nbsp;&nbsp;&nbsp;&nbsp; 157705 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977 | &nbsp;&nbsp;&nbsp;&nbsp; 840976 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11499 | &nbsp;&nbsp;&nbsp;&nbsp; 730302 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26291 | &nbsp;&nbsp;&nbsp;&nbsp; 1102907 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17565 | &nbsp;&nbsp;&nbsp;&nbsp; 3501758 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10837 | &nbsp;&nbsp;&nbsp;&nbsp; 162338 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6282 | &nbsp;&nbsp;&nbsp;&nbsp; 1718378 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052 | &nbsp;&nbsp;&nbsp;&nbsp; 630894 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24320 | &nbsp;&nbsp;&nbsp;&nbsp; 143488 |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4207 | &nbsp;&nbsp;&nbsp;&nbsp; 68406 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7939 | &nbsp;&nbsp;&nbsp;&nbsp; 339551 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13381 | &nbsp;&nbsp;&nbsp;&nbsp; 225470 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551 | &nbsp;&nbsp;&nbsp;&nbsp; 1471247 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086 | &nbsp;&nbsp;&nbsp;&nbsp; 560722 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60423 | &nbsp;&nbsp;&nbsp;&nbsp; 1592750 |
| &nbsp;&nbsp;&nbsp;Palladyne AI Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10381 | &nbsp;&nbsp;&nbsp;&nbsp; 78480 |
| &nbsp;&nbsp;&nbsp;Power Solutions International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp; 210541 |
| &nbsp;&nbsp;&nbsp;Pro-Dex, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 40317 |
| &nbsp;&nbsp;&nbsp;Richtech Robotics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28122 | &nbsp;&nbsp;&nbsp;&nbsp; 85632 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 | &nbsp;&nbsp;&nbsp;&nbsp; 599630 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12409 | &nbsp;&nbsp;&nbsp;&nbsp; 329087 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10663 | &nbsp;&nbsp;&nbsp;&nbsp; 2952585 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58389 | &nbsp;&nbsp;&nbsp;&nbsp; 2648525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20191689 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;102669 | &nbsp;&nbsp;$240246 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13134 | &nbsp;&nbsp;&nbsp;&nbsp; 92726 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp; 326836 |
| &nbsp;&nbsp;&nbsp;CuriosityStream, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12996 | &nbsp;&nbsp;&nbsp;&nbsp; 59522 |
| &nbsp;&nbsp;&nbsp;E.W. Scripps Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25562 | &nbsp;&nbsp;&nbsp;&nbsp; 76430 |
| &nbsp;&nbsp;&nbsp;Gannett Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54541 | &nbsp;&nbsp;&nbsp;&nbsp; 224164 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34127 | &nbsp;&nbsp;&nbsp;&nbsp; 209199 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48487 | &nbsp;&nbsp;&nbsp;&nbsp; 103277 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11218 | &nbsp;&nbsp;&nbsp;&nbsp; 90417 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49485 | &nbsp;&nbsp;&nbsp;&nbsp; 407756 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8337 | &nbsp;&nbsp;&nbsp;&nbsp; 213927 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15034 | &nbsp;&nbsp;&nbsp;&nbsp; 217542 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730 | &nbsp;&nbsp;&nbsp;&nbsp; 486176 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62998 | &nbsp;&nbsp;&nbsp;&nbsp; 1335558 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14304 | &nbsp;&nbsp;&nbsp;&nbsp; 183949 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 12141 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20571 | &nbsp;&nbsp;&nbsp;&nbsp; 104706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384572 |
| **Metal Fabricate/Hardware — 0.7%** | **Metal Fabricate/Hardware — 0.7%** | **Metal Fabricate/Hardware — 0.7%** |
| &nbsp;&nbsp;&nbsp;Ascent Industries Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp; 39532 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11558 | &nbsp;&nbsp;&nbsp;&nbsp; 1304783 |
| &nbsp;&nbsp;&nbsp;Eastern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337 | &nbsp;&nbsp;&nbsp;&nbsp; 55527 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12922 | &nbsp;&nbsp;&nbsp;&nbsp; 700889 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77092 | &nbsp;&nbsp;&nbsp;&nbsp; 761669 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52627 | &nbsp;&nbsp;&nbsp;&nbsp; 544689 |
| &nbsp;&nbsp;&nbsp;L.B. Foster Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157 | &nbsp;&nbsp;&nbsp;&nbsp; 108207 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789 | &nbsp;&nbsp;&nbsp;&nbsp; 84519 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14283 | &nbsp;&nbsp;&nbsp;&nbsp; 234670 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026 | &nbsp;&nbsp;&nbsp;&nbsp; 135716 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp; 51150 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3908 | &nbsp;&nbsp;&nbsp;&nbsp; 78942 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 | &nbsp;&nbsp;&nbsp;&nbsp; 457804 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10581 | &nbsp;&nbsp;&nbsp;&nbsp; 241247 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621 | &nbsp;&nbsp;&nbsp;&nbsp; 943007 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10152 | &nbsp;&nbsp;&nbsp;&nbsp; 79490 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12278 | &nbsp;&nbsp;&nbsp;&nbsp; 807892 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12670 | &nbsp;&nbsp;&nbsp;&nbsp; 421911 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16948 | &nbsp;&nbsp;&nbsp;&nbsp; 838587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7890231 |
| **Mining — 1.5%** | **Mining — 1.5%** | **Mining — 1.5%** |
| &nbsp;&nbsp;&nbsp;American Battery Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32992 | &nbsp;&nbsp;&nbsp;&nbsp; 81490 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6521 | &nbsp;&nbsp;&nbsp;&nbsp; 166807 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 | &nbsp;&nbsp;&nbsp;&nbsp; 1158939 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20661 | &nbsp;&nbsp;&nbsp;&nbsp; 461360 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;248609 | &nbsp;&nbsp;&nbsp;&nbsp; 3269208 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13682 | &nbsp;&nbsp;&nbsp;&nbsp; 260642 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55520 | &nbsp;&nbsp;&nbsp;&nbsp; 804485 |
| &nbsp;&nbsp;&nbsp;Contango ORE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp;&nbsp; 76532 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13092 | &nbsp;&nbsp;&nbsp;&nbsp; 81105 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32395 | &nbsp;&nbsp;&nbsp;&nbsp; 135087 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71400 | &nbsp;&nbsp;&nbsp;&nbsp; 169932 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80444 | &nbsp;&nbsp;&nbsp;&nbsp; 929933 |
| &nbsp;&nbsp;&nbsp;Ferroglobe PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46256 | &nbsp;&nbsp;&nbsp;&nbsp; 193350 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;233959 | &nbsp;&nbsp;&nbsp;&nbsp; 1990991 |
| &nbsp;&nbsp;&nbsp;Idaho Strategic Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 | &nbsp;&nbsp;&nbsp;&nbsp; 132399 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32393 | &nbsp;&nbsp;&nbsp;&nbsp; 288946 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6174 | &nbsp;&nbsp;&nbsp;&nbsp; 480769 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11299 | &nbsp;&nbsp;&nbsp;&nbsp; 50620 |
| &nbsp;&nbsp;&nbsp;MAC Copper, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27175 | &nbsp;&nbsp;&nbsp;&nbsp; 329904 |
| &nbsp;&nbsp;&nbsp;NioCorp Developments, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21065 | &nbsp;&nbsp;&nbsp;&nbsp; 96899 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96807 | &nbsp;&nbsp;$662160 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17511 | &nbsp;&nbsp;&nbsp;&nbsp; 330433 |
| &nbsp;&nbsp;&nbsp;Piedmont Lithium, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8421 | &nbsp;&nbsp;&nbsp;&nbsp; 61052 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79743 | &nbsp;&nbsp;&nbsp;&nbsp; 1539837 |
| &nbsp;&nbsp;&nbsp;United States Antimony Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34731 | &nbsp;&nbsp;&nbsp;&nbsp; 158026 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196 | &nbsp;&nbsp;&nbsp;&nbsp; 528360 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;164961 | &nbsp;&nbsp;&nbsp;&nbsp; 1763433 |
| &nbsp;&nbsp;&nbsp;US Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp; 48056 |
| &nbsp;&nbsp;&nbsp;US Goldmining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 10268 |
| &nbsp;&nbsp;&nbsp;Vox Royalty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11906 | &nbsp;&nbsp;&nbsp;&nbsp; 43814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16304837 |
| **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 | &nbsp;&nbsp;&nbsp;&nbsp; 140515 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;&nbsp;&nbsp; 66202 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8187 | &nbsp;&nbsp;&nbsp;&nbsp; 1791070 |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14014 | &nbsp;&nbsp;&nbsp;&nbsp; 4642698 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23327 | &nbsp;&nbsp;&nbsp;&nbsp; 2868988 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27519 | &nbsp;&nbsp;&nbsp;&nbsp; 698707 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20265 | &nbsp;&nbsp;&nbsp;&nbsp; 2903772 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21338 | &nbsp;&nbsp;&nbsp;&nbsp; 177532 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8087 | &nbsp;&nbsp;&nbsp;&nbsp; 896040 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14398 | &nbsp;&nbsp;&nbsp;&nbsp; 241023 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp; 22399 |
| &nbsp;&nbsp;&nbsp;Outdoor Holding Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35756 | &nbsp;&nbsp;&nbsp;&nbsp; 51131 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833 | &nbsp;&nbsp;&nbsp;&nbsp; 128050 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16795 | &nbsp;&nbsp;&nbsp;&nbsp; 68188 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16592 | &nbsp;&nbsp;&nbsp;&nbsp; 135557 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242 | &nbsp;&nbsp;&nbsp;&nbsp; 216410 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31970 | &nbsp;&nbsp;&nbsp;&nbsp; 908587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15956869 |
| **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11047 | &nbsp;&nbsp;&nbsp;&nbsp; 509598 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;&nbsp; 15562 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17889 | &nbsp;&nbsp;&nbsp;&nbsp; 803932 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22539 | &nbsp;&nbsp;&nbsp;&nbsp; 602242 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33100 | &nbsp;&nbsp;&nbsp;&nbsp; 554094 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479 | &nbsp;&nbsp;&nbsp;&nbsp; 38564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014394 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46508 | &nbsp;&nbsp;&nbsp;&nbsp; 563677 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46560 | &nbsp;&nbsp;&nbsp;&nbsp; 185309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748986 |
| **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31332 | &nbsp;&nbsp;&nbsp;&nbsp; 104649 |
| &nbsp;&nbsp;&nbsp;BKV Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328 | &nbsp;&nbsp;&nbsp;&nbsp; 147506 |
| &nbsp;&nbsp;&nbsp;Borr Drilling, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85020 | &nbsp;&nbsp;&nbsp;&nbsp; 247408 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25417 | &nbsp;&nbsp;&nbsp;&nbsp; 1262717 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55285 | &nbsp;&nbsp;&nbsp;&nbsp; 1614322 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28813 | &nbsp;&nbsp;&nbsp;&nbsp; 464754 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69614 | &nbsp;&nbsp;&nbsp;&nbsp; 664118 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12229 | &nbsp;&nbsp;&nbsp;&nbsp; 372862 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23557 | &nbsp;&nbsp;&nbsp;&nbsp; 652764 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21666 | &nbsp;&nbsp;&nbsp;&nbsp; 356839 |
| &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;Empire Petroleum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961 | &nbsp;&nbsp;&nbsp;&nbsp; 30103 |
| &nbsp;&nbsp;&nbsp;Epsilon Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027 | &nbsp;&nbsp;&nbsp;&nbsp; 35318 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9124 | &nbsp;&nbsp;&nbsp;&nbsp; 47080 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20117 | &nbsp;&nbsp;$111851 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5962 | &nbsp;&nbsp;&nbsp;&nbsp; 1037567 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37580 | &nbsp;&nbsp;&nbsp;&nbsp; 785046 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7437 | &nbsp;&nbsp;&nbsp;&nbsp; 57265 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5124 | &nbsp;&nbsp;&nbsp;&nbsp; 76348 |
| &nbsp;&nbsp;&nbsp;Kolibri Global Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14342 | &nbsp;&nbsp;&nbsp;&nbsp; 80889 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;187574 | &nbsp;&nbsp;&nbsp;&nbsp; 335757 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72647 | &nbsp;&nbsp;&nbsp;&nbsp; 1807457 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52598 | &nbsp;&nbsp;&nbsp;&nbsp; 1307586 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp; 201871 |
| &nbsp;&nbsp;&nbsp;NextNRG, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126 | &nbsp;&nbsp;&nbsp;&nbsp; 12969 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49189 | &nbsp;&nbsp;&nbsp;&nbsp; 1417627 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35506 | &nbsp;&nbsp;&nbsp;&nbsp; 928837 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20744 | &nbsp;&nbsp;&nbsp;&nbsp; 718572 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137854 | &nbsp;&nbsp;&nbsp;&nbsp; 800932 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32719 | &nbsp;&nbsp;&nbsp;&nbsp; 893883 |
| &nbsp;&nbsp;&nbsp;Prairie Operating Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8783 | &nbsp;&nbsp;&nbsp;&nbsp; 22397 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 27985 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp; 144632 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26701 | &nbsp;&nbsp;&nbsp;&nbsp; 720393 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13757 | &nbsp;&nbsp;&nbsp;&nbsp; 162883 |
| &nbsp;&nbsp;&nbsp;Seadrill, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24484 | &nbsp;&nbsp;&nbsp;&nbsp; 781284 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44721 | &nbsp;&nbsp;&nbsp;&nbsp; 1276785 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47607 | &nbsp;&nbsp;&nbsp;&nbsp; 470357 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;291090 | &nbsp;&nbsp;&nbsp;&nbsp; 882003 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39313 | &nbsp;&nbsp;&nbsp;&nbsp; 152534 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24970 | &nbsp;&nbsp;&nbsp;&nbsp; 1240260 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11487 | &nbsp;&nbsp;&nbsp;&nbsp; 204698 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10683 | &nbsp;&nbsp;&nbsp;&nbsp; 284275 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40366 | &nbsp;&nbsp;&nbsp;&nbsp; 73466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23018849 |
| **Oil & Gas Services — 1.0%** | **Oil & Gas Services — 1.0%** | **Oil & Gas Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64050 | &nbsp;&nbsp;&nbsp;&nbsp; 1585878 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12209 | &nbsp;&nbsp;&nbsp;&nbsp; 296312 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29495 | &nbsp;&nbsp;&nbsp;&nbsp; 345386 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10974 | &nbsp;&nbsp;&nbsp;&nbsp; 422609 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18198 | &nbsp;&nbsp;&nbsp;&nbsp; 209459 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7917 | &nbsp;&nbsp;&nbsp;&nbsp; 53044 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41925 | &nbsp;&nbsp;&nbsp;&nbsp; 670800 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40303 | &nbsp;&nbsp;&nbsp;&nbsp; 502578 |
| &nbsp;&nbsp;&nbsp;Flotek Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794 | &nbsp;&nbsp;&nbsp;&nbsp; 70050 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310 | &nbsp;&nbsp;&nbsp;&nbsp; 102979 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524 | &nbsp;&nbsp;&nbsp;&nbsp; 119660 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56667 | &nbsp;&nbsp;&nbsp;&nbsp; 373436 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15405 | &nbsp;&nbsp;&nbsp;&nbsp; 265890 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21037 | &nbsp;&nbsp;&nbsp;&nbsp; 752914 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61615 | &nbsp;&nbsp;&nbsp;&nbsp; 693169 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 | &nbsp;&nbsp;&nbsp;&nbsp; 23378 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp; 153388 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23126 | &nbsp;&nbsp;&nbsp;&nbsp; 216459 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp; 108093 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36706 | &nbsp;&nbsp;&nbsp;&nbsp; 895626 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23707 | &nbsp;&nbsp;&nbsp;&nbsp; 132759 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969 | &nbsp;&nbsp;&nbsp;&nbsp; 19876 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30793 | &nbsp;&nbsp;&nbsp;&nbsp; 157044 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6971 | &nbsp;&nbsp;&nbsp;&nbsp; 99476 |
| &nbsp;&nbsp;&nbsp;RPC, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34171 | &nbsp;&nbsp;&nbsp;&nbsp; 162996 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8354 | &nbsp;&nbsp;&nbsp;&nbsp; 53549 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35209 | &nbsp;&nbsp;&nbsp;&nbsp; 299981 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14094 | &nbsp;&nbsp;&nbsp;&nbsp; 445230 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50070 | &nbsp;&nbsp;$235329 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19794 | &nbsp;&nbsp;&nbsp;&nbsp; 1191599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10658947 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54474 | &nbsp;&nbsp;&nbsp;&nbsp; 201009 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247 | &nbsp;&nbsp;&nbsp;&nbsp; 134748 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9867 | &nbsp;&nbsp;&nbsp;&nbsp; 644414 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 | &nbsp;&nbsp;&nbsp;&nbsp; 125362 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 54099 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60017 | &nbsp;&nbsp;&nbsp;&nbsp; 779621 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19096 | &nbsp;&nbsp;&nbsp;&nbsp; 100827 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12853 | &nbsp;&nbsp;&nbsp;&nbsp; 497025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537105 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36909 | &nbsp;&nbsp;&nbsp;&nbsp; 71234 |
| &nbsp;&nbsp;&nbsp;Actuate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392 | &nbsp;&nbsp;&nbsp;&nbsp; 20188 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36499 | &nbsp;&nbsp;&nbsp;&nbsp; 346376 |
| &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;21773 | &nbsp;&nbsp;&nbsp;&nbsp; 821060 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95169 | &nbsp;&nbsp;&nbsp;&nbsp; 298831 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31141 | &nbsp;&nbsp;&nbsp;&nbsp; 73181 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63234 | &nbsp;&nbsp;&nbsp;&nbsp; 1831889 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58380 | &nbsp;&nbsp;&nbsp;&nbsp; 558113 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14612 | &nbsp;&nbsp;&nbsp;&nbsp; 447419 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26989 | &nbsp;&nbsp;&nbsp;&nbsp; 253157 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068 | &nbsp;&nbsp;&nbsp;&nbsp; 47538 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32576 | &nbsp;&nbsp;&nbsp;&nbsp; 122812 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25936 | &nbsp;&nbsp;&nbsp;&nbsp; 200485 |
| &nbsp;&nbsp;&nbsp;aTyr Pharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33620 | &nbsp;&nbsp;&nbsp;&nbsp; 180876 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34547 | &nbsp;&nbsp;&nbsp;&nbsp; 509914 |
| &nbsp;&nbsp;&nbsp;Biote Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11859 | &nbsp;&nbsp;&nbsp;&nbsp; 40795 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44621 | &nbsp;&nbsp;&nbsp;&nbsp; 918746 |
| &nbsp;&nbsp;&nbsp;Cidara Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6478 | &nbsp;&nbsp;&nbsp;&nbsp; 423596 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41926 | &nbsp;&nbsp;&nbsp;&nbsp; 48634 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12388 | &nbsp;&nbsp;&nbsp;&nbsp; 480654 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25216 | &nbsp;&nbsp;&nbsp;&nbsp; 373953 |
| &nbsp;&nbsp;&nbsp;Corvus Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21298 | &nbsp;&nbsp;&nbsp;&nbsp; 122251 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7475 | &nbsp;&nbsp;&nbsp;&nbsp; 62790 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12627 | &nbsp;&nbsp;&nbsp;&nbsp; 255949 |
| &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9717 | &nbsp;&nbsp;&nbsp;&nbsp; 168201 |
| &nbsp;&nbsp;&nbsp;Fennec Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8991 | &nbsp;&nbsp;&nbsp;&nbsp; 79750 |
| &nbsp;&nbsp;&nbsp;FitLife Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 | &nbsp;&nbsp;&nbsp;&nbsp; 29550 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13316 | &nbsp;&nbsp;&nbsp;&nbsp; 67379 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21473 | &nbsp;&nbsp;&nbsp;&nbsp; 139145 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;&nbsp; 137014 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520 | &nbsp;&nbsp;&nbsp;&nbsp; 42725 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17008 | &nbsp;&nbsp;&nbsp;&nbsp; 627425 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12376 | &nbsp;&nbsp;&nbsp;&nbsp; 482664 |
| &nbsp;&nbsp;&nbsp;Herbalife, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39974 | &nbsp;&nbsp;&nbsp;&nbsp; 390946 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62202 | &nbsp;&nbsp;&nbsp;&nbsp; 83973 |
| &nbsp;&nbsp;&nbsp;Indivior PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47484 | &nbsp;&nbsp;&nbsp;&nbsp; 1152912 |
| &nbsp;&nbsp;&nbsp;Inhibikase Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24590 | &nbsp;&nbsp;&nbsp;&nbsp; 44262 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65059 | &nbsp;&nbsp;&nbsp;&nbsp; 85878 |
| &nbsp;&nbsp;&nbsp;Journey Medical Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935 | &nbsp;&nbsp;&nbsp;&nbsp; 35581 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 197862 |
| &nbsp;&nbsp;&nbsp;Lifevantage Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 | &nbsp;&nbsp;&nbsp;&nbsp; 56369 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6544 | &nbsp;&nbsp;&nbsp;&nbsp; 2865290 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;116882 | &nbsp;&nbsp;&nbsp;&nbsp; 536488 |
| &nbsp;&nbsp;&nbsp;MediWound, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049 | &nbsp;&nbsp;&nbsp;&nbsp; 50918 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16993 | &nbsp;&nbsp;&nbsp;&nbsp; 1255273 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp; 100106 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Neurogene, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003 | &nbsp;&nbsp;$73975 |
| &nbsp;&nbsp;&nbsp;Nuvectis Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234 | &nbsp;&nbsp;&nbsp;&nbsp; 34335 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54755 | &nbsp;&nbsp;&nbsp;&nbsp; 668559 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63734 | &nbsp;&nbsp;&nbsp;&nbsp; 1827891 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17330 | &nbsp;&nbsp;&nbsp;&nbsp; 177286 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30041 | &nbsp;&nbsp;&nbsp;&nbsp; 147201 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17761 | &nbsp;&nbsp;&nbsp;&nbsp; 473686 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084 | &nbsp;&nbsp;&nbsp;&nbsp; 299674 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35698 | &nbsp;&nbsp;&nbsp;&nbsp; 924578 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22551 | &nbsp;&nbsp;&nbsp;&nbsp; 1331637 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21071 | &nbsp;&nbsp;&nbsp;&nbsp; 2173474 |
| &nbsp;&nbsp;&nbsp;Scpharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13920 | &nbsp;&nbsp;&nbsp;&nbsp; 76560 |
| &nbsp;&nbsp;&nbsp;SELLAS Life Sciences Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38806 | &nbsp;&nbsp;&nbsp;&nbsp; 74508 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15488 | &nbsp;&nbsp;&nbsp;&nbsp; 129944 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19647 | &nbsp;&nbsp;&nbsp;&nbsp; 323979 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21056 | &nbsp;&nbsp;&nbsp;&nbsp; 950047 |
| &nbsp;&nbsp;&nbsp;Tonix Pharmaceuticals Holding Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852 | &nbsp;&nbsp;&nbsp;&nbsp; 84505 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29987 | &nbsp;&nbsp;&nbsp;&nbsp; 217556 |
| &nbsp;&nbsp;&nbsp;TuHURA Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10444 | &nbsp;&nbsp;&nbsp;&nbsp; 28199 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186 | &nbsp;&nbsp;&nbsp;&nbsp; 133575 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21489 | &nbsp;&nbsp;&nbsp;&nbsp; 101643 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48630 | &nbsp;&nbsp;&nbsp;&nbsp; 1497318 |
| &nbsp;&nbsp;&nbsp;Voyager Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19304 | &nbsp;&nbsp;&nbsp;&nbsp; 64861 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59116 | &nbsp;&nbsp;&nbsp;&nbsp; 462878 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13770 | &nbsp;&nbsp;&nbsp;&nbsp; 117733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29537277 |
| **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;8988 | &nbsp;&nbsp;&nbsp;&nbsp; 219487 |
| &nbsp;&nbsp;&nbsp;Golar LNG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38735 | &nbsp;&nbsp;&nbsp;&nbsp; 1697368 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16818 | &nbsp;&nbsp;&nbsp;&nbsp; 703497 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66355 | &nbsp;&nbsp;&nbsp;&nbsp; 163233 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51999 | &nbsp;&nbsp;&nbsp;&nbsp; 557429 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 | &nbsp;&nbsp;&nbsp;&nbsp; 92633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3433647 |
| **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;7015 | &nbsp;&nbsp;&nbsp;&nbsp; 99894 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21241 | &nbsp;&nbsp;&nbsp;&nbsp; 262114 |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22499 | &nbsp;&nbsp;&nbsp;&nbsp; 304636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666644 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 4559 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41721 | &nbsp;&nbsp;&nbsp;&nbsp; 254915 |
| &nbsp;&nbsp;&nbsp;Compass, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;177109 | &nbsp;&nbsp;&nbsp;&nbsp; 1608150 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29817 | &nbsp;&nbsp;&nbsp;&nbsp; 81102 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30845 | &nbsp;&nbsp;&nbsp;&nbsp; 334051 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736 | &nbsp;&nbsp;&nbsp;&nbsp; 121715 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47844 | &nbsp;&nbsp;&nbsp;&nbsp; 421027 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 | &nbsp;&nbsp;&nbsp;&nbsp; 98227 |
| &nbsp;&nbsp;&nbsp;Logistic Properties Of The Americas† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 10358 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367 | &nbsp;&nbsp;&nbsp;&nbsp; 305271 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp; 48229 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9513 | &nbsp;&nbsp;&nbsp;&nbsp; 1155734 |
| &nbsp;&nbsp;&nbsp;Mobile Infrastructure Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5856 | &nbsp;&nbsp;&nbsp;&nbsp; 22780 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53261 | &nbsp;&nbsp;&nbsp;&nbsp; 969883 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240 | &nbsp;&nbsp;&nbsp;&nbsp; 68201 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41930 | &nbsp;&nbsp;&nbsp;&nbsp; 225583 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312 | &nbsp;&nbsp;&nbsp;&nbsp; 106547 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp; 75754 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650 | &nbsp;&nbsp;&nbsp;&nbsp; 91171 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14862 | &nbsp;&nbsp;&nbsp;&nbsp; 749937 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;$52834 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp; 36235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6842263 |
| **REITS — 6.3%** | **REITS — 6.3%** | **REITS — 6.3%** |
| &nbsp;&nbsp;&nbsp;Rithm Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17126 | &nbsp;&nbsp;&nbsp;&nbsp; 44014 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51665 | &nbsp;&nbsp;&nbsp;&nbsp; 1033817 |
| &nbsp;&nbsp;&nbsp;ACRES Commercial Realty Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 | &nbsp;&nbsp;&nbsp;&nbsp; 52563 |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33091 | &nbsp;&nbsp;&nbsp;&nbsp; 238917 |
| &nbsp;&nbsp;&nbsp;Advanced Flower Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7442 | &nbsp;&nbsp;&nbsp;&nbsp; 34680 |
| &nbsp;&nbsp;&nbsp;AG Mtg. Investment Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10923 | &nbsp;&nbsp;&nbsp;&nbsp; 82578 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28314 | &nbsp;&nbsp;&nbsp;&nbsp; 547593 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp; 191643 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp; 78503 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20564 | &nbsp;&nbsp;&nbsp;&nbsp; 429788 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62083 | &nbsp;&nbsp;&nbsp;&nbsp; 2656532 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mtg. REIT, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp; 49803 |
| &nbsp;&nbsp;&nbsp;Apartment Investment & Management Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51027 | &nbsp;&nbsp;&nbsp;&nbsp; 399541 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54215 | &nbsp;&nbsp;&nbsp;&nbsp; 574137 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87720 | &nbsp;&nbsp;&nbsp;&nbsp; 1145623 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61809 | &nbsp;&nbsp;&nbsp;&nbsp; 737999 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20651 | &nbsp;&nbsp;&nbsp;&nbsp; 97473 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31634 | &nbsp;&nbsp;&nbsp;&nbsp; 230296 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39237 | &nbsp;&nbsp;&nbsp;&nbsp; 600718 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63805 | &nbsp;&nbsp;&nbsp;&nbsp; 1248026 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23969 | &nbsp;&nbsp;&nbsp;&nbsp; 66154 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67672 | &nbsp;&nbsp;&nbsp;&nbsp; 288283 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51009 | &nbsp;&nbsp;&nbsp;&nbsp; 295852 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74388 | &nbsp;&nbsp;&nbsp;&nbsp; 1382873 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407 | &nbsp;&nbsp;&nbsp;&nbsp; 70512 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81926 | &nbsp;&nbsp;&nbsp;&nbsp; 2819074 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7041 | &nbsp;&nbsp;&nbsp;&nbsp; 224256 |
| &nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6663 | &nbsp;&nbsp;&nbsp;&nbsp; 396449 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17502 | &nbsp;&nbsp;&nbsp;&nbsp; 133540 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30716 | &nbsp;&nbsp;&nbsp;&nbsp; 435246 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15924 | &nbsp;&nbsp;&nbsp;&nbsp; 110353 |
| &nbsp;&nbsp;&nbsp;Claros Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34542 | &nbsp;&nbsp;&nbsp;&nbsp; 127805 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6219 | &nbsp;&nbsp;&nbsp;&nbsp; 27861 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10530 | &nbsp;&nbsp;&nbsp;&nbsp; 162267 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44710 | &nbsp;&nbsp;&nbsp;&nbsp; 1286754 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11795 | &nbsp;&nbsp;&nbsp;&nbsp; 203818 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38043 | &nbsp;&nbsp;&nbsp;&nbsp; 857109 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81217 | &nbsp;&nbsp;&nbsp;&nbsp; 695218 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86811 | &nbsp;&nbsp;&nbsp;&nbsp; 330750 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55766 | &nbsp;&nbsp;&nbsp;&nbsp; 903967 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40866 | &nbsp;&nbsp;&nbsp;&nbsp; 515729 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15731 | &nbsp;&nbsp;&nbsp;&nbsp; 360083 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35757 | &nbsp;&nbsp;&nbsp;&nbsp; 487725 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34179 | &nbsp;&nbsp;&nbsp;&nbsp; 583777 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54587 | &nbsp;&nbsp;&nbsp;&nbsp; 417591 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77485 | &nbsp;&nbsp;&nbsp;&nbsp; 2426830 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15957 | &nbsp;&nbsp;&nbsp;&nbsp; 175846 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39076 | &nbsp;&nbsp;&nbsp;&nbsp; 1011678 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32371 | &nbsp;&nbsp;&nbsp;&nbsp; 373885 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30172 | &nbsp;&nbsp;&nbsp;&nbsp; 50086 |
| &nbsp;&nbsp;&nbsp;FrontView REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7194 | &nbsp;&nbsp;&nbsp;&nbsp; 96184 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20150 | &nbsp;&nbsp;&nbsp;&nbsp; 576089 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17869 | &nbsp;&nbsp;&nbsp;&nbsp; 240338 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13864 | &nbsp;&nbsp;&nbsp;&nbsp; 127549 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24567 | &nbsp;&nbsp;&nbsp;&nbsp; 184253 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76805 | &nbsp;&nbsp;&nbsp;&nbsp; 604455 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;126219 | &nbsp;&nbsp;&nbsp;&nbsp; 354675 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90689 | &nbsp;&nbsp;&nbsp;&nbsp; 1642378 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Industrial Logistics Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21750 | &nbsp;&nbsp;$133980 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10790 | &nbsp;&nbsp;&nbsp;&nbsp; 611361 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30487 | &nbsp;&nbsp;&nbsp;&nbsp; 907598 |
| &nbsp;&nbsp;&nbsp;Invesco Mtg. Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25448 | &nbsp;&nbsp;&nbsp;&nbsp; 199003 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27011 | &nbsp;&nbsp;&nbsp;&nbsp; 579116 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85963 | &nbsp;&nbsp;&nbsp;&nbsp; 1961676 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22105 | &nbsp;&nbsp;&nbsp;&nbsp; 212871 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44249 | &nbsp;&nbsp;&nbsp;&nbsp; 514173 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17707 | &nbsp;&nbsp;&nbsp;&nbsp; 646306 |
| &nbsp;&nbsp;&nbsp;Lument Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18556 | &nbsp;&nbsp;&nbsp;&nbsp; 41565 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;114031 | &nbsp;&nbsp;&nbsp;&nbsp; 1035401 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99042 | &nbsp;&nbsp;&nbsp;&nbsp; 1822373 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40730 | &nbsp;&nbsp;&nbsp;&nbsp; 415446 |
| &nbsp;&nbsp;&nbsp;Modiv Industrial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 | &nbsp;&nbsp;&nbsp;&nbsp; 57707 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17998 | &nbsp;&nbsp;&nbsp;&nbsp; 1409063 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760 | &nbsp;&nbsp;&nbsp;&nbsp; 170611 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31981 | &nbsp;&nbsp;&nbsp;&nbsp; 584932 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13802 | &nbsp;&nbsp;&nbsp;&nbsp; 54242 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp; 46635 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8848 | &nbsp;&nbsp;&nbsp;&nbsp; 305344 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023 | &nbsp;&nbsp;&nbsp;&nbsp; 167779 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42473 | &nbsp;&nbsp;&nbsp;&nbsp; 299859 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54540 | &nbsp;&nbsp;&nbsp;&nbsp; 1018807 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72370 | &nbsp;&nbsp;&nbsp;&nbsp; 521064 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14227 | &nbsp;&nbsp;&nbsp;&nbsp; 180967 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45471 | &nbsp;&nbsp;&nbsp;&nbsp; 506547 |
| &nbsp;&nbsp;&nbsp;PennyMac Mtg. Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33653 | &nbsp;&nbsp;&nbsp;&nbsp; 414268 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49245 | &nbsp;&nbsp;&nbsp;&nbsp; 1732932 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49157 | &nbsp;&nbsp;&nbsp;&nbsp; 416360 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16226 | &nbsp;&nbsp;&nbsp;&nbsp; 356972 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 | &nbsp;&nbsp;&nbsp;&nbsp; 139408 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30496 | &nbsp;&nbsp;&nbsp;&nbsp; 1281747 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64980 | &nbsp;&nbsp;&nbsp;&nbsp; 276815 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52384 | &nbsp;&nbsp;&nbsp;&nbsp; 320590 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58712 | &nbsp;&nbsp;&nbsp;&nbsp; 452082 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22945 | &nbsp;&nbsp;&nbsp;&nbsp; 2266737 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92719 | &nbsp;&nbsp;&nbsp;&nbsp; 1771860 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22016 | &nbsp;&nbsp;&nbsp;&nbsp; 362383 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704 | &nbsp;&nbsp;&nbsp;&nbsp; 160736 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59063 | &nbsp;&nbsp;&nbsp;&nbsp; 159470 |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436 | &nbsp;&nbsp;&nbsp;&nbsp; 58818 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21582 | &nbsp;&nbsp;&nbsp;&nbsp; 538255 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19508 | &nbsp;&nbsp;&nbsp;&nbsp; 239558 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28021 | &nbsp;&nbsp;&nbsp;&nbsp; 1594115 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11190 | &nbsp;&nbsp;&nbsp;&nbsp; 407204 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 | &nbsp;&nbsp;&nbsp;&nbsp; 34210 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42721 | &nbsp;&nbsp;&nbsp;&nbsp; 234111 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp; 45700 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75058 | &nbsp;&nbsp;&nbsp;&nbsp; 711550 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43566 | &nbsp;&nbsp;&nbsp;&nbsp; 1489086 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39885 | &nbsp;&nbsp;&nbsp;&nbsp; 2304156 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26623 | &nbsp;&nbsp;&nbsp;&nbsp; 248925 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41290 | &nbsp;&nbsp;&nbsp;&nbsp; 412900 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30871 | &nbsp;&nbsp;&nbsp;&nbsp; 484366 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996 | &nbsp;&nbsp;&nbsp;&nbsp; 202788 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49801 | &nbsp;&nbsp;&nbsp;&nbsp; 1030383 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30491 | &nbsp;&nbsp;&nbsp;&nbsp; 479623 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17540 | &nbsp;&nbsp;&nbsp;&nbsp; 230826 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39433 | &nbsp;&nbsp;&nbsp;&nbsp; 557188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67342084 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail — 3.8%** | **Retail — 3.8%** | **Retail — 3.8%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18292 | &nbsp;&nbsp;$1710851 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25859 | &nbsp;&nbsp;&nbsp;&nbsp; 1384749 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23392 | &nbsp;&nbsp;&nbsp;&nbsp; 1426678 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63511 | &nbsp;&nbsp;&nbsp;&nbsp; 821832 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp; 127888 |
| &nbsp;&nbsp;&nbsp;Arko Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29180 | &nbsp;&nbsp;&nbsp;&nbsp; 145900 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7680 | &nbsp;&nbsp;&nbsp;&nbsp; 1931827 |
| &nbsp;&nbsp;&nbsp;Barnes & Noble Education, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087 | &nbsp;&nbsp;&nbsp;&nbsp; 52531 |
| &nbsp;&nbsp;&nbsp;Bassett Furniture Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp; 45279 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 80826 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476 | &nbsp;&nbsp;&nbsp;&nbsp; 284455 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33209 | &nbsp;&nbsp;&nbsp;&nbsp; 244086 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026 | &nbsp;&nbsp;&nbsp;&nbsp; 249978 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11926 | &nbsp;&nbsp;&nbsp;&nbsp; 2120085 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17188 | &nbsp;&nbsp;&nbsp;&nbsp; 2680984 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12297 | &nbsp;&nbsp;&nbsp;&nbsp; 695887 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915 | &nbsp;&nbsp;&nbsp;&nbsp; 298881 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12669 | &nbsp;&nbsp;&nbsp;&nbsp; 190035 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23462 | &nbsp;&nbsp;&nbsp;&nbsp; 410820 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18123 | &nbsp;&nbsp;&nbsp;&nbsp; 1113840 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp; 69193 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66776 | &nbsp;&nbsp;&nbsp;&nbsp; 175621 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8621 | &nbsp;&nbsp;&nbsp;&nbsp; 515708 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10719 | &nbsp;&nbsp;&nbsp;&nbsp; 275157 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20503 | &nbsp;&nbsp;&nbsp;&nbsp; 93699 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp; 37274 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5992 | &nbsp;&nbsp;&nbsp;&nbsp; 143508 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10764 | &nbsp;&nbsp;&nbsp;&nbsp; 114421 |
| &nbsp;&nbsp;&nbsp;Envela Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp; 20206 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49166 | &nbsp;&nbsp;&nbsp;&nbsp; 190272 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16026 | &nbsp;&nbsp;&nbsp;&nbsp; 301930 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15443 | &nbsp;&nbsp;&nbsp;&nbsp; 2274291 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33438 | &nbsp;&nbsp;&nbsp;&nbsp; 825919 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133 | &nbsp;&nbsp;&nbsp;&nbsp; 132173 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15168 | &nbsp;&nbsp;&nbsp;&nbsp; 1667418 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911 | &nbsp;&nbsp;&nbsp;&nbsp; 2282535 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484 | &nbsp;&nbsp;&nbsp;&nbsp; 123664 |
| &nbsp;&nbsp;&nbsp;J. Jill, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp; 46794 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7349 | &nbsp;&nbsp;&nbsp;&nbsp; 141836 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42415 | &nbsp;&nbsp;&nbsp;&nbsp; 638770 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31367 | &nbsp;&nbsp;&nbsp;&nbsp; 111353 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp; 204804 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16131 | &nbsp;&nbsp;&nbsp;&nbsp; 596363 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 192355 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5748 | &nbsp;&nbsp;&nbsp;&nbsp; 105016 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30416 | &nbsp;&nbsp;&nbsp;&nbsp; 697743 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18693 | &nbsp;&nbsp;&nbsp;&nbsp; 227494 |
| &nbsp;&nbsp;&nbsp;ODP Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10653 | &nbsp;&nbsp;&nbsp;&nbsp; 215830 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp;&nbsp; 76476 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12717 | &nbsp;&nbsp;&nbsp;&nbsp; 619445 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12652 | &nbsp;&nbsp;&nbsp;&nbsp; 1415126 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384 | &nbsp;&nbsp;&nbsp;&nbsp; 281497 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31920 | &nbsp;&nbsp;&nbsp;&nbsp; 127361 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21747 | &nbsp;&nbsp;&nbsp;&nbsp; 153969 |
| &nbsp;&nbsp;&nbsp;Potbelly Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9549 | &nbsp;&nbsp;&nbsp;&nbsp; 123564 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9867 | &nbsp;&nbsp;&nbsp;&nbsp; 1058334 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39640 | &nbsp;&nbsp;&nbsp;&nbsp; 549410 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9484 | &nbsp;&nbsp;&nbsp;&nbsp; 114662 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15025 | &nbsp;&nbsp;&nbsp;&nbsp; 1592650 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 | &nbsp;&nbsp;&nbsp;&nbsp; 143959 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16269 | &nbsp;&nbsp;&nbsp;&nbsp; 1432485 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5711 | &nbsp;&nbsp;&nbsp;&nbsp; 469387 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39624 | &nbsp;&nbsp;&nbsp;&nbsp; 360578 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Tile Shop Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11722 | &nbsp;&nbsp;$72794 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24625 | &nbsp;&nbsp;&nbsp;&nbsp; 1651845 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26604 | &nbsp;&nbsp;&nbsp;&nbsp; 612424 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38438 | &nbsp;&nbsp;&nbsp;&nbsp; 1007076 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp; 534808 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6410 | &nbsp;&nbsp;&nbsp;&nbsp; 110188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40946797 |
| **Savings & Loans — 1.2%** | **Savings & Loans — 1.2%** | **Savings & Loans — 1.2%** |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17969 | &nbsp;&nbsp;&nbsp;&nbsp; 469530 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20314 | &nbsp;&nbsp;&nbsp;&nbsp; 1852840 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54119 | &nbsp;&nbsp;&nbsp;&nbsp; 915693 |
| &nbsp;&nbsp;&nbsp;Bankfinancial Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537 | &nbsp;&nbsp;&nbsp;&nbsp; 56168 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31740 | &nbsp;&nbsp;&nbsp;&nbsp; 347553 |
| &nbsp;&nbsp;&nbsp;BV Financial, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523 | &nbsp;&nbsp;&nbsp;&nbsp; 59116 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48519 | &nbsp;&nbsp;&nbsp;&nbsp; 314403 |
| &nbsp;&nbsp;&nbsp;CF Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp; 38425 |
| &nbsp;&nbsp;&nbsp;Citizens Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp; 64500 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp Montana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;&nbsp;&nbsp; 52800 |
| &nbsp;&nbsp;&nbsp;Finward Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp; 44672 |
| &nbsp;&nbsp;&nbsp;First Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp; 54499 |
| &nbsp;&nbsp;&nbsp;First Savings Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp; 61777 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118443 | &nbsp;&nbsp;&nbsp;&nbsp; 1518439 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12721 | &nbsp;&nbsp;&nbsp;&nbsp; 175041 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp; 115232 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579 | &nbsp;&nbsp;&nbsp;&nbsp; 61870 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 167358 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 | &nbsp;&nbsp;&nbsp;&nbsp; 148033 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6265 | &nbsp;&nbsp;&nbsp;&nbsp; 259120 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14916 | &nbsp;&nbsp;&nbsp;&nbsp; 176755 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54658 | &nbsp;&nbsp;&nbsp;&nbsp; 691424 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22017 | &nbsp;&nbsp;&nbsp;&nbsp; 404893 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37522 | &nbsp;&nbsp;&nbsp;&nbsp; 918914 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45569 | &nbsp;&nbsp;&nbsp;&nbsp; 904089 |
| &nbsp;&nbsp;&nbsp;Riverview Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp;&nbsp;&nbsp; 42049 |
| &nbsp;&nbsp;&nbsp;Sound Financial Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp; 41172 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747 | &nbsp;&nbsp;&nbsp;&nbsp; 215584 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp; 101420 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31480 | &nbsp;&nbsp;&nbsp;&nbsp; 990046 |
| &nbsp;&nbsp;&nbsp;WaterStone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6428 | &nbsp;&nbsp;&nbsp;&nbsp; 96356 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22579 | &nbsp;&nbsp;&nbsp;&nbsp; 1316130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12675901 |
| **Semiconductors — 2.2%** | **Semiconductors — 2.2%** | **Semiconductors — 2.2%** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19653 | &nbsp;&nbsp;&nbsp;&nbsp; 554608 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10962 | &nbsp;&nbsp;&nbsp;&nbsp; 273502 |
| &nbsp;&nbsp;&nbsp;Aeluma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp; 89109 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9784 | &nbsp;&nbsp;&nbsp;&nbsp; 281486 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15745 | &nbsp;&nbsp;&nbsp;&nbsp; 1298647 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11466 | &nbsp;&nbsp;&nbsp;&nbsp; 108010 |
| &nbsp;&nbsp;&nbsp;Atomera, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11899 | &nbsp;&nbsp;&nbsp;&nbsp; 39029 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12604 | &nbsp;&nbsp;&nbsp;&nbsp; 1008824 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8870 | &nbsp;&nbsp;&nbsp;&nbsp; 197091 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18085 | &nbsp;&nbsp;&nbsp;&nbsp; 359891 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17945 | &nbsp;&nbsp;&nbsp;&nbsp; 976836 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30021 | &nbsp;&nbsp;&nbsp;&nbsp; 876313 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10116 | &nbsp;&nbsp;&nbsp;&nbsp; 1896446 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20339 | &nbsp;&nbsp;&nbsp;&nbsp; 762712 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31604 | &nbsp;&nbsp;&nbsp;&nbsp; 496815 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51217 | &nbsp;&nbsp;&nbsp;&nbsp; 300132 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19759 | &nbsp;&nbsp;&nbsp;&nbsp; 563724 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20656 | &nbsp;&nbsp;&nbsp;&nbsp; 498429 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23822 | &nbsp;&nbsp;$540045 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21797 | &nbsp;&nbsp;&nbsp;&nbsp; 983045 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41871 | &nbsp;&nbsp;&nbsp;&nbsp; 3088824 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921 | &nbsp;&nbsp;&nbsp;&nbsp; 48373 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33828 | &nbsp;&nbsp;&nbsp;&nbsp; 1965068 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12464 | &nbsp;&nbsp;&nbsp;&nbsp; 1674538 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183 | &nbsp;&nbsp;&nbsp;&nbsp; 1977586 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9819 | &nbsp;&nbsp;&nbsp;&nbsp; 117730 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15267 | &nbsp;&nbsp;&nbsp;&nbsp; 1066553 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17386 | &nbsp;&nbsp;&nbsp;&nbsp; 417612 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22192 | &nbsp;&nbsp;&nbsp;&nbsp; 544148 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497 | &nbsp;&nbsp;&nbsp;&nbsp; 127805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23132931 |
| **Software — 5.3%** | **Software — 5.3%** | **Software — 5.3%** |
| &nbsp;&nbsp;&nbsp;Teads Holding Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12189 | &nbsp;&nbsp;&nbsp;&nbsp; 21331 |
| &nbsp;&nbsp;&nbsp;TruBridge, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 | &nbsp;&nbsp;&nbsp;&nbsp; 81078 |
| &nbsp;&nbsp;&nbsp;8x8, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53029 | &nbsp;&nbsp;&nbsp;&nbsp; 104997 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41006 | &nbsp;&nbsp;&nbsp;&nbsp; 2023646 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64290 | &nbsp;&nbsp;&nbsp;&nbsp; 749621 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42295 | &nbsp;&nbsp;&nbsp;&nbsp; 636117 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10021 | &nbsp;&nbsp;&nbsp;&nbsp; 1093492 |
| &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8137 | &nbsp;&nbsp;&nbsp;&nbsp; 36372 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49041 | &nbsp;&nbsp;&nbsp;&nbsp; 802311 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26047 | &nbsp;&nbsp;&nbsp;&nbsp; 666803 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33524 | &nbsp;&nbsp;&nbsp;&nbsp; 383179 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15226 | &nbsp;&nbsp;&nbsp;&nbsp; 468656 |
| &nbsp;&nbsp;&nbsp;Asana, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36157 | &nbsp;&nbsp;&nbsp;&nbsp; 527892 |
| &nbsp;&nbsp;&nbsp;Asure Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8777 | &nbsp;&nbsp;&nbsp;&nbsp; 73727 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50782 | &nbsp;&nbsp;&nbsp;&nbsp; 830794 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66550 | &nbsp;&nbsp;&nbsp;&nbsp; 661507 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10265 | &nbsp;&nbsp;&nbsp;&nbsp; 153975 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;111213 | &nbsp;&nbsp;&nbsp;&nbsp; 563850 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14987 | &nbsp;&nbsp;&nbsp;&nbsp; 999783 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20430 | &nbsp;&nbsp;&nbsp;&nbsp; 1110779 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82447 | &nbsp;&nbsp;&nbsp;&nbsp; 298458 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54562 | &nbsp;&nbsp;&nbsp;&nbsp; 1780358 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29807 | &nbsp;&nbsp;&nbsp;&nbsp; 825654 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46584 | &nbsp;&nbsp;&nbsp;&nbsp; 787735 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16694 | &nbsp;&nbsp;&nbsp;&nbsp; 175788 |
| &nbsp;&nbsp;&nbsp;Claritev Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 205352 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32468 | &nbsp;&nbsp;&nbsp;&nbsp; 1178913 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95542 | &nbsp;&nbsp;&nbsp;&nbsp; 1974853 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 182127 |
| &nbsp;&nbsp;&nbsp;Commerce.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25991 | &nbsp;&nbsp;&nbsp;&nbsp; 120858 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17188 | &nbsp;&nbsp;&nbsp;&nbsp; 3208054 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7597 | &nbsp;&nbsp;&nbsp;&nbsp; 201852 |
| &nbsp;&nbsp;&nbsp;CoreCard Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277 | &nbsp;&nbsp;&nbsp;&nbsp; 63005 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9423 | &nbsp;&nbsp;&nbsp;&nbsp; 51544 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10828 | &nbsp;&nbsp;&nbsp;&nbsp; 694725 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 235469 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14415 | &nbsp;&nbsp;&nbsp;&nbsp; 58092 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14092 | &nbsp;&nbsp;&nbsp;&nbsp; 489274 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354 | &nbsp;&nbsp;&nbsp;&nbsp; 55026 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39461 | &nbsp;&nbsp;&nbsp;&nbsp; 165736 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25208 | &nbsp;&nbsp;&nbsp;&nbsp; 822285 |
| &nbsp;&nbsp;&nbsp;Domo, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13288 | &nbsp;&nbsp;&nbsp;&nbsp; 195068 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10336 | &nbsp;&nbsp;&nbsp;&nbsp; 586775 |
| &nbsp;&nbsp;&nbsp;eGain Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7601 | &nbsp;&nbsp;&nbsp;&nbsp; 47810 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975 | &nbsp;&nbsp;&nbsp;&nbsp; 69011 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45940 | &nbsp;&nbsp;&nbsp;&nbsp; 443321 |
| &nbsp;&nbsp;&nbsp;Expensify, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24315 | &nbsp;&nbsp;&nbsp;&nbsp; 47657 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52671 | &nbsp;&nbsp;&nbsp;&nbsp; 400826 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Five9, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29845 | &nbsp;&nbsp;$803427 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79197 | &nbsp;&nbsp;&nbsp;&nbsp; 1066784 |
| &nbsp;&nbsp;&nbsp;Genius Sports, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85610 | &nbsp;&nbsp;&nbsp;&nbsp; 1094952 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10285 | &nbsp;&nbsp;&nbsp;&nbsp; 272244 |
| &nbsp;&nbsp;&nbsp;Golden Matrix Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp; 7311 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26035 | &nbsp;&nbsp;&nbsp;&nbsp; 88259 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031 | &nbsp;&nbsp;&nbsp;&nbsp; 284025 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704 | &nbsp;&nbsp;&nbsp;&nbsp; 109379 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029 | &nbsp;&nbsp;&nbsp;&nbsp; 135481 |
| &nbsp;&nbsp;&nbsp;Immersion Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12036 | &nbsp;&nbsp;&nbsp;&nbsp; 84974 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11689 | &nbsp;&nbsp;&nbsp;&nbsp; 443948 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9325 | &nbsp;&nbsp;&nbsp;&nbsp; 86723 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21680 | &nbsp;&nbsp;&nbsp;&nbsp; 997063 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91964 | &nbsp;&nbsp;&nbsp;&nbsp; 3930541 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26196 | &nbsp;&nbsp;&nbsp;&nbsp; 244147 |
| &nbsp;&nbsp;&nbsp;Kaltura, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33128 | &nbsp;&nbsp;&nbsp;&nbsp; 52674 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6237 | &nbsp;&nbsp;&nbsp;&nbsp; 564106 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24852 | &nbsp;&nbsp;&nbsp;&nbsp; 693868 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12343 | &nbsp;&nbsp;&nbsp;&nbsp; 245502 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28511 | &nbsp;&nbsp;&nbsp;&nbsp; 229799 |
| &nbsp;&nbsp;&nbsp;Nutex Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 109262 |
| &nbsp;&nbsp;&nbsp;Olo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45169 | &nbsp;&nbsp;&nbsp;&nbsp; 462982 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14693 | &nbsp;&nbsp;&nbsp;&nbsp; 84044 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16303 | &nbsp;&nbsp;&nbsp;&nbsp; 601255 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32694 | &nbsp;&nbsp;&nbsp;&nbsp; 547298 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11875 | &nbsp;&nbsp;&nbsp;&nbsp; 242844 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21982 | &nbsp;&nbsp;&nbsp;&nbsp; 695950 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83157 | &nbsp;&nbsp;&nbsp;&nbsp; 589583 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35914 | &nbsp;&nbsp;&nbsp;&nbsp; 34714 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22872 | &nbsp;&nbsp;&nbsp;&nbsp; 84855 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31178 | &nbsp;&nbsp;&nbsp;&nbsp; 529091 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16716 | &nbsp;&nbsp;&nbsp;&nbsp; 773784 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17138 | &nbsp;&nbsp;&nbsp;&nbsp; 265639 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16137 | &nbsp;&nbsp;&nbsp;&nbsp; 139908 |
| &nbsp;&nbsp;&nbsp;Quantum Computing, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44314 | &nbsp;&nbsp;&nbsp;&nbsp; 699275 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33996 | &nbsp;&nbsp;&nbsp;&nbsp; 42835 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 | &nbsp;&nbsp;&nbsp;&nbsp; 224221 |
| &nbsp;&nbsp;&nbsp;ReposiTrak, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346 | &nbsp;&nbsp;&nbsp;&nbsp; 70405 |
| &nbsp;&nbsp;&nbsp;Rezolve AI PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36955 | &nbsp;&nbsp;&nbsp;&nbsp; 138212 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12052 | &nbsp;&nbsp;&nbsp;&nbsp; 517031 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21756 | &nbsp;&nbsp;&nbsp;&nbsp; 424460 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17578 | &nbsp;&nbsp;&nbsp;&nbsp; 138866 |
| &nbsp;&nbsp;&nbsp;Silvaco Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp; 17974 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791 | &nbsp;&nbsp;&nbsp;&nbsp; 96228 |
| &nbsp;&nbsp;&nbsp;Skillsoft Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;&nbsp;&nbsp; 27866 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;141920 | &nbsp;&nbsp;&nbsp;&nbsp; 1847798 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19489 | &nbsp;&nbsp;&nbsp;&nbsp; 307731 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14723 | &nbsp;&nbsp;&nbsp;&nbsp; 1623947 |
| &nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379 | &nbsp;&nbsp;&nbsp;&nbsp; 26362 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48580 | &nbsp;&nbsp;&nbsp;&nbsp; 129223 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24071 | &nbsp;&nbsp;&nbsp;&nbsp; 490808 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25011 | &nbsp;&nbsp;&nbsp;&nbsp; 645784 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp;&nbsp;&nbsp; 66258 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62097 | &nbsp;&nbsp;&nbsp;&nbsp; 260807 |
| &nbsp;&nbsp;&nbsp;VTEX#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21787 | &nbsp;&nbsp;&nbsp;&nbsp; 88891 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35195 | &nbsp;&nbsp;&nbsp;&nbsp; 1333187 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22412 | &nbsp;&nbsp;&nbsp;&nbsp; 174365 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35509 | &nbsp;&nbsp;&nbsp;&nbsp; 44031 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19584 | &nbsp;&nbsp;&nbsp;&nbsp; 1610588 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40840 | &nbsp;&nbsp;&nbsp;&nbsp; 371236 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73059 | &nbsp;&nbsp;$1434879 |
| &nbsp;&nbsp;&nbsp;Zspace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 3682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56808902 |
| **Telecommunications — 2.7%** | **Telecommunications — 2.7%** | **Telecommunications — 2.7%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27957 | &nbsp;&nbsp;&nbsp;&nbsp; 495118 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29163 | &nbsp;&nbsp;&nbsp;&nbsp; 273549 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp; 124872 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69214 | &nbsp;&nbsp;&nbsp;&nbsp; 1106040 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635 | &nbsp;&nbsp;&nbsp;&nbsp; 61795 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527 | &nbsp;&nbsp;&nbsp;&nbsp; 103940 |
| &nbsp;&nbsp;&nbsp;BK Technologies Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp; 78141 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10987 | &nbsp;&nbsp;&nbsp;&nbsp; 192932 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22947 | &nbsp;&nbsp;&nbsp;&nbsp; 1364199 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540 | &nbsp;&nbsp;&nbsp;&nbsp; 148095 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83595 | &nbsp;&nbsp;&nbsp;&nbsp; 1340864 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56893 | &nbsp;&nbsp;&nbsp;&nbsp; 7000968 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66811 | &nbsp;&nbsp;&nbsp;&nbsp; 762314 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52672 | &nbsp;&nbsp;&nbsp;&nbsp; 3254603 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51638 | &nbsp;&nbsp;&nbsp;&nbsp; 1104020 |
| &nbsp;&nbsp;&nbsp;Frequency Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676 | &nbsp;&nbsp;&nbsp;&nbsp; 86301 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19447 | &nbsp;&nbsp;&nbsp;&nbsp; 582049 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26137 | &nbsp;&nbsp;&nbsp;&nbsp; 286984 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42986 | &nbsp;&nbsp;&nbsp;&nbsp; 413525 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430 | &nbsp;&nbsp;&nbsp;&nbsp; 411970 |
| &nbsp;&nbsp;&nbsp;Inseego Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048 | &nbsp;&nbsp;&nbsp;&nbsp; 62242 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10060 | &nbsp;&nbsp;&nbsp;&nbsp; 2733403 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;371961 | &nbsp;&nbsp;&nbsp;&nbsp; 1848646 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10561 | &nbsp;&nbsp;&nbsp;&nbsp; 286942 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9708 | &nbsp;&nbsp;&nbsp;&nbsp; 125427 |
| &nbsp;&nbsp;&nbsp;Powerfleet, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48287 | &nbsp;&nbsp;&nbsp;&nbsp; 225500 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp; 175593 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35512 | &nbsp;&nbsp;&nbsp;&nbsp; 144889 |
| &nbsp;&nbsp;&nbsp;Satellogic, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28032 | &nbsp;&nbsp;&nbsp;&nbsp; 104559 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19274 | &nbsp;&nbsp;&nbsp;&nbsp; 255381 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7742 | &nbsp;&nbsp;&nbsp;&nbsp; 140595 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38264 | &nbsp;&nbsp;&nbsp;&nbsp; 1534004 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44333 | &nbsp;&nbsp;&nbsp;&nbsp; 1433286 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86557 | &nbsp;&nbsp;&nbsp;&nbsp; 976363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29239109 |
| **Textiles — 0.1%** | **Textiles — 0.1%** | **Textiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907 | &nbsp;&nbsp;&nbsp;&nbsp; 1050383 |
| **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;14563 | &nbsp;&nbsp;&nbsp;&nbsp; 50388 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625 | &nbsp;&nbsp;&nbsp;&nbsp; 64416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114804 |
| **Transportation — 1.1%** | **Transportation — 1.1%** | **Transportation — 1.1%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8981 | &nbsp;&nbsp;&nbsp;&nbsp; 662439 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13098 | &nbsp;&nbsp;&nbsp;&nbsp; 152199 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 | &nbsp;&nbsp;&nbsp;&nbsp; 35967 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16893 | &nbsp;&nbsp;&nbsp;&nbsp; 193256 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6452 | &nbsp;&nbsp;&nbsp;&nbsp; 155687 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19317 | &nbsp;&nbsp;&nbsp;&nbsp; 171149 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48549 | &nbsp;&nbsp;&nbsp;&nbsp; 568994 |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14355 | &nbsp;&nbsp;&nbsp;&nbsp; 459073 |
| &nbsp;&nbsp;&nbsp;FLEX LNG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11894 | &nbsp;&nbsp;&nbsp;&nbsp; 324111 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8772 | &nbsp;&nbsp;&nbsp;&nbsp; 263423 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15302 | &nbsp;&nbsp;&nbsp;&nbsp; 257686 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19817 | &nbsp;&nbsp;&nbsp;&nbsp; 170228 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Himalaya Shipping, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11116 | &nbsp;&nbsp;$84148 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23338 | &nbsp;&nbsp;&nbsp;&nbsp; 873308 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15653 | &nbsp;&nbsp;&nbsp;&nbsp; 710959 |
| &nbsp;&nbsp;&nbsp;Marten Transport, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20371 | &nbsp;&nbsp;&nbsp;&nbsp; 241193 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12663 | &nbsp;&nbsp;&nbsp;&nbsp; 1317585 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12625 | &nbsp;&nbsp;&nbsp;&nbsp; 203136 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79610 | &nbsp;&nbsp;&nbsp;&nbsp; 247587 |
| &nbsp;&nbsp;&nbsp;PAMT Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11788 | &nbsp;&nbsp;&nbsp;&nbsp; 62830 |
| &nbsp;&nbsp;&nbsp;Proficient Auto Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp;&nbsp; 76749 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13483 | &nbsp;&nbsp;&nbsp;&nbsp; 87235 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63636 | &nbsp;&nbsp;&nbsp;&nbsp; 1039176 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22781 | &nbsp;&nbsp;&nbsp;&nbsp; 96819 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17009 | &nbsp;&nbsp;&nbsp;&nbsp; 857254 |
| &nbsp;&nbsp;&nbsp;SFL Corp., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46811 | &nbsp;&nbsp;&nbsp;&nbsp; 380573 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19846 | &nbsp;&nbsp;&nbsp;&nbsp; 162737 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276 | &nbsp;&nbsp;&nbsp;&nbsp; 456101 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp; 71283 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23360 | &nbsp;&nbsp;&nbsp;&nbsp; 673936 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21439 | &nbsp;&nbsp;&nbsp;&nbsp; 574780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661601 |
| **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;13936 | &nbsp;&nbsp;&nbsp;&nbsp; 2345568 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11932 | &nbsp;&nbsp;&nbsp;&nbsp; 556389 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp; 204881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106838 |
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
| &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12388 | &nbsp;&nbsp;&nbsp;&nbsp; 623983 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15160 | &nbsp;&nbsp;&nbsp;&nbsp; 1129875 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23316 | &nbsp;&nbsp;&nbsp;&nbsp; 1094220 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5799 | &nbsp;&nbsp;&nbsp;&nbsp; 192933 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047 | &nbsp;&nbsp;&nbsp;&nbsp; 48754 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7056 | &nbsp;&nbsp;&nbsp;&nbsp; 377778 |
| &nbsp;&nbsp;&nbsp;York Water Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 | &nbsp;&nbsp;&nbsp;&nbsp; 172097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639640 |
| **Total Common Stocks<br> (cost $830,125,444)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1057014633 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Third Harmonic Bio, Inc. #†(1)<br> (cost $4,083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10213 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| **Total Long-Term Investment Securities<br> (cost $830,129,527)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1057014939 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 3.9%** | **SHORT-TERM INVESTMENTS — 3.9%** |  |
| **Unaffiliated Investment Companies — 3.9%** | **Unaffiliated Investment Companies — 3.9%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.23%(2) | 9830634 | &nbsp;&nbsp;$9830634 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(2)(3) | 32135918 | &nbsp;&nbsp;&nbsp;&nbsp; 32135918 |
| **Total Short-Term Investments<br> (cost $41,966,552)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41966552 |
| **TOTAL INVESTMENTS<br> (cost $872,096,079)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.8% | &nbsp;&nbsp;&nbsp;&nbsp;1098981491 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29756787) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1069224704 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 1). |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (3) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $107,303,484. This was secured by collateral of $32,135,918, which was received in cash and subsequently invested in short-term investments currently valued at $32,135,918 as reported in the Portfolio of Investments. Additional collateral of $79,029,985 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$110711 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;1273441 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110538 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605887 |
| United States Treasury Bills | 0.00% | 10/09/2025 to 04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2840522 |
| United States Treasury Notes/Bonds | 0.00% to 5.38% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;74088886 |

---

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** |
| **Savings & Loans** |  |  |  |  |  |  |  |  |
| JPMorgan Securities, LLC | &nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp; 4820 | &nbsp;&nbsp;4.53% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/11/2026 | &nbsp;&nbsp;$87724 | &nbsp;&nbsp;$7905 | &nbsp;&nbsp;$7905 |
| **Banks** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp; 7338 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 226377 | &nbsp;&nbsp;&nbsp; 14970 | &nbsp;&nbsp;&nbsp; 14970 |
| HSBC Holdings | &nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp; 3550 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 121694 | &nbsp;&nbsp;&nbsp; 11928 | &nbsp;&nbsp;&nbsp; 11928 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26898 | &nbsp;&nbsp;&nbsp;&nbsp;26898 |
| **Office/Business Equipment** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp;20360 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 229661 | &nbsp;&nbsp;&nbsp; 17102 | &nbsp;&nbsp;&nbsp; 17102 |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp; 4700 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 430567 | &nbsp;&nbsp;&nbsp; 13113 | &nbsp;&nbsp;&nbsp; 13113 |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp; 4832 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 54505 | &nbsp;&nbsp;&nbsp; 4059 | &nbsp;&nbsp;&nbsp; 4059 |

---

------

#### VALIC Company I Small Cap Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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** |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;34274 | &nbsp;&nbsp;&nbsp;&nbsp;34274 |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp;10011 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;$721593 | &nbsp;&nbsp;$301 | &nbsp;&nbsp;$301 |
| HSBC Holdings | &nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;11961 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2026 | &nbsp;&nbsp;&nbsp; 696369 | &nbsp;&nbsp;&nbsp; 95329 | &nbsp;&nbsp;&nbsp; 95329 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;95630 | &nbsp;&nbsp;&nbsp;&nbsp;95630 |
| **REITS** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp;12775 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 148190 | &nbsp;&nbsp;&nbsp; 4343 | &nbsp;&nbsp;&nbsp; 4343 |
| HSBC Holdings | &nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp; 7632 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 110130 | &nbsp;&nbsp;&nbsp; 13585 | &nbsp;&nbsp;&nbsp; 13585 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17928 | &nbsp;&nbsp;&nbsp;&nbsp;17928 |
| **Insurance** |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | &nbsp;&nbsp;SiriusPoint, Ltd. | &nbsp;&nbsp; 1778 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp; 32502 | &nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp; 782 |
| HSBC Holdings | &nbsp;&nbsp;SiriusPoint, Ltd. | &nbsp;&nbsp;38210 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 695422 | &nbsp;&nbsp;&nbsp; 19869 | &nbsp;&nbsp;&nbsp; 19869 |
| JPMorgan Securities, LLC | &nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;27957 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/11/2026 | &nbsp;&nbsp;&nbsp;2531786 | &nbsp;&nbsp;&nbsp;230366 | &nbsp;&nbsp;&nbsp;230366 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;251017 | &nbsp;&nbsp;&nbsp;251017 |
| **Chemicals** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Rogers Corp. | &nbsp;&nbsp; 250 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 19160 | &nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 455 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$434107 | &nbsp;&nbsp;$434107 |

---

#### 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** |
| 51 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$6019036 | &nbsp;&nbsp;&nbsp;&nbsp;$6042990 | &nbsp;&nbsp;&nbsp;&nbsp;$23954 |

---

\* 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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$66427200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$34111 | &nbsp;&nbsp;&nbsp;&nbsp;$66461311 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23018849 | &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;23018849 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29535754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29537277 |
| &nbsp;&nbsp;&nbsp;Therapeutics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937997196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937997196 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41966552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41966552 |
| **Total Investments at Value** | &nbsp;&nbsp;$1098945551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$35940 | &nbsp;&nbsp;$1098981491 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$434107 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$434107 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23954 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23954 | &nbsp;&nbsp;$434107 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$458061 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Small Cap Special Values Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** |
| **Apparel — 1.4%** | **Apparel — 1.4%** | **Apparel — 1.4%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396 | &nbsp;&nbsp;$383331 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;52219 | &nbsp;&nbsp;&nbsp;&nbsp; 1168139 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37610 | &nbsp;&nbsp;&nbsp;&nbsp; 1092195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643665 |
| **Auto Parts & Equipment — 2.0%** | **Auto Parts & Equipment — 2.0%** | **Auto Parts & Equipment — 2.0%** |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77074 | &nbsp;&nbsp;&nbsp;&nbsp; 2595081 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;246227 | &nbsp;&nbsp;&nbsp;&nbsp; 1002144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597225 |
| **Banks — 11.5%** | **Banks — 11.5%** | **Banks — 11.5%** |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52249 | &nbsp;&nbsp;&nbsp;&nbsp; 1409156 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8987 | &nbsp;&nbsp;&nbsp;&nbsp; 1001242 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56424 | &nbsp;&nbsp;&nbsp;&nbsp; 3550198 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;75061 | &nbsp;&nbsp;&nbsp;&nbsp; 1718146 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56156 | &nbsp;&nbsp;&nbsp;&nbsp; 2197384 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34981 | &nbsp;&nbsp;&nbsp;&nbsp; 3570161 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51932 | &nbsp;&nbsp;&nbsp;&nbsp; 6330511 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22191 | &nbsp;&nbsp;&nbsp;&nbsp; 1380724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21157522 |
| **Building Materials — 6.4%** | **Building Materials — 6.4%** | **Building Materials — 6.4%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20952 | &nbsp;&nbsp;&nbsp;&nbsp; 4837817 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10836 | &nbsp;&nbsp;&nbsp;&nbsp; 2070976 |
| &nbsp;&nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;75362 | &nbsp;&nbsp;&nbsp;&nbsp; 1168865 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36533 | &nbsp;&nbsp;&nbsp;&nbsp; 3688737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11766395 |
| **Chemicals — 9.8%** | **Chemicals — 9.8%** | **Chemicals — 9.8%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109675 | &nbsp;&nbsp;&nbsp;&nbsp; 4101845 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;151949 | &nbsp;&nbsp;&nbsp;&nbsp; 1381216 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65817 | &nbsp;&nbsp;&nbsp;&nbsp; 5764911 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121977 | &nbsp;&nbsp;&nbsp;&nbsp; 1533251 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15719 | &nbsp;&nbsp;&nbsp;&nbsp; 1028809 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp; 2873686 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8856 | &nbsp;&nbsp;&nbsp;&nbsp; 1284740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17968458 |
| **Commercial Services — 4.7%** | **Commercial Services — 4.7%** | **Commercial Services — 4.7%** |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;72523 | &nbsp;&nbsp;&nbsp;&nbsp; 281389 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;17985 | &nbsp;&nbsp;&nbsp;&nbsp; 1160752 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;123438 | &nbsp;&nbsp;&nbsp;&nbsp; 757909 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51724 | &nbsp;&nbsp;&nbsp;&nbsp; 944998 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13928 | &nbsp;&nbsp;&nbsp;&nbsp; 1297950 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;44359 | &nbsp;&nbsp;&nbsp;&nbsp; 3288776 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;33677 | &nbsp;&nbsp;&nbsp;&nbsp; 827444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8559218 |
| **Computers — 2.5%** | **Computers — 2.5%** | **Computers — 2.5%** |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23621 | &nbsp;&nbsp;&nbsp;&nbsp; 1443479 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063 | &nbsp;&nbsp;&nbsp;&nbsp; 528840 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;44609 | &nbsp;&nbsp;&nbsp;&nbsp; 1418120 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13828 | &nbsp;&nbsp;&nbsp;&nbsp; 1215758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606197 |
| **Cosmetics/Personal Care — 2.1%** | **Cosmetics/Personal Care — 2.1%** | **Cosmetics/Personal Care — 2.1%** |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;37191 | &nbsp;&nbsp;&nbsp;&nbsp; 882914 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;43128 | &nbsp;&nbsp;&nbsp;&nbsp; 2934429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817343 |
| **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;33262 | &nbsp;&nbsp;&nbsp;&nbsp; 2002705 |
| &nbsp;&nbsp;&nbsp;GlassBridge Enterprises, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 8760 |

---

---

| | | |
|:---|:---|:---|
| **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;Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;24368 | &nbsp;&nbsp;$861653 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18724 | &nbsp;&nbsp;&nbsp;&nbsp; 332538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205656 |
| **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27200 | &nbsp;&nbsp;&nbsp;&nbsp; 3541440 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13042 | &nbsp;&nbsp;&nbsp;&nbsp; 1518219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059659 |
| **Electronics — 2.3%** | **Electronics — 2.3%** | **Electronics — 2.3%** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20625 | &nbsp;&nbsp;&nbsp;&nbsp; 1200169 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34887 | &nbsp;&nbsp;&nbsp;&nbsp; 1553169 |
| &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;32174 | &nbsp;&nbsp;&nbsp;&nbsp; 629645 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;39208 | &nbsp;&nbsp;&nbsp;&nbsp; 837091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220074 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47249 | &nbsp;&nbsp;&nbsp;&nbsp; 1762388 |
| **Food — 5.0%** | **Food — 5.0%** | **Food — 5.0%** |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46974 | &nbsp;&nbsp;&nbsp;&nbsp; 5240889 |
| &nbsp;&nbsp;&nbsp;Nomad Foods, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;153032 | &nbsp;&nbsp;&nbsp;&nbsp; 2378117 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;36333 | &nbsp;&nbsp;&nbsp;&nbsp; 1460950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9079956 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68457 | &nbsp;&nbsp;&nbsp;&nbsp; 1115165 |
| **Hand/Machine Tools — 3.4%** | **Hand/Machine Tools — 3.4%** | **Hand/Machine Tools — 3.4%** |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64407 | &nbsp;&nbsp;&nbsp;&nbsp; 6302869 |
| **Healthcare-Products — 2.7%** | **Healthcare-Products — 2.7%** | **Healthcare-Products — 2.7%** |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24558 | &nbsp;&nbsp;&nbsp;&nbsp; 750001 |
| &nbsp;&nbsp;&nbsp;CONMED Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;&nbsp;&nbsp; 482499 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;21466 | &nbsp;&nbsp;&nbsp;&nbsp; 663300 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9613 | &nbsp;&nbsp;&nbsp;&nbsp; 588989 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;27765 | &nbsp;&nbsp;&nbsp;&nbsp; 1514303 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;85538 | &nbsp;&nbsp;&nbsp;&nbsp; 987964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987056 |
| **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;Ardent Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;25773 | &nbsp;&nbsp;&nbsp;&nbsp; 327059 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 591214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918273 |
| **Household Products/Wares — 3.1%** | **Household Products/Wares — 3.1%** | **Household Products/Wares — 3.1%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;236915 | &nbsp;&nbsp;&nbsp;&nbsp; 952398 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.† | &nbsp;&nbsp;&nbsp;&nbsp;36118 | &nbsp;&nbsp;&nbsp;&nbsp; 1315779 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;48758 | &nbsp;&nbsp;&nbsp;&nbsp; 1610477 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;86967 | &nbsp;&nbsp;&nbsp;&nbsp; 1849788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728442 |
| **Insurance — 5.5%** | **Insurance — 5.5%** | **Insurance — 5.5%** |
| &nbsp;&nbsp;&nbsp;Abacus Global Management, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;47209 | &nbsp;&nbsp;&nbsp;&nbsp; 337544 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33927 | &nbsp;&nbsp;&nbsp;&nbsp; 1339099 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15582 | &nbsp;&nbsp;&nbsp;&nbsp; 2703165 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53424 | &nbsp;&nbsp;&nbsp;&nbsp; 3891404 |
| &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; 1745992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10017204 |
| **Internet — 0.8%** | **Internet — 0.8%** | **Internet — 0.8%** |
| &nbsp;&nbsp;&nbsp;Angi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925 | &nbsp;&nbsp;&nbsp;&nbsp; 158151 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18026 | &nbsp;&nbsp;&nbsp;&nbsp; 660112 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16448 | &nbsp;&nbsp;&nbsp;&nbsp; 628478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446741 |

---

------

#### VALIC Company I Small Cap Special Values Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;137434 | &nbsp;&nbsp;$1030755 |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9896 | &nbsp;&nbsp;&nbsp;&nbsp; 849671 |
| **Machinery-Diversified — 3.5%** | **Machinery-Diversified — 3.5%** | **Machinery-Diversified — 3.5%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17620 | &nbsp;&nbsp;&nbsp;&nbsp; 3725925 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4434 | &nbsp;&nbsp;&nbsp;&nbsp; 1212876 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;56740 | &nbsp;&nbsp;&nbsp;&nbsp; 1450275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6389076 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35023 | &nbsp;&nbsp;&nbsp;&nbsp; 450396 |
| **Metal Fabricate/Hardware — 5.9%** | **Metal Fabricate/Hardware — 5.9%** | **Metal Fabricate/Hardware — 5.9%** |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;227377 | &nbsp;&nbsp;&nbsp;&nbsp; 2246485 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;95894 | &nbsp;&nbsp;&nbsp;&nbsp; 992503 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;63286 | &nbsp;&nbsp;&nbsp;&nbsp; 923976 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58175 | &nbsp;&nbsp;&nbsp;&nbsp; 5581309 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5548 | &nbsp;&nbsp;&nbsp;&nbsp; 1132180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10876453 |
| **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73158 | &nbsp;&nbsp;&nbsp;&nbsp; 1224665 |
| **Oil & Gas — 3.8%** | **Oil & Gas — 3.8%** | **Oil & Gas — 3.8%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81914 | &nbsp;&nbsp;&nbsp;&nbsp; 273593 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24444 | &nbsp;&nbsp;&nbsp;&nbsp; 2686151 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;89844 | &nbsp;&nbsp;&nbsp;&nbsp; 2235318 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45569 | &nbsp;&nbsp;&nbsp;&nbsp; 1192085 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;108680 | &nbsp;&nbsp;&nbsp;&nbsp; 631431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018578 |
| **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; 266536 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61591 | &nbsp;&nbsp;&nbsp;&nbsp; 692899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959435 |
| **Packaging & Containers — 3.8%** | **Packaging & Containers — 3.8%** | **Packaging & Containers — 3.8%** |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78545 | &nbsp;&nbsp;&nbsp;&nbsp; 3685331 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83318 | &nbsp;&nbsp;&nbsp;&nbsp; 3221907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907238 |
| **REITS — 3.5%** | **REITS — 3.5%** | **REITS — 3.5%** |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;117777 | &nbsp;&nbsp;&nbsp;&nbsp; 850350 |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;219475 | &nbsp;&nbsp;&nbsp;&nbsp; 2142076 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15278 | &nbsp;&nbsp;&nbsp;&nbsp; 1111321 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;23059 | &nbsp;&nbsp;&nbsp;&nbsp; 393848 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14507 | &nbsp;&nbsp;&nbsp;&nbsp; 527910 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141396 | &nbsp;&nbsp;&nbsp;&nbsp; 1413960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6439465 |
| **Retail — 1.3%** | **Retail — 1.3%** | **Retail — 1.3%** |
| &nbsp;&nbsp;&nbsp;Denny's Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;185574 | &nbsp;&nbsp;&nbsp;&nbsp; 848073 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107 | &nbsp;&nbsp;&nbsp;&nbsp; 741026 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22360 | &nbsp;&nbsp;&nbsp;&nbsp; 826649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415748 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp; 364714 |
| **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| &nbsp;&nbsp;&nbsp;Genius Sports, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;71043 | &nbsp;&nbsp;&nbsp;&nbsp; 908640 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31980 | &nbsp;&nbsp;&nbsp;&nbsp; 1480354 |
| &nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18177 | &nbsp;&nbsp;&nbsp;&nbsp; 109426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498420 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;$0 |
| **Telecommunications — 0.5%** | **Telecommunications — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;61198 | &nbsp;&nbsp;&nbsp;&nbsp; 981616 |
| **Transportation — 1.0%** | **Transportation — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61335 | &nbsp;&nbsp;&nbsp;&nbsp; 1769515 |
| **Total Common Stocks<br> (cost $161,162,459)** |  | &nbsp;&nbsp;&nbsp;&nbsp;178135251 |
| **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 $161,162,459)** |  | &nbsp;&nbsp;&nbsp;&nbsp;178135251 |
| **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> 4.23%(3) | 5013681 | &nbsp;&nbsp;&nbsp;&nbsp; 5013681 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(3)(4) | 1260388 | &nbsp;&nbsp;&nbsp;&nbsp; 1260388 |
| **Total Short-Term Investments<br> (cost $6,274,069)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274069 |
| **TOTAL INVESTMENTS<br> (cost $167,436,528)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.6% | &nbsp;&nbsp;&nbsp;&nbsp;184409320 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1089608) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$183319712 |

---

# The security or a portion thereof is out on loan. <br> † Non-income producing security

------

#### VALIC Company I Small Cap Special Values Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

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

(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 1. 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 August 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. | 07/26/22 | 15102 | $0 | $0 | $0.00 | 0.0% |

---

(3) The rate shown is the 7-day yield as of August 31, 2025.

(4) At August 31, 2025, the Fund had loaned securities with a total value of $10,888,730. This was secured by collateral of $1,260,388, which was received in cash and
subsequently invested in short-term investments currently valued at $1,260,388 as reported in the Portfolio of Investments. Additional collateral of $9,903,799 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$10913 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;125530 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10896 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59725 |
| United States Treasury Bills | 0.00% | 10/09/2025 to 04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;307402 |
| United States Treasury Notes/Bonds | 0.00% to 5.38% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;9389333 |

---

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;$3196896 | &nbsp;&nbsp;$8760 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$3205656 |
| &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;174929595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;174929595 |
| 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;6274069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274069 |
| **Total Investments at Value** | &nbsp;&nbsp;$184400560 | &nbsp;&nbsp;$8760 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$184409320 |

---

\* 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 Portfolio of Investments

------

#### VALIC Company I Small Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;61361 | &nbsp;&nbsp;$346076 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8756 | &nbsp;&nbsp;&nbsp;&nbsp; 231946 |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871 | &nbsp;&nbsp;&nbsp;&nbsp; 199224 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;46668 | &nbsp;&nbsp;&nbsp;&nbsp; 686953 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11413 | &nbsp;&nbsp;&nbsp;&nbsp; 414063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300240 |
| **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11458 | &nbsp;&nbsp;&nbsp;&nbsp; 1391001 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;62006 | &nbsp;&nbsp;&nbsp;&nbsp; 1276704 |
| **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;7394 | &nbsp;&nbsp;&nbsp;&nbsp; 431736 |
| **Auto Parts & Equipment — 2.4%** | **Auto Parts & Equipment — 2.4%** | **Auto Parts & Equipment — 2.4%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;65038 | &nbsp;&nbsp;&nbsp;&nbsp; 1612942 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18511 | &nbsp;&nbsp;&nbsp;&nbsp; 104217 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51431 | &nbsp;&nbsp;&nbsp;&nbsp; 1036849 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82297 | &nbsp;&nbsp;&nbsp;&nbsp; 1069038 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;96562 | &nbsp;&nbsp;&nbsp;&nbsp; 818846 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15105 | &nbsp;&nbsp;&nbsp;&nbsp; 883340 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;28169 | &nbsp;&nbsp;&nbsp;&nbsp; 248451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773683 |
| **Banks — 17.6%** | **Banks — 17.6%** | **Banks — 17.6%** |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 | &nbsp;&nbsp;&nbsp;&nbsp; 169489 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp; 152539 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15467 | &nbsp;&nbsp;&nbsp;&nbsp; 332540 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;20740 | &nbsp;&nbsp;&nbsp;&nbsp; 1519827 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613 | &nbsp;&nbsp;&nbsp;&nbsp; 124413 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5845 | &nbsp;&nbsp;&nbsp;&nbsp; 208842 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34097 | &nbsp;&nbsp;&nbsp;&nbsp; 1538457 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18290 | &nbsp;&nbsp;&nbsp;&nbsp; 716785 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; 52471 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959 | &nbsp;&nbsp;&nbsp;&nbsp; 48468 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177 | &nbsp;&nbsp;&nbsp;&nbsp; 138370 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18648 | &nbsp;&nbsp;&nbsp;&nbsp; 466386 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31369 | &nbsp;&nbsp;&nbsp;&nbsp; 906878 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7224 | &nbsp;&nbsp;&nbsp;&nbsp; 271911 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599 | &nbsp;&nbsp;&nbsp;&nbsp; 157852 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10736 | &nbsp;&nbsp;&nbsp;&nbsp; 336252 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp; 88044 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086 | &nbsp;&nbsp;&nbsp;&nbsp; 212743 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369 | &nbsp;&nbsp;&nbsp;&nbsp; 196817 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42670 | &nbsp;&nbsp;&nbsp;&nbsp; 1092352 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22946 | &nbsp;&nbsp;&nbsp;&nbsp; 1644999 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10014 | &nbsp;&nbsp;&nbsp;&nbsp; 201582 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5871 | &nbsp;&nbsp;&nbsp;&nbsp; 180592 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75839 | &nbsp;&nbsp;&nbsp;&nbsp; 1297605 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26110 | &nbsp;&nbsp;&nbsp;&nbsp; 1598976 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23731 | &nbsp;&nbsp;&nbsp;&nbsp; 961817 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628 | &nbsp;&nbsp;&nbsp;&nbsp; 194751 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16384 | &nbsp;&nbsp;&nbsp;&nbsp; 453345 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;36590 | &nbsp;&nbsp;&nbsp;&nbsp; 813396 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp; 108828 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 | &nbsp;&nbsp;&nbsp;&nbsp; 76378 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8150 | &nbsp;&nbsp;&nbsp;&nbsp; 215812 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8091 | &nbsp;&nbsp;&nbsp;&nbsp; 477369 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 | &nbsp;&nbsp;&nbsp;&nbsp; 155682 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22841 | &nbsp;&nbsp;$948358 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15766 | &nbsp;&nbsp;&nbsp;&nbsp; 637577 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14253 | &nbsp;&nbsp;&nbsp;&nbsp; 896799 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17720 | &nbsp;&nbsp;&nbsp;&nbsp; 445835 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | &nbsp;&nbsp;&nbsp;&nbsp; 53801 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85033 | &nbsp;&nbsp;&nbsp;&nbsp; 878391 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25921 | &nbsp;&nbsp;&nbsp;&nbsp; 909309 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14602 | &nbsp;&nbsp;&nbsp;&nbsp; 434555 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 | &nbsp;&nbsp;&nbsp;&nbsp; 619205 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10636 | &nbsp;&nbsp;&nbsp;&nbsp; 523823 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718 | &nbsp;&nbsp;&nbsp;&nbsp; 250218 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9460 | &nbsp;&nbsp;&nbsp;&nbsp; 751029 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361 | &nbsp;&nbsp;&nbsp;&nbsp; 71161 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921 | &nbsp;&nbsp;&nbsp;&nbsp; 72225 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129 | &nbsp;&nbsp;&nbsp;&nbsp; 215581 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566 | &nbsp;&nbsp;&nbsp;&nbsp; 139859 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034 | &nbsp;&nbsp;&nbsp;&nbsp; 191257 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;21733 | &nbsp;&nbsp;&nbsp;&nbsp; 972552 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;91907 | &nbsp;&nbsp;&nbsp;&nbsp; 2103751 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52572 | &nbsp;&nbsp;&nbsp;&nbsp; 970479 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | &nbsp;&nbsp;&nbsp;&nbsp; 311742 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp; 102041 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12085 | &nbsp;&nbsp;&nbsp;&nbsp; 960395 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7927 | &nbsp;&nbsp;&nbsp;&nbsp; 229962 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 93331 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17115 | &nbsp;&nbsp;&nbsp;&nbsp; 1341474 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19219 | &nbsp;&nbsp;&nbsp;&nbsp; 752039 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;18690 | &nbsp;&nbsp;&nbsp;&nbsp; 581446 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp; 107065 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903 | &nbsp;&nbsp;&nbsp;&nbsp; 106976 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19787 | &nbsp;&nbsp;&nbsp;&nbsp; 803946 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11029 | &nbsp;&nbsp;&nbsp;&nbsp; 344546 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5903 | &nbsp;&nbsp;&nbsp;&nbsp; 602460 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081 | &nbsp;&nbsp;&nbsp;&nbsp; 699572 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;12139 | &nbsp;&nbsp;&nbsp;&nbsp; 445380 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 | &nbsp;&nbsp;&nbsp;&nbsp; 357592 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822 | &nbsp;&nbsp;&nbsp;&nbsp; 153912 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9428 | &nbsp;&nbsp;&nbsp;&nbsp; 1149273 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11405 | &nbsp;&nbsp;&nbsp;&nbsp; 437268 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022 | &nbsp;&nbsp;&nbsp;&nbsp; 100935 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 40885 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474 | &nbsp;&nbsp;&nbsp;&nbsp; 173362 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25624 | &nbsp;&nbsp;&nbsp;&nbsp; 880184 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;&nbsp; 855178 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19006 | &nbsp;&nbsp;&nbsp;&nbsp; 623397 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045 | &nbsp;&nbsp;&nbsp;&nbsp; 555338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42008032 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11683 | &nbsp;&nbsp;&nbsp;&nbsp; 345466 |
| **Biotechnology — 4.1%** | **Biotechnology — 4.1%** | **Biotechnology — 4.1%** |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621 | &nbsp;&nbsp;&nbsp;&nbsp; 262669 |
| &nbsp;&nbsp;&nbsp;Alumis Inc† | &nbsp;&nbsp;&nbsp;&nbsp;29667 | &nbsp;&nbsp;&nbsp;&nbsp; 137655 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9142 | &nbsp;&nbsp;&nbsp;&nbsp; 854777 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32644 | &nbsp;&nbsp;&nbsp;&nbsp; 109684 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28879 | &nbsp;&nbsp;&nbsp;&nbsp; 346259 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp; 207980 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;27836 | &nbsp;&nbsp;&nbsp;&nbsp; 455397 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 10850 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10516 | &nbsp;&nbsp;&nbsp;&nbsp; 232193 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;237899 | &nbsp;&nbsp;&nbsp;&nbsp; 830268 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG† | &nbsp;&nbsp;&nbsp;&nbsp;21003 | &nbsp;&nbsp;&nbsp;&nbsp; 1088585 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;38575 | &nbsp;&nbsp;&nbsp;&nbsp; 159700 |

---

------

#### VALIC Company I Small Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9023 | &nbsp;&nbsp;$318783 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7112 | &nbsp;&nbsp;&nbsp;&nbsp; 108600 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;51555 | &nbsp;&nbsp;&nbsp;&nbsp; 521737 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;146716 | &nbsp;&nbsp;&nbsp;&nbsp; 230344 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;14122 | &nbsp;&nbsp;&nbsp;&nbsp; 160355 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;67297 | &nbsp;&nbsp;&nbsp;&nbsp; 676133 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9297 | &nbsp;&nbsp;&nbsp;&nbsp; 458621 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48595 | &nbsp;&nbsp;&nbsp;&nbsp; 174456 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;173412 | &nbsp;&nbsp;&nbsp;&nbsp; 530641 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22507 | &nbsp;&nbsp;&nbsp;&nbsp; 367539 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30250 | &nbsp;&nbsp;&nbsp;&nbsp; 529375 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;26699 | &nbsp;&nbsp;&nbsp;&nbsp; 490728 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;41175 | &nbsp;&nbsp;&nbsp;&nbsp; 395280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9658609 |
| **Building Materials — 1.9%** | **Building Materials — 1.9%** | **Building Materials — 1.9%** |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11854 | &nbsp;&nbsp;&nbsp;&nbsp; 521280 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8959 | &nbsp;&nbsp;&nbsp;&nbsp; 779433 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp; 61463 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15156 | &nbsp;&nbsp;&nbsp;&nbsp; 1154281 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577 | &nbsp;&nbsp;&nbsp;&nbsp; 1303717 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7340 | &nbsp;&nbsp;&nbsp;&nbsp; 741120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561294 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12013 | &nbsp;&nbsp;&nbsp;&nbsp; 449286 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;&nbsp; 72702 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;22971 | &nbsp;&nbsp;&nbsp;&nbsp; 1402379 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6972 | &nbsp;&nbsp;&nbsp;&nbsp; 610677 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52473 | &nbsp;&nbsp;&nbsp;&nbsp; 659586 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949 | &nbsp;&nbsp;&nbsp;&nbsp; 258462 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;54799 | &nbsp;&nbsp;&nbsp;&nbsp; 1226950 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184 | &nbsp;&nbsp;&nbsp;&nbsp; 606973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287015 |
| **Coal — 0.9%** | **Coal — 0.9%** | **Coal — 0.9%** |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp; 370037 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57302 | &nbsp;&nbsp;&nbsp;&nbsp; 997055 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14944 | &nbsp;&nbsp;&nbsp;&nbsp; 115368 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11638 | &nbsp;&nbsp;&nbsp;&nbsp; 711547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194007 |
| **Commercial Services — 2.4%** | **Commercial Services — 2.4%** | **Commercial Services — 2.4%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31399 | &nbsp;&nbsp;&nbsp;&nbsp; 1543889 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624 | &nbsp;&nbsp;&nbsp;&nbsp; 212663 |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16458 | &nbsp;&nbsp;&nbsp;&nbsp; 63857 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;11285 | &nbsp;&nbsp;&nbsp;&nbsp; 402649 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12139 | &nbsp;&nbsp;&nbsp;&nbsp; 592383 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;34154 | &nbsp;&nbsp;&nbsp;&nbsp; 533144 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344 | &nbsp;&nbsp;&nbsp;&nbsp; 474769 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14198 | &nbsp;&nbsp;&nbsp;&nbsp; 576155 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp; 200549 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26255 | &nbsp;&nbsp;&nbsp;&nbsp; 721487 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879 | &nbsp;&nbsp;&nbsp;&nbsp; 126998 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723 | &nbsp;&nbsp;&nbsp;&nbsp; 201678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650221 |
| **Computers — 1.6%** | **Computers — 1.6%** | **Computers — 1.6%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14769 | &nbsp;&nbsp;&nbsp;&nbsp; 801218 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;23586 | &nbsp;&nbsp;&nbsp;&nbsp; 368413 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216 | &nbsp;&nbsp;&nbsp;&nbsp; 809075 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27527 | &nbsp;&nbsp;&nbsp;&nbsp; 416346 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;38761 | &nbsp;&nbsp;&nbsp;&nbsp; 629091 |

---

---

| | | |
|:---|:---|:---|
| **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;66758 | &nbsp;&nbsp;$261024 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 494500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779667 |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6426 | &nbsp;&nbsp;&nbsp;&nbsp; 437225 |
| **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12760 | &nbsp;&nbsp;&nbsp;&nbsp; 129642 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41402 | &nbsp;&nbsp;&nbsp;&nbsp; 624342 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;49833 | &nbsp;&nbsp;&nbsp;&nbsp; 1696814 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15753 | &nbsp;&nbsp;&nbsp;&nbsp; 904222 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738 | &nbsp;&nbsp;&nbsp;&nbsp; 1041602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396622 |
| **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;30656 | &nbsp;&nbsp;&nbsp;&nbsp; 300735 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36384 | &nbsp;&nbsp;&nbsp;&nbsp; 509376 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11431 | &nbsp;&nbsp;&nbsp;&nbsp; 430377 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8524 | &nbsp;&nbsp;&nbsp;&nbsp; 1033961 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;17714 | &nbsp;&nbsp;&nbsp;&nbsp; 304327 |
| &nbsp;&nbsp;&nbsp;Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5191 | &nbsp;&nbsp;&nbsp;&nbsp; 183554 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 | &nbsp;&nbsp;&nbsp;&nbsp; 559180 |
| &nbsp;&nbsp;&nbsp;Navient Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;28388 | &nbsp;&nbsp;&nbsp;&nbsp; 389200 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | &nbsp;&nbsp;&nbsp;&nbsp; 410909 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6491 | &nbsp;&nbsp;&nbsp;&nbsp; 714659 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17301 | &nbsp;&nbsp;&nbsp;&nbsp; 603459 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp; 379766 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp; 391781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6211284 |
| **Electric — 2.6%** | **Electric — 2.6%** | **Electric — 2.6%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 | &nbsp;&nbsp;&nbsp;&nbsp; 113932 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10357 | &nbsp;&nbsp;&nbsp;&nbsp; 619452 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14469 | &nbsp;&nbsp;&nbsp;&nbsp; 407881 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp; 92858 |
| &nbsp;&nbsp;&nbsp;Genie Energy, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;10541 | &nbsp;&nbsp;&nbsp;&nbsp; 161277 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8817 | &nbsp;&nbsp;&nbsp;&nbsp; 1103007 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718 | &nbsp;&nbsp;&nbsp;&nbsp; 328842 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955 | &nbsp;&nbsp;&nbsp;&nbsp; 733086 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp; 212915 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;32089 | &nbsp;&nbsp;&nbsp;&nbsp; 1372768 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22374 | &nbsp;&nbsp;&nbsp;&nbsp; 1050683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196701 |
| **Electrical Components & Equipment — 0.6%** | **Electrical Components & Equipment — 0.6%** | **Electrical Components & Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;11556 | &nbsp;&nbsp;&nbsp;&nbsp; 1186223 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp;&nbsp;&nbsp; 166349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352572 |
| **Electronics — 2.5%** | **Electronics — 2.5%** | **Electronics — 2.5%** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12922 | &nbsp;&nbsp;&nbsp;&nbsp; 751931 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12494 | &nbsp;&nbsp;&nbsp;&nbsp; 507131 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp; 102188 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;67500 | &nbsp;&nbsp;&nbsp;&nbsp; 1441125 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359 | &nbsp;&nbsp;&nbsp;&nbsp; 460217 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;18776 | &nbsp;&nbsp;&nbsp;&nbsp; 2206556 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp; 88561 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20527 | &nbsp;&nbsp;&nbsp;&nbsp; 317347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875056 |
| **Engineering & Construction — 1.9%** | **Engineering & Construction — 1.9%** | **Engineering & Construction — 1.9%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8466 | &nbsp;&nbsp;&nbsp;&nbsp; 837711 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;14804 | &nbsp;&nbsp;&nbsp;&nbsp; 607260 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6253 | &nbsp;&nbsp;&nbsp;&nbsp; 1170999 |

---

------

#### VALIC Company I Small Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7959 | &nbsp;&nbsp;$943540 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16829 | &nbsp;&nbsp;&nbsp;&nbsp; 991901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551411 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;92493 | &nbsp;&nbsp;&nbsp;&nbsp; 259905 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC | &nbsp;&nbsp;&nbsp;&nbsp;46893 | &nbsp;&nbsp;&nbsp;&nbsp; 780300 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3825 | &nbsp;&nbsp;&nbsp;&nbsp; 98685 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825 | &nbsp;&nbsp;&nbsp;&nbsp; 455224 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;10742 | &nbsp;&nbsp;&nbsp;&nbsp; 564814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158928 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248 | &nbsp;&nbsp;&nbsp;&nbsp; 259959 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9107 | &nbsp;&nbsp;&nbsp;&nbsp; 167022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426981 |
| **Gas — 1.8%** | **Gas — 1.8%** | **Gas — 1.8%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029 | &nbsp;&nbsp;&nbsp;&nbsp; 621484 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14372 | &nbsp;&nbsp;&nbsp;&nbsp; 679652 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31012 | &nbsp;&nbsp;&nbsp;&nbsp; 2477238 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223 | &nbsp;&nbsp;&nbsp;&nbsp; 476682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255056 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18930 | &nbsp;&nbsp;&nbsp;&nbsp; 405670 |
| **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;51416 | &nbsp;&nbsp;&nbsp;&nbsp; 720338 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;43824 | &nbsp;&nbsp;&nbsp;&nbsp; 696802 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23103 | &nbsp;&nbsp;&nbsp;&nbsp; 435260 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;&nbsp;&nbsp; 114320 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;31901 | &nbsp;&nbsp;&nbsp;&nbsp; 1039654 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39721 | &nbsp;&nbsp;&nbsp;&nbsp; 131476 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24742 | &nbsp;&nbsp;&nbsp;&nbsp; 370635 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;26107 | &nbsp;&nbsp;&nbsp;&nbsp; 301536 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810021 |
| **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30723 | &nbsp;&nbsp;&nbsp;&nbsp; 242097 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182 | &nbsp;&nbsp;&nbsp;&nbsp; 92715 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;62532 | &nbsp;&nbsp;&nbsp;&nbsp; 1076176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410988 |
| **Home Builders — 2.2%** | **Home Builders — 2.2%** | **Home Builders — 2.2%** |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5392 | &nbsp;&nbsp;&nbsp;&nbsp; 355225 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438 | &nbsp;&nbsp;&nbsp;&nbsp; 449630 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8763 | &nbsp;&nbsp;&nbsp;&nbsp; 556889 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8233 | &nbsp;&nbsp;&nbsp;&nbsp; 1212392 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10166 | &nbsp;&nbsp;&nbsp;&nbsp; 789796 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8088 | &nbsp;&nbsp;&nbsp;&nbsp; 544889 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40610 | &nbsp;&nbsp;&nbsp;&nbsp; 1434751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343572 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;26053 | &nbsp;&nbsp;&nbsp;&nbsp; 452019 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25054 | &nbsp;&nbsp;&nbsp;&nbsp; 528890 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;68288 | &nbsp;&nbsp;&nbsp;&nbsp; 409728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390637 |

---

---

| | | |
|:---|:---|:---|
| **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;15817 | &nbsp;&nbsp;$63584 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17186 | &nbsp;&nbsp;&nbsp;&nbsp; 567654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631238 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31168 | &nbsp;&nbsp;&nbsp;&nbsp; 1230201 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21139 | &nbsp;&nbsp;&nbsp;&nbsp; 1326261 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26787 | &nbsp;&nbsp;&nbsp;&nbsp; 468237 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;21305 | &nbsp;&nbsp;&nbsp;&nbsp; 507911 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674 | &nbsp;&nbsp;&nbsp;&nbsp; 83657 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16475 | &nbsp;&nbsp;&nbsp;&nbsp; 1627730 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19253 | &nbsp;&nbsp;&nbsp;&nbsp; 757605 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731 | &nbsp;&nbsp;&nbsp;&nbsp; 252701 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 | &nbsp;&nbsp;&nbsp;&nbsp; 353028 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp; 120396 |
| &nbsp;&nbsp;&nbsp;SiriusPoint, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9781 | &nbsp;&nbsp;&nbsp;&nbsp; 183100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910827 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;18414 | &nbsp;&nbsp;&nbsp;&nbsp; 240303 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp; 58800 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;63647 | &nbsp;&nbsp;&nbsp;&nbsp; 485626 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904 | &nbsp;&nbsp;&nbsp;&nbsp; 60781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845510 |
| **Investment Companies — 1.4%** | **Investment Companies — 1.4%** | **Investment Companies — 1.4%** |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;10935 | &nbsp;&nbsp;&nbsp;&nbsp; 82013 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;22921 | &nbsp;&nbsp;&nbsp;&nbsp; 647289 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;39707 | &nbsp;&nbsp;&nbsp;&nbsp; 1061368 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;34603 | &nbsp;&nbsp;&nbsp;&nbsp; 552956 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;64792 | &nbsp;&nbsp;&nbsp;&nbsp; 891538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235164 |
| **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;25489 | &nbsp;&nbsp;&nbsp;&nbsp; 1469951 |
| **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12616 | &nbsp;&nbsp;&nbsp;&nbsp; 352239 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;100077 | &nbsp;&nbsp;&nbsp;&nbsp; 760585 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6118 | &nbsp;&nbsp;&nbsp;&nbsp; 346156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458980 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10610 | &nbsp;&nbsp;&nbsp;&nbsp; 529863 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;36706 | &nbsp;&nbsp;&nbsp;&nbsp; 618496 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9287 | &nbsp;&nbsp;&nbsp;&nbsp; 246291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864787 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;12188 | &nbsp;&nbsp;&nbsp;&nbsp; 86047 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;23114 | &nbsp;&nbsp;&nbsp;&nbsp; 141689 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15844 | &nbsp;&nbsp;&nbsp;&nbsp; 406557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634293 |
| **Metal Fabricate/Hardware — 0.5%** | **Metal Fabricate/Hardware — 0.5%** | **Metal Fabricate/Hardware — 0.5%** |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;55105 | &nbsp;&nbsp;&nbsp;&nbsp; 544438 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044 | &nbsp;&nbsp;&nbsp;&nbsp; 579861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124299 |
| **Mining — 2.1%** | **Mining — 2.1%** | **Mining — 2.1%** |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 120030 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;102047 | &nbsp;&nbsp;&nbsp;&nbsp; 1341918 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;72170 | &nbsp;&nbsp;&nbsp;&nbsp; 1045743 |

---

------

#### VALIC Company I Small Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Energy Fuels, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;54570 | &nbsp;&nbsp;$630829 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;111380 | &nbsp;&nbsp;&nbsp;&nbsp; 947844 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26310 | &nbsp;&nbsp;&nbsp;&nbsp; 508046 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;29029 | &nbsp;&nbsp;&nbsp;&nbsp; 310320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904730 |
| **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13221 | &nbsp;&nbsp;&nbsp;&nbsp; 335681 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6275 | &nbsp;&nbsp;&nbsp;&nbsp; 695270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030951 |
| **Multi-National — 0.2%** | **Multi-National — 0.2%** | **Multi-National — 0.2%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998 | &nbsp;&nbsp;&nbsp;&nbsp; 461208 |
| **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;38124 | &nbsp;&nbsp;&nbsp;&nbsp; 638196 |
| **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19903 | &nbsp;&nbsp;&nbsp;&nbsp; 66476 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092 | &nbsp;&nbsp;&nbsp;&nbsp; 339780 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6034 | &nbsp;&nbsp;&nbsp;&nbsp; 176193 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp;&nbsp; 759815 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9643 | &nbsp;&nbsp;&nbsp;&nbsp; 239918 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;15624 | &nbsp;&nbsp;&nbsp;&nbsp; 786825 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28211 | &nbsp;&nbsp;&nbsp;&nbsp; 701325 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677 | &nbsp;&nbsp;&nbsp;&nbsp; 221251 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13296 | &nbsp;&nbsp;&nbsp;&nbsp; 560027 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21934 | &nbsp;&nbsp;&nbsp;&nbsp; 759794 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;78273 | &nbsp;&nbsp;&nbsp;&nbsp; 454766 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236 | &nbsp;&nbsp;&nbsp;&nbsp; 143047 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;10209 | &nbsp;&nbsp;&nbsp;&nbsp; 291467 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;222525 | &nbsp;&nbsp;&nbsp;&nbsp; 674251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6174935 |
| **Oil & Gas Services — 1.8%** | **Oil & Gas Services — 1.8%** | **Oil & Gas Services — 1.8%** |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13572 | &nbsp;&nbsp;&nbsp;&nbsp; 522658 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10151 | &nbsp;&nbsp;&nbsp;&nbsp; 68012 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;56950 | &nbsp;&nbsp;&nbsp;&nbsp; 911200 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;15257 | &nbsp;&nbsp;&nbsp;&nbsp; 190255 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15630 | &nbsp;&nbsp;&nbsp;&nbsp; 413413 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10964 | &nbsp;&nbsp;&nbsp;&nbsp; 72253 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70424 | &nbsp;&nbsp;&nbsp;&nbsp; 792270 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21571 | &nbsp;&nbsp;&nbsp;&nbsp; 51123 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6154 | &nbsp;&nbsp;&nbsp;&nbsp; 150158 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;64965 | &nbsp;&nbsp;&nbsp;&nbsp; 363804 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;57242 | &nbsp;&nbsp;&nbsp;&nbsp; 291934 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25889 | &nbsp;&nbsp;&nbsp;&nbsp; 369436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196516 |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12602 | &nbsp;&nbsp;&nbsp;&nbsp; 823037 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;50572 | &nbsp;&nbsp;&nbsp;&nbsp; 656930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479967 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15268 | &nbsp;&nbsp;&nbsp;&nbsp; 575756 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;110054 | &nbsp;&nbsp;&nbsp;&nbsp; 345570 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451 | &nbsp;&nbsp;&nbsp;&nbsp; 182714 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13794 | &nbsp;&nbsp;&nbsp;&nbsp; 115870 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13917 | &nbsp;&nbsp;&nbsp;&nbsp; 234501 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41418 | &nbsp;&nbsp;&nbsp;&nbsp; 1187868 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;67866 | &nbsp;&nbsp;&nbsp;&nbsp; 694269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336548 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14297 | &nbsp;&nbsp;$349133 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC† | &nbsp;&nbsp;&nbsp;&nbsp;25190 | &nbsp;&nbsp;&nbsp;&nbsp; 397246 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36667 | &nbsp;&nbsp;&nbsp;&nbsp; 667706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064952 |
| **REITS — 10.9%** | **REITS — 10.9%** | **REITS — 10.9%** |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29924 | &nbsp;&nbsp;&nbsp;&nbsp; 216051 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp; 88452 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55098 | &nbsp;&nbsp;&nbsp;&nbsp; 1065595 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18906 | &nbsp;&nbsp;&nbsp;&nbsp; 395135 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp; 57980 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11215 | &nbsp;&nbsp;&nbsp;&nbsp; 81645 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110832 | &nbsp;&nbsp;&nbsp;&nbsp; 642826 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82029 | &nbsp;&nbsp;&nbsp;&nbsp; 1524919 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37321 | &nbsp;&nbsp;&nbsp;&nbsp; 1284216 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;74174 | &nbsp;&nbsp;&nbsp;&nbsp; 565948 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12619 | &nbsp;&nbsp;&nbsp;&nbsp; 87450 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5434 | &nbsp;&nbsp;&nbsp;&nbsp; 83738 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;51599 | &nbsp;&nbsp;&nbsp;&nbsp; 1485019 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24985 | &nbsp;&nbsp;&nbsp;&nbsp; 562912 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;99070 | &nbsp;&nbsp;&nbsp;&nbsp; 848039 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;67738 | &nbsp;&nbsp;&nbsp;&nbsp; 518196 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42776 | &nbsp;&nbsp;&nbsp;&nbsp; 1339744 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp;&nbsp;&nbsp; 98719 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583 | &nbsp;&nbsp;&nbsp;&nbsp; 159618 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42260 | &nbsp;&nbsp;&nbsp;&nbsp; 765329 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21233 | &nbsp;&nbsp;&nbsp;&nbsp; 632106 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;46553 | &nbsp;&nbsp;&nbsp;&nbsp; 1062339 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32822 | &nbsp;&nbsp;&nbsp;&nbsp; 316076 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141661 | &nbsp;&nbsp;&nbsp;&nbsp; 1646101 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;103183 | &nbsp;&nbsp;&nbsp;&nbsp; 936902 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;19110 | &nbsp;&nbsp;&nbsp;&nbsp; 351624 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12958 | &nbsp;&nbsp;&nbsp;&nbsp; 242055 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;34359 | &nbsp;&nbsp;&nbsp;&nbsp; 247385 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31530 | &nbsp;&nbsp;&nbsp;&nbsp; 1109541 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92411 | &nbsp;&nbsp;&nbsp;&nbsp; 782721 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18140 | &nbsp;&nbsp;&nbsp;&nbsp; 399080 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43278 | &nbsp;&nbsp;&nbsp;&nbsp; 1818974 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22748 | &nbsp;&nbsp;&nbsp;&nbsp; 139218 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust# | &nbsp;&nbsp;&nbsp;&nbsp;24861 | &nbsp;&nbsp;&nbsp;&nbsp; 191430 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp;&nbsp; 687084 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34292 | &nbsp;&nbsp;&nbsp;&nbsp; 655320 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11876 | &nbsp;&nbsp;&nbsp;&nbsp; 675626 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8261 | &nbsp;&nbsp;&nbsp;&nbsp; 300618 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37031 | &nbsp;&nbsp;&nbsp;&nbsp; 346240 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7606 | &nbsp;&nbsp;&nbsp;&nbsp; 119338 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12885 | &nbsp;&nbsp;&nbsp;&nbsp; 202681 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78986 | &nbsp;&nbsp;&nbsp;&nbsp; 1116072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25850062 |
| **Retail — 3.4%** | **Retail — 3.4%** | **Retail — 3.4%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691 | &nbsp;&nbsp;&nbsp;&nbsp; 530064 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37242 | &nbsp;&nbsp;&nbsp;&nbsp; 481911 |
| &nbsp;&nbsp;&nbsp;Arko Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;49708 | &nbsp;&nbsp;&nbsp;&nbsp; 248540 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257 | &nbsp;&nbsp;&nbsp;&nbsp; 819266 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp; 475320 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5879 | &nbsp;&nbsp;&nbsp;&nbsp; 197299 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373 | &nbsp;&nbsp;&nbsp;&nbsp; 196034 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;157824 | &nbsp;&nbsp;&nbsp;&nbsp; 415077 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;56887 | &nbsp;&nbsp;&nbsp;&nbsp; 220153 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 409006 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;21995 | &nbsp;&nbsp;&nbsp;&nbsp; 424504 |

---

------

#### VALIC Company I Small Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Papa John's International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254 | &nbsp;&nbsp;$207212 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;19639 | &nbsp;&nbsp;&nbsp;&nbsp; 1729214 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471 | &nbsp;&nbsp;&nbsp;&nbsp; 367472 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15395 | &nbsp;&nbsp;&nbsp;&nbsp; 1032697 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;17872 | &nbsp;&nbsp;&nbsp;&nbsp; 411413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8165182 |
| **Savings & Loans — 1.8%** | **Savings & Loans — 1.8%** | **Savings & Loans — 1.8%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10246 | &nbsp;&nbsp;&nbsp;&nbsp; 934538 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60434 | &nbsp;&nbsp;&nbsp;&nbsp; 1022543 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24663 | &nbsp;&nbsp;&nbsp;&nbsp; 270060 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34771 | &nbsp;&nbsp;&nbsp;&nbsp; 225316 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5863 | &nbsp;&nbsp;&nbsp;&nbsp; 242494 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48568 | &nbsp;&nbsp;&nbsp;&nbsp; 893165 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7278 | &nbsp;&nbsp;&nbsp;&nbsp; 144395 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp; 158106 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7226 | &nbsp;&nbsp;&nbsp;&nbsp; 421204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311821 |
| **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749 | &nbsp;&nbsp;&nbsp;&nbsp; 309218 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15833 | &nbsp;&nbsp;&nbsp;&nbsp; 861869 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;59042 | &nbsp;&nbsp;&nbsp;&nbsp; 345986 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28853 | &nbsp;&nbsp;&nbsp;&nbsp; 696223 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;14113 | &nbsp;&nbsp;&nbsp;&nbsp; 401091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614387 |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47270 | &nbsp;&nbsp;&nbsp;&nbsp; 710941 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;116474 | &nbsp;&nbsp;&nbsp;&nbsp; 590523 |
| &nbsp;&nbsp;&nbsp;Bullish† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183 | &nbsp;&nbsp;&nbsp;&nbsp; 483042 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;11458 | &nbsp;&nbsp;&nbsp;&nbsp; 120653 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10052 | &nbsp;&nbsp;&nbsp;&nbsp; 267082 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33168 | &nbsp;&nbsp;&nbsp;&nbsp; 139306 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;21159 | &nbsp;&nbsp;&nbsp;&nbsp; 560079 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;29855 | &nbsp;&nbsp;&nbsp;&nbsp; 101208 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7315 | &nbsp;&nbsp;&nbsp;&nbsp; 216012 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29088 | &nbsp;&nbsp;&nbsp;&nbsp; 812137 |
| &nbsp;&nbsp;&nbsp;McGraw Hill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;62574 | &nbsp;&nbsp;&nbsp;&nbsp; 908574 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45961 | &nbsp;&nbsp;&nbsp;&nbsp; 262897 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15781 | &nbsp;&nbsp;&nbsp;&nbsp; 267803 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16379 | &nbsp;&nbsp;&nbsp;&nbsp; 333968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5774225 |
| **Telecommunications — 2.3%** | **Telecommunications — 2.3%** | **Telecommunications — 2.3%** |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21533 | &nbsp;&nbsp;&nbsp;&nbsp; 245692 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;23612 | &nbsp;&nbsp;&nbsp;&nbsp; 1458985 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39651 | &nbsp;&nbsp;&nbsp;&nbsp; 847738 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;237377 | &nbsp;&nbsp;&nbsp;&nbsp; 1179764 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23386 | &nbsp;&nbsp;&nbsp;&nbsp; 635398 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9532 | &nbsp;&nbsp;&nbsp;&nbsp; 173101 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7571 | &nbsp;&nbsp;&nbsp;&nbsp; 303521 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19499 | &nbsp;&nbsp;&nbsp;&nbsp; 630403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474602 |
| **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Funko, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;57346 | &nbsp;&nbsp;&nbsp;&nbsp; 198417 |
| **Transportation — 2.2%** | **Transportation — 2.2%** | **Transportation — 2.2%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5872 | &nbsp;&nbsp;&nbsp;&nbsp; 433119 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241 | &nbsp;&nbsp;&nbsp;&nbsp; 34225 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60417 | &nbsp;&nbsp;&nbsp;&nbsp; 691171 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc.# | &nbsp;&nbsp; 8377 | &nbsp;&nbsp;$380483 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp; 9969 | &nbsp;&nbsp;&nbsp;&nbsp; 1037274 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp; 33184 | &nbsp;&nbsp;&nbsp;&nbsp; 214700 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp; 28385 | &nbsp;&nbsp;&nbsp;&nbsp; 120636 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp; 3465 | &nbsp;&nbsp;&nbsp;&nbsp; 174636 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp; 52884 | &nbsp;&nbsp;&nbsp;&nbsp; 433649 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A# | &nbsp;&nbsp; 28044 | &nbsp;&nbsp;&nbsp;&nbsp; 1378924 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp; 16737 | &nbsp;&nbsp;&nbsp;&nbsp; 448719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347536 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp; 2654 | &nbsp;&nbsp;&nbsp;&nbsp; 446695 |
| **Water — 0.7%** | **Water — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp; 4188 | &nbsp;&nbsp;&nbsp;&nbsp; 312132 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp; 42898 | &nbsp;&nbsp;&nbsp;&nbsp; 1427216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739348 |
| **Total Long-Term Investment Securities<br> (cost $212,024,150)** |  | &nbsp;&nbsp;&nbsp;&nbsp;233722744 |
| **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> 4.31%(1)(2)<br> (cost $2,791,538) | &nbsp;&nbsp;2791538 | &nbsp;&nbsp;&nbsp;&nbsp; 2791538 |
| **REPURCHASE AGREEMENTS — 1.7%** | **REPURCHASE AGREEMENTS — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 08/29/2025, to be repurchased 09/02/2025 in the amount of $4,108,091 and collateralized by $4,176,900 of United States Treasury Notes, bearing interest at 3.75% due 08/15/2027 and having an approximate value of $4,189,804<br> (cost $4,107,470) | $4107470 | &nbsp;&nbsp;&nbsp;&nbsp; 4107470 |
| **TOTAL INVESTMENTS<br> (cost $218,923,158)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.1% | &nbsp;&nbsp;&nbsp;&nbsp;240621752 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2572407) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$238049345 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (2) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $15,017,879. This was secured by collateral of $2,791,538, which was received in cash and subsequently invested in short-term investments currently valued at $2,791,538 as reported in the Portfolio of Investments. Additional collateral of $12,754,264 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$39094 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449677 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39033 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213950 |
| United States Treasury Bills | 0.00% | 10/30/2025 to 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358469 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;11654041 |

---

------

#### VALIC Company I Small Cap Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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** |
| 38 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$4501137 | &nbsp;&nbsp;&nbsp;&nbsp;$4502620 | &nbsp;&nbsp;&nbsp;&nbsp;$1483 |

---

\* 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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$233722744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$233722744 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791538 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4107470 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107470 |
| **Total Investments at Value** | &nbsp;&nbsp;$236514282 | &nbsp;&nbsp;$4107470 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$240621752 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1483 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Stock Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** |
| **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;48097 | &nbsp;&nbsp;$1290924 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22695 | &nbsp;&nbsp;&nbsp;&nbsp; 1777699 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55541 | &nbsp;&nbsp;&nbsp;&nbsp; 3035871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104494 |
| **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;90197 | &nbsp;&nbsp;&nbsp;&nbsp; 21167432 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30137 | &nbsp;&nbsp;&nbsp;&nbsp; 9781566 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;128038 | &nbsp;&nbsp;&nbsp;&nbsp; 35236057 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48969 | &nbsp;&nbsp;&nbsp;&nbsp; 8525503 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22802 | &nbsp;&nbsp;&nbsp;&nbsp; 6330291 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25182 | &nbsp;&nbsp;&nbsp;&nbsp; 11473675 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16429 | &nbsp;&nbsp;&nbsp;&nbsp; 9693767 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;161336 | &nbsp;&nbsp;&nbsp;&nbsp; 25587890 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6708 | &nbsp;&nbsp;&nbsp;&nbsp; 9383687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137179868 |
| **Agriculture — 0.8%** | **Agriculture — 0.8%** | **Agriculture — 0.8%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201235 | &nbsp;&nbsp;&nbsp;&nbsp; 13525004 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58121 | &nbsp;&nbsp;&nbsp;&nbsp; 3640699 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14963 | &nbsp;&nbsp;&nbsp;&nbsp; 1260184 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186820 | &nbsp;&nbsp;&nbsp;&nbsp; 31223227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49649114 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78881 | &nbsp;&nbsp;&nbsp;&nbsp; 4873268 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70338 | &nbsp;&nbsp;&nbsp;&nbsp; 2314120 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39949 | &nbsp;&nbsp;&nbsp;&nbsp; 4194645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11382033 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17820 | &nbsp;&nbsp;&nbsp;&nbsp; 2131807 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;141149 | &nbsp;&nbsp;&nbsp;&nbsp; 10920698 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | &nbsp;&nbsp;&nbsp;&nbsp; 1529189 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24724 | &nbsp;&nbsp;&nbsp;&nbsp; 2517398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17099092 |
| **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16611 | &nbsp;&nbsp;&nbsp;&nbsp; 6618487 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;466891 | &nbsp;&nbsp;&nbsp;&nbsp; 5495307 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;116415 | &nbsp;&nbsp;&nbsp;&nbsp; 6820755 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63621 | &nbsp;&nbsp;&nbsp;&nbsp; 6360827 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;337123 | &nbsp;&nbsp;&nbsp;&nbsp; 112555256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137850632 |
| **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;26757 | &nbsp;&nbsp;&nbsp;&nbsp; 2127984 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;787337 | &nbsp;&nbsp;&nbsp;&nbsp; 39949479 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86460 | &nbsp;&nbsp;&nbsp;&nbsp; 9130176 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224824 | &nbsp;&nbsp;&nbsp;&nbsp; 21711254 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52024 | &nbsp;&nbsp;&nbsp;&nbsp; 2719815 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81787 | &nbsp;&nbsp;&nbsp;&nbsp; 3743391 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36788 | &nbsp;&nbsp;&nbsp;&nbsp; 27416257 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176391 | &nbsp;&nbsp;&nbsp;&nbsp; 3141524 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;334339 | &nbsp;&nbsp;&nbsp;&nbsp; 100776461 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;117250 | &nbsp;&nbsp;&nbsp;&nbsp; 2269960 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19310 | &nbsp;&nbsp;&nbsp;&nbsp; 3894055 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;148882 | &nbsp;&nbsp;&nbsp;&nbsp; 22403763 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23717 | &nbsp;&nbsp;&nbsp;&nbsp; 3113568 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47966 | &nbsp;&nbsp;&nbsp;&nbsp; 9950067 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109019 | &nbsp;&nbsp;&nbsp;&nbsp; 2986030 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33647 | &nbsp;&nbsp;&nbsp;&nbsp; 3868396 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;156453 | &nbsp;&nbsp;$7325129 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;188438 | &nbsp;&nbsp;&nbsp;&nbsp; 9201427 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;390487 | &nbsp;&nbsp;&nbsp;&nbsp; 32090222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305690974 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23515 | &nbsp;&nbsp;&nbsp;&nbsp; 704039 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;464972 | &nbsp;&nbsp;&nbsp;&nbsp; 32078418 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18857 | &nbsp;&nbsp;&nbsp;&nbsp; 3053702 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163351 | &nbsp;&nbsp;&nbsp;&nbsp; 4751881 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22230 | &nbsp;&nbsp;&nbsp;&nbsp; 1122393 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84168 | &nbsp;&nbsp;&nbsp;&nbsp; 5252925 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165578 | &nbsp;&nbsp;&nbsp;&nbsp; 24613170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71576528 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64936 | &nbsp;&nbsp;&nbsp;&nbsp; 18682737 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17371 | &nbsp;&nbsp;&nbsp;&nbsp; 2296794 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83166 | &nbsp;&nbsp;&nbsp;&nbsp; 6170085 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150222 | &nbsp;&nbsp;&nbsp;&nbsp; 16970579 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18434 | &nbsp;&nbsp;&nbsp;&nbsp; 1559701 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43723 | &nbsp;&nbsp;&nbsp;&nbsp; 1053287 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522 | &nbsp;&nbsp;&nbsp;&nbsp; 7271525 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30749 | &nbsp;&nbsp;&nbsp;&nbsp; 12023474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66028182 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13179 | &nbsp;&nbsp;&nbsp;&nbsp; 1827664 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96531 | &nbsp;&nbsp;&nbsp;&nbsp; 6293821 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79504 | &nbsp;&nbsp;&nbsp;&nbsp; 8498183 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789 | &nbsp;&nbsp;&nbsp;&nbsp; 2113731 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7220 | &nbsp;&nbsp;&nbsp;&nbsp; 4450408 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24548 | &nbsp;&nbsp;&nbsp;&nbsp; 1801578 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp; 897648 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26933 | &nbsp;&nbsp;&nbsp;&nbsp; 11193355 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15650 | &nbsp;&nbsp;&nbsp;&nbsp; 4556654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41633042 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26665 | &nbsp;&nbsp;&nbsp;&nbsp; 7842443 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15180 | &nbsp;&nbsp;&nbsp;&nbsp; 1289086 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20246 | &nbsp;&nbsp;&nbsp;&nbsp; 1753911 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81404 | &nbsp;&nbsp;&nbsp;&nbsp; 2004981 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51087 | &nbsp;&nbsp;&nbsp;&nbsp; 3929612 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14870 | &nbsp;&nbsp;&nbsp;&nbsp; 1045956 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30350 | &nbsp;&nbsp;&nbsp;&nbsp; 8408164 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30444 | &nbsp;&nbsp;&nbsp;&nbsp; 2055274 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56847 | &nbsp;&nbsp;&nbsp;&nbsp; 27189352 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30321 | &nbsp;&nbsp;&nbsp;&nbsp; 1708588 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41012 | &nbsp;&nbsp;&nbsp;&nbsp; 1369801 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26510 | &nbsp;&nbsp;&nbsp;&nbsp; 2948707 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27686 | &nbsp;&nbsp;&nbsp;&nbsp; 10128369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71674244 |
| **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;48770 | &nbsp;&nbsp;&nbsp;&nbsp; 14828518 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65853 | &nbsp;&nbsp;&nbsp;&nbsp; 5244533 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41655 | &nbsp;&nbsp;&nbsp;&nbsp; 8748800 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8402 | &nbsp;&nbsp;&nbsp;&nbsp; 2736279 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14542 | &nbsp;&nbsp;&nbsp;&nbsp; 3581695 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29480 | &nbsp;&nbsp;&nbsp;&nbsp; 2618414 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868 | &nbsp;&nbsp;&nbsp;&nbsp; 894933 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18793 | &nbsp;&nbsp;&nbsp;&nbsp; 9579920 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;116015 | &nbsp;&nbsp;&nbsp;&nbsp; 8143093 |

---

------

#### VALIC Company I Stock Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17994 | &nbsp;&nbsp;$6801012 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32897 | &nbsp;&nbsp;&nbsp;&nbsp; 1859996 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37767 | &nbsp;&nbsp;&nbsp;&nbsp; 20712933 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7908 | &nbsp;&nbsp;&nbsp;&nbsp; 7562737 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16742 | &nbsp;&nbsp;&nbsp;&nbsp; 4488865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97801728 |
| **Computers — 7.8%** | **Computers — 7.8%** | **Computers — 7.8%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75237 | &nbsp;&nbsp;&nbsp;&nbsp; 19559363 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 1796855 | &nbsp;&nbsp;&nbsp;&nbsp; 417121920 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58487 | &nbsp;&nbsp;&nbsp;&nbsp; 4225686 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30079 | &nbsp;&nbsp;&nbsp;&nbsp; 12744472 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35600 | &nbsp;&nbsp;&nbsp;&nbsp; 4348540 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324 | &nbsp;&nbsp;&nbsp;&nbsp; 1291661 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75786 | &nbsp;&nbsp;&nbsp;&nbsp; 5969663 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9479 | &nbsp;&nbsp;&nbsp;&nbsp; 2381030 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;158971 | &nbsp;&nbsp;&nbsp;&nbsp; 3587976 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113089 | &nbsp;&nbsp;&nbsp;&nbsp; 3227560 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112188 | &nbsp;&nbsp;&nbsp;&nbsp; 27316656 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15683 | &nbsp;&nbsp;&nbsp;&nbsp; 2837368 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24413 | &nbsp;&nbsp;&nbsp;&nbsp; 2753542 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25949 | &nbsp;&nbsp;&nbsp;&nbsp; 4343863 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61696 | &nbsp;&nbsp;&nbsp;&nbsp; 2562852 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41927 | &nbsp;&nbsp;&nbsp;&nbsp; 3368415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517640567 |
| **Cosmetics/Personal Care — 0.9%** | **Cosmetics/Personal Care — 0.9%** | **Cosmetics/Personal Care — 0.9%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98116 | &nbsp;&nbsp;&nbsp;&nbsp; 8248612 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28070 | &nbsp;&nbsp;&nbsp;&nbsp; 2574861 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228880 | &nbsp;&nbsp;&nbsp;&nbsp; 4740105 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;281890 | &nbsp;&nbsp;&nbsp;&nbsp; 44268006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59831584 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;104929 | &nbsp;&nbsp;&nbsp;&nbsp; 5121584 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;139208 | &nbsp;&nbsp;&nbsp;&nbsp; 6913069 |
| &nbsp;&nbsp;&nbsp;LKQ Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33564 | &nbsp;&nbsp;&nbsp;&nbsp; 1094858 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304 | &nbsp;&nbsp;&nbsp;&nbsp; 1337296 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155 | &nbsp;&nbsp;&nbsp;&nbsp; 5224593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19691400 |
| **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66616 | &nbsp;&nbsp;&nbsp;&nbsp; 22068549 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11290 | &nbsp;&nbsp;&nbsp;&nbsp; 5812205 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55064 | &nbsp;&nbsp;&nbsp;&nbsp; 7501369 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17414 | &nbsp;&nbsp;&nbsp;&nbsp; 19628016 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77197 | &nbsp;&nbsp;&nbsp;&nbsp; 17540702 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12655 | &nbsp;&nbsp;&nbsp;&nbsp; 2985947 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;206260 | &nbsp;&nbsp;&nbsp;&nbsp; 19767958 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43633 | &nbsp;&nbsp;&nbsp;&nbsp; 11628631 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25163 | &nbsp;&nbsp;&nbsp;&nbsp; 7663140 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40023 | &nbsp;&nbsp;&nbsp;&nbsp; 1026990 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52415 | &nbsp;&nbsp;&nbsp;&nbsp; 3262310 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68440 | &nbsp;&nbsp;&nbsp;&nbsp; 12086504 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57842 | &nbsp;&nbsp;&nbsp;&nbsp; 1266161 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97584 | &nbsp;&nbsp;&nbsp;&nbsp; 58090779 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49053 | &nbsp;&nbsp;&nbsp;&nbsp; 4647281 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336 | &nbsp;&nbsp;&nbsp;&nbsp; 3615172 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44529 | &nbsp;&nbsp;&nbsp;&nbsp; 3399344 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26719 | &nbsp;&nbsp;&nbsp;&nbsp; 2875499 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;205840 | &nbsp;&nbsp;&nbsp;&nbsp; 72410395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277276952 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91802 | &nbsp;&nbsp;$1242999 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30164 | &nbsp;&nbsp;&nbsp;&nbsp; 1962772 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32805 | &nbsp;&nbsp;&nbsp;&nbsp; 3273283 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63394 | &nbsp;&nbsp;&nbsp;&nbsp; 7038002 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78645 | &nbsp;&nbsp;&nbsp;&nbsp; 2965703 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35802 | &nbsp;&nbsp;&nbsp;&nbsp; 2562349 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43901 | &nbsp;&nbsp;&nbsp;&nbsp; 4312395 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37850 | &nbsp;&nbsp;&nbsp;&nbsp; 11657043 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101729 | &nbsp;&nbsp;&nbsp;&nbsp; 6093567 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25277 | &nbsp;&nbsp;&nbsp;&nbsp; 3454102 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93575 | &nbsp;&nbsp;&nbsp;&nbsp; 11462002 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46243 | &nbsp;&nbsp;&nbsp;&nbsp; 2595620 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53026 | &nbsp;&nbsp;&nbsp;&nbsp; 4671060 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26978 | &nbsp;&nbsp;&nbsp;&nbsp; 1922452 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44303 | &nbsp;&nbsp;&nbsp;&nbsp; 2838493 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120754 | &nbsp;&nbsp;&nbsp;&nbsp; 5274535 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61353 | &nbsp;&nbsp;&nbsp;&nbsp; 2676218 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248609 | &nbsp;&nbsp;&nbsp;&nbsp; 17912278 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23569 | &nbsp;&nbsp;&nbsp;&nbsp; 3430704 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;269057 | &nbsp;&nbsp;&nbsp;&nbsp; 4111191 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14680 | &nbsp;&nbsp;&nbsp;&nbsp; 1311805 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89527 | &nbsp;&nbsp;&nbsp;&nbsp; 3265050 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59692 | &nbsp;&nbsp;&nbsp;&nbsp; 4914442 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79172 | &nbsp;&nbsp;&nbsp;&nbsp; 6536440 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;132727 | &nbsp;&nbsp;&nbsp;&nbsp; 12250702 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40748 | &nbsp;&nbsp;&nbsp;&nbsp; 7705854 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39206 | &nbsp;&nbsp;&nbsp;&nbsp; 4175831 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68522 | &nbsp;&nbsp;&nbsp;&nbsp; 4960308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146577200 |
| **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;27698 | &nbsp;&nbsp;&nbsp;&nbsp; 5118590 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47255 | &nbsp;&nbsp;&nbsp;&nbsp; 16498611 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68380 | &nbsp;&nbsp;&nbsp;&nbsp; 9026160 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691 | &nbsp;&nbsp;&nbsp;&nbsp; 1239508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31882869 |
| **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp; 1705981 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;145508 | &nbsp;&nbsp;&nbsp;&nbsp; 15840001 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41317 | &nbsp;&nbsp;&nbsp;&nbsp; 1977432 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18871 | &nbsp;&nbsp;&nbsp;&nbsp; 4563385 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77613 | &nbsp;&nbsp;&nbsp;&nbsp; 17036053 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6449 | &nbsp;&nbsp;&nbsp;&nbsp; 2779455 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13237 | &nbsp;&nbsp;&nbsp;&nbsp; 2711335 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21143 | &nbsp;&nbsp;&nbsp;&nbsp; 3455400 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537 | &nbsp;&nbsp;&nbsp;&nbsp; 3300738 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35254 | &nbsp;&nbsp;&nbsp;&nbsp; 7279951 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29138 | &nbsp;&nbsp;&nbsp;&nbsp; 2354933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63004664 |
| **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; 644821 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12736 | &nbsp;&nbsp;&nbsp;&nbsp; 2485940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130761 |
| **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;14318 | &nbsp;&nbsp;&nbsp;&nbsp; 2093721 |
| **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; 734408 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18925 | &nbsp;&nbsp;&nbsp;&nbsp; 3150823 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8598 | &nbsp;&nbsp;&nbsp;&nbsp; 1629837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5515068 |

---

------

#### VALIC Company I Stock Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19461 | &nbsp;&nbsp;$2092641 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24648 | &nbsp;&nbsp;&nbsp;&nbsp; 5766893 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30004 | &nbsp;&nbsp;&nbsp;&nbsp; 3186125 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43711 | &nbsp;&nbsp;&nbsp;&nbsp; 9895733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20941392 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25404 | &nbsp;&nbsp;&nbsp;&nbsp; 811150 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61628 | &nbsp;&nbsp;&nbsp;&nbsp; 1178944 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67637 | &nbsp;&nbsp;&nbsp;&nbsp; 3336533 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17908 | &nbsp;&nbsp;&nbsp;&nbsp; 3290595 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37569 | &nbsp;&nbsp;&nbsp;&nbsp; 955755 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11940 | &nbsp;&nbsp;&nbsp;&nbsp; 1319490 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32242 | &nbsp;&nbsp;&nbsp;&nbsp; 2563239 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;105075 | &nbsp;&nbsp;&nbsp;&nbsp; 2938948 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72343 | &nbsp;&nbsp;&nbsp;&nbsp; 4907749 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18417 | &nbsp;&nbsp;&nbsp;&nbsp; 1059530 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29854 | &nbsp;&nbsp;&nbsp;&nbsp; 2100826 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;155078 | &nbsp;&nbsp;&nbsp;&nbsp; 9527992 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58030 | &nbsp;&nbsp;&nbsp;&nbsp; 4669674 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33253 | &nbsp;&nbsp;&nbsp;&nbsp; 1888105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40548530 |
| **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;63887 | &nbsp;&nbsp;&nbsp;&nbsp; 3173906 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19220 | &nbsp;&nbsp;&nbsp;&nbsp; 3193019 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55839 | &nbsp;&nbsp;&nbsp;&nbsp; 2360314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553333 |
| **Hand/Machine Tools — 0.1%** | **Hand/Machine Tools — 0.1%** | **Hand/Machine Tools — 0.1%** |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp; 2001202 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19905 | &nbsp;&nbsp;&nbsp;&nbsp; 1478742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479944 |
| **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;208617 | &nbsp;&nbsp;&nbsp;&nbsp; 27675131 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35121 | &nbsp;&nbsp;&nbsp;&nbsp; 4413305 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 | &nbsp;&nbsp;&nbsp;&nbsp; 1138945 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57800 | &nbsp;&nbsp;&nbsp;&nbsp; 1427082 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20412 | &nbsp;&nbsp;&nbsp;&nbsp; 1115108 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;178664 | &nbsp;&nbsp;&nbsp;&nbsp; 18849052 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23064 | &nbsp;&nbsp;&nbsp;&nbsp; 1554398 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76704 | &nbsp;&nbsp;&nbsp;&nbsp; 15787217 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70764 | &nbsp;&nbsp;&nbsp;&nbsp; 5755944 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56325 | &nbsp;&nbsp;&nbsp;&nbsp; 4152842 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25934 | &nbsp;&nbsp;&nbsp;&nbsp; 1740690 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9697 | &nbsp;&nbsp;&nbsp;&nbsp; 6274832 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8376 | &nbsp;&nbsp;&nbsp;&nbsp; 2846835 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43186 | &nbsp;&nbsp;&nbsp;&nbsp; 20439718 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;153784 | &nbsp;&nbsp;&nbsp;&nbsp; 14272693 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17481 | &nbsp;&nbsp;&nbsp;&nbsp; 4798709 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13741 | &nbsp;&nbsp;&nbsp;&nbsp; 1238201 |
| &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;11869 | &nbsp;&nbsp;&nbsp;&nbsp; 2908617 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41307 | &nbsp;&nbsp;&nbsp;&nbsp; 16167973 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45465 | &nbsp;&nbsp;&nbsp;&nbsp; 22401515 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7006 | &nbsp;&nbsp;&nbsp;&nbsp; 2114411 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476 | &nbsp;&nbsp;&nbsp;&nbsp; 2093148 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23599 | &nbsp;&nbsp;&nbsp;&nbsp; 2503854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182974438 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60391 | &nbsp;&nbsp;$1753755 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328 | &nbsp;&nbsp;&nbsp;&nbsp; 870116 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32059 | &nbsp;&nbsp;&nbsp;&nbsp; 9645591 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682 | &nbsp;&nbsp;&nbsp;&nbsp; 782752 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26992 | &nbsp;&nbsp;&nbsp;&nbsp; 8601001 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20615 | &nbsp;&nbsp;&nbsp;&nbsp; 8327635 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14755 | &nbsp;&nbsp;&nbsp;&nbsp; 4480503 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19333 | &nbsp;&nbsp;&nbsp;&nbsp; 3688930 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10011 | &nbsp;&nbsp;&nbsp;&nbsp; 2782958 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6496 | &nbsp;&nbsp;&nbsp;&nbsp; 1174672 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13194 | &nbsp;&nbsp;&nbsp;&nbsp; 2396558 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108906 | &nbsp;&nbsp;&nbsp;&nbsp; 33746702 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501 | &nbsp;&nbsp;&nbsp;&nbsp; 1180452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79431625 |
| **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;33621 | &nbsp;&nbsp;&nbsp;&nbsp; 5698087 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28375 | &nbsp;&nbsp;&nbsp;&nbsp; 3777848 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 2760001 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24274 | &nbsp;&nbsp;&nbsp;&nbsp; 3204653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440589 |
| **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;9267 | &nbsp;&nbsp;&nbsp;&nbsp; 1590681 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29751 | &nbsp;&nbsp;&nbsp;&nbsp; 2771603 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14272 | &nbsp;&nbsp;&nbsp;&nbsp; 1686950 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39815 | &nbsp;&nbsp;&nbsp;&nbsp; 5141709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11190943 |
| **Insurance — 3.6%** | **Insurance — 3.6%** | **Insurance — 3.6%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58293 | &nbsp;&nbsp;&nbsp;&nbsp; 6229190 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31334 | &nbsp;&nbsp;&nbsp;&nbsp; 6374902 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76606 | &nbsp;&nbsp;&nbsp;&nbsp; 6229600 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25769 | &nbsp;&nbsp;&nbsp;&nbsp; 9457223 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44188 | &nbsp;&nbsp;&nbsp;&nbsp; 4044528 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30968 | &nbsp;&nbsp;&nbsp;&nbsp; 9375562 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;&nbsp;&nbsp; 1203104 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;220608 | &nbsp;&nbsp;&nbsp;&nbsp; 110961412 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34212 | &nbsp;&nbsp;&nbsp;&nbsp; 3316853 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45133 | &nbsp;&nbsp;&nbsp;&nbsp; 12414734 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18856 | &nbsp;&nbsp;&nbsp;&nbsp; 2896282 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221 | &nbsp;&nbsp;&nbsp;&nbsp; 1141458 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947 | &nbsp;&nbsp;&nbsp;&nbsp; 1691280 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;&nbsp;&nbsp; 1308533 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34010 | &nbsp;&nbsp;&nbsp;&nbsp; 4499863 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20647 | &nbsp;&nbsp;&nbsp;&nbsp; 1998630 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59672 | &nbsp;&nbsp;&nbsp;&nbsp; 12281094 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67264 | &nbsp;&nbsp;&nbsp;&nbsp; 5472599 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24684 | &nbsp;&nbsp;&nbsp;&nbsp; 1987309 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70001 | &nbsp;&nbsp;&nbsp;&nbsp; 17294447 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41970 | &nbsp;&nbsp;&nbsp;&nbsp; 4602430 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27060 | &nbsp;&nbsp;&nbsp;&nbsp; 7347061 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36074 | &nbsp;&nbsp;&nbsp;&nbsp; 2586145 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11651 | &nbsp;&nbsp;&nbsp;&nbsp; 3807430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238521669 |
| **Internet — 13.3%** | **Internet — 13.3%** | **Internet — 13.3%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51352 | &nbsp;&nbsp;&nbsp;&nbsp; 6702977 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;700175 | &nbsp;&nbsp;&nbsp;&nbsp; 149074259 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;564801 | &nbsp;&nbsp;&nbsp;&nbsp; 120601958 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 1136709 | &nbsp;&nbsp;&nbsp;&nbsp; 260306361 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922 | &nbsp;&nbsp;&nbsp;&nbsp; 21959474 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16107 | &nbsp;&nbsp;&nbsp;&nbsp; 2653789 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41242 | &nbsp;&nbsp;&nbsp;&nbsp; 10114601 |

---

------

#### VALIC Company I Stock Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;54526 | &nbsp;&nbsp;$4940601 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14756 | &nbsp;&nbsp;&nbsp;&nbsp; 3169589 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6782 | &nbsp;&nbsp;&nbsp;&nbsp; 2123715 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63601 | &nbsp;&nbsp;&nbsp;&nbsp; 1920750 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17065 | &nbsp;&nbsp;&nbsp;&nbsp; 2530910 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27282 | &nbsp;&nbsp;&nbsp;&nbsp; 1018710 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;261200 | &nbsp;&nbsp;&nbsp;&nbsp; 192948440 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51198 | &nbsp;&nbsp;&nbsp;&nbsp; 61859983 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79500 | &nbsp;&nbsp;&nbsp;&nbsp; 15146340 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;252538 | &nbsp;&nbsp;&nbsp;&nbsp; 23675438 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816 | &nbsp;&nbsp;&nbsp;&nbsp; 2683400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883431295 |
| **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;27358 | &nbsp;&nbsp;&nbsp;&nbsp; 4068955 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp; 2199456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268411 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;127837 | &nbsp;&nbsp;&nbsp;&nbsp; 4076722 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56772 | &nbsp;&nbsp;&nbsp;&nbsp; 1410217 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29988 | &nbsp;&nbsp;&nbsp;&nbsp; 10892241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16379180 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28811 | &nbsp;&nbsp;&nbsp;&nbsp; 7953564 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40256 | &nbsp;&nbsp;&nbsp;&nbsp; 2319953 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27365 | &nbsp;&nbsp;&nbsp;&nbsp; 7329989 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23120 | &nbsp;&nbsp;&nbsp;&nbsp; 917633 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9781 | &nbsp;&nbsp;&nbsp;&nbsp; 1239742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19760881 |
| **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56797 | &nbsp;&nbsp;&nbsp;&nbsp; 23800215 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32635 | &nbsp;&nbsp;&nbsp;&nbsp; 20004276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43804491 |
| **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30356 | &nbsp;&nbsp;&nbsp;&nbsp; 14529596 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16653 | &nbsp;&nbsp;&nbsp;&nbsp; 2978556 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8589 | &nbsp;&nbsp;&nbsp;&nbsp; 1412890 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49668 | &nbsp;&nbsp;&nbsp;&nbsp; 3945129 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088 | &nbsp;&nbsp;&nbsp;&nbsp; 1370348 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46918 | &nbsp;&nbsp;&nbsp;&nbsp; 4052777 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13419 | &nbsp;&nbsp;&nbsp;&nbsp; 4608487 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20110 | &nbsp;&nbsp;&nbsp;&nbsp; 3891285 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29829 | &nbsp;&nbsp;&nbsp;&nbsp; 4222593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41011661 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11173 | &nbsp;&nbsp;&nbsp;&nbsp; 2967325 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;447792 | &nbsp;&nbsp;&nbsp;&nbsp; 15211494 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4461 | &nbsp;&nbsp;&nbsp;&nbsp; 1665381 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24558 | &nbsp;&nbsp;&nbsp;&nbsp; 1466113 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp; 929205 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42325 | &nbsp;&nbsp;&nbsp;&nbsp; 1244778 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14424 | &nbsp;&nbsp;&nbsp;&nbsp; 488541 |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37803 | &nbsp;&nbsp;&nbsp;&nbsp; 555704 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;217104 | &nbsp;&nbsp;&nbsp;&nbsp; 25700771 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;271417 | &nbsp;&nbsp;&nbsp;&nbsp; 3159294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53388606 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171610 | &nbsp;&nbsp;$7619484 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132935 | &nbsp;&nbsp;&nbsp;&nbsp; 9890364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17509848 |
| **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;64742 | &nbsp;&nbsp;&nbsp;&nbsp; 10069323 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15247 | &nbsp;&nbsp;&nbsp;&nbsp; 1086959 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8832 | &nbsp;&nbsp;&nbsp;&nbsp; 6600065 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32169 | &nbsp;&nbsp;&nbsp;&nbsp; 8513526 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15424 | &nbsp;&nbsp;&nbsp;&nbsp; 11712214 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646 | &nbsp;&nbsp;&nbsp;&nbsp; 3038508 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21253 | &nbsp;&nbsp;&nbsp;&nbsp; 1703641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42724236 |
| **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;6031 | &nbsp;&nbsp;&nbsp;&nbsp; 1912370 |
| **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; 1109103 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;230349 | &nbsp;&nbsp;&nbsp;&nbsp; 36994050 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;151528 | &nbsp;&nbsp;&nbsp;&nbsp; 14996726 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95084 | &nbsp;&nbsp;&nbsp;&nbsp; 2323853 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78815 | &nbsp;&nbsp;&nbsp;&nbsp; 2845222 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22881 | &nbsp;&nbsp;&nbsp;&nbsp; 3403778 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64906 | &nbsp;&nbsp;&nbsp;&nbsp; 8101567 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73561 | &nbsp;&nbsp;&nbsp;&nbsp; 3813402 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25062 | &nbsp;&nbsp;&nbsp;&nbsp; 2425500 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;518515 | &nbsp;&nbsp;&nbsp;&nbsp; 59261079 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37253 | &nbsp;&nbsp;&nbsp;&nbsp; 6694737 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85953 | &nbsp;&nbsp;&nbsp;&nbsp; 4092222 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48566 | &nbsp;&nbsp;&nbsp;&nbsp; 6487446 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 | &nbsp;&nbsp;&nbsp;&nbsp; 2085394 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37762 | &nbsp;&nbsp;&nbsp;&nbsp; 5740202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160374281 |
| **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;118159 | &nbsp;&nbsp;&nbsp;&nbsp; 5364418 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;102642 | &nbsp;&nbsp;&nbsp;&nbsp; 2333053 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;181681 | &nbsp;&nbsp;&nbsp;&nbsp; 6693128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14390599 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;274183 | &nbsp;&nbsp;&nbsp;&nbsp; 2366199 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34669 | &nbsp;&nbsp;&nbsp;&nbsp; 1824976 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10535 | &nbsp;&nbsp;&nbsp;&nbsp; 2296209 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59658 | &nbsp;&nbsp;&nbsp;&nbsp; 2825403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312787 |
| **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212378 | &nbsp;&nbsp;&nbsp;&nbsp; 44684331 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34849 | &nbsp;&nbsp;&nbsp;&nbsp; 6725160 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;245404 | &nbsp;&nbsp;&nbsp;&nbsp; 11578161 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28573 | &nbsp;&nbsp;&nbsp;&nbsp; 4251091 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20964 | &nbsp;&nbsp;&nbsp;&nbsp; 6113312 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150946 | &nbsp;&nbsp;&nbsp;&nbsp; 11041700 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48212 | &nbsp;&nbsp;&nbsp;&nbsp; 3632292 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94634 | &nbsp;&nbsp;&nbsp;&nbsp; 69326976 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16098 | &nbsp;&nbsp;&nbsp;&nbsp; 1120099 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;289463 | &nbsp;&nbsp;&nbsp;&nbsp; 51284160 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15062 | &nbsp;&nbsp;&nbsp;&nbsp; 10342171 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303243 | &nbsp;&nbsp;&nbsp;&nbsp; 25508801 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;683397 | &nbsp;&nbsp;&nbsp;&nbsp; 16920910 |

---

------

#### VALIC Company I Stock Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;134065 | &nbsp;&nbsp;$1414386 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54056 | &nbsp;&nbsp;&nbsp;&nbsp; 8454358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272397908 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235666 | &nbsp;&nbsp;&nbsp;&nbsp; 6358269 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75341 | &nbsp;&nbsp;&nbsp;&nbsp; 5754546 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25775 | &nbsp;&nbsp;&nbsp;&nbsp; 4324014 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147339 | &nbsp;&nbsp;&nbsp;&nbsp; 8527981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24964810 |
| **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;87681 | &nbsp;&nbsp;&nbsp;&nbsp; 15028524 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81460 | &nbsp;&nbsp;&nbsp;&nbsp; 11362855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26391379 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35435 | &nbsp;&nbsp;&nbsp;&nbsp; 5744722 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51804 | &nbsp;&nbsp;&nbsp;&nbsp; 4635940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10380662 |
| **REITS — 1.8%** | **REITS — 1.8%** | **REITS — 1.8%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17446 | &nbsp;&nbsp;&nbsp;&nbsp; 1438248 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56534 | &nbsp;&nbsp;&nbsp;&nbsp; 11524456 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17406 | &nbsp;&nbsp;&nbsp;&nbsp; 3408965 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18789 | &nbsp;&nbsp;&nbsp;&nbsp; 1362390 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13774 | &nbsp;&nbsp;&nbsp;&nbsp; 1542413 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52265 | &nbsp;&nbsp;&nbsp;&nbsp; 5181552 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37418 | &nbsp;&nbsp;&nbsp;&nbsp; 6272754 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11842 | &nbsp;&nbsp;&nbsp;&nbsp; 9310062 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41234 | &nbsp;&nbsp;&nbsp;&nbsp; 2726392 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612 | &nbsp;&nbsp;&nbsp;&nbsp; 2056839 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26101 | &nbsp;&nbsp;&nbsp;&nbsp; 3747582 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9957 | &nbsp;&nbsp;&nbsp;&nbsp; 1001176 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78740 | &nbsp;&nbsp;&nbsp;&nbsp; 1412596 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77825 | &nbsp;&nbsp;&nbsp;&nbsp; 1339368 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67463 | &nbsp;&nbsp;&nbsp;&nbsp; 2110917 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35995 | &nbsp;&nbsp;&nbsp;&nbsp; 3323418 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78365 | &nbsp;&nbsp;&nbsp;&nbsp; 1762429 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13757 | &nbsp;&nbsp;&nbsp;&nbsp; 2006046 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112281 | &nbsp;&nbsp;&nbsp;&nbsp; 12775332 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18997 | &nbsp;&nbsp;&nbsp;&nbsp; 5596326 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109649 | &nbsp;&nbsp;&nbsp;&nbsp; 6442975 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18340 | &nbsp;&nbsp;&nbsp;&nbsp; 1329650 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13038 | &nbsp;&nbsp;&nbsp;&nbsp; 2670834 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37206 | &nbsp;&nbsp;&nbsp;&nbsp; 6721636 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33827 | &nbsp;&nbsp;&nbsp;&nbsp; 1338534 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53499 | &nbsp;&nbsp;&nbsp;&nbsp; 3642212 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124136 | &nbsp;&nbsp;&nbsp;&nbsp; 4193314 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74898 | &nbsp;&nbsp;&nbsp;&nbsp; 12603836 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86102 | &nbsp;&nbsp;&nbsp;&nbsp; 2227459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121069711 |
| **Retail — 4.4%** | **Retail — 4.4%** | **Retail — 4.4%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012 | &nbsp;&nbsp;&nbsp;&nbsp; 8447442 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22238 | &nbsp;&nbsp;&nbsp;&nbsp; 1637606 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19858 | &nbsp;&nbsp;&nbsp;&nbsp; 1218288 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;163004 | &nbsp;&nbsp;&nbsp;&nbsp; 6868988 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53374 | &nbsp;&nbsp;&nbsp;&nbsp; 50348762 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14222 | &nbsp;&nbsp;&nbsp;&nbsp; 2943101 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26666 | &nbsp;&nbsp;&nbsp;&nbsp; 2900194 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24139 | &nbsp;&nbsp;&nbsp;&nbsp; 2635255 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp;&nbsp;&nbsp; 1850157 |

---

---

| | | |
|:---|:---|:---|
| **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;16452 | &nbsp;&nbsp;$2292257 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119551 | &nbsp;&nbsp;&nbsp;&nbsp; 48629760 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67423 | &nbsp;&nbsp;&nbsp;&nbsp; 17399179 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12848 | &nbsp;&nbsp;&nbsp;&nbsp; 2597866 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85720 | &nbsp;&nbsp;&nbsp;&nbsp; 26876649 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;102719 | &nbsp;&nbsp;&nbsp;&nbsp; 10649906 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39642 | &nbsp;&nbsp;&nbsp;&nbsp; 5833717 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137782 | &nbsp;&nbsp;&nbsp;&nbsp; 12150994 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54906 | &nbsp;&nbsp;&nbsp;&nbsp; 5269878 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133383 | &nbsp;&nbsp;&nbsp;&nbsp; 18221452 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65213 | &nbsp;&nbsp;&nbsp;&nbsp; 4027555 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562 | &nbsp;&nbsp;&nbsp;&nbsp; 2740564 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;519716 | &nbsp;&nbsp;&nbsp;&nbsp; 50402058 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14758 | &nbsp;&nbsp;&nbsp;&nbsp; 2777308 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33308 | &nbsp;&nbsp;&nbsp;&nbsp; 4895277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293614213 |
| **Semiconductors — 13.1%** | **Semiconductors — 13.1%** | **Semiconductors — 13.1%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;194628 | &nbsp;&nbsp;&nbsp;&nbsp; 31652352 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59508 | &nbsp;&nbsp;&nbsp;&nbsp; 14954955 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98114 | &nbsp;&nbsp;&nbsp;&nbsp; 15772807 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;565668 | &nbsp;&nbsp;&nbsp;&nbsp; 168224007 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;523351 | &nbsp;&nbsp;&nbsp;&nbsp; 12743597 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15886 | &nbsp;&nbsp;&nbsp;&nbsp; 13852592 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;154045 | &nbsp;&nbsp;&nbsp;&nbsp; 15427607 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63491 | &nbsp;&nbsp;&nbsp;&nbsp; 4126915 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134640 | &nbsp;&nbsp;&nbsp;&nbsp; 16023506 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650 | &nbsp;&nbsp;&nbsp;&nbsp; 4722044 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2933946 | &nbsp;&nbsp;&nbsp;&nbsp; 511034714 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30150 | &nbsp;&nbsp;&nbsp;&nbsp; 7080728 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50778 | &nbsp;&nbsp;&nbsp;&nbsp; 2518081 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132069 | &nbsp;&nbsp;&nbsp;&nbsp; 21227450 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18144 | &nbsp;&nbsp;&nbsp;&nbsp; 1359711 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18938 | &nbsp;&nbsp;&nbsp;&nbsp; 2239229 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109630 | &nbsp;&nbsp;&nbsp;&nbsp; 22197882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865158177 |
| **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; 1368302 |
| **Software — 11.1%** | **Software — 11.1%** | **Software — 11.1%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51470 | &nbsp;&nbsp;&nbsp;&nbsp; 18359349 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16892 | &nbsp;&nbsp;&nbsp;&nbsp; 1336664 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25768 | &nbsp;&nbsp;&nbsp;&nbsp; 8109190 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14293 | &nbsp;&nbsp;&nbsp;&nbsp; 3653577 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32928 | &nbsp;&nbsp;&nbsp;&nbsp; 11538959 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38312 | &nbsp;&nbsp;&nbsp;&nbsp; 5236484 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20529 | &nbsp;&nbsp;&nbsp;&nbsp; 1432308 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26984 | &nbsp;&nbsp;&nbsp;&nbsp; 4639899 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp; 4399061 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63179 | &nbsp;&nbsp;&nbsp;&nbsp; 4410526 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66619 | &nbsp;&nbsp;&nbsp;&nbsp; 9205414 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33462 | &nbsp;&nbsp;&nbsp;&nbsp; 22319154 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217 | &nbsp;&nbsp;&nbsp;&nbsp; 1341508 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;894173 | &nbsp;&nbsp;&nbsp;&nbsp; 453068517 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9308 | &nbsp;&nbsp;&nbsp;&nbsp; 5284338 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;195581 | &nbsp;&nbsp;&nbsp;&nbsp; 44226732 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;255635 | &nbsp;&nbsp;&nbsp;&nbsp; 40060561 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38781 | &nbsp;&nbsp;&nbsp;&nbsp; 5408204 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080 | &nbsp;&nbsp;&nbsp;&nbsp; 1381072 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp; 3074400 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12780 | &nbsp;&nbsp;&nbsp;&nbsp; 6726242 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115073 | &nbsp;&nbsp;&nbsp;&nbsp; 29487456 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24998 | &nbsp;&nbsp;&nbsp;&nbsp; 22934665 |

---

------

#### VALIC Company I Stock Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22195 | &nbsp;&nbsp;$13395126 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20305 | &nbsp;&nbsp;&nbsp;&nbsp; 4736547 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174 | &nbsp;&nbsp;&nbsp;&nbsp; 2912341 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25961 | &nbsp;&nbsp;&nbsp;&nbsp; 5992318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734670612 |
| **Telecommunications — 1.9%** | **Telecommunications — 1.9%** | **Telecommunications — 1.9%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;123991 | &nbsp;&nbsp;&nbsp;&nbsp; 16930971 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;868972 | &nbsp;&nbsp;&nbsp;&nbsp; 25452190 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;477497 | &nbsp;&nbsp;&nbsp;&nbsp; 32990268 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92722 | &nbsp;&nbsp;&nbsp;&nbsp; 6215156 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20217 | &nbsp;&nbsp;&nbsp;&nbsp; 9551724 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57149 | &nbsp;&nbsp;&nbsp;&nbsp; 14400976 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;508453 | &nbsp;&nbsp;&nbsp;&nbsp; 22488876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128030161 |
| **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; 1374289 |
| **Transportation — 0.8%** | **Transportation — 0.8%** | **Transportation — 0.8%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13692 | &nbsp;&nbsp;&nbsp;&nbsp; 1762160 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;223135 | &nbsp;&nbsp;&nbsp;&nbsp; 7254119 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16358 | &nbsp;&nbsp;&nbsp;&nbsp; 1971793 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26912 | &nbsp;&nbsp;&nbsp;&nbsp; 6218556 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp; 1279102 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27005 | &nbsp;&nbsp;&nbsp;&nbsp; 7560860 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21807 | &nbsp;&nbsp;&nbsp;&nbsp; 3292203 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72059 | &nbsp;&nbsp;&nbsp;&nbsp; 16110231 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88314 | &nbsp;&nbsp;&nbsp;&nbsp; 7722176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53171200 |
| **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;23755 | &nbsp;&nbsp;&nbsp;&nbsp; 3409080 |
| **Total Common Stocks<br> (cost $1,924,236,178)** |  | &nbsp;&nbsp;&nbsp;&nbsp;6589968220 |
| **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; 3241 |
| **Total Long-Term Investment Securities<br> (cost $1,924,238,918)** |  | &nbsp;&nbsp;&nbsp;&nbsp;6589971461 |

---

---

| | | |
|:---|:---|:---|
| **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> 4.23%(1) | 28127455 | &nbsp;&nbsp;$28127455 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;990804 | &nbsp;&nbsp;&nbsp;&nbsp; 990804 |
| **Total Short-Term Investments<br> (cost $29,118,259)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29118259 |
| **TOTAL INVESTMENTS<br> (cost $1,953,357,177)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;6619089720 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757410 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$6624847130 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (2) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $9,848,419. This was secured by collateral of $990,804, which was received in cash and subsequently invested in short-term investments currently valued at $990,804 as reported in the Portfolio of Investments. Additional collateral of $9,162,785 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$28909 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;332516 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28863 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;158207 |
| United States Treasury Bills | 0.00% | 10/09/2025 to 04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
| United States Treasury Notes/Bonds | 0.00% to 5.38% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;8612605 |

---

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> Appreciation** |
| 106 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$34236117 | &nbsp;&nbsp;&nbsp;&nbsp;$34305575 | &nbsp;&nbsp;&nbsp;&nbsp;$69458 |

---

\* 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.

------

#### VALIC Company I Stock Index Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$6589968220 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6589968220 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29118259 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29118259 |
| **Total Investments at Value** | &nbsp;&nbsp;$6619089720 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6619089720 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69458 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69458 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### VALIC Company I Systematic Core Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;$473847 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264 | &nbsp;&nbsp;&nbsp;&nbsp; 1173453 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp; 203349 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6549 | &nbsp;&nbsp;&nbsp;&nbsp; 1038671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889320 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 1552551 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15369 | &nbsp;&nbsp;&nbsp;&nbsp; 2568621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121172 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7574 | &nbsp;&nbsp;&nbsp;&nbsp; 467922 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14027 | &nbsp;&nbsp;&nbsp;&nbsp; 1472835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940757 |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;11623 | &nbsp;&nbsp;&nbsp;&nbsp; 605907 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;14648 | &nbsp;&nbsp;&nbsp;&nbsp; 816187 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 340080 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 | &nbsp;&nbsp;&nbsp;&nbsp; 818269 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;10763 | &nbsp;&nbsp;&nbsp;&nbsp; 832733 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;18736 | &nbsp;&nbsp;&nbsp;&nbsp; 844619 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10377 | &nbsp;&nbsp;&nbsp;&nbsp; 874989 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846 | &nbsp;&nbsp;&nbsp;&nbsp; 1438923 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9306 | &nbsp;&nbsp;&nbsp;&nbsp; 587022 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18698 | &nbsp;&nbsp;&nbsp;&nbsp; 1903830 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;66710 | &nbsp;&nbsp;&nbsp;&nbsp; 333550 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C#† | &nbsp;&nbsp;&nbsp;&nbsp;59328 | &nbsp;&nbsp;&nbsp;&nbsp; 291894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9688003 |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 173321 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726 | &nbsp;&nbsp;&nbsp;&nbsp; 79165 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;40163 | &nbsp;&nbsp;&nbsp;&nbsp; 79523 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;19579 | &nbsp;&nbsp;&nbsp;&nbsp; 265687 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20287 | &nbsp;&nbsp;&nbsp;&nbsp; 6773221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7370917 |
| **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;14920 | &nbsp;&nbsp;&nbsp;&nbsp; 1302665 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp; 536827 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18054 | &nbsp;&nbsp;&nbsp;&nbsp; 771989 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6174 | &nbsp;&nbsp;&nbsp;&nbsp; 172934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784415 |
| **Banks — 4.3%** | **Banks — 4.3%** | **Banks — 4.3%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61461 | &nbsp;&nbsp;&nbsp;&nbsp; 3118531 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19651 | &nbsp;&nbsp;&nbsp;&nbsp; 2075146 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9396 | &nbsp;&nbsp;&nbsp;&nbsp; 493008 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18413 | &nbsp;&nbsp;&nbsp;&nbsp; 1778143 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867 | &nbsp;&nbsp;&nbsp;&nbsp; 343513 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8949 | &nbsp;&nbsp;&nbsp;&nbsp; 554301 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp;&nbsp;&nbsp; 418057 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 567756 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276 | &nbsp;&nbsp;&nbsp;&nbsp; 241483 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114 | &nbsp;&nbsp;&nbsp;&nbsp; 183376 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16851 | &nbsp;&nbsp;&nbsp;&nbsp; 300116 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;32874 | &nbsp;&nbsp;&nbsp;&nbsp; 9908881 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp; 299264 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;13517 | &nbsp;&nbsp;&nbsp;&nbsp; 2034038 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11386 | &nbsp;&nbsp;&nbsp;&nbsp; 1494754 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19023 | &nbsp;&nbsp;&nbsp;&nbsp; 281540 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216 | &nbsp;&nbsp;$667127 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665 | &nbsp;&nbsp;&nbsp;&nbsp; 837391 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101 | &nbsp;&nbsp;&nbsp;&nbsp; 194496 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13477 | &nbsp;&nbsp;&nbsp;&nbsp; 1549451 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;&nbsp; 108639 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 581077 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;34194 | &nbsp;&nbsp;&nbsp;&nbsp; 2810063 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5127 | &nbsp;&nbsp;&nbsp;&nbsp; 459123 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754 | &nbsp;&nbsp;&nbsp;&nbsp; 378097 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7443 | &nbsp;&nbsp;&nbsp;&nbsp; 431768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32109139 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4986 | &nbsp;&nbsp;&nbsp;&nbsp; 1102355 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;29153 | &nbsp;&nbsp;&nbsp;&nbsp; 2011266 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9201 | &nbsp;&nbsp;&nbsp;&nbsp; 1078725 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;10403 | &nbsp;&nbsp;&nbsp;&nbsp; 525247 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;18512 | &nbsp;&nbsp;&nbsp;&nbsp; 1155334 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11554 | &nbsp;&nbsp;&nbsp;&nbsp; 1717502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7590429 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 530900 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp; 241389 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp; 663876 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146 | &nbsp;&nbsp;&nbsp;&nbsp; 307592 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;42424 | &nbsp;&nbsp;&nbsp;&nbsp; 1587506 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23975 | &nbsp;&nbsp;&nbsp;&nbsp; 2708456 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745 | &nbsp;&nbsp;&nbsp;&nbsp; 493397 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5357 | &nbsp;&nbsp;&nbsp;&nbsp; 535486 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;15984 | &nbsp;&nbsp;&nbsp;&nbsp; 1352406 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 650965 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;20540 | &nbsp;&nbsp;&nbsp;&nbsp; 486798 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090 | &nbsp;&nbsp;&nbsp;&nbsp; 1246468 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383 | &nbsp;&nbsp;&nbsp;&nbsp; 931801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11737040 |
| **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 920119 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13298 | &nbsp;&nbsp;&nbsp;&nbsp; 1844167 |
| &nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5286 | &nbsp;&nbsp;&nbsp;&nbsp; 597054 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493 | &nbsp;&nbsp;&nbsp;&nbsp; 262930 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp;&nbsp; 485708 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp; 783235 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 665770 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14235 | &nbsp;&nbsp;&nbsp;&nbsp; 1044707 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;&nbsp; 92352 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775 | &nbsp;&nbsp;&nbsp;&nbsp; 566892 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp; 164554 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp; 1053546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8481034 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7856 | &nbsp;&nbsp;&nbsp;&nbsp; 680565 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177 | &nbsp;&nbsp;&nbsp;&nbsp; 603116 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp; 775786 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp; 1056855 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7757 | &nbsp;&nbsp;&nbsp;&nbsp; 972030 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319 | &nbsp;&nbsp;&nbsp;&nbsp; 1214190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5302542 |
| **Commercial Services — 2.1%** | **Commercial Services — 2.1%** | **Commercial Services — 2.1%** |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119411 | &nbsp;&nbsp;&nbsp;&nbsp; 1040070 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 | &nbsp;&nbsp;&nbsp;&nbsp; 449386 |

---

------

#### VALIC Company I Systematic Core Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Avis Budget Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;$68355 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791 | &nbsp;&nbsp;&nbsp;&nbsp; 381555 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554 | &nbsp;&nbsp;&nbsp;&nbsp; 277671 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7735 | &nbsp;&nbsp;&nbsp;&nbsp; 1624582 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413 | &nbsp;&nbsp;&nbsp;&nbsp; 785842 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223 | &nbsp;&nbsp;&nbsp;&nbsp; 579921 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;&nbsp; 320922 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9373 | &nbsp;&nbsp;&nbsp;&nbsp; 1889316 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25068 | &nbsp;&nbsp;&nbsp;&nbsp; 1262174 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp; 76574 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972 | &nbsp;&nbsp;&nbsp;&nbsp; 1515007 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13416 | &nbsp;&nbsp;&nbsp;&nbsp; 941669 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp; 267596 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16594 | &nbsp;&nbsp;&nbsp;&nbsp; 619288 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21980 | &nbsp;&nbsp;&nbsp;&nbsp; 1242749 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp; 689389 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 | &nbsp;&nbsp;&nbsp;&nbsp; 157891 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7278 | &nbsp;&nbsp;&nbsp;&nbsp; 328238 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp; 691749 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232 | &nbsp;&nbsp;&nbsp;&nbsp; 725153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15935097 |
| **Computers — 7.9%** | **Computers — 7.9%** | **Computers — 7.9%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8749 | &nbsp;&nbsp;&nbsp;&nbsp; 2274478 |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16424 | &nbsp;&nbsp;&nbsp;&nbsp; 1405402 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173182 | &nbsp;&nbsp;&nbsp;&nbsp; 40202469 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp; 969994 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;22785 | &nbsp;&nbsp;&nbsp;&nbsp; 1646216 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp; 91028 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 511830 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;52534 | &nbsp;&nbsp;&nbsp;&nbsp; 759116 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp; 440724 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17893 | &nbsp;&nbsp;&nbsp;&nbsp; 783356 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11798 | &nbsp;&nbsp;&nbsp;&nbsp; 929328 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696 | &nbsp;&nbsp;&nbsp;&nbsp; 677208 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32697 | &nbsp;&nbsp;&nbsp;&nbsp; 1482482 |
| &nbsp;&nbsp;&nbsp;Globant SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 | &nbsp;&nbsp;&nbsp;&nbsp; 149183 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11906 | &nbsp;&nbsp;&nbsp;&nbsp; 339797 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10377 | &nbsp;&nbsp;&nbsp;&nbsp; 2526696 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23212 | &nbsp;&nbsp;&nbsp;&nbsp; 737909 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442 | &nbsp;&nbsp;&nbsp;&nbsp; 441807 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp; 455108 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999 | &nbsp;&nbsp;&nbsp;&nbsp; 240220 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8089 | &nbsp;&nbsp;&nbsp;&nbsp; 627787 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093 | &nbsp;&nbsp;&nbsp;&nbsp; 455314 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp; 270004 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 309742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;58727198 |
| **Cosmetics/Personal Care — 1.0%** | **Cosmetics/Personal Care — 1.0%** | **Cosmetics/Personal Care — 1.0%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;17970 | &nbsp;&nbsp;&nbsp;&nbsp; 1510738 |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;158334 | &nbsp;&nbsp;&nbsp;&nbsp; 677669 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp; 373125 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;&nbsp;&nbsp; 253542 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17039 | &nbsp;&nbsp;&nbsp;&nbsp; 352878 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;25587 | &nbsp;&nbsp;&nbsp;&nbsp; 4018182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7186134 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10551 | &nbsp;&nbsp;&nbsp;&nbsp; 682861 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;30247 | &nbsp;&nbsp;&nbsp;&nbsp; 1502066 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27667 | &nbsp;&nbsp;&nbsp;&nbsp; 902498 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 172444 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739 | &nbsp;&nbsp;$678814 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 94157 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523 | &nbsp;&nbsp;&nbsp;&nbsp; 774496 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp; 1574979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6382315 |
| **Diversified Financial Services — 5.6%** | **Diversified Financial Services — 5.6%** | **Diversified Financial Services — 5.6%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp;&nbsp; 909172 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851 | &nbsp;&nbsp;&nbsp;&nbsp; 2269599 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868 | &nbsp;&nbsp;&nbsp;&nbsp; 1991285 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420 | &nbsp;&nbsp;&nbsp;&nbsp; 738367 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp; 1292830 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7797 | &nbsp;&nbsp;&nbsp;&nbsp; 469068 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8699 | &nbsp;&nbsp;&nbsp;&nbsp; 1976587 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863 | &nbsp;&nbsp;&nbsp;&nbsp; 675525 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9455 | &nbsp;&nbsp;&nbsp;&nbsp; 906167 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923 | &nbsp;&nbsp;&nbsp;&nbsp; 1045519 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp;&nbsp;&nbsp; 374927 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp; 158507 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp; 175739 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp; 113712 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp; 621632 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628 | &nbsp;&nbsp;&nbsp;&nbsp; 101307 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp; 177989 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19551 | &nbsp;&nbsp;&nbsp;&nbsp; 1117535 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp; 1387940 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9832 | &nbsp;&nbsp;&nbsp;&nbsp; 5852891 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp; 359904 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 144573 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21356 | &nbsp;&nbsp;&nbsp;&nbsp; 1321082 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6287 | &nbsp;&nbsp;&nbsp;&nbsp; 1065269 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;12959 | &nbsp;&nbsp;&nbsp;&nbsp; 1144021 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47698 | &nbsp;&nbsp;&nbsp;&nbsp; 1491993 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30329 | &nbsp;&nbsp;&nbsp;&nbsp; 774603 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265 | &nbsp;&nbsp;&nbsp;&nbsp; 491712 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;24310 | &nbsp;&nbsp;&nbsp;&nbsp; 1855825 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058 | &nbsp;&nbsp;&nbsp;&nbsp; 436722 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25204 | &nbsp;&nbsp;&nbsp;&nbsp; 1056552 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19259 | &nbsp;&nbsp;&nbsp;&nbsp; 6774931 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9382 | &nbsp;&nbsp;&nbsp;&nbsp; 704494 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;174584 | &nbsp;&nbsp;&nbsp;&nbsp; 1513643 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7225 | &nbsp;&nbsp;&nbsp;&nbsp; 131062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41622684 |
| **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639 | &nbsp;&nbsp;&nbsp;&nbsp; 130773 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619 | &nbsp;&nbsp;&nbsp;&nbsp; 107882 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 332560 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp; 121955 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9958 | &nbsp;&nbsp;&nbsp;&nbsp; 1449487 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp; 172232 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5555 | &nbsp;&nbsp;&nbsp;&nbsp; 1050506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3365395 |
| **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;5090 | &nbsp;&nbsp;&nbsp;&nbsp; 1661732 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp;&nbsp; 643559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305291 |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927 | &nbsp;&nbsp;&nbsp;&nbsp; 1006404 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943 | &nbsp;&nbsp;&nbsp;&nbsp; 646955 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109 | &nbsp;&nbsp;&nbsp;&nbsp; 771750 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18802 | &nbsp;&nbsp;&nbsp;&nbsp; 1026025 |

---

------

#### VALIC Company I Systematic Core Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 | &nbsp;&nbsp;$125920 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp; 229487 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp; 189209 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919 | &nbsp;&nbsp;&nbsp;&nbsp; 393069 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp; 302018 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 614091 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp; 56151 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6329 | &nbsp;&nbsp;&nbsp;&nbsp; 205946 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;&nbsp; 497811 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 77668 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14492 | &nbsp;&nbsp;&nbsp;&nbsp; 621852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764356 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp; 156987 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 829988 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495 | &nbsp;&nbsp;&nbsp;&nbsp; 1546900 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp; 144914 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867 | &nbsp;&nbsp;&nbsp;&nbsp; 702595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381384 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp; 395635 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 | &nbsp;&nbsp;&nbsp;&nbsp; 502811 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6082 | &nbsp;&nbsp;&nbsp;&nbsp; 592265 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp; 578220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068931 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;&nbsp; 254524 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 339256 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713 | &nbsp;&nbsp;&nbsp;&nbsp; 819043 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp; 197865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610688 |
| **Food — 1.9%** | **Food — 1.9%** | **Food — 1.9%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;76505 | &nbsp;&nbsp;&nbsp;&nbsp; 1488787 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56638 | &nbsp;&nbsp;&nbsp;&nbsp; 851836 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7639 | &nbsp;&nbsp;&nbsp;&nbsp; 989556 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5027 | &nbsp;&nbsp;&nbsp;&nbsp; 399647 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;31648 | &nbsp;&nbsp;&nbsp;&nbsp; 2147000 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;14136 | &nbsp;&nbsp;&nbsp;&nbsp; 1433390 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24798 | &nbsp;&nbsp;&nbsp;&nbsp; 1102271 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6690 | &nbsp;&nbsp;&nbsp;&nbsp; 756973 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12182 | &nbsp;&nbsp;&nbsp;&nbsp; 309788 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6620 | &nbsp;&nbsp;&nbsp;&nbsp; 930375 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16833 | &nbsp;&nbsp;&nbsp;&nbsp; 1354552 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;26046 | &nbsp;&nbsp;&nbsp;&nbsp; 2021170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13785345 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp; 74770 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28365 | &nbsp;&nbsp;&nbsp;&nbsp; 982563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057333 |
| **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;1828 | &nbsp;&nbsp;&nbsp;&nbsp; 443528 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | &nbsp;&nbsp;&nbsp;&nbsp; 314074 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738 | &nbsp;&nbsp;&nbsp;&nbsp; 1215747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973349 |
| **Healthcare-Products — 2.1%** | **Healthcare-Products — 2.1%** | **Healthcare-Products — 2.1%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;15205 | &nbsp;&nbsp;&nbsp;&nbsp; 2017095 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;$302091 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;14825 | &nbsp;&nbsp;&nbsp;&nbsp; 1564037 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40580 | &nbsp;&nbsp;&nbsp;&nbsp; 580294 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;51938 | &nbsp;&nbsp;&nbsp;&nbsp; 1100047 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093 | &nbsp;&nbsp;&nbsp;&nbsp; 288930 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8727 | &nbsp;&nbsp;&nbsp;&nbsp; 534703 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp; 143234 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp; 856747 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287 | &nbsp;&nbsp;&nbsp;&nbsp; 307959 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp; 666845 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp; 469509 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp; 273133 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807 | &nbsp;&nbsp;&nbsp;&nbsp; 724568 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp; 669635 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184 | &nbsp;&nbsp;&nbsp;&nbsp; 595446 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9863 | &nbsp;&nbsp;&nbsp;&nbsp; 458629 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212 | &nbsp;&nbsp;&nbsp;&nbsp; 881726 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp; 648674 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp; 89692 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808 | &nbsp;&nbsp;&nbsp;&nbsp; 1099079 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851 | &nbsp;&nbsp;&nbsp;&nbsp; 233985 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030 | &nbsp;&nbsp;&nbsp;&nbsp; 381576 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp; 304994 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp; 236611 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp; 290396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15719635 |
| **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;&nbsp;&nbsp; 52011 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396 | &nbsp;&nbsp;&nbsp;&nbsp; 1097248 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp; 811747 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp; 403086 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 77113 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp; 263489 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 | &nbsp;&nbsp;&nbsp;&nbsp; 761868 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp; 965335 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp; 722496 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 126400 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573 | &nbsp;&nbsp;&nbsp;&nbsp; 649000 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp; 218247 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9822 | &nbsp;&nbsp;&nbsp;&nbsp; 3043543 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp; 227157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9418740 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp; 681882 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp; 408602 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861 | &nbsp;&nbsp;&nbsp;&nbsp; 423166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513650 |
| **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;6065 | &nbsp;&nbsp;&nbsp;&nbsp; 434739 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9358 | &nbsp;&nbsp;&nbsp;&nbsp; 1094512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529251 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp; 292988 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519 | &nbsp;&nbsp;&nbsp;&nbsp; 652346 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395 | &nbsp;&nbsp;&nbsp;&nbsp; 1084130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029464 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp; 194251 |

---

------

#### VALIC Company I Systematic Core Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance — 6.2%** | **Insurance — 6.2%** | **Insurance — 6.2%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10613 | &nbsp;&nbsp;$1134105 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6659 | &nbsp;&nbsp;&nbsp;&nbsp; 1354774 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5876 | &nbsp;&nbsp;&nbsp;&nbsp; 798313 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp; 69366 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634 | &nbsp;&nbsp;&nbsp;&nbsp; 1333678 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10341 | &nbsp;&nbsp;&nbsp;&nbsp; 946512 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 146531 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129 | &nbsp;&nbsp;&nbsp;&nbsp; 674644 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13176 | &nbsp;&nbsp;&nbsp;&nbsp; 1298890 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;21642 | &nbsp;&nbsp;&nbsp;&nbsp; 10885493 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11451 | &nbsp;&nbsp;&nbsp;&nbsp; 541174 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431 | &nbsp;&nbsp;&nbsp;&nbsp; 332635 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5442 | &nbsp;&nbsp;&nbsp;&nbsp; 1496931 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994 | &nbsp;&nbsp;&nbsp;&nbsp; 459878 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547 | &nbsp;&nbsp;&nbsp;&nbsp; 324404 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29295 | &nbsp;&nbsp;&nbsp;&nbsp; 1560252 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13826 | &nbsp;&nbsp;&nbsp;&nbsp; 827763 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10339 | &nbsp;&nbsp;&nbsp;&nbsp; 1446943 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp;&nbsp;&nbsp; 891687 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12833 | &nbsp;&nbsp;&nbsp;&nbsp; 1697934 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690 | &nbsp;&nbsp;&nbsp;&nbsp; 412568 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 221406 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29999 | &nbsp;&nbsp;&nbsp;&nbsp; 1287857 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7394 | &nbsp;&nbsp;&nbsp;&nbsp; 715739 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 515233 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 | &nbsp;&nbsp;&nbsp;&nbsp; 1750620 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12212 | &nbsp;&nbsp;&nbsp;&nbsp; 993568 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43570 | &nbsp;&nbsp;&nbsp;&nbsp; 1212553 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33245 | &nbsp;&nbsp;&nbsp;&nbsp; 1328803 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 | &nbsp;&nbsp;&nbsp;&nbsp; 1329462 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp; 2106434 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575 | &nbsp;&nbsp;&nbsp;&nbsp; 1111679 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6119 | &nbsp;&nbsp;&nbsp;&nbsp; 414440 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9541 | &nbsp;&nbsp;&nbsp;&nbsp; 539353 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219 | &nbsp;&nbsp;&nbsp;&nbsp; 1417011 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;21769 | &nbsp;&nbsp;&nbsp;&nbsp; 1520782 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15748 | &nbsp;&nbsp;&nbsp;&nbsp; 1128974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46228389 |
| **Internet — 13.2%** | **Internet — 13.2%** | **Internet — 13.2%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;63534 | &nbsp;&nbsp;&nbsp;&nbsp; 13527024 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;52241 | &nbsp;&nbsp;&nbsp;&nbsp; 11155021 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;107035 | &nbsp;&nbsp;&nbsp;&nbsp; 24511015 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp; 2732336 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp; 234453 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19511 | &nbsp;&nbsp;&nbsp;&nbsp; 799170 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33492 | &nbsp;&nbsp;&nbsp;&nbsp; 957201 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316 | &nbsp;&nbsp;&nbsp;&nbsp; 1058499 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15905 | &nbsp;&nbsp;&nbsp;&nbsp; 1441152 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22402 | &nbsp;&nbsp;&nbsp;&nbsp; 1187530 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7629 | &nbsp;&nbsp;&nbsp;&nbsp; 1638709 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070 | &nbsp;&nbsp;&nbsp;&nbsp; 1587620 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13255 | &nbsp;&nbsp;&nbsp;&nbsp; 400301 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6554 | &nbsp;&nbsp;&nbsp;&nbsp; 972024 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28851 | &nbsp;&nbsp;&nbsp;&nbsp; 1056524 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;60632 | &nbsp;&nbsp;&nbsp;&nbsp; 983451 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19951 | &nbsp;&nbsp;&nbsp;&nbsp; 865275 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36517 | &nbsp;&nbsp;&nbsp;&nbsp; 1363545 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;24978 | &nbsp;&nbsp;&nbsp;&nbsp; 18451248 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 | &nbsp;&nbsp;&nbsp;&nbsp; 4498315 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277 | &nbsp;&nbsp;&nbsp;&nbsp; 433814 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;13860 | &nbsp;&nbsp;&nbsp;&nbsp; 507692 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;$247588 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9263 | &nbsp;&nbsp;&nbsp;&nbsp; 963630 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096 | &nbsp;&nbsp;&nbsp;&nbsp; 492070 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp; 1106009 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10785 | &nbsp;&nbsp;&nbsp;&nbsp; 1011094 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7270 | &nbsp;&nbsp;&nbsp;&nbsp; 1987400 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15810 | &nbsp;&nbsp;&nbsp;&nbsp; 1179426 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791 | &nbsp;&nbsp;&nbsp;&nbsp; 308891 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615 | &nbsp;&nbsp;&nbsp;&nbsp; 304781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;97962808 |
| **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;3291 | &nbsp;&nbsp;&nbsp;&nbsp; 973017 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| &nbsp;&nbsp;&nbsp;Amer Sports, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp;&nbsp;&nbsp; 326749 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;22472 | &nbsp;&nbsp;&nbsp;&nbsp; 716632 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 84631 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28482 | &nbsp;&nbsp;&nbsp;&nbsp; 1001427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129439 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13235 | &nbsp;&nbsp;&nbsp;&nbsp; 1136357 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;11786 | &nbsp;&nbsp;&nbsp;&nbsp; 744993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881350 |
| **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 | &nbsp;&nbsp;&nbsp;&nbsp; 1169541 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp; 1556944 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662 | &nbsp;&nbsp;&nbsp;&nbsp; 467088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193573 |
| **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413 | &nbsp;&nbsp;&nbsp;&nbsp; 636019 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;10556 | &nbsp;&nbsp;&nbsp;&nbsp; 120866 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 246978 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp; 314383 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;47646 | &nbsp;&nbsp;&nbsp;&nbsp; 1217832 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7789 | &nbsp;&nbsp;&nbsp;&nbsp; 665103 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp; 188579 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605 | &nbsp;&nbsp;&nbsp;&nbsp; 656920 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp; 223099 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725 | &nbsp;&nbsp;&nbsp;&nbsp; 464068 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914 | &nbsp;&nbsp;&nbsp;&nbsp; 757359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491206 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 105170 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;26987 | &nbsp;&nbsp;&nbsp;&nbsp; 916748 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp; 415132 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;26459 | &nbsp;&nbsp;&nbsp;&nbsp; 1579602 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;26892 | &nbsp;&nbsp;&nbsp;&nbsp; 1466959 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;69164 | &nbsp;&nbsp;&nbsp;&nbsp; 811985 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;79679 | &nbsp;&nbsp;&nbsp;&nbsp; 952164 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23190 | &nbsp;&nbsp;&nbsp;&nbsp; 1387690 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25911 | &nbsp;&nbsp;&nbsp;&nbsp; 762042 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;32063 | &nbsp;&nbsp;&nbsp;&nbsp; 1085974 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838 | &nbsp;&nbsp;&nbsp;&nbsp; 989516 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8425 | &nbsp;&nbsp;&nbsp;&nbsp; 199167 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962 | &nbsp;&nbsp;&nbsp;&nbsp; 942542 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;80136 | &nbsp;&nbsp;&nbsp;&nbsp; 932783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12547474 |

---

------

#### VALIC Company I Systematic Core Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7384 | &nbsp;&nbsp;$708421 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 941663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650084 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7882 | &nbsp;&nbsp;&nbsp;&nbsp; 586421 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 99539 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp; 396587 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp; 452263 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9836 | &nbsp;&nbsp;&nbsp;&nbsp; 783634 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp; 902721 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457 | &nbsp;&nbsp;&nbsp;&nbsp; 418304 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp; 312852 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp; 350349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716249 |
| **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;947 | &nbsp;&nbsp;&nbsp;&nbsp; 300284 |
| **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** |
| &nbsp;&nbsp;&nbsp;APA Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;28125 | &nbsp;&nbsp;&nbsp;&nbsp; 653062 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807 | &nbsp;&nbsp;&nbsp;&nbsp; 1253804 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12073 | &nbsp;&nbsp;&nbsp;&nbsp; 444045 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392 | &nbsp;&nbsp;&nbsp;&nbsp; 335706 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8567 | &nbsp;&nbsp;&nbsp;&nbsp; 1069333 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35387 | &nbsp;&nbsp;&nbsp;&nbsp; 4044380 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 | &nbsp;&nbsp;&nbsp;&nbsp; 517565 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp; 149418 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp; 124128 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp; 205974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8797415 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;&nbsp; 86396 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5783 | &nbsp;&nbsp;&nbsp;&nbsp; 131448 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16321 | &nbsp;&nbsp;&nbsp;&nbsp; 216906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434750 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586 | &nbsp;&nbsp;&nbsp;&nbsp; 499422 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381 | &nbsp;&nbsp;&nbsp;&nbsp; 534764 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp; 131648 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352 | &nbsp;&nbsp;&nbsp;&nbsp; 76369 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180 | &nbsp;&nbsp;&nbsp;&nbsp; 289966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532169 |
| **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17314 | &nbsp;&nbsp;&nbsp;&nbsp; 3642866 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12936 | &nbsp;&nbsp;&nbsp;&nbsp; 531023 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;45087 | &nbsp;&nbsp;&nbsp;&nbsp; 2127205 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4247 | &nbsp;&nbsp;&nbsp;&nbsp; 631869 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp; 604507 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp; 415113 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9942 | &nbsp;&nbsp;&nbsp;&nbsp; 727257 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;34631 | &nbsp;&nbsp;&nbsp;&nbsp; 635479 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470 | &nbsp;&nbsp;&nbsp;&nbsp; 5472372 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;18493 | &nbsp;&nbsp;&nbsp;&nbsp; 1286743 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;11507 | &nbsp;&nbsp;&nbsp;&nbsp; 1470019 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;29474 | &nbsp;&nbsp;&nbsp;&nbsp; 5221908 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 702433 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27084 | &nbsp;&nbsp;&nbsp;&nbsp; 2278306 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;33859 | &nbsp;&nbsp;&nbsp;&nbsp; 318952 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668 | &nbsp;&nbsp;$90820 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82354 | &nbsp;&nbsp;&nbsp;&nbsp; 868835 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp; 718032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27743739 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp; 606968 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp; 623725 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10063 | &nbsp;&nbsp;&nbsp;&nbsp; 649667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273392 |
| **REITS — 0.3%** | **REITS — 0.3%** | **REITS — 0.3%** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;16239 | &nbsp;&nbsp;&nbsp;&nbsp; 158493 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235 | &nbsp;&nbsp;&nbsp;&nbsp; 89740 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679 | &nbsp;&nbsp;&nbsp;&nbsp; 79004 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5127 | &nbsp;&nbsp;&nbsp;&nbsp; 161654 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 88462 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108380 | &nbsp;&nbsp;&nbsp;&nbsp; 1341744 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 | &nbsp;&nbsp;&nbsp;&nbsp; 237611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156708 |
| **Retail — 6.8%** | **Retail — 6.8%** | **Retail — 6.8%** |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp; 257857 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp; 2107662 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26428 | &nbsp;&nbsp;&nbsp;&nbsp; 771962 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14774 | &nbsp;&nbsp;&nbsp;&nbsp; 1087957 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8986 | &nbsp;&nbsp;&nbsp;&nbsp; 877753 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp; 206092 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 | &nbsp;&nbsp;&nbsp;&nbsp; 428080 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp; 1386634 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp; 4961863 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp; 350482 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 1185658 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10171 | &nbsp;&nbsp;&nbsp;&nbsp; 1106198 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8935 | &nbsp;&nbsp;&nbsp;&nbsp; 975434 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp; 713573 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191 | &nbsp;&nbsp;&nbsp;&nbsp; 737600 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp;&nbsp;&nbsp; 470124 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80281 | &nbsp;&nbsp;&nbsp;&nbsp; 1766985 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031 | &nbsp;&nbsp;&nbsp;&nbsp; 700969 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11726 | &nbsp;&nbsp;&nbsp;&nbsp; 4769785 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9671 | &nbsp;&nbsp;&nbsp;&nbsp; 2495698 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277 | &nbsp;&nbsp;&nbsp;&nbsp; 864809 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;125298 | &nbsp;&nbsp;&nbsp;&nbsp; 1657693 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5409 | &nbsp;&nbsp;&nbsp;&nbsp; 1695938 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13810 | &nbsp;&nbsp;&nbsp;&nbsp; 1246076 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp; 775967 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22278 | &nbsp;&nbsp;&nbsp;&nbsp; 2309783 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5151 | &nbsp;&nbsp;&nbsp;&nbsp; 949896 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409 | &nbsp;&nbsp;&nbsp;&nbsp; 648828 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888 | &nbsp;&nbsp;&nbsp;&nbsp; 853070 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp; 67122 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17310 | &nbsp;&nbsp;&nbsp;&nbsp; 2364719 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716 | &nbsp;&nbsp;&nbsp;&nbsp; 414780 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632 | &nbsp;&nbsp;&nbsp;&nbsp; 1296865 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58006 | &nbsp;&nbsp;&nbsp;&nbsp; 5625422 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7015 | &nbsp;&nbsp;&nbsp;&nbsp; 1320153 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp; 305808 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7679 | &nbsp;&nbsp;&nbsp;&nbsp; 1128583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50883878 |

---

------

#### VALIC Company I Systematic Core Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors — 9.7%** | **Semiconductors — 9.7%** | **Semiconductors — 9.7%** |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8456 | &nbsp;&nbsp;$1359387 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44182 | &nbsp;&nbsp;&nbsp;&nbsp; 13139285 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12765 | &nbsp;&nbsp;&nbsp;&nbsp; 1457635 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp; 926064 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10379 | &nbsp;&nbsp;&nbsp;&nbsp; 1039457 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411 | &nbsp;&nbsp;&nbsp;&nbsp; 145813 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;280086 | &nbsp;&nbsp;&nbsp;&nbsp; 48785380 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7214 | &nbsp;&nbsp;&nbsp;&nbsp; 357742 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10626 | &nbsp;&nbsp;&nbsp;&nbsp; 963778 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14169 | &nbsp;&nbsp;&nbsp;&nbsp; 2277383 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431 | &nbsp;&nbsp;&nbsp;&nbsp; 481939 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4279 | &nbsp;&nbsp;&nbsp;&nbsp; 505949 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219 | &nbsp;&nbsp;&nbsp;&nbsp; 651783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;72091595 |
| **Software — 11.4%** | **Software — 11.4%** | **Software — 11.4%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374 | &nbsp;&nbsp;&nbsp;&nbsp; 1916906 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8435 | &nbsp;&nbsp;&nbsp;&nbsp; 667462 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp; 493736 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5873 | &nbsp;&nbsp;&nbsp;&nbsp; 2810759 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3974 | &nbsp;&nbsp;&nbsp;&nbsp; 706498 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504 | &nbsp;&nbsp;&nbsp;&nbsp; 1417409 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101 | &nbsp;&nbsp;&nbsp;&nbsp; 537058 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp; 459764 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;13039 | &nbsp;&nbsp;&nbsp;&nbsp; 129086 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104 | &nbsp;&nbsp;&nbsp;&nbsp; 647836 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;18874 | &nbsp;&nbsp;&nbsp;&nbsp; 995792 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16412 | &nbsp;&nbsp;&nbsp;&nbsp; 1258144 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;67540 | &nbsp;&nbsp;&nbsp;&nbsp; 1962712 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp; 127186 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp; 175734 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8920 | &nbsp;&nbsp;&nbsp;&nbsp; 1533794 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp; 1028629 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859 | &nbsp;&nbsp;&nbsp;&nbsp; 671417 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 127825 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 404413 |
| &nbsp;&nbsp;&nbsp;Informatica, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6943 | &nbsp;&nbsp;&nbsp;&nbsp; 173089 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483 | &nbsp;&nbsp;&nbsp;&nbsp; 1656161 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;&nbsp;&nbsp; 512800 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp; 459964 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;86884 | &nbsp;&nbsp;&nbsp;&nbsp; 44023254 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14125 | &nbsp;&nbsp;&nbsp;&nbsp; 949341 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8045 | &nbsp;&nbsp;&nbsp;&nbsp; 1819216 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;20798 | &nbsp;&nbsp;&nbsp;&nbsp; 3259255 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp; 123139 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp; 325733 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp; 1431144 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp; 318328 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;52043 | &nbsp;&nbsp;&nbsp;&nbsp; 1587832 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6318 | &nbsp;&nbsp;&nbsp;&nbsp; 787160 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 95788 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7971 | &nbsp;&nbsp;&nbsp;&nbsp; 2042569 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922 | &nbsp;&nbsp;&nbsp;&nbsp; 214021 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 | &nbsp;&nbsp;&nbsp;&nbsp; 1652345 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5014 | &nbsp;&nbsp;&nbsp;&nbsp; 444541 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 163554 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 | &nbsp;&nbsp;&nbsp;&nbsp; 553783 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;53801 | &nbsp;&nbsp;&nbsp;&nbsp; 1128745 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9109 | &nbsp;&nbsp;&nbsp;&nbsp; 962001 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9038 | &nbsp;&nbsp;&nbsp;&nbsp; 356188 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183 | &nbsp;&nbsp;$503880 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16353 | &nbsp;&nbsp;&nbsp;&nbsp; 1331461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;84947452 |
| **Telecommunications — 2.0%** | **Telecommunications — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627 | &nbsp;&nbsp;&nbsp;&nbsp; 768367 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80575 | &nbsp;&nbsp;&nbsp;&nbsp; 2360042 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8860 | &nbsp;&nbsp;&nbsp;&nbsp; 832574 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43721 | &nbsp;&nbsp;&nbsp;&nbsp; 3020684 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | &nbsp;&nbsp;&nbsp;&nbsp;27377 | &nbsp;&nbsp;&nbsp;&nbsp; 1322583 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp; 1474075 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5265 | &nbsp;&nbsp;&nbsp;&nbsp; 1326727 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 | &nbsp;&nbsp;&nbsp;&nbsp; 1744413 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46059 | &nbsp;&nbsp;&nbsp;&nbsp; 2037190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14886655 |
| **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568 | &nbsp;&nbsp;&nbsp;&nbsp; 370785 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;52718 | &nbsp;&nbsp;&nbsp;&nbsp; 964739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335524 |
| **Transportation — 0.3%** | **Transportation — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10966 | &nbsp;&nbsp;&nbsp;&nbsp; 1411324 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp; 195637 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp; 164291 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189 | &nbsp;&nbsp;&nbsp;&nbsp; 554330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325582 |
| **Total Common Stocks<br> (cost $469,238,937)** |  | &nbsp;&nbsp;&nbsp;&nbsp;736261380 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.6%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 1000 ETF #<br> (cost $4,475,069) | &nbsp;&nbsp;&nbsp;&nbsp;16032 | &nbsp;&nbsp;&nbsp;&nbsp; 4702346 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. †(1)<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $473,714,006)** |  | &nbsp;&nbsp;&nbsp;&nbsp;740963726 |
| **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** |  |
| **Unaffiliated Investment Companies — 0.6%** | **Unaffiliated Investment Companies — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(2)(3)<br> (cost $4,501,991) | 4501991 | &nbsp;&nbsp;&nbsp;&nbsp; 4501991 |
| **TOTAL INVESTMENTS<br> (cost $478,215,997)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2% | &nbsp;&nbsp;&nbsp;&nbsp;745465717 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1547791) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$743917926 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan. <br> (1) Securities classified as Level 3 (see Note 1).

------

#### VALIC Company I Systematic Core Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

(2) The rate shown is the 7-day yield as of August 31, 2025.

(3) At August 31, 2025, the Fund had loaned securities with a total value of $16,931,471. This was secured by collateral of $4,501,991, which was received in cash and
subsequently invested in short-term investments currently valued at $4,501,991 as reported in the Portfolio of Investments. Additional collateral of $13,428,858 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$41590 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478388 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41525 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227611 |
| United States Treasury Bills | 0.00% | 10/09/2025 to 04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79349 |
| United States Treasury Notes/Bonds | 0.00% to 5.38% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;12560395 |

---

ETF—Exchange Traded Fund

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$736261380 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$736261380 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4702346 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4702346 |
| 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;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;4501991 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501991 |
| **Total Investments at Value** | &nbsp;&nbsp;$745465717 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$745465717 |

---

\* 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 Portfolio of Investments

------

#### VALIC Company I Systematic Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041 | &nbsp;&nbsp;$467858 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 | &nbsp;&nbsp;&nbsp;&nbsp; 781293 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8966 | &nbsp;&nbsp;&nbsp;&nbsp; 2196760 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144 | &nbsp;&nbsp;&nbsp;&nbsp; 547370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993281 |
| **Apparel — 0.6%** | **Apparel — 0.6%** | **Apparel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;27118 | &nbsp;&nbsp;&nbsp;&nbsp; 3244126 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7149 | &nbsp;&nbsp;&nbsp;&nbsp; 322277 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247 | &nbsp;&nbsp;&nbsp;&nbsp; 1557992 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15125 | &nbsp;&nbsp;&nbsp;&nbsp; 1540028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6664423 |
| **Auto Manufacturers — 2.4%** | **Auto Manufacturers — 2.4%** | **Auto Manufacturers — 2.4%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;74882 | &nbsp;&nbsp;&nbsp;&nbsp; 25000853 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6659 | &nbsp;&nbsp;&nbsp;&nbsp; 581397 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047 | &nbsp;&nbsp;&nbsp;&nbsp; 532963 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5953 | &nbsp;&nbsp;&nbsp;&nbsp; 574881 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp; 500550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608394 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6308 | &nbsp;&nbsp;&nbsp;&nbsp; 435189 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5790 | &nbsp;&nbsp;&nbsp;&nbsp; 678819 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;15465 | &nbsp;&nbsp;&nbsp;&nbsp; 965171 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16883 | &nbsp;&nbsp;&nbsp;&nbsp; 2509658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4588837 |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;90298 | &nbsp;&nbsp;&nbsp;&nbsp; 3378951 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13415 | &nbsp;&nbsp;&nbsp;&nbsp; 1515493 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36887 | &nbsp;&nbsp;&nbsp;&nbsp; 2698284 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;30798 | &nbsp;&nbsp;&nbsp;&nbsp; 2605819 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;19441 | &nbsp;&nbsp;&nbsp;&nbsp; 460752 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025 | &nbsp;&nbsp;&nbsp;&nbsp; 1573855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12233154 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857 | &nbsp;&nbsp;&nbsp;&nbsp; 950855 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp; 731912 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6893 | &nbsp;&nbsp;&nbsp;&nbsp; 2864731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547498 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp; 509477 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199 | &nbsp;&nbsp;&nbsp;&nbsp; 804460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313937 |
| **Commercial Services — 2.3%** | **Commercial Services — 2.3%** | **Commercial Services — 2.3%** |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7881 | &nbsp;&nbsp;&nbsp;&nbsp; 697153 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7208 | &nbsp;&nbsp;&nbsp;&nbsp; 2191592 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473 | &nbsp;&nbsp;&nbsp;&nbsp; 435870 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8743 | &nbsp;&nbsp;&nbsp;&nbsp; 1836292 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6682 | &nbsp;&nbsp;&nbsp;&nbsp; 2176127 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18608 | &nbsp;&nbsp;&nbsp;&nbsp; 3750815 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14199 | &nbsp;&nbsp;&nbsp;&nbsp; 714920 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14790 | &nbsp;&nbsp;&nbsp;&nbsp; 7539350 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6211 | &nbsp;&nbsp;&nbsp;&nbsp; 1629891 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp; 337896 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18488 | &nbsp;&nbsp;&nbsp;&nbsp; 1045311 |

---

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;$104989 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740 | &nbsp;&nbsp;&nbsp;&nbsp; 213774 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 | &nbsp;&nbsp;&nbsp;&nbsp; 433550 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093 | &nbsp;&nbsp;&nbsp;&nbsp; 529986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23637516 |
| **Computers — 11.4%** | **Computers — 11.4%** | **Computers — 11.4%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;482099 | &nbsp;&nbsp;&nbsp;&nbsp; 111914462 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp; 285574 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5784 | &nbsp;&nbsp;&nbsp;&nbsp; 706516 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20347 | &nbsp;&nbsp;&nbsp;&nbsp; 890792 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35955 | &nbsp;&nbsp;&nbsp;&nbsp; 2832175 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp; 508409 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15388 | &nbsp;&nbsp;&nbsp;&nbsp; 489184 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074 | &nbsp;&nbsp;&nbsp;&nbsp; 233926 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9636 | &nbsp;&nbsp;&nbsp;&nbsp; 747850 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901 | &nbsp;&nbsp;&nbsp;&nbsp; 706349 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp; 224965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119540202 |
| **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;8273 | &nbsp;&nbsp;&nbsp;&nbsp; 695511 |
| **Distribution/Wholesale — 0.5%** | **Distribution/Wholesale — 0.5%** | **Distribution/Wholesale — 0.5%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11595 | &nbsp;&nbsp;&nbsp;&nbsp; 750428 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;28074 | &nbsp;&nbsp;&nbsp;&nbsp; 1394155 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7026 | &nbsp;&nbsp;&nbsp;&nbsp; 1006404 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1646938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797925 |
| **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6524 | &nbsp;&nbsp;&nbsp;&nbsp; 2161271 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822 | &nbsp;&nbsp;&nbsp;&nbsp; 2482414 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227 | &nbsp;&nbsp;&nbsp;&nbsp; 1256994 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176 | &nbsp;&nbsp;&nbsp;&nbsp; 311388 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 47204 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16811 | &nbsp;&nbsp;&nbsp;&nbsp; 3349592 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15345 | &nbsp;&nbsp;&nbsp;&nbsp; 877120 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618 | &nbsp;&nbsp;&nbsp;&nbsp; 1683169 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;24652 | &nbsp;&nbsp;&nbsp;&nbsp; 14675089 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26090 | &nbsp;&nbsp;&nbsp;&nbsp; 816095 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19452 | &nbsp;&nbsp;&nbsp;&nbsp; 496804 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11757 | &nbsp;&nbsp;&nbsp;&nbsp; 1450343 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;71059 | &nbsp;&nbsp;&nbsp;&nbsp; 24997135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54604618 |
| **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10099 | &nbsp;&nbsp;&nbsp;&nbsp; 1470010 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060 | &nbsp;&nbsp;&nbsp;&nbsp; 767787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237797 |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;82005 | &nbsp;&nbsp;&nbsp;&nbsp; 8927064 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360 | &nbsp;&nbsp;&nbsp;&nbsp; 893059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9820123 |
| **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** | **Engineering & Construction — 1.3%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10759 | &nbsp;&nbsp;&nbsp;&nbsp; 7567665 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650 | &nbsp;&nbsp;&nbsp;&nbsp; 5983000 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp; 246917 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 181348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13978930 |

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#### VALIC Company I Systematic Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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)** |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;$423894 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp; 414394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838288 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193 | &nbsp;&nbsp;&nbsp;&nbsp; 445255 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;20528 | &nbsp;&nbsp;&nbsp;&nbsp; 2081539 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9424 | &nbsp;&nbsp;&nbsp;&nbsp; 1324449 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15068 | &nbsp;&nbsp;&nbsp;&nbsp; 1212522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618510 |
| **Healthcare-Products — 1.1%** | **Healthcare-Products — 1.1%** | **Healthcare-Products — 1.1%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6199 | &nbsp;&nbsp;&nbsp;&nbsp; 653994 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186 | &nbsp;&nbsp;&nbsp;&nbsp; 198500 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 569439 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp; 519980 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 275303 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812 | &nbsp;&nbsp;&nbsp;&nbsp; 532575 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094 | &nbsp;&nbsp;&nbsp;&nbsp; 520565 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp; 286545 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21946 | &nbsp;&nbsp;&nbsp;&nbsp; 6024396 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp; 1334317 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 | &nbsp;&nbsp;&nbsp;&nbsp; 149748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11065362 |
| **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;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 1309737 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp; 130046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439783 |
| **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;23991 | &nbsp;&nbsp;&nbsp;&nbsp; 2805987 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052 | &nbsp;&nbsp;&nbsp;&nbsp; 394135 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp; 717852 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39247 | &nbsp;&nbsp;&nbsp;&nbsp; 3804997 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10660 | &nbsp;&nbsp;&nbsp;&nbsp; 567752 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 378098 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11844 | &nbsp;&nbsp;&nbsp;&nbsp; 2437614 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23410 | &nbsp;&nbsp;&nbsp;&nbsp; 5783674 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;&nbsp;&nbsp; 196146 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 63370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13949503 |
| **Internet — 20.6%** | **Internet — 20.6%** | **Internet — 20.6%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;155178 | &nbsp;&nbsp;&nbsp;&nbsp; 33038948 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;134193 | &nbsp;&nbsp;&nbsp;&nbsp; 28654231 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;265322 | &nbsp;&nbsp;&nbsp;&nbsp; 60758738 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp; 9675158 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14328 | &nbsp;&nbsp;&nbsp;&nbsp; 586875 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36563 | &nbsp;&nbsp;&nbsp;&nbsp; 1044971 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9752 | &nbsp;&nbsp;&nbsp;&nbsp; 2391678 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16728 | &nbsp;&nbsp;&nbsp;&nbsp; 886751 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934 | &nbsp;&nbsp;&nbsp;&nbsp; 1704223 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 | &nbsp;&nbsp;&nbsp;&nbsp; 1261525 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;53927 | &nbsp;&nbsp;&nbsp;&nbsp; 874696 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;67284 | &nbsp;&nbsp;&nbsp;&nbsp; 49702691 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11868 | &nbsp;&nbsp;&nbsp;&nbsp; 14339511 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp; 252630 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;16164 | &nbsp;&nbsp;&nbsp;&nbsp; 592087 |

---

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943 | &nbsp;&nbsp;$2237970 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7933 | &nbsp;&nbsp;&nbsp;&nbsp; 825270 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12360 | &nbsp;&nbsp;&nbsp;&nbsp; 1193482 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 | &nbsp;&nbsp;&nbsp;&nbsp; 1196018 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;44702 | &nbsp;&nbsp;&nbsp;&nbsp; 4190812 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188 | &nbsp;&nbsp;&nbsp;&nbsp; 461625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215869890 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 439496 |
| **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 | &nbsp;&nbsp;&nbsp;&nbsp; 1002819 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12993 | &nbsp;&nbsp;&nbsp;&nbsp; 1657257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660076 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831 | &nbsp;&nbsp;&nbsp;&nbsp; 579025 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp; 127768 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 64058 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 | &nbsp;&nbsp;&nbsp;&nbsp; 742343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806401 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 463940 |
| **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40572 | &nbsp;&nbsp;&nbsp;&nbsp; 8536349 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8163 | &nbsp;&nbsp;&nbsp;&nbsp; 385130 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672 | &nbsp;&nbsp;&nbsp;&nbsp; 992660 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20982 | &nbsp;&nbsp;&nbsp;&nbsp; 6118561 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9580 | &nbsp;&nbsp;&nbsp;&nbsp; 667918 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;23215 | &nbsp;&nbsp;&nbsp;&nbsp; 17006845 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 491634 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 80546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34279643 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 | &nbsp;&nbsp;&nbsp;&nbsp; 883852 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp; 152203 |
| **Retail — 4.0%** | **Retail — 4.0%** | **Retail — 4.0%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 1650022 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777 | &nbsp;&nbsp;&nbsp;&nbsp; 466617 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8361 | &nbsp;&nbsp;&nbsp;&nbsp; 3109623 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp; 1213552 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12475 | &nbsp;&nbsp;&nbsp;&nbsp; 11767917 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp; 678742 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp; 390181 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26153 | &nbsp;&nbsp;&nbsp;&nbsp; 10638256 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12912 | &nbsp;&nbsp;&nbsp;&nbsp; 2610807 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp; 704808 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20131 | &nbsp;&nbsp;&nbsp;&nbsp; 2087182 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15453 | &nbsp;&nbsp;&nbsp;&nbsp; 2111034 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537 | &nbsp;&nbsp;&nbsp;&nbsp; 1742786 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9260 | &nbsp;&nbsp;&nbsp;&nbsp; 898035 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8373 | &nbsp;&nbsp;&nbsp;&nbsp; 1575715 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 119108 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 | &nbsp;&nbsp;&nbsp;&nbsp; 558045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42322430 |

---

------

#### VALIC Company I Systematic Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors — 18.9%** | **Semiconductors — 18.9%** | **Semiconductors — 18.9%** |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5804 | &nbsp;&nbsp;$933051 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 1293620 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153021 | &nbsp;&nbsp;&nbsp;&nbsp; 45506915 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp; 5197120 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11710 | &nbsp;&nbsp;&nbsp;&nbsp; 1172756 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;812437 | &nbsp;&nbsp;&nbsp;&nbsp; 141510277 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13598 | &nbsp;&nbsp;&nbsp;&nbsp; 2185607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197799346 |
| **Software — 19.5%** | **Software — 19.5%** | **Software — 19.5%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17935 | &nbsp;&nbsp;&nbsp;&nbsp; 6397414 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp; 615784 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;18044 | &nbsp;&nbsp;&nbsp;&nbsp; 8635678 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 | &nbsp;&nbsp;&nbsp;&nbsp; 731920 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115 | &nbsp;&nbsp;&nbsp;&nbsp; 1609690 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951 | &nbsp;&nbsp;&nbsp;&nbsp; 331173 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972 | &nbsp;&nbsp;&nbsp;&nbsp; 504083 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661 | &nbsp;&nbsp;&nbsp;&nbsp; 1282924 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp; 242938 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26968 | &nbsp;&nbsp;&nbsp;&nbsp; 2067367 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;53244 | &nbsp;&nbsp;&nbsp;&nbsp; 866280 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17120 | &nbsp;&nbsp;&nbsp;&nbsp; 1163133 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;73731 | &nbsp;&nbsp;&nbsp;&nbsp; 2142623 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp; 175142 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47710 | &nbsp;&nbsp;&nbsp;&nbsp; 2414126 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1780319 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11864 | &nbsp;&nbsp;&nbsp;&nbsp; 1639367 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;&nbsp; 510228 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10561 | &nbsp;&nbsp;&nbsp;&nbsp; 7044187 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp; 495297 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;245391 | &nbsp;&nbsp;&nbsp;&nbsp; 124337166 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;12923 | &nbsp;&nbsp;&nbsp;&nbsp; 868555 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34771 | &nbsp;&nbsp;&nbsp;&nbsp; 7862766 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;64234 | &nbsp;&nbsp;&nbsp;&nbsp; 10066110 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15530 | &nbsp;&nbsp;&nbsp;&nbsp; 2165736 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253 | &nbsp;&nbsp;&nbsp;&nbsp; 1193219 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39592 | &nbsp;&nbsp;&nbsp;&nbsp; 2146282 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | &nbsp;&nbsp;&nbsp;&nbsp; 118584 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;55235 | &nbsp;&nbsp;&nbsp;&nbsp; 1685220 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058 | &nbsp;&nbsp;&nbsp;&nbsp; 1128536 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10658 | &nbsp;&nbsp;&nbsp;&nbsp; 2731112 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7298 | &nbsp;&nbsp;&nbsp;&nbsp; 263750 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp; 1986301 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 264853 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp; 2340451 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;45531 | &nbsp;&nbsp;&nbsp;&nbsp; 955240 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11621 | &nbsp;&nbsp;&nbsp;&nbsp; 1227294 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 633240 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544 | &nbsp;&nbsp;&nbsp;&nbsp; 297309 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp;&nbsp;&nbsp; 1067916 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646 | &nbsp;&nbsp;&nbsp;&nbsp; 610750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204600063 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40122 | &nbsp;&nbsp;$5478659 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp; 698768 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869 | &nbsp;&nbsp;&nbsp;&nbsp; 2043335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8220762 |
| **Total Common Stocks<br> (cost $619,371,823)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1034606114 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.9%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 Growth ETF<br> (cost $9,181,826) | &nbsp;&nbsp;&nbsp;&nbsp;20531 | &nbsp;&nbsp;&nbsp;&nbsp; 9148408 |
| **Total Long-Term Investment Securities<br> (cost $628,553,649)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1043754522 |
| **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> 4.23%(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.31%(1)(2) | 2829124 | &nbsp;&nbsp;&nbsp;&nbsp; 2829124 |
| **Total Short-Term Investments<br> (cost $2,829,305)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829305 |
| **TOTAL INVESTMENTS<br> (cost $631,382,954)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;1046583827 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306644 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1048890471 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of August 31, 2025. |
| (2) | &nbsp;&nbsp;At August 31, 2025, the Fund had loaned securities with a total value of $4,071,704. This was secured by collateral of $2,829,124, which was received in cash and subsequently invested in short-term investments currently valued at $2,829,124 as reported in the Portfolio of Investments. Additional collateral of $1,352,717 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3975 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45721 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21754 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;1277298 |

---

ETF—Exchange Traded Fund

------

#### VALIC Company I Systematic Growth Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$1034606114 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1034606114 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9148408 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9148408 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829305 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829305 |
| **Total Investments at Value** | &nbsp;&nbsp;$1046583827 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1046583827 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I Systematic Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **Advertising — 0.8%** | **Advertising — 0.8%** | **Advertising — 0.8%** |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46046 | &nbsp;&nbsp;$3606783 |
| **Aerospace/Defense — 2.4%** | **Aerospace/Defense — 2.4%** | **Aerospace/Defense — 2.4%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767 | &nbsp;&nbsp;&nbsp;&nbsp; 1801191 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19747 | &nbsp;&nbsp;&nbsp;&nbsp; 6409284 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154 | &nbsp;&nbsp;&nbsp;&nbsp; 500224 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;&nbsp; 2586529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11297228 |
| **Agriculture — 2.2%** | **Agriculture — 2.2%** | **Agriculture — 2.2%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27783 | &nbsp;&nbsp;&nbsp;&nbsp; 1867296 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50864 | &nbsp;&nbsp;&nbsp;&nbsp; 8500900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10368196 |
| **Apparel — 0.9%** | **Apparel — 0.9%** | **Apparel — 0.9%** |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42263 | &nbsp;&nbsp;&nbsp;&nbsp; 4303219 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266 | &nbsp;&nbsp;&nbsp;&nbsp; 902865 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;35418 | &nbsp;&nbsp;&nbsp;&nbsp; 2075141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978006 |
| **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;29499 | &nbsp;&nbsp;&nbsp;&nbsp; 2575557 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;17698 | &nbsp;&nbsp;&nbsp;&nbsp; 1407522 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48551 | &nbsp;&nbsp;&nbsp;&nbsp; 2076041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6059120 |
| **Banks — 8.4%** | **Banks — 8.4%** | **Banks — 8.4%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;89461 | &nbsp;&nbsp;&nbsp;&nbsp; 4539251 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60973 | &nbsp;&nbsp;&nbsp;&nbsp; 6438749 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197 | &nbsp;&nbsp;&nbsp;&nbsp; 695014 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21031 | &nbsp;&nbsp;&nbsp;&nbsp; 2211199 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;60042 | &nbsp;&nbsp;&nbsp;&nbsp; 18097860 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16627 | &nbsp;&nbsp;&nbsp;&nbsp; 2182792 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39740 | &nbsp;&nbsp;&nbsp;&nbsp; 4568908 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;12521 | &nbsp;&nbsp;&nbsp;&nbsp; 1028976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39762749 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35009 | &nbsp;&nbsp;&nbsp;&nbsp; 5204088 |
| **Biotechnology — 4.7%** | **Biotechnology — 4.7%** | **Biotechnology — 4.7%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18299 | &nbsp;&nbsp;&nbsp;&nbsp; 5264805 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;61682 | &nbsp;&nbsp;&nbsp;&nbsp; 2308140 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54813 | &nbsp;&nbsp;&nbsp;&nbsp; 6192225 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;48025 | &nbsp;&nbsp;&nbsp;&nbsp; 4063395 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38350 | &nbsp;&nbsp;&nbsp;&nbsp; 923852 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10764 | &nbsp;&nbsp;&nbsp;&nbsp; 3280437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22032854 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;10756 | &nbsp;&nbsp;&nbsp;&nbsp; 606101 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;26715 | &nbsp;&nbsp;&nbsp;&nbsp; 892281 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42136 | &nbsp;&nbsp;&nbsp;&nbsp; 4686787 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20893 | &nbsp;&nbsp;&nbsp;&nbsp; 2618102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8803271 |
| **Commercial Services — 1.6%** | **Commercial Services — 1.6%** | **Commercial Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13870 | &nbsp;&nbsp;&nbsp;&nbsp; 7606863 |
| **Computers — 7.1%** | **Computers — 7.1%** | **Computers — 7.1%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;13774 | &nbsp;&nbsp;&nbsp;&nbsp; 3580827 |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23269 | &nbsp;&nbsp;&nbsp;&nbsp; 1991128 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428 | &nbsp;&nbsp;&nbsp;&nbsp; 1164760 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;58651 | &nbsp;&nbsp;$4237535 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co.# | &nbsp;&nbsp;&nbsp;&nbsp;20309 | &nbsp;&nbsp;&nbsp;&nbsp; 1213057 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;29643 | &nbsp;&nbsp;&nbsp;&nbsp; 3620892 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;172682 | &nbsp;&nbsp;&nbsp;&nbsp; 3897433 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82870 | &nbsp;&nbsp;&nbsp;&nbsp; 2365110 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21806 | &nbsp;&nbsp;&nbsp;&nbsp; 5309543 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27032 | &nbsp;&nbsp;&nbsp;&nbsp; 4890629 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11004 | &nbsp;&nbsp;&nbsp;&nbsp; 1295171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33566085 |
| **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;10146 | &nbsp;&nbsp;&nbsp;&nbsp; 1593328 |
| **Diversified Financial Services — 6.3%** | **Diversified Financial Services — 6.3%** | **Diversified Financial Services — 6.3%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9273 | &nbsp;&nbsp;&nbsp;&nbsp; 3071959 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp; 1704236 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 | &nbsp;&nbsp;&nbsp;&nbsp; 891476 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp; 719628 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;106902 | &nbsp;&nbsp;&nbsp;&nbsp; 4737897 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;75197 | &nbsp;&nbsp;&nbsp;&nbsp; 5740539 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28249 | &nbsp;&nbsp;&nbsp;&nbsp; 3040157 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6208 | &nbsp;&nbsp;&nbsp;&nbsp; 765819 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;104043 | &nbsp;&nbsp;&nbsp;&nbsp; 4361482 |
| &nbsp;&nbsp;&nbsp;Western Union Co.# | &nbsp;&nbsp;&nbsp;&nbsp;550549 | &nbsp;&nbsp;&nbsp;&nbsp; 4773260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29806453 |
| **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9076 | &nbsp;&nbsp;&nbsp;&nbsp; 2795226 |
| **Electrical Components & Equipment — 3.0%** | **Electrical Components & Equipment — 3.0%** | **Electrical Components & Equipment — 3.0%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13035 | &nbsp;&nbsp;&nbsp;&nbsp; 4255536 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;19371 | &nbsp;&nbsp;&nbsp;&nbsp; 6763191 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;23970 | &nbsp;&nbsp;&nbsp;&nbsp; 3164040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14182767 |
| **Electronics — 1.9%** | **Electronics — 1.9%** | **Electronics — 1.9%** |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 | &nbsp;&nbsp;&nbsp;&nbsp; 452893 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12888 | &nbsp;&nbsp;&nbsp;&nbsp; 3116576 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11239 | &nbsp;&nbsp;&nbsp;&nbsp; 2466961 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp; 773627 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13307 | &nbsp;&nbsp;&nbsp;&nbsp; 1970367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8780424 |
| **Engineering & Construction — 1.4%** | **Engineering & Construction — 1.4%** | **Engineering & Construction — 1.4%** |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9075 | &nbsp;&nbsp;&nbsp;&nbsp; 5626500 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 | &nbsp;&nbsp;&nbsp;&nbsp; 1215155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6841655 |
| **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;39109 | &nbsp;&nbsp;&nbsp;&nbsp; 1248750 |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;86642 | &nbsp;&nbsp;&nbsp;&nbsp; 1686053 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115461 | &nbsp;&nbsp;&nbsp;&nbsp; 1736534 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17307 | &nbsp;&nbsp;&nbsp;&nbsp; 440290 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45385 | &nbsp;&nbsp;&nbsp;&nbsp; 2017363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7128990 |
| **Gas — 0.8%** | **Gas — 0.8%** | **Gas — 0.8%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;41063 | &nbsp;&nbsp;&nbsp;&nbsp; 3561805 |
| **Hand/Machine Tools — 0.9%** | **Hand/Machine Tools — 0.9%** | **Hand/Machine Tools — 0.9%** |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13337 | &nbsp;&nbsp;&nbsp;&nbsp; 4337726 |
| **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;32706 | &nbsp;&nbsp;&nbsp;&nbsp; 3450483 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;39726 | &nbsp;&nbsp;&nbsp;&nbsp; 3686970 |

---

------

#### VALIC Company I Systematic Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18678 | &nbsp;&nbsp;$5127298 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13048 | &nbsp;&nbsp;&nbsp;&nbsp; 5107118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17371869 |
| **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp; 1086915 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341 | &nbsp;&nbsp;&nbsp;&nbsp; 1035276 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;13821 | &nbsp;&nbsp;&nbsp;&nbsp; 2509617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4631808 |
| **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14199 | &nbsp;&nbsp;&nbsp;&nbsp; 1660715 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276 | &nbsp;&nbsp;&nbsp;&nbsp; 681343 |
| **Insurance — 9.5%** | **Insurance — 9.5%** | **Insurance — 9.5%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 | &nbsp;&nbsp;&nbsp;&nbsp; 857338 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5308 | &nbsp;&nbsp;&nbsp;&nbsp; 1948036 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199 | &nbsp;&nbsp;&nbsp;&nbsp; 968497 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;39772 | &nbsp;&nbsp;&nbsp;&nbsp; 20004520 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23368 | &nbsp;&nbsp;&nbsp;&nbsp; 1104372 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38001 | &nbsp;&nbsp;&nbsp;&nbsp; 3684197 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35483 | &nbsp;&nbsp;&nbsp;&nbsp; 4965846 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;168735 | &nbsp;&nbsp;&nbsp;&nbsp; 4695895 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26451 | &nbsp;&nbsp;&nbsp;&nbsp; 6534984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44763685 |
| **Internet — 5.9%** | **Internet — 5.9%** | **Internet — 5.9%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;47521 | &nbsp;&nbsp;&nbsp;&nbsp; 10117696 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;19397 | &nbsp;&nbsp;&nbsp;&nbsp; 4141841 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32587 | &nbsp;&nbsp;&nbsp;&nbsp; 7462423 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611 | &nbsp;&nbsp;&nbsp;&nbsp; 1757029 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12154 | &nbsp;&nbsp;&nbsp;&nbsp; 445080 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522 | &nbsp;&nbsp;&nbsp;&nbsp; 4079101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28003170 |
| **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;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 1664100 |
| **Media — 3.7%** | **Media — 3.7%** | **Media — 3.7%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;190180 | &nbsp;&nbsp;&nbsp;&nbsp; 6460415 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;76750 | &nbsp;&nbsp;&nbsp;&nbsp; 4581975 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;53153 | &nbsp;&nbsp;&nbsp;&nbsp; 6292252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17334642 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57361 | &nbsp;&nbsp;&nbsp;&nbsp; 4267658 |
| **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;193048 | &nbsp;&nbsp;&nbsp;&nbsp; 4482574 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20605 | &nbsp;&nbsp;&nbsp;&nbsp; 1994152 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29658 | &nbsp;&nbsp;&nbsp;&nbsp; 3389613 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;10538 | &nbsp;&nbsp;&nbsp;&nbsp; 530694 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115114 | &nbsp;&nbsp;&nbsp;&nbsp; 4848602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15245635 |
| **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** | **Packaging & Containers — 1.4%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14763 | &nbsp;&nbsp;&nbsp;&nbsp; 2056043 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;19919 | &nbsp;&nbsp;&nbsp;&nbsp; 4341545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6397588 |
| **Pharmaceuticals — 5.5%** | **Pharmaceuticals — 5.5%** | **Pharmaceuticals — 5.5%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30142 | &nbsp;&nbsp;&nbsp;&nbsp; 1237329 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8729 | &nbsp;&nbsp;&nbsp;&nbsp; 1298701 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;69572 | &nbsp;&nbsp;$12326071 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp; 2947059 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99181 | &nbsp;&nbsp;&nbsp;&nbsp; 8343106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26152266 |
| **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64250 | &nbsp;&nbsp;&nbsp;&nbsp; 4907415 |
| **REITS — 5.1%** | **REITS — 5.1%** | **REITS — 5.1%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62904 | &nbsp;&nbsp;&nbsp;&nbsp; 4575637 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100425 | &nbsp;&nbsp;&nbsp;&nbsp; 2810896 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133342 | &nbsp;&nbsp;&nbsp;&nbsp; 2998862 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23276 | &nbsp;&nbsp;&nbsp;&nbsp; 3394106 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13499 | &nbsp;&nbsp;&nbsp;&nbsp; 574652 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87461 | &nbsp;&nbsp;&nbsp;&nbsp; 5139208 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129102 | &nbsp;&nbsp;&nbsp;&nbsp; 4757409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24250770 |
| **Retail — 3.0%** | **Retail — 3.0%** | **Retail — 3.0%** |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;13692 | &nbsp;&nbsp;&nbsp;&nbsp; 1907706 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;52492 | &nbsp;&nbsp;&nbsp;&nbsp; 694469 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12027 | &nbsp;&nbsp;&nbsp;&nbsp; 3770946 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80067 | &nbsp;&nbsp;&nbsp;&nbsp; 7764898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14138019 |
| **Semiconductors — 1.5%** | **Semiconductors — 1.5%** | **Semiconductors — 1.5%** |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50001 | &nbsp;&nbsp;&nbsp;&nbsp; 3143313 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32957 | &nbsp;&nbsp;&nbsp;&nbsp; 3922212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065525 |
| **Software — 1.5%** | **Software — 1.5%** | **Software — 1.5%** |
| &nbsp;&nbsp;&nbsp;Concentrix Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;37829 | &nbsp;&nbsp;&nbsp;&nbsp; 1995858 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9865 | &nbsp;&nbsp;&nbsp;&nbsp; 5192048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7187906 |
| **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89513 | &nbsp;&nbsp;&nbsp;&nbsp; 6184453 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34847 | &nbsp;&nbsp;&nbsp;&nbsp; 4484809 |
| **Total Long-Term Investment Securities<br> (cost $394,485,563)** |  | &nbsp;&nbsp;&nbsp;&nbsp;471010212 |

---

------

#### VALIC Company I Systematic Value Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 0.5%** | **REPURCHASE AGREEMENTS — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 08/29/2025, to be repurchased 09/02/2025 in the amount of $2,224,961 and collateralized by $2,262,200 of United States Treasury Notes, bearing interest at 3.75% due 08/15/2027 and having an approximate value of $2,269,160<br> (cost $2,224,625) | $2224625 | &nbsp;&nbsp;$2224625 |
| **TOTAL INVESTMENTS<br> (cost $396,710,188)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2% | &nbsp;&nbsp;&nbsp;&nbsp;473234837 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(909751) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$472325086 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan.<br> At August 31, 2025, the Fund had loaned securities with a total value of $3,399,097. This was secured by collateral of $3,444,124 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$4321 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49696 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23645 |
| United States Treasury Bills | 0.00% | 10/30/2025 to 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;231143 |
| United States Treasury Notes/Bonds | 0.00% to 5.00% | 09/30/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;3131005 |

---

The following is a summary of the inputs used to value the Fund's net assets as of August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$471010212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$471010212 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2224625 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224625 |
| **Total Investments at Value** | &nbsp;&nbsp;$471010212 | &nbsp;&nbsp;$2224625 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$473234837 |

---

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

See Notes to Portfolio of Investments

------

#### VALIC Company I U.S. Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.3%** | **COMMON STOCKS — 99.3%** | **COMMON STOCKS — 99.3%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;$260400 |
| **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;&nbsp;&nbsp; 3313297 |
| **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53419 | &nbsp;&nbsp;&nbsp;&nbsp; 3300226 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21425 | &nbsp;&nbsp;&nbsp;&nbsp; 2249625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549851 |
| **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; 589656 |
| **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; 11452 |
| **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; 1752960 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 | &nbsp;&nbsp;&nbsp;&nbsp; 504287 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp; 314172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571419 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100727 | &nbsp;&nbsp;&nbsp;&nbsp; 2930148 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;66389 | &nbsp;&nbsp;&nbsp;&nbsp; 4143338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7073486 |
| **Biotechnology — 1.4%** | **Biotechnology — 1.4%** | **Biotechnology — 1.4%** |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp; 182332 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 | &nbsp;&nbsp;&nbsp;&nbsp; 752860 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp; 2589341 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11366 | &nbsp;&nbsp;&nbsp;&nbsp; 4444333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7968866 |
| **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; 920554 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755 | &nbsp;&nbsp;&nbsp;&nbsp; 1692603 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104 | &nbsp;&nbsp;&nbsp;&nbsp; 1691052 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;17356 | &nbsp;&nbsp;&nbsp;&nbsp; 8301201 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 2286438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13971294 |
| **Commercial Services — 4.2%** | **Commercial Services — 4.2%** | **Commercial Services — 4.2%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21497 | &nbsp;&nbsp;&nbsp;&nbsp; 6536163 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911 | &nbsp;&nbsp;&nbsp;&nbsp; 470752 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20546 | &nbsp;&nbsp;&nbsp;&nbsp; 4315276 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230 | &nbsp;&nbsp;&nbsp;&nbsp; 2666045 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20336 | &nbsp;&nbsp;&nbsp;&nbsp; 1427384 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15165 | &nbsp;&nbsp;&nbsp;&nbsp; 8317093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23732713 |
| **Computers — 6.5%** | **Computers — 6.5%** | **Computers — 6.5%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;21206 | &nbsp;&nbsp;&nbsp;&nbsp; 5512924 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17808 | &nbsp;&nbsp;&nbsp;&nbsp; 1286628 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;25030 | &nbsp;&nbsp;&nbsp;&nbsp; 3057414 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36709 | &nbsp;&nbsp;&nbsp;&nbsp; 2891568 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;179323 | &nbsp;&nbsp;&nbsp;&nbsp; 4047320 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192153 | &nbsp;&nbsp;&nbsp;&nbsp; 5484047 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50116 | &nbsp;&nbsp;&nbsp;&nbsp; 5652584 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;23045 | &nbsp;&nbsp;&nbsp;&nbsp; 3857733 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;10877 | &nbsp;&nbsp;&nbsp;&nbsp; 451830 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56733 | &nbsp;&nbsp;&nbsp;&nbsp; 4557929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36799977 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;$1667176 |
| **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; 1448486 |
| **Diversified Financial Services — 9.3%** | **Diversified Financial Services — 9.3%** | **Diversified Financial Services — 9.3%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;20387 | &nbsp;&nbsp;&nbsp;&nbsp; 6753805 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp; 1021383 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096 | &nbsp;&nbsp;&nbsp;&nbsp; 7998186 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38791 | &nbsp;&nbsp;&nbsp;&nbsp; 3717730 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13533 | &nbsp;&nbsp;&nbsp;&nbsp; 3606680 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp; 725414 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518 | &nbsp;&nbsp;&nbsp;&nbsp; 281200 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23469 | &nbsp;&nbsp;&nbsp;&nbsp; 4144625 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19265 | &nbsp;&nbsp;&nbsp;&nbsp; 11468262 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp; 289525 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36079 | &nbsp;&nbsp;&nbsp;&nbsp; 12691871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52698681 |
| **Electric — 3.0%** | **Electric — 3.0%** | **Electric — 3.0%** |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28656 | &nbsp;&nbsp;&nbsp;&nbsp; 2814879 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;28826 | &nbsp;&nbsp;&nbsp;&nbsp; 1846882 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103925 | &nbsp;&nbsp;&nbsp;&nbsp; 4539444 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42058 | &nbsp;&nbsp;&nbsp;&nbsp; 1834570 |
| &nbsp;&nbsp;&nbsp;PPL Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;125930 | &nbsp;&nbsp;&nbsp;&nbsp; 4592667 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12827 | &nbsp;&nbsp;&nbsp;&nbsp; 1366204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16994646 |
| **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;12078 | &nbsp;&nbsp;&nbsp;&nbsp; 4216913 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887 | &nbsp;&nbsp;&nbsp;&nbsp; 777084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993997 |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;45068 | &nbsp;&nbsp;&nbsp;&nbsp; 4906102 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp; 269689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175791 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 | &nbsp;&nbsp;&nbsp;&nbsp; 1001437 |
| **Environmental Control — 1.3%** | **Environmental Control — 1.3%** | **Environmental Control — 1.3%** |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13480 | &nbsp;&nbsp;&nbsp;&nbsp; 3153916 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18468 | &nbsp;&nbsp;&nbsp;&nbsp; 4180970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334886 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24396 | &nbsp;&nbsp;&nbsp;&nbsp; 1203455 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8190 | &nbsp;&nbsp;&nbsp;&nbsp; 651105 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;56211 | &nbsp;&nbsp;&nbsp;&nbsp; 1572222 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661 | &nbsp;&nbsp;&nbsp;&nbsp; 327994 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp; 121751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876527 |
| **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; 287200 |
| **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; 1918037 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16291 | &nbsp;&nbsp;&nbsp;&nbsp; 1325110 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13103 | &nbsp;&nbsp;&nbsp;&nbsp; 966084 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | &nbsp;&nbsp;&nbsp;&nbsp; 1622255 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 167901 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644 | &nbsp;&nbsp;&nbsp;&nbsp; 1823844 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 401653 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19630 | &nbsp;&nbsp;&nbsp;&nbsp; 7683378 |

---

------

#### VALIC Company I U.S. Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686 | &nbsp;&nbsp;$4279766 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 51140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20239168 |
| **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424 | &nbsp;&nbsp;&nbsp;&nbsp; 2365658 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp; 1924465 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp; 539300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829423 |
| **Household Products/Wares — 0.9%** | **Household Products/Wares — 0.9%** | **Household Products/Wares — 0.9%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20212 | &nbsp;&nbsp;&nbsp;&nbsp; 1882950 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26864 | &nbsp;&nbsp;&nbsp;&nbsp; 3469217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352167 |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092 | &nbsp;&nbsp;&nbsp;&nbsp; 437271 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp; 945025 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7637 | &nbsp;&nbsp;&nbsp;&nbsp; 2312102 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 44694 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998 | &nbsp;&nbsp;&nbsp;&nbsp; 2750150 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13777 | &nbsp;&nbsp;&nbsp;&nbsp; 2835444 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16796 | &nbsp;&nbsp;&nbsp;&nbsp; 4149620 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp; 957887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14432193 |
| **Internet — 7.5%** | **Internet — 7.5%** | **Internet — 7.5%** |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 7592312 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15318 | &nbsp;&nbsp;&nbsp;&nbsp; 3756740 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78462 | &nbsp;&nbsp;&nbsp;&nbsp; 7109442 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;&nbsp; 1205028 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124013 | &nbsp;&nbsp;&nbsp;&nbsp; 4630645 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9652 | &nbsp;&nbsp;&nbsp;&nbsp; 11662029 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33387 | &nbsp;&nbsp;&nbsp;&nbsp; 6360891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42317087 |
| **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; 70052 |
| **Lodging — 0.9%** | **Lodging — 0.9%** | **Lodging — 0.9%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18364 | &nbsp;&nbsp;&nbsp;&nbsp; 5069566 |
| **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9794 | &nbsp;&nbsp;&nbsp;&nbsp; 4104078 |
| **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; 2204616 |
| **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;124974 | &nbsp;&nbsp;&nbsp;&nbsp; 4245367 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;50411 | &nbsp;&nbsp;&nbsp;&nbsp; 5967654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10213021 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20908 | &nbsp;&nbsp;&nbsp;&nbsp; 1555555 |
| **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7529 | &nbsp;&nbsp;&nbsp;&nbsp; 1120014 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29222 | &nbsp;&nbsp;&nbsp;&nbsp; 3647490 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15237 | &nbsp;&nbsp;&nbsp;&nbsp; 789886 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;&nbsp;&nbsp; 235907 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 307115 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781 | &nbsp;&nbsp;&nbsp;&nbsp; 726760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827172 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8965 | &nbsp;&nbsp;$675423 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2403240 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25760 | &nbsp;&nbsp;&nbsp;&nbsp; 4028864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7107527 |
| **Pipelines — 1.6%** | **Pipelines — 1.6%** | **Pipelines — 1.6%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83645 | &nbsp;&nbsp;&nbsp;&nbsp; 2256742 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22506 | &nbsp;&nbsp;&nbsp;&nbsp; 1719009 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13070 | &nbsp;&nbsp;&nbsp;&nbsp; 2192623 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53898 | &nbsp;&nbsp;&nbsp;&nbsp; 3119616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9287990 |
| **Private Equity — 0.8%** | **Private Equity — 0.8%** | **Private Equity — 0.8%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26545 | &nbsp;&nbsp;&nbsp;&nbsp; 4549813 |
| **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;2258 | &nbsp;&nbsp;&nbsp;&nbsp; 366067 |
| **REITS — 3.6%** | **REITS — 3.6%** | **REITS — 3.6%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11933 | &nbsp;&nbsp;&nbsp;&nbsp; 2432542 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp; 852449 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986 | &nbsp;&nbsp;&nbsp;&nbsp; 2347563 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33547 | &nbsp;&nbsp;&nbsp;&nbsp; 3816978 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596 | &nbsp;&nbsp;&nbsp;&nbsp; 1059346 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40939 | &nbsp;&nbsp;&nbsp;&nbsp; 2405575 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44074 | &nbsp;&nbsp;&nbsp;&nbsp; 7416773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20331226 |
| **Retail — 5.1%** | **Retail — 5.1%** | **Retail — 5.1%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 1406508 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47416 | &nbsp;&nbsp;&nbsp;&nbsp; 1998110 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp; 462097 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp; 439390 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp; 255785 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21974 | &nbsp;&nbsp;&nbsp;&nbsp; 8938364 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16994 | &nbsp;&nbsp;&nbsp;&nbsp; 4385472 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp; 724281 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp; 2830464 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp; 665310 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45317 | &nbsp;&nbsp;&nbsp;&nbsp; 6190755 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 | &nbsp;&nbsp;&nbsp;&nbsp; 725444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29021980 |
| **Semiconductors — 16.4%** | **Semiconductors — 16.4%** | **Semiconductors — 16.4%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28634 | &nbsp;&nbsp;&nbsp;&nbsp; 4656747 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14941 | &nbsp;&nbsp;&nbsp;&nbsp; 3754823 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17159 | &nbsp;&nbsp;&nbsp;&nbsp; 2758481 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55145 | &nbsp;&nbsp;&nbsp;&nbsp; 16399571 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;50728 | &nbsp;&nbsp;&nbsp;&nbsp; 1235227 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp;&nbsp;&nbsp; 2939512 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30697 | &nbsp;&nbsp;&nbsp;&nbsp; 3074305 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12188 | &nbsp;&nbsp;&nbsp;&nbsp; 1450494 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;289990 | &nbsp;&nbsp;&nbsp;&nbsp; 50510458 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp;&nbsp;&nbsp; 309532 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25757 | &nbsp;&nbsp;&nbsp;&nbsp; 4139923 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8204 | &nbsp;&nbsp;&nbsp;&nbsp; 1661146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;92890219 |
| **Software — 11.0%** | **Software — 11.0%** | **Software — 11.0%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13590 | &nbsp;&nbsp;&nbsp;&nbsp; 4847553 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11607 | &nbsp;&nbsp;&nbsp;&nbsp; 3652723 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8533 | &nbsp;&nbsp;&nbsp;&nbsp; 2990219 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431 | &nbsp;&nbsp;&nbsp;&nbsp; 468949 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7566 | &nbsp;&nbsp;&nbsp;&nbsp; 1300974 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp; 1142752 |

---

------

#### VALIC Company I U.S. Socially Responsible Fund<br>

#### PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (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;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8093 | &nbsp;&nbsp;$1118291 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9147 | &nbsp;&nbsp;&nbsp;&nbsp; 6101049 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37251 | &nbsp;&nbsp;&nbsp;&nbsp; 8423568 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp; 971602 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17518 | &nbsp;&nbsp;&nbsp;&nbsp; 2442973 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6544 | &nbsp;&nbsp;&nbsp;&nbsp; 3444173 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29067 | &nbsp;&nbsp;&nbsp;&nbsp; 7448419 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8462 | &nbsp;&nbsp;&nbsp;&nbsp; 7763546 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6333 | &nbsp;&nbsp;&nbsp;&nbsp; 3822092 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9807 | &nbsp;&nbsp;&nbsp;&nbsp; 2287679 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp; 1241150 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11585 | &nbsp;&nbsp;&nbsp;&nbsp; 2674050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;62141762 |
| **Telecommunications — 3.3%** | **Telecommunications — 3.3%** | **Telecommunications — 3.3%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40759 | &nbsp;&nbsp;&nbsp;&nbsp; 5565641 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117364 | &nbsp;&nbsp;&nbsp;&nbsp; 8108679 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14585 | &nbsp;&nbsp;&nbsp;&nbsp; 977633 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp; 993583 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71253 | &nbsp;&nbsp;&nbsp;&nbsp; 3151520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18797056 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15975 | &nbsp;&nbsp;&nbsp;&nbsp; 519347 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp; 233853 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544 | &nbsp;&nbsp;&nbsp;&nbsp; 1910182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663382 |
| **Total Long-Term Investment Securities<br> (cost $364,244,629)** |  | &nbsp;&nbsp;&nbsp;&nbsp;562612912 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** |  |
| **Unaffiliated Investment Companies — 0.6%** | **Unaffiliated Investment Companies — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.23%(1)<br> (cost $3,498,023) | 3498023 | &nbsp;&nbsp;$3498023 |
| **TOTAL INVESTMENTS<br> (cost $367,742,652)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;566110935 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304077 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$566415012 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan.<br> At August 31, 2025, the Fund had loaned securities with a total value of $2,472,889. This was secured by collateral of $2,557,693 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> August 31, 2025** |
| Federal Farm Credit Bank | 0.55% | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$14144 |
| Federal Home Loan Bank | 0.55% to 1.10% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;162686 |
| Federal Home Loan Mtg. Corp. | 0.55% | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14122 |
| Federal National Mtg. Assoc. | 0.58% to 0.64% | 09/25/2025 to 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77404 |
| United States Treasury Notes/Bonds | 0.00% to 4.75% | 10/15/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;2289337 |

---

(1) The rate shown is the 7-day yield as of August 31, 2025.

#### 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)** |
| 11 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3573165 | &nbsp;&nbsp;&nbsp;&nbsp;$3560013 | &nbsp;&nbsp;&nbsp;&nbsp;$(13152) |

---

\* 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 August 31, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$562612912 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$562612912 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498023 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498023 |
| **Total Investments at Value** | &nbsp;&nbsp;$566110935 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$566110935 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13152 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13152 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### NOTES TO PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited)

------

#### Note 1 — Security Valuation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. generally accepted accounting principles ("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;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 — Unadjusted quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;The summary of the Funds' assets and liabilities classified in the fair value hierarchy as of August 31, 2025, is reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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

------

#### NOTES TO PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

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;&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;&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 Variable Annuity Life Insurance Company ("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.

#### Note 2 — Derivative Instruments
**Forward Foreign Currency Contracts**: A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Portfolio of Investments. 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;&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.

**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. 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;&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. 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;&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.

**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. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option. 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;&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. 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,

------

#### NOTES TO PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

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;&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.

**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. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Fund and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

***Contracts for Difference:*** A contract for difference ("CFD") is a privately negotiated over-the-counter derivative contract between two parties, buyer and seller, stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument's value at the end of the contract. As an over-the-counter derivative contract, CFDs are not traded on an exchange. A CFD offers exposure to price changes in an underlying security without ownership of such security, typically by providing investors the ability to trade on margin. When entering into a CFD, the Fund attempts to predict either that the price of the underlying security will fall (taking a short position) or that the price of the security will rise (taking a long position). CFDs are subject to illiquidity risk because the liquidity of contracts for difference is based on the liquidity of the underlying instrument. CFDs are also subject to the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Fund to deposit additional sums to maintain proper margin coverage, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss to the Fund. As is the case with owning any financial instrument, there is the risk of loss associated with buying a CFD. For example, if the Fund buys a long CFD and the underlying security is worth less at the end of the contract, the Fund would be required to make a payment to the seller and would suffer a loss.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

***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;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps on corporate issues or sovereign issues of an emerging market country are contracts in which the buyer of protection makes periodic fixed 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 default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce credit risk where the Fund owns or has exposure to the referenced obligation) or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular issuer's default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps on asset-backed securities are 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 default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging market country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular referenced obligation's default.

------

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 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;&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.

***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;&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.

***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;&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;&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.

***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.

**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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table represents the Fund's objectives for using derivative instruments for the period ended August 31, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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 Rate<br> Swap<br> Contracts** | &nbsp;&nbsp;**Credit<br> Default Swap<br> Contracts** | &nbsp;&nbsp;**Contracts For<br> Difference<br> Swap<br> Contracts** |
| 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;- |

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(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.

#### Note 3 — Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions in shares of Underlying Funds and affiliated companies for the period ended August 31, 2025 are shown in the tables below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggressive Allocation Lifestyle Fund^** | **Aggressive Allocation Lifestyle Fund^** | **Aggressive Allocation Lifestyle Fund^** | **Aggressive Allocation Lifestyle Fund^** | **Aggressive Allocation Lifestyle Fund^** | **Aggressive Allocation Lifestyle Fund^** | **Aggressive Allocation Lifestyle Fund^** | **Aggressive Allocation Lifestyle Fund^** | **Aggressive Allocation Lifestyle Fund^** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2025** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> August 31,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Core Bond Fund<br>| $— | $— | $153621251 | $4363728 | $9121461 | &nbsp;&nbsp;$506364 | $3899895 | $153269777 |
| 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;3677120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786963 |
| High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7220156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521428 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;142594644 | &nbsp;&nbsp;&nbsp;&nbsp;3780003 | &nbsp;&nbsp;&nbsp;&nbsp;2506291 | &nbsp;&nbsp;&nbsp;&nbsp;852086 | &nbsp;&nbsp;&nbsp;&nbsp;5780865 | &nbsp;&nbsp;&nbsp;150501307 |
| Small Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17765084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601628 | &nbsp;&nbsp;&nbsp;&nbsp;100332 | &nbsp;&nbsp;&nbsp;&nbsp;1769613 | &nbsp;&nbsp;&nbsp;&nbsp;19033401 |
| Small Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16041958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp;2237283 | &nbsp;&nbsp;&nbsp;&nbsp;17585365 |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;237328605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;14284189 | &nbsp;&nbsp;&nbsp;4086701 | &nbsp;&nbsp;&nbsp;18260774 | &nbsp;&nbsp;&nbsp;245391891 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;67731592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5468673 | &nbsp;&nbsp;&nbsp;1224828 | &nbsp;&nbsp;&nbsp;&nbsp;6519812 | &nbsp;&nbsp;&nbsp;&nbsp;70007559 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;64354597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1842823 | &nbsp;&nbsp;&nbsp;&nbsp;276702 | &nbsp;&nbsp;&nbsp;&nbsp;4042471 | &nbsp;&nbsp;&nbsp;&nbsp;66830947 |
|  | $— | $— | $706657887 | $11820851 | $34521974 | $7050046 | $42921828 | $733928638 |

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 <br> <sup>†</sup> Includes reinvestment of distributions paid. <br> <sup>^</sup> Prior to September 29, 2025, the Fund was known as Aggressive Growth Lifestyle Fund.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Conservative Allocation Lifestyle Fund^** | **Conservative Allocation Lifestyle Fund^** | **Conservative Allocation Lifestyle Fund^** | **Conservative Allocation Lifestyle Fund^** | **Conservative Allocation Lifestyle Fund^** | **Conservative Allocation Lifestyle Fund^** | **Conservative Allocation Lifestyle Fund^** | **Conservative Allocation Lifestyle Fund^** | **Conservative Allocation Lifestyle Fund^** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2025** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> August 31,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Core Bond Fund<br>| $— | $— | $172402374 | $1757774 | $5625005 | $(1115791) | $6039758 | $173459110 |

---

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#### NOTES TO PORTFOLIO OF INVESTMENTS — August 31, 2025 — (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Conservative Allocation Lifestyle Fund^ — (continued)** | **Conservative Allocation Lifestyle Fund^ — (continued)** | **Conservative Allocation Lifestyle Fund^ — (continued)** | **Conservative Allocation Lifestyle Fund^ — (continued)** | **Conservative Allocation Lifestyle Fund^ — (continued)** | **Conservative Allocation Lifestyle Fund^ — (continued)** | **Conservative Allocation Lifestyle Fund^ — (continued)** | **Conservative Allocation Lifestyle Fund^ — (continued)** | **Conservative Allocation Lifestyle Fund^ — (continued)** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2025** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> August 31,<br> 2025** |
| Emerging Economies Fund<br>| $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $1415411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$42281 | &nbsp;&nbsp;&nbsp;$1457692 |
| High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990108 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27962238 | &nbsp;&nbsp;&nbsp;&nbsp;198017 | &nbsp;&nbsp;&nbsp;&nbsp;1138099 | &nbsp;&nbsp;&nbsp;377161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896607 | &nbsp;&nbsp;&nbsp;&nbsp;28295924 |
| Small Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214574 | &nbsp;&nbsp;&nbsp;&nbsp;44956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908646 |
| Small Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198738 | &nbsp;&nbsp;&nbsp;&nbsp;10032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937397 |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;43403344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2872707 | &nbsp;&nbsp;&nbsp;857727 | &nbsp;&nbsp;&nbsp;&nbsp;3175774 | &nbsp;&nbsp;&nbsp;&nbsp;44564138 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13292174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1877432 | &nbsp;&nbsp;&nbsp;426082 | &nbsp;&nbsp;&nbsp;&nbsp;1084701 | &nbsp;&nbsp;&nbsp;&nbsp;12925525 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11914355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1080134 | &nbsp;&nbsp;&nbsp;216535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577608 | &nbsp;&nbsp;&nbsp;&nbsp;11628364 |
|  | $— | $— | $277433690 | $3371202 | $13006689 | $816702 | $12551999 | $281166904 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid. <br> <sup>^</sup> Prior to September 29, 2025, the Fund was known as Conservative Growth Lifestyle 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** | **Dynamic Allocation Fund** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2025** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> August 31,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Capital Appreciation Fund<br>| $— | $— | &nbsp;&nbsp;&nbsp;$5967478 | &nbsp;&nbsp;$164390 | &nbsp;&nbsp;$618578 | $105928 | &nbsp;&nbsp;$455262 | &nbsp;&nbsp;&nbsp;$6074480 |
| Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16548595 | &nbsp;&nbsp;&nbsp;&nbsp;891662 | &nbsp;&nbsp;&nbsp;1401435 | &nbsp;&nbsp;&nbsp;(250922) | &nbsp;&nbsp;&nbsp;&nbsp;722240 | &nbsp;&nbsp;&nbsp;&nbsp;16510140 |
| Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8308626 | &nbsp;&nbsp;&nbsp;&nbsp;236782 | &nbsp;&nbsp;&nbsp;&nbsp;674924 | &nbsp;&nbsp;&nbsp;&nbsp;45499 | &nbsp;&nbsp;&nbsp;&nbsp;566923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482905 |
| Emerging Economies Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313633 |
| Global Real Estate Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45244 | &nbsp;&nbsp;&nbsp;&nbsp;128966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388295 |
| Government Securities Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022076 | &nbsp;&nbsp;&nbsp;&nbsp;368914 | &nbsp;&nbsp;&nbsp;&nbsp;481475 | &nbsp;&nbsp;&nbsp;&nbsp;(77254) | &nbsp;&nbsp;&nbsp;&nbsp;195144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5027405 |
| Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974250 | &nbsp;&nbsp;&nbsp;&nbsp;129702 | &nbsp;&nbsp;&nbsp;&nbsp;519704 | &nbsp;&nbsp;&nbsp;&nbsp;119961 | &nbsp;&nbsp;&nbsp;&nbsp;378092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082302 |
| High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85978 | &nbsp;&nbsp;&nbsp;&nbsp;(10103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915357 |
| Inflation Protected Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48261 | &nbsp;&nbsp;&nbsp;&nbsp;137564 | &nbsp;&nbsp;&nbsp;&nbsp;(60112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384041 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64851 | &nbsp;&nbsp;&nbsp;&nbsp;184852 | &nbsp;&nbsp;&nbsp;&nbsp;52212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305168 |
| International Government Bond Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387994 |
| International Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63343 | &nbsp;&nbsp;&nbsp;&nbsp;180553 | &nbsp;&nbsp;&nbsp;&nbsp;(74437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183823 |
| International Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25793 | &nbsp;&nbsp;&nbsp;&nbsp;(10329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361215 |
| International Socially Responsible Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49769 | &nbsp;&nbsp;&nbsp;&nbsp;141863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783643 |
| International Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88982 | &nbsp;&nbsp;&nbsp;&nbsp;253634 | &nbsp;&nbsp;&nbsp;&nbsp;14399 | &nbsp;&nbsp;&nbsp;&nbsp;240328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3620183 |
| Large Capital Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470716 | &nbsp;&nbsp;&nbsp;&nbsp;129702 | &nbsp;&nbsp;&nbsp;&nbsp;369704 | &nbsp;&nbsp;&nbsp;&nbsp;(29182) | &nbsp;&nbsp;&nbsp;&nbsp;353560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555092 |
| Mid Cap Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37704 | &nbsp;&nbsp;&nbsp;&nbsp;107472 | &nbsp;&nbsp;&nbsp;&nbsp;(26980) | &nbsp;&nbsp;&nbsp;&nbsp;136714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322364 |
| Mid Cap Strategic Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42229 | &nbsp;&nbsp;&nbsp;&nbsp;120369 | &nbsp;&nbsp;&nbsp;&nbsp;(18027) | &nbsp;&nbsp;&nbsp;&nbsp;164779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724062 |
| Mid Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98874 | &nbsp;&nbsp;&nbsp;&nbsp;(24869) | &nbsp;&nbsp;&nbsp;&nbsp;151929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478106 |
| Small Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73081 | &nbsp;&nbsp;&nbsp;&nbsp;11552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954957 |
| Small Cap Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541444 |
| Small Cap Special Values Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47288 | &nbsp;&nbsp;&nbsp;&nbsp;(15350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657934 |
| Small Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234446 |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14038828 | &nbsp;&nbsp;&nbsp;&nbsp;392123 | &nbsp;&nbsp;&nbsp;1267709 | &nbsp;&nbsp;&nbsp;&nbsp;160428 | &nbsp;&nbsp;&nbsp;1154858 | &nbsp;&nbsp;&nbsp;&nbsp;14478528 |
| Systematic Core Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873101 | &nbsp;&nbsp;&nbsp;&nbsp;220192 | &nbsp;&nbsp;&nbsp;&nbsp;627636 | &nbsp;&nbsp;&nbsp;&nbsp;136182 | &nbsp;&nbsp;&nbsp;&nbsp;573134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8174973 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96523 | &nbsp;&nbsp;&nbsp;&nbsp;425128 | &nbsp;&nbsp;&nbsp;&nbsp;23539 | &nbsp;&nbsp;&nbsp;&nbsp;395814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779193 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380920 | &nbsp;&nbsp;&nbsp;&nbsp;238290 | &nbsp;&nbsp;&nbsp;&nbsp;679223 | &nbsp;&nbsp;&nbsp;&nbsp;85539 | &nbsp;&nbsp;&nbsp;&nbsp;469078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8494604 |
| U.S. Socially Responsible Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352369 | &nbsp;&nbsp;&nbsp;&nbsp;147800 | &nbsp;&nbsp;&nbsp;&nbsp;421290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2375) | &nbsp;&nbsp;&nbsp;&nbsp;388574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465078 |
|  | $— | $— | $106067471 | $3616329 | $9197760 | $134245 | $7061080 | $107681365 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderate Allocation Lifestyle Fund^** | **Moderate Allocation Lifestyle Fund^** | **Moderate Allocation Lifestyle Fund^** | **Moderate Allocation Lifestyle Fund^** | **Moderate Allocation Lifestyle Fund^** | **Moderate Allocation Lifestyle Fund^** | **Moderate Allocation Lifestyle Fund^** | **Moderate Allocation Lifestyle Fund^** | **Moderate Allocation Lifestyle Fund^** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2025** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> August 31,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Core Bond Fund<br>| $— | $— | $414191229 | $10233676 | $18766824 | $(1432181) | $13306948 | $417532848 |
| 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;5073656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225216 |
| High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10205600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425845 | &nbsp;&nbsp;&nbsp;&nbsp;10631445 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;149347279 | &nbsp;&nbsp;&nbsp;&nbsp;1937767 | &nbsp;&nbsp;&nbsp;&nbsp;1131701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379227 | &nbsp;&nbsp;&nbsp;&nbsp;6483209 | &nbsp;&nbsp;&nbsp;157015781 |
| Small Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17637541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1113629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265501 | &nbsp;&nbsp;&nbsp;&nbsp;1566461 | &nbsp;&nbsp;&nbsp;&nbsp;18355874 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Moderate Allocation Lifestyle Fund^ — (continued)** | **Moderate Allocation Lifestyle Fund^ — (continued)** | **Moderate Allocation Lifestyle Fund^ — (continued)** | **Moderate Allocation Lifestyle Fund^ — (continued)** | **Moderate Allocation Lifestyle Fund^ — (continued)** | **Moderate Allocation Lifestyle Fund^ — (continued)** | **Moderate Allocation Lifestyle Fund^ — (continued)** | **Moderate Allocation Lifestyle Fund^ — (continued)** | **Moderate Allocation Lifestyle Fund^ — (continued)** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2025** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> August 31,<br> 2025** |
| Small Cap Value Fund<br>| $— | $— | $17154726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$938964 | &nbsp;&nbsp;&nbsp;&nbsp;$93161 | $2285361 | &nbsp;&nbsp;&nbsp;&nbsp;$18594284 |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;244173565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15900732 | &nbsp;&nbsp;&nbsp;4453931 | &nbsp;&nbsp;&nbsp;18373119 | &nbsp;&nbsp;&nbsp;&nbsp;251099883 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;69717946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5199826 | &nbsp;&nbsp;&nbsp;1142425 | &nbsp;&nbsp;&nbsp;&nbsp;6810863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72471408 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;64879953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1250710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11226 | &nbsp;&nbsp;&nbsp;&nbsp;4342177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67982646 |
|  | $— | $— | $987307839 | $17245099 | $44302386 | $4913290 | $53745543 | $1018909385 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid. <br> <sup>^</sup> Prior to September 29, 2025, the Fund was known as Moderate Growth Lifestyle Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional information is available in the VALIC Company I's Annual and Semiannual financial statements which may be obtained without charge from the EDGAR database on the Securities and Exchange Commission's website at <u>www.sec.gov.</u>

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VALIC Co I

- **b. Investment Company Act file number:** 811-03738

- **c. CIK number of Registrant:** 0000719423

- **d. LEI of Registrant:** 549300N3XZ1M1QABFI47

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2919 ALLEN PARKWAY

  - **City:** HOUSTON

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 77019

  - **Telephone number:** 800-448-2542

**Item A.2. Information about the Series.**

- **a. Name of Series:** Moderate Growth Lifestyle Fund

- **b. EDGAR series identifier (if any):** S000069822

- **c. LEI of Series:** 549300XI6S5K6MLV5R56

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1027060990.89

**Total Liabilities:** $189091.43

**Net Assets:** $1026871899.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222583 | 3.16%                | 0.53%                | 2.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4050825.97              | $27297549.74                               |
| Month 2  | $1187340.09              | $4390906.66                                |
| Month 3  | $3665845.40              | $18072170.96                               |

### Schedule of Portfolio Investments

| Name                                          | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VALIC Company I - Core Bond Fund              | VALIC Company I - Core Bond Fund                             | CUSIP: 91915R541<br>LEI: 549300HO1U9S8E3RQL94 | Long             | EC               | RF                | US        |  41963463 | NS      | $417536458.21 | 40.66%            |  |  |  | No            |                  1 | On Loan: No      |
| VALIC Company I - Small Cap Value Fund        | VALIC Company I - Small Cap Value Fund                       | CUSIP: 91915R483<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1486354 | NS      | $18594283.79  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| VALIC Company I - High Yield Bond Fund        | VALIC Company I - High Yield Bond Fund                       | CUSIP: 91915R533<br>LEI: 5493003VA7OYSN4UJ156 | Long             | EC               | RF                | US        |   1468432 | NS      | $10631445.28  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VALIC Company I - Emerging Economies Fund     | VALIC Company I - Emerging Economies Fund                    | CUSIP: 91915R673<br>LEI: JIEGUN91BLSULQ4UGC80 | Long             | EC               | RF                | US        |    721715 | NS      | $5225215.79   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| VALIC Co. I International Equities Index Fund | VALIC Co. I International Equities Index Fund                | CUSIP: 91915R608<br>LEI: 549300BT736E526BQ228 | Long             | EC               | RF                | US        |  16633028 | NS      | $157015781.46 | 15.29%            |  |  |  | No            |                  1 | On Loan: No      |
| VALIC Company I - Small Cap Growth Fund       | VALIC Company I - Small Cap Growth Fund                      | CUSIP: 91915R467<br>LEI: 549300CBSA7V41FZ3N09 | Long             | EC               | RF                | US        |   1054935 | NS      | $18355874.10  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                  | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   8056437 | NS      | $8056437.01   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| VALIC Company I - Stock Index Fund            | VALIC Company I - Stock Index Fund                           | CUSIP: 91915R848<br>LEI: N/A                  | Long             | EC               | RF                | US        |   3925924 | NS      | $251102078.64 | 24.45%            |  |  |  | No            |                  1 | On Loan: No      |
| VALIC Company I - Systematic Growth Fund      | VALIC Company I - Systematic Growth Fund                     | CUSIP: 91915R764<br>LEI: 5493005DFHLA4UP20879 | Long             | EC               | RF                | US        |   3580603 | NS      | $72471407.70  | 7.06%             |  |  |  | No            |                  1 | On Loan: No      |
| VALIC Co. I Systematic Value Fund             | VALIC Co. I Systematic Value Fund                            | CUSIP: 91915R699<br>LEI: 549300ARM031E6VS3K91 | Long             | EC               | RF                | US        |   4305424 | NS      | $67982646.07  | 6.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** VALIC Co I

**Signature:** Shawn Parry

**Name of Signer:** Shawn Parry

**Title:** Assistant Treasurer