# EDGAR Filing Document

**Accession Number:** 0000719423
**File Stem:** 0001193125-26-040908
**Filing Date:** 2026-2
**Character Count:** 3056786
**Document Hash:** 3e954d5862bcf76b83ce03477d23dac8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-040908.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001193125-26-040908

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03738
- **FILM NUMBER:** 26606818

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

### Large Cap Core Fund (VC1) (Series ID: S000007999)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000021768 | Large Cap Core Fund (VC1) | VLCGX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Growth Fund (Series ID: S000008354)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? N-CSRS

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-03738

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

------

2919 Allen Parkway, Houston, TX 77019

(Address of principal executive offices)

Kevin J. Adamson, President

The Variable Annuity Life Insurance Company

2919 Allen Parkway, 8th Floor

Houston, TX 77019

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 831-8515

#### Date of fiscal year end:

#### May 31

#### Date of reporting period:

#### November 30, 2025

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

### VALIC Company I Aggressive Allocation Lifestyle

### VLAGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Aggressive Allocation Lifestyle Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Aggressive Allocation Lifestyle Fund\* | $5 | 0.10%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$757M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048855.jpg)

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R574 (11/25)

VALIC Company I

### VALIC Company I Asset Allocation

### VCAAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Asset Allocation Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Asset Allocation Fund\* | $34 | 0.64%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$152M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;622 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 18.5% |
| Semiconductors | 8.6% |
| Internet | 8.0% |
| Software | 7.8% |
| Banks | 6.0% |
| Computers | 5.0% |
| Retail | 4.3% |
| Diversified Financial Services | 4.3% |
| Collateralized Mortgage Obligations | 3.6% |
| Electric | 3.5% |
| Other Asset Backed Securities | 2.7% |
| Healthcare-Products | 2.6% |
| Pharmaceuticals | 2.4% |
| Insurance | 2.4% |
| Building Materials | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048842.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R202 (11/25)

VALIC Company I

### VALIC Company I Capital Appreciation

### VAPPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Capital Appreciation Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Capital Appreciation Fund\* | $37 | 0.68%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$359M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 22.5% |
| Semiconductors | 19.3% |
| Software | 16.0% |
| Computers | 10.8% |
| Pharmaceuticals | 4.4% |
| Diversified Financial Services | 3.8% |
| Retail | 3.4% |
| Auto Manufacturers | 3.3% |
| Telecommunications | 3.3% |
| Biotechnology | 2.3% |
| Insurance | 2.2% |
| Commercial Services | 1.8% |
| Electric | 1.3% |
| Short-Term Investments | 1.2% |
| Healthcare-Services | 1.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048856.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R566 (11/25)

VALIC Company I

### VALIC Company I Conservative Allocation Lifestyle

### VGCLX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Conservative Allocation Lifestyle Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Conservative Allocation Lifestyle Fund\* | $6 | 0.12%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$285M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048857.jpg)

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R558 (11/25)

VALIC Company I

### VALIC Company I Core Bond

### VCBDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Core Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Core Bond Fund\* | $25 | 0.48%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2,715M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

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

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

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 54.7% |
| Banks | 8.8% |
| Collateralized Mortgage Obligations | 4.1% |
| Other Asset Backed Securities | 3.6% |
| Electric | 3.3% |
| Auto Loan Receivables | 2.6% |
| Short-Term Investments | 1.5% |
| Diversified Financial Services | 1.5% |
| Pipelines | 1.4% |
| Foreign Government Obligations | 1.3% |
| Pharmaceuticals | 1.2% |
| Telecommunications | 1.1% |
| Oil & Gas | 1.0% |
| Insurance | 0.9% |
| Healthcare-Services | 0.9% |

---

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

![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048858.jpg)

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

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048710.jpg)

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

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R541 (11/25)

VALIC Company I

### VALIC Company I Dividend Value

### VCIGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Dividend Value Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dividend Value Fund\* | $37 | 0.69%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$592M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Pharmaceuticals | 9.4% |
| Banks | 8.6% |
| Software | 6.5% |
| Internet | 6.0% |
| Semiconductors | 4.4% |
| Electric | 4.4% |
| Insurance | 4.1% |
| Oil & Gas | 4.1% |
| Diversified Financial Services | 3.9% |
| REITS | 3.8% |
| Aerospace/Defense | 3.2% |
| Chemicals | 3.2% |
| Computers | 3.1% |
| Short-Term Investments | 2.9% |
| Pipelines | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048844.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R822 (11/25)

VALIC Company I

### VALIC Company I Dynamic Allocation

### VDAFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Dynamic Allocation Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Dynamic Allocation Fund\* | $18 | 0.35%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$131M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048845.jpg)

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R582 (11/25)

VALIC Company I

### VALIC Company I Emerging Economies

### VCGEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Emerging Economies Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Emerging Economies Fund\* | $56 | 1.03%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$842M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;505 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Semiconductors | 19.7% |
| Banks | 15.7% |
| Internet | 12.9% |
| Telecommunications | 5.0% |
| Oil & Gas | 4.2% |
| Computers | 3.1% |
| Mining | 3.0% |
| Insurance | 2.5% |
| Electronics | 2.5% |
| Diversified Financial Services | 2.4% |
| Retail | 2.4% |
| Auto Manufacturers | 1.9% |
| Iron/Steel | 1.9% |
| Short-Term Investments | 1.8% |
| Electric | 1.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048846.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048698.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R673 (11/25)

VALIC Company I

### VALIC Company I Global Real Estate

### VGREX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Global Real Estate Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Global Real Estate Fund\* | $47 | 0.93%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$281M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Diversified REITS | 17.3% |
| Warehouse/Industrial REITS | 14.7% |
| Health Care REITS | 12.0% |
| Real Estate | 10.7% |
| Apartment REITS | 9.9% |
| Shopping Centers REITS | 9.6% |
| Storage REITS | 7.1% |
| Office Property REITS | 4.9% |
| Regional Malls REITS | 3.9% |
| Short-Term Investments | 3.0% |
| Single Tenant REITS | 2.6% |
| Hotel REITS | 2.3% |
| Manufactured Homes REITS | 1.9% |
| Telecommunications | 0.7% |
| Healthcare-Services | 0.6% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048847.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048699.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R590 (11/25)

VALIC Company I

### VALIC Company I Global Strategy

### VGLSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Global Strategy Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Global Strategy Fund\* | $34 | 0.63%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$240M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;613 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Semiconductors | 9.8% |
| Internet | 8.4% |
| Banks | 7.0% |
| Short-Term Investments | 6.5% |
| Foreign Government Obligations | 6.3% |
| Diversified Financial Services | 5.0% |
| Software | 4.7% |
| Collateralized Mortgage Obligations | 4.2% |
| Other Asset Backed Securities | 4.0% |
| Pharmaceuticals | 3.3% |
| Oil & Gas | 3.2% |
| Computers | 3.2% |
| Investment Companies | 3.1% |
| Electric | 2.5% |
| Retail | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048872.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048724.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R665 (11/25)

VALIC Company I

### VALIC Company I Government Securities

### VCGSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Government Securities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Government Securities Fund\* | $29 | 0.57%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$162M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

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

![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048873.jpg)

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

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048725.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R301 (11/25)

VALIC Company I

### VALIC Company I Growth

### VCULX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Growth Fund\* | $32 | 0.60%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,883M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;393 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Semiconductors | 23.2% |
| Internet | 22.0% |
| Software | 16.3% |
| Computers | 7.8% |
| Auto Manufacturers | 4.2% |
| Diversified Financial Services | 4.2% |
| Pharmaceuticals | 3.9% |
| Healthcare-Products | 3.1% |
| Machinery-Construction & Mining | 1.9% |
| Short-Term Investments | 1.9% |
| Aerospace/Defense | 1.8% |
| Telecommunications | 1.7% |
| Private Equity | 1.6% |
| Commercial Services | 1.5% |
| Electronics | 1.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048874.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R616 (11/25)

VALIC Company I

### VALIC Company I High Yield Bond

### VHYLX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I High Yield Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| High Yield Bond Fund\* | $35 | 0.68%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$351M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;338 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

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

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

---

| | |
|:---|:---|
| Short-Term Investments | 7.8% |
| Media | 6.9% |
| Retail | 6.6% |
| Diversified Financial Services | 6.4% |
| Telecommunications | 6.0% |
| Oil & Gas | 5.0% |
| Commercial Services | 4.9% |
| Entertainment | 4.3% |
| REITS | 3.9% |
| Software | 3.5% |
| Healthcare-Services | 3.5% |
| Pipelines | 3.5% |
| Repurchase Agreements | 3.3% |
| Packaging & Containers | 3.0% |
| Insurance | 2.9% |

---

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

![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048859.jpg)

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

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048711.jpg)

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

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R533 (11/25)

VALIC Company I

### VALIC Company I Inflation Protected

### VCTPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Inflation Protected Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Inflation Protected Fund\* | $29 | 0.56%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$378M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

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

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

![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048875.jpg)

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

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048727.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R731 (11/25)

VALIC Company I

### VALIC Company I International Equities Index

### VCIEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I International Equities Index Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Equities Index Fund\* | $22 | 0.42%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2,153M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;703 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 15.5% |
| Pharmaceuticals | 7.8% |
| Short-Term Investments | 6.0% |
| Insurance | 5.7% |
| Semiconductors | 3.9% |
| Aerospace/Defense | 3.5% |
| Oil & Gas | 3.4% |
| Telecommunications | 3.3% |
| Electric | 3.2% |
| Food | 3.1% |
| Auto Manufacturers | 2.5% |
| Retail | 2.4% |
| Mining | 2.4% |
| Machinery-Construction & Mining | 2.2% |
| Commercial Services | 2.1% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048876.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048728.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R608 (11/25)

VALIC Company I

### VALIC Company I International Government Bond

### VCIFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I International Government Bond Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Government Bond Fund\* | $38 | 0.74%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$93M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;177 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;79% |

---

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

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

---

| | |
|:---|:---|
| Foreign Government Obligations | 53.2% |
| U.S. Government & Agency Obligations | 39.0% |
| Oil & Gas | 2.7% |
| Short-Term Investments | 2.1% |
| Telecommunications | 0.6% |
| Real Estate | 0.6% |
| Diversified Financial Services | 0.5% |
| Banks | 0.4% |
| Mining | 0.4% |
| Investment Companies | 0.3% |
| Chemicals | 0.3% |
| Electric | 0.2% |

---

**Country (% of net assets)**

![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048877.jpg)

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

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048729.jpg)

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

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R707 (11/25)

VALIC Company I

### VALIC Company I International Growth

### VCINX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I International Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Growth Fund\* | $41 | 0.82%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$359M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Apparel | 15.2% |
| Internet | 12.5% |
| Semiconductors | 11.6% |
| Retail | 9.2% |
| Transportation | 9.0% |
| Banks | 8.4% |
| Healthcare-Products | 4.9% |
| Electrical Components & Equipment | 4.9% |
| Cosmetics/Personal Care | 4.4% |
| Machinery-Diversified | 4.1% |
| Media | 2.9% |
| Private Equity | 2.6% |
| Insurance | 2.2% |
| Software | 1.9% |
| Toys/Games/Hobbies | 1.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048866.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048718.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R814 (11/25)

VALIC Company I

### VALIC Company I International Opportunities

### VIOPX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I International Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Opportunities Fund\* | $55 | 1.04%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$371M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;319 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 7.1% |
| Machinery-Diversified | 5.7% |
| Retail | 5.5% |
| Food | 4.2% |
| Electronics | 4.1% |
| Commercial Services | 3.6% |
| Miscellaneous Manufacturing | 3.6% |
| Software | 3.6% |
| Semiconductors | 3.4% |
| Mining | 3.1% |
| Healthcare-Products | 3.0% |
| Engineering & Construction | 3.0% |
| REITS | 2.9% |
| Computers | 2.7% |
| Real Estate | 2.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048848.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048700.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R525 (11/25)

VALIC Company I

### VALIC Company I International Socially Responsible

### VCSOX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I International Socially Responsible Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Socially Responsible Fund\* | $28 | 0.54%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$570M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 13.7% |
| Insurance | 8.7% |
| Pharmaceuticals | 7.4% |
| Semiconductors | 4.3% |
| Chemicals | 3.0% |
| Commercial Services | 3.0% |
| Engineering & Construction | 2.9% |
| Electrical Components & Equipment | 2.6% |
| Healthcare-Products | 2.5% |
| Food | 2.5% |
| Electric | 2.4% |
| Auto Manufacturers | 2.4% |
| Oil & Gas | 2.3% |
| Diversified Financial Services | 2.3% |
| Retail | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048867.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048719.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R855 (11/25)

VALIC Company I

### VALIC Company I International Value

### VCFVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I International Value Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| International Value Fund\* | $42 | 0.79%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$412M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 21.3% |
| Oil & Gas | 7.2% |
| Pharmaceuticals | 7.1% |
| Insurance | 5.7% |
| Electric | 5.4% |
| Mining | 4.8% |
| Food | 4.8% |
| Diversified Financial Services | 4.5% |
| Distribution/Wholesale | 3.1% |
| Retail | 2.9% |
| Telecommunications | 2.5% |
| Real Estate | 2.4% |
| Auto Manufacturers | 2.1% |
| Miscellaneous Manufacturing | 2.0% |
| Beverages | 1.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048868.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](g85763chartimages_1048720.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R681 (11/25)

VALIC Company I

### VALIC Company I Large Cap Core

### VLCGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Large Cap Core Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Large Cap Core Fund\* | $37 | 0.70%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$827M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;310 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;84% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Semiconductors | 14.4% |
| Internet | 13.8% |
| Software | 10.8% |
| Computers | 8.3% |
| Retail | 5.6% |
| Diversified Financial Services | 5.0% |
| Banks | 4.6% |
| Pharmaceuticals | 4.0% |
| Healthcare-Products | 3.7% |
| Insurance | 3.3% |
| Electric | 2.8% |
| Aerospace/Defense | 2.3% |
| Building Materials | 2.0% |
| Auto Manufacturers | 1.9% |
| Biotechnology | 1.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048869.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R723 (11/25)

VALIC Company I

### VALIC Company I Mid Cap Index

### VMIDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Mid Cap Index Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Mid Cap Index Fund\* | $19 | 0.36%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2,594M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;407 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| REITS | 6.7% |
| Banks | 6.4% |
| Retail | 5.5% |
| Insurance | 4.9% |
| Software | 4.5% |
| Computers | 3.9% |
| Electronics | 3.6% |
| Machinery-Diversified | 3.4% |
| Commercial Services | 3.3% |
| Diversified Financial Services | 3.1% |
| Biotechnology | 3.0% |
| Engineering & Construction | 3.0% |
| Oil & Gas | 2.8% |
| Healthcare-Services | 2.5% |
| Semiconductors | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048870.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R806 (11/25)

VALIC Company I

### VALIC Company I Mid Cap Strategic Growth

### VMSGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Mid Cap Strategic Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Mid Cap Strategic Growth Fund\* | $38 | 0.73%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,249M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Software | 11.4% |
| Healthcare-Products | 8.5% |
| Retail | 6.8% |
| Aerospace/Defense | 5.4% |
| Semiconductors | 4.9% |
| Biotechnology | 4.7% |
| Commercial Services | 4.3% |
| Internet | 4.2% |
| Diversified Financial Services | 4.2% |
| Electronics | 4.0% |
| Electric | 3.4% |
| Insurance | 2.9% |
| Pharmaceuticals | 2.7% |
| Transportation | 2.4% |
| Short-Term Investments | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048871.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R715 (11/25)

VALIC Company I

### VALIC Company I Mid Cap Value

### VVMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Mid Cap Value Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Mid Cap Value Fund\* | $44 | 0.84%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$623M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;212 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Diversified Financial Services | 8.2% |
| REITS | 7.6% |
| Banks | 6.5% |
| Oil & Gas | 4.7% |
| Computers | 4.2% |
| Healthcare-Services | 4.0% |
| Electronics | 3.8% |
| Retail | 3.8% |
| Building Materials | 3.7% |
| Healthcare-Products | 3.2% |
| Insurance | 3.1% |
| Electric | 2.6% |
| Transportation | 2.6% |
| Miscellaneous Manufacturing | 2.6% |
| Food | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048849.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R517 (11/25)

VALIC Company I

### VALIC Company I Moderate Allocation Lifestyle

### VLSMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Moderate Allocation Lifestyle Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Moderate Allocation Lifestyle Fund\* | $5 | 0.10%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,040M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048850.jpg)

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R491 (11/25)

VALIC Company I

### VALIC Company I Nasdaq-100<sup>®</sup> Index

### VCNIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Nasdaq-100<sup>®</sup> Index Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Nasdaq-100<sup>®</sup> Index Fund\* | $23 | 0.42%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,146M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Semiconductors | 26.7% |
| Internet | 23.3% |
| Software | 14.3% |
| Computers | 10.1% |
| Auto Manufacturers | 3.6% |
| Retail | 3.5% |
| Biotechnology | 2.9% |
| Telecommunications | 2.8% |
| Beverages | 1.9% |
| Healthcare-Products | 1.6% |
| Electric | 1.4% |
| Commercial Services | 1.4% |
| Media | 1.3% |
| Chemicals | 1.0% |
| Electronics | 0.6% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048860.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R871 (11/25)

VALIC Company I

### VALIC Company I Science & Technology

### VCSTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Science & Technology Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Science & Technology Fund\* | $50 | 0.90%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3,167M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$12.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Semiconductors | 34.6% |
| Software | 21.8% |
| Internet | 18.9% |
| Computers | 12.2% |
| Electronics | 3.2% |
| Telecommunications | 2.4% |
| Unaffiliated Investment Companies | 1.6% |
| Machinery-Construction & Mining | 1.6% |
| Diversified Financial Services | 0.9% |
| Auto Manufacturers | 0.8% |
| Aerospace/Defense | 0.7% |
| Short-Term Investments | 0.4% |
| Toys/Games/Hobbies | 0.3% |
| Commercial Services | 0.1% |
| Automotive - Cars & Lt. Trucks | 0.1% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048861.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R749 (11/25)

VALIC Company I

### VALIC Company I Small Cap Growth

### VVSGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Small Cap Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Small Cap Growth Fund\* | $47 | 0.88%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$470M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;159 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Biotechnology | 10.9% |
| Software | 6.6% |
| Semiconductors | 6.4% |
| Aerospace/Defense | 5.4% |
| Retail | 5.1% |
| Healthcare-Services | 4.9% |
| Healthcare-Products | 4.3% |
| Internet | 4.2% |
| Engineering & Construction | 4.0% |
| Pharmaceuticals | 3.7% |
| Commercial Services | 3.6% |
| Building Materials | 3.4% |
| Electronics | 3.2% |
| Diversified Financial Services | 3.0% |
| Telecommunications | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048851.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R467 (11/25)

VALIC Company I

### VALIC Company I Small Cap Index

### VCSLX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Small Cap Index Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Small Cap Index Fund\* | $21 | 0.37%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,092M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 8.8% |
| Biotechnology | 8.4% |
| REITS | 5.9% |
| Software | 4.8% |
| Commercial Services | 3.7% |
| Healthcare-Products | 3.7% |
| Short-Term Investments | 3.4% |
| Telecommunications | 3.3% |
| Retail | 3.2% |
| Pharmaceuticals | 2.9% |
| Diversified Financial Services | 2.7% |
| Engineering & Construction | 2.7% |
| Electronics | 2.7% |
| Healthcare-Services | 2.5% |
| Semiconductors | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048862.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R863 (11/25)

VALIC Company I

### VALIC Company I Small Cap Special Values

### VSSVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Small Cap Special Values Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Small Cap Special Values Fund\* | $46 | 0.89%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$169M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 11.7% |
| Building Materials | 6.6% |
| Chemicals | 6.1% |
| Metal Fabricate/Hardware | 5.9% |
| Insurance | 5.8% |
| Commercial Services | 4.7% |
| Healthcare-Products | 4.4% |
| Food | 4.2% |
| Hand/Machine Tools | 3.5% |
| Oil & Gas | 3.5% |
| Electrical Components & Equipment | 3.4% |
| Packaging & Containers | 3.3% |
| Short-Term Investments | 3.3% |
| Machinery-Diversified | 3.0% |
| Auto Parts & Equipment | 3.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048863.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R632 (11/25)

VALIC Company I

### VALIC Company I Small Cap Value

### VVSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Small Cap Value Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Small Cap Value Fund\* | $47 | 0.85%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$245M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;454 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 16.0% |
| REITS | 10.7% |
| Biotechnology | 5.7% |
| Retail | 3.6% |
| Electric | 3.3% |
| Oil & Gas | 3.2% |
| Insurance | 3.1% |
| Electronics | 2.8% |
| Home Builders | 2.7% |
| Mining | 2.5% |
| Investment Companies | 2.4% |
| Diversified Financial Services | 2.4% |
| Healthcare-Products | 2.3% |
| Software | 2.1% |
| Transportation | 2.1% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048852.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R483 (11/25)

VALIC Company I

### VALIC Company I Stock Index

### VSTIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Stock Index Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Stock Index Fund\* | $12 | 0.22%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6,684M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;506 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 14.5% |
| Semiconductors | 14.0% |
| Software | 10.0% |
| Computers | 8.7% |
| Pharmaceuticals | 4.7% |
| Banks | 4.5% |
| Retail | 4.1% |
| Diversified Financial Services | 3.8% |
| Insurance | 3.4% |
| Healthcare-Products | 2.8% |
| Auto Manufacturers | 2.5% |
| Oil & Gas | 2.2% |
| Electric | 2.2% |
| Aerospace/Defense | 2.0% |
| Telecommunications | 1.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048864.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R848 (11/25)

VALIC Company I

### VALIC Company I Systematic Core

### VCGAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Systematic Core Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Systematic Core Fund\* | $33 | 0.62%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$741M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;435 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 15.3% |
| Semiconductors | 10.6% |
| Software | 9.9% |
| Computers | 8.5% |
| Retail | 7.4% |
| Insurance | 6.0% |
| Diversified Financial Services | 5.4% |
| Banks | 4.4% |
| Pharmaceuticals | 4.0% |
| Telecommunications | 2.2% |
| Biotechnology | 2.1% |
| Food | 1.9% |
| Healthcare-Products | 1.8% |
| Media | 1.8% |
| Commercial Services | 1.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048865.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R509 (11/25)

VALIC Company I

### VALIC Company I Systematic Growth

### VCBCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Systematic Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Systematic Growth Fund\* | $35 | 0.63%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,087M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;207 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 21.7% |
| Semiconductors | 19.7% |
| Software | 16.7% |
| Computers | 12.6% |
| Diversified Financial Services | 5.1% |
| Pharmaceuticals | 3.8% |
| Retail | 3.7% |
| Auto Manufacturers | 2.9% |
| Biotechnology | 1.6% |
| Commercial Services | 1.5% |
| Engineering & Construction | 1.2% |
| Healthcare-Products | 1.1% |
| Electronics | 1.1% |
| Insurance | 0.9% |
| Apparel | 0.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048843.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R764 (11/25)

VALIC Company I

### VALIC Company I Systematic Value

### VBCVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I Systematic Value Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Systematic Value Fund\* | $34 | 0.65%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$479M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Insurance | 9.4% |
| Internet | 8.7% |
| Banks | 7.7% |
| Computers | 6.9% |
| Diversified Financial Services | 6.5% |
| Pharmaceuticals | 6.3% |
| REITS | 4.4% |
| Biotechnology | 4.2% |
| Healthcare-Products | 3.7% |
| Oil & Gas | 3.3% |
| Media | 3.2% |
| Retail | 3.2% |
| Agriculture | 2.8% |
| Electrical Components & Equipment | 2.8% |
| Semiconductors | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048854.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R699 (11/25)

VALIC Company I

### VALIC Company I U.S. Socially Responsible

### VSRDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| November 30, 2025
This semi-annual shareholder report contains important information about the VALIC Company I U.S. Socially Responsible Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at corebridgefinancial.com/rs/prospectus-and-reports/annuities#underlyingfunds. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Fund costs for the last six months ?**

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| U.S. Socially Responsible Fund\* | $18 | 0.35%\*\* |

---

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

*\*\** *Annualized* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$553M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;174 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Semiconductors | 18.1% |
| Diversified Financial Services | 9.2% |
| Software | 9.0% |
| Computers | 7.6% |
| Internet | 7.3% |
| Retail | 4.9% |
| Healthcare-Products | 3.8% |
| REITS | 3.8% |
| Commercial Services | 3.7% |
| Telecommunications | 3.7% |
| Electric | 3.2% |
| Insurance | 2.5% |
| Chemicals | 2.1% |
| Biotechnology | 1.7% |
| Pipelines | 1.6% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](g85763chartimages_1048853.jpg)

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

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

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

![QR Code_VALIC (new)](g85763images_445.jpg)

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

91915R475 (11/25)

VALIC Company I

------

(b) Not applicable.

------

#### Item 2. Code of Ethics.
Not applicable.

------

#### Item 3. Audit Committee Financial Expert.
Not applicable.

------

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

------

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### Item 6. Investments.
(a) Included in Item 7 to the Form.

(b) Not applicable.

------

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

------

## VALIC Company I

------

Semi-Annual Financial Statements and Other Information

November 30, 2025

------

#### Semi-Annual Financial Statements and Other Information November 30, 2025

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| [Portfolio of Investments:](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Aggressive Allocation Lifestyle Fund (formerly Aggressive Growth Lifestyle Fund)](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_1)<br>| &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Asset Allocation Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_2)<br>| &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Capital Appreciation Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_13)<br>| &nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Conservative Allocation Lifestyle Fund (formerly Conservative Growth Lifestyle Fund)](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_15)<br>| &nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Core Bond Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_16)<br>| &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dividend Value Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_39)<br>| &nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Dynamic Allocation Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_42)<br>| &nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Economies Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_44)<br>| &nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Real Estate Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_52)<br>| &nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Global Strategy Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_55)<br>| &nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Government Securities Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_67)<br>| &nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Growth Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_72)<br>| &nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[High Yield Bond Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_78)<br>| &nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Inflation Protected Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_86)<br>| &nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Equities Index Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_91)<br>| &nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Government Bond Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_100)<br>| &nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Growth Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_105)<br>| &nbsp;&nbsp;107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Opportunities Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_107)<br>| &nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Socially Responsible Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_114)<br>| &nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Value Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_121)<br>| &nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Large Cap Core Fund (formerly Large Capital Growth Fund)](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_125)<br>| &nbsp;&nbsp;127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mid Cap Index Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_129)<br>| &nbsp;&nbsp;131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mid Cap Strategic Growth Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_135)<br>| &nbsp;&nbsp;137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mid Cap Value Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_138)<br>| &nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Moderate Allocation Lifestyle Fund (formerly Moderate Growth Lifestyle Fund)](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_142)<br>| &nbsp;&nbsp;144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;®[Nasdaq-100 Index Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_143)<br>| &nbsp;&nbsp;145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Science & Technology Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_146)<br>| &nbsp;&nbsp;148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Cap Growth Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_150)<br>| &nbsp;&nbsp;152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Cap Index Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_155)<br>| &nbsp;&nbsp;157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Cap Special Values Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_174)<br>| &nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Small Cap Value Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_177)<br>| &nbsp;&nbsp;179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Stock Index Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_183)<br>| &nbsp;&nbsp;185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Systematic Core Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_190)<br>| &nbsp;&nbsp;192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Systematic Growth Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_196)<br>| &nbsp;&nbsp;198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Systematic Value Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_200)<br>| &nbsp;&nbsp;202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[U.S. Socially Responsible Fund](#xx_e58bd71d-d2f4-428f-ac4f-01dd15a7936e_203)<br>| &nbsp;&nbsp;205 |
| [Statements of Assets and Liabilities](#xx_16458b8b-1c2d-4d47-8197-17c71e77664a_1)<br>| &nbsp;&nbsp;209 |
| [Statements of Operations](#xx_16458b8b-1c2d-4d47-8197-17c71e77664a_7)<br>| &nbsp;&nbsp;215 |
| [Statements of Changes in Net Assets](#xx_16458b8b-1c2d-4d47-8197-17c71e77664a_13)<br>| &nbsp;&nbsp;221 |
| [Notes to Financial Statements](#xx_ff368728-a222-4e36-a5f5-f18e16cf1741_1)<br>| &nbsp;&nbsp;226 |
| [Financial Highlights](#xx_06681a49-74ae-44b6-8ba1-1b3a0f56e2be_1)<br>| &nbsp;&nbsp;253 |
| [Changes in and Disagreements with Accountants (Item 8 Form N-CSR)](#xx_fdb1e95c-943e-4084-bf84-adfd2210b47b_1)<br>| &nbsp;&nbsp;259 |
| [Results of Special Shareholder Meeting (Item 9 Form N-CSR)](#xx_7ac698c4-0a20-47fd-b65b-cda459602ca6_1)<br>| &nbsp;&nbsp;260 |
| [Remuneration Paid to Directors, Officers, and Others (Item 10 Form N-CSR)](#xx_7d0e9b6f-3151-47ec-b1b1-715fa0808fa9_1)<br>| &nbsp;&nbsp;261 |
| [Approval of Advisory and Subadvisory Agreements (Item 11 Form N-CSR)](#xx_cfea4193-3966-419f-8bcb-6fd4a99194e3_1)<br>| &nbsp;&nbsp;262 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Aggressive Allocation Lifestyle Fund^

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 56.8%** | **Domestic Equity Investment Companies — 56.8%** | **Domestic Equity Investment Companies — 56.8%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Cap Core Fund | 5476521 | &nbsp;&nbsp;$100329870 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | 1055505 | &nbsp;&nbsp;&nbsp;&nbsp; 18988525 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | 1335757 | &nbsp;&nbsp;&nbsp;&nbsp; 17792282 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | 2212780 | &nbsp;&nbsp;&nbsp;&nbsp;150424791 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | 3405299 | &nbsp;&nbsp;&nbsp;&nbsp; 73622568 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | 4168058 | &nbsp;&nbsp;&nbsp;&nbsp; 68647916 |
| **Total Domestic Equity Investment Companies<br> (cost $349,430,956)** |  | &nbsp;&nbsp;&nbsp;&nbsp;429805952 |
| **Domestic Fixed Income Investment Companies — 22.6%** | **Domestic Fixed Income Investment Companies — 22.6%** | **Domestic Fixed Income Investment Companies — 22.6%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | 16029096 | &nbsp;&nbsp;&nbsp;&nbsp;163336485 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | 1038871 | &nbsp;&nbsp;&nbsp;&nbsp; 7646093 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $162,995,985)** |  | &nbsp;&nbsp;&nbsp;&nbsp;170982578 |
| **International Equity Investment Companies — 19.9%** | **International Equity Investment Companies — 19.9%** | **International Equity Investment Companies — 19.9%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Emerging Economies Fund | &nbsp;&nbsp;&nbsp;&nbsp;235048 | &nbsp;&nbsp;&nbsp;&nbsp; 1831024 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund | 15203110 | &nbsp;&nbsp;&nbsp;&nbsp;149294538 |
| **Total International Equity Investment Companies<br> (cost $111,307,706)** |  | &nbsp;&nbsp;&nbsp;&nbsp;151125562 |
| **Total Long-Term Investment Securities<br> (cost $623,734,647)** |  | &nbsp;&nbsp;&nbsp;&nbsp;751914092 |

---

---

| | | |
|:---|:---|:---|
| **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> 3.94%(2)<br> (cost $5,247,394) | 5247394 | &nbsp;&nbsp;$5247394 |
| **TOTAL INVESTMENTS<br> (cost $628,982,041)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;757161486 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48303) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$757113183 |

---

---

| | |
|:---|:---|
| ^ | &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 8. |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (3) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$751914092 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$751914092 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247394 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247394 |
| **Total Investments at Value** | &nbsp;&nbsp;$757161486 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$757161486 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 60.4%** | **COMMON STOCKS — 60.4%** | **COMMON STOCKS — 60.4%** |
| **Aerospace/Defense — 1.6%** | **Aerospace/Defense — 1.6%** | **Aerospace/Defense — 1.6%** |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039 | &nbsp;&nbsp;$826339 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp; 1655519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481858 |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp; 1439779 |
| **Banks — 2.9%** | **Banks — 2.9%** | **Banks — 2.9%** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6659 | &nbsp;&nbsp;&nbsp;&nbsp; 1129766 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;12230 | &nbsp;&nbsp;&nbsp;&nbsp; 599882 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;30490 | &nbsp;&nbsp;&nbsp;&nbsp; 2617566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347214 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp; 702951 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441 | &nbsp;&nbsp;&nbsp;&nbsp; 624832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327783 |
| **Building Materials — 2.0%** | **Building Materials — 2.0%** | **Building Materials — 2.0%** |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061 | &nbsp;&nbsp;&nbsp;&nbsp; 497268 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp; 1185623 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 | &nbsp;&nbsp;&nbsp;&nbsp; 1422888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105779 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 402699 |
| **Computers — 4.8%** | **Computers — 4.8%** | **Computers — 4.8%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25976 | &nbsp;&nbsp;&nbsp;&nbsp; 7243408 |
| **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** | **Diversified Financial Services — 3.5%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433 | &nbsp;&nbsp;&nbsp;&nbsp; 2349782 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp; 526835 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289 | &nbsp;&nbsp;&nbsp;&nbsp; 2361223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237840 |
| **Electric — 2.0%** | **Electric — 2.0%** | **Electric — 2.0%** |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303 | &nbsp;&nbsp;&nbsp;&nbsp; 517149 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17221 | &nbsp;&nbsp;&nbsp;&nbsp; 1486000 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp; 965872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969021 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;3769 | &nbsp;&nbsp;&nbsp;&nbsp; 1303659 |
| **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5803 | &nbsp;&nbsp;&nbsp;&nbsp; 817643 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15450 | &nbsp;&nbsp;&nbsp;&nbsp; 889456 |
| **Healthcare-Products — 2.6%** | **Healthcare-Products — 2.6%** | **Healthcare-Products — 2.6%** |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;14258 | &nbsp;&nbsp;&nbsp;&nbsp; 1235741 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;13102 | &nbsp;&nbsp;&nbsp;&nbsp; 1380033 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp; 1354807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970581 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087 | &nbsp;&nbsp;&nbsp;&nbsp; 1507263 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3709 | &nbsp;&nbsp;&nbsp;&nbsp; 848582 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 | &nbsp;&nbsp;&nbsp;&nbsp; 769050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124895 |
| **Internet — 7.9%** | **Internet — 7.9%** | **Internet — 7.9%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14583 | &nbsp;&nbsp;&nbsp;&nbsp; 4669185 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17410 | &nbsp;&nbsp;&nbsp;&nbsp; 4060360 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp; 2105 | &nbsp;&nbsp;$417569 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp; 4389 | &nbsp;&nbsp;&nbsp;&nbsp; 2843853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11990967 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp; 1627 | &nbsp;&nbsp;&nbsp;&nbsp; 495893 |
| **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 1985 | &nbsp;&nbsp;&nbsp;&nbsp; 922013 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp; 17237 | &nbsp;&nbsp;&nbsp;&nbsp; 1800749 |
| **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp; 38689 | &nbsp;&nbsp;&nbsp;&nbsp; 1942188 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 6140 | &nbsp;&nbsp;&nbsp;&nbsp; 1398078 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp; 1699 | &nbsp;&nbsp;&nbsp;&nbsp; 1827223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225301 |
| **Private Equity — 1.0%** | **Private Equity — 1.0%** | **Private Equity — 1.0%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp; 10218 | &nbsp;&nbsp;&nbsp;&nbsp; 1496120 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp; 5303 | &nbsp;&nbsp;&nbsp;&nbsp; 681595 |
| **Retail — 4.2%** | **Retail — 4.2%** | **Retail — 4.2%** |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp; 11263 | &nbsp;&nbsp;&nbsp;&nbsp; 388799 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp; 9229 | &nbsp;&nbsp;&nbsp;&nbsp; 2237848 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp; 5589 | &nbsp;&nbsp;&nbsp;&nbsp; 1742762 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp; 18577 | &nbsp;&nbsp;&nbsp;&nbsp; 2052944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6422353 |
| **Semiconductors — 8.3%** | **Semiconductors — 8.3%** | **Semiconductors — 8.3%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 8665 | &nbsp;&nbsp;&nbsp;&nbsp; 3491649 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 42422 | &nbsp;&nbsp;&nbsp;&nbsp; 7508694 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp; 8279 | &nbsp;&nbsp;&nbsp;&nbsp; 1613908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12614251 |
| **Software — 7.4%** | **Software — 7.4%** | **Software — 7.4%** |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp; 1563 | &nbsp;&nbsp;&nbsp;&nbsp; 991067 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 14482 | &nbsp;&nbsp;&nbsp;&nbsp; 7125289 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp; 7400 | &nbsp;&nbsp;&nbsp;&nbsp; 1494430 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp; 1149 | &nbsp;&nbsp;&nbsp;&nbsp; 512707 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1060195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11183688 |
| **Total Common Stocks<br> (cost $70,176,424)** |  | &nbsp;&nbsp;&nbsp;&nbsp;91436733 |
| **CORPORATE BONDS & NOTES — 10.8%** | **CORPORATE BONDS & NOTES — 10.8%** | **CORPORATE BONDS & NOTES — 10.8%** |
| **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | $5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/01/2027 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 265524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/01/2028 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27800 |
| &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; 41741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 29421 |
| &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; 55508 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/27/2033 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467617 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 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 | $50000 | &nbsp;&nbsp;$44319 |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39%, 08/15/2037 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18526 |
| &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; 23981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 09/17/2034 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31665 |
| &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; 15856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134347 |
| **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; 46468 | &nbsp;&nbsp;&nbsp;&nbsp; 44872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/11/2032 | &nbsp;&nbsp; 75920 | &nbsp;&nbsp;&nbsp;&nbsp; 73272 |
| &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; 55736 |
| &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 04/07/2030 | &nbsp;&nbsp; 21077 | &nbsp;&nbsp;&nbsp;&nbsp; 20125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2029 | &nbsp;&nbsp; 21239 | &nbsp;&nbsp;&nbsp;&nbsp; 20682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 07/07/2027 | &nbsp;&nbsp; 29684 | &nbsp;&nbsp;&nbsp;&nbsp; 29640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 09/01/2031 | &nbsp;&nbsp; 29277 | &nbsp;&nbsp;&nbsp;&nbsp; 27990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 08/15/2038 | &nbsp;&nbsp; 140001 | &nbsp;&nbsp;&nbsp;&nbsp; 145090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417407 |
| **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; 116098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/10/2027\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313308 |
| **Banks — 3.1%** | **Banks — 3.1%** | **Banks — 3.1%** |
| &nbsp;&nbsp;&nbsp;Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, 08/08/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207472 |
| &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; 24557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 10/20/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 36295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68%, 06/19/2041 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 108340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 02/04/2033 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 01/24/2036 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42217 |
| &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; 33665 |
| &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; 11280 |
| &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; 205317 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, 01/25/2033 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 80989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/11/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 69630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 09/11/2036 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/11/2035 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52221 |
| &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; 201853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 03/04/2031\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204995 |
| &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; 147174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 01/10/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153180 |
| &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; 24509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 02/24/2028 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36335 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 10/21/2036 | $60000 | &nbsp;&nbsp;$60223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 04/23/2031 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 53874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 07/23/2035 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 98590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 01/28/2036 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/24/2029 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42527 |
| &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; 103956 |
| &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; 30970 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/06/2027 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 136486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/04/2031# | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 97693 |
| &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; 90830 |
| &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; 128923 |
| &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; 264071 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/23/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46%, 04/22/2039 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 104363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 10/22/2036 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04%, 07/19/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 04/20/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/18/2030 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41807 |
| &nbsp;&nbsp;&nbsp;Norinchukin Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36%, 09/09/2035\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204452 |
| &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; 30609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/13/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 01/24/2034 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 07/21/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5180 |
| &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; 45671 |
| &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; 41764 |
| &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; 218937 |
| &nbsp;&nbsp;&nbsp;State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 10/23/2036 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20067 |
| &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; 31499 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96%, 10/23/2036 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 05/20/2031 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/26/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 01/24/2035 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 06/08/2027 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, 10/30/2029 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 23821 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84%, 11/06/2033\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201605 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 05/15/2031 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36149 |
| &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; 54488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 04/25/2053 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 70513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/23/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 12/03/2035 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717473 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | $81000 | &nbsp;&nbsp;$81378 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2035# | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26594 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/01/2040 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 47039 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 09/15/2030 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 49998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205009 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &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; 124370 |
| &nbsp;&nbsp;&nbsp;EIDP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46352 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 11/01/2030\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90194 |
| &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; 33703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294619 |
| **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; 40985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 12/04/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31657 |
| &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; 20710 |
| &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; 25671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/15/2035 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69943 |
| &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; 30351 |
| &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; 98916 |
| &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; 26603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344836 |
| **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; 19854 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 83442 |
| &nbsp;&nbsp;&nbsp;CGI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/14/2031 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 37302 |
| &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; 72320 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/15/2031 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 126965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339883 |
| **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;2.45%, 10/29/2026 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/30/2032 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 138950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152875 |
| &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; 153496 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 10/24/2036 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/20/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 01/30/2036 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31373 |

---

---

| | | |
|:---|:---|:---|
| **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;Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/10/2030\* | $25000 | &nbsp;&nbsp;$25428 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/18/2027\* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2026\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/01/2026\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2028\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 01/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2026\* | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 154067 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 01/31/2028 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 93498 |
| &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; 20286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40718 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2034 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154752 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41098 |
| &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; 30476 |
| &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; 6432 |
| &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; 111657 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2055 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 09/15/2053 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31597 |
| &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; 35746 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/15/2027 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17289 |
| &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; 150346 |
| &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; 74687 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2029 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 76298 |
| &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; 98627 |
| &nbsp;&nbsp;&nbsp;ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/01/2043 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24349 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15237 |
| &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; 20949 |
| &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; 36181 |
| &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; 58771 |
| &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; 296313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 10/15/2035\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45057 |
| &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; 8065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2034 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 68854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 10/01/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2035 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 84518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/15/2033 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 61858 |
| &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; 262840 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 06/01/2051 | $30000 | &nbsp;&nbsp;$30662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 07/15/2049 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30529 |
| &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; 19515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2054 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28588 |
| &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; 10165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2033 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41334 |
| &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; 15474 |
| &nbsp;&nbsp;&nbsp;SCE Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/2042 | &nbsp;&nbsp; 22530 | &nbsp;&nbsp;&nbsp;&nbsp; 22937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 03/15/2047 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25372 |
| &nbsp;&nbsp;&nbsp;Sigeco Securitization I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 11/15/2038 | &nbsp;&nbsp; 20663 | &nbsp;&nbsp;&nbsp;&nbsp; 21390 |
| &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; 111350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2031 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/01/2055 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19698 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/15/2033 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55788 |
| &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; 21138 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/15/2035\* | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 37901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2034\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260690 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 11/15/2055 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38966 |
| &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; 29055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68021 |
| **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; 23754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 52165 |
| &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; 35826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/2066\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40703 |
| &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; 15959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/01/2039 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 36667 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9750 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56278 |
| &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; 43622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/2034 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366781 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &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; 22239 |
| &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; 27483 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/15/2035 | $15000 | &nbsp;&nbsp;$15179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2033 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86209 |
| **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; 38666 |
| **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2036 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56396 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2032 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 11/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2047 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2035 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 29567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/15/2054 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/01/2064 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55936 |
| &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; 34503 |
| &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; 16109 |
| &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; 20624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310790 |
| **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; 50398 |
| **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; 19707 |
| &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; 50134 |
| &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; 102419 |
| &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; 44990 |
| &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; 15633 |
| &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; 24631 |
| &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; 51309 |
| &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; 83319 |
| &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; 40364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432506 |
| **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; 40213 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2054 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2045 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 05/15/2053 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34864 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2034 | $20000 | &nbsp;&nbsp;$20112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215145 |
| **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; 53553 |
| **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; 52868 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &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; 44922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 24972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30068 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 122328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 01/15/2037\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/01/2034 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/15/2053 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395076 |
| **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; 68837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100313 |
| **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; 26529 |
| **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; 91855 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2055 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24438 |
| &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; 45809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30603 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2054 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10240 |
| &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; 69699 |
| &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; 18181 |
| &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; 44322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335147 |
| **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; 32614 |
| **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; 51857 |
| &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; 12846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/15/2039 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 44236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/26/2049 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 51054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/22/2054 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/01/2045 | $50000 | &nbsp;&nbsp;$42728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82665 |
| &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; 18034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/07/2049 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16369 |
| &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; 53309 |
| &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; 95665 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 43826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514610 |
| **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; 15432 |
| &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; 20859 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11216 |
| &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; 77096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96%, 02/15/2055\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49819 |
| &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; 21036 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/08/2033 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31774 |
| &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; 51603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2048 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34362 |
| &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; 44757 |
| &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; 40480 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51320 |
| &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; 22974 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55255 |
| &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; 31464 |
| &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; 10076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 10/01/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10151 |
| &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; 36645 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2050 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8700 |
| &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; 26140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/15/2055 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693001 |
| **REITS — 0.5%** | **REITS — 0.5%** | **REITS — 0.5%** |
| &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; 36942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 06/15/2050 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 59070 |
| &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; 28762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/16/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13490 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;COPT Defense Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/15/2031 | $36000 | &nbsp;&nbsp;$32757 |
| &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; 21066 |
| &nbsp;&nbsp;&nbsp;CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/15/2031 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 75123 |
| &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; 13512 |
| &nbsp;&nbsp;&nbsp;Equinix Europe 2 Financing Corp. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 11/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50328 |
| &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; 15276 |
| &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; 35769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 01/15/2031 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 51916 |
| &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; 31302 |
| &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; 41199 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2032 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 48951 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 02/01/2031 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 126928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682391 |
| **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; 18668 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69614 |
| **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; 19410 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/15/2032 | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 88029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2036 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103332 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051# | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26841 |
| &nbsp;&nbsp;&nbsp;KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 03/01/2050 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 74755 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/15/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2035 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 69239 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/11/2041 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 30578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491832 |
| **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; 42261 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/11/2035# | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25083 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2050 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 26459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/2041# | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 53257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 58220 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/06/2033 | $40000 | &nbsp;&nbsp;$39114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 09/26/2045 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9429 |
| &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; 25434 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35085 |
| &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; 51727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/12/2029 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 72545 |
| &nbsp;&nbsp;&nbsp;VMware LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/15/2026 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46173 |
| &nbsp;&nbsp;&nbsp;VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/15/2030 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 95580 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2027 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615118 |
| **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; 20559 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/15/2052 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 30944 |
| &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; 49312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100815 |
| **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; 19816 |
| **Total Corporate Bonds & Notes<br> (cost $17,263,961)** |  | &nbsp;&nbsp;&nbsp;&nbsp;16401754 |
| **ASSET BACKED SECURITIES — 4.8%** | **ASSET BACKED SECURITIES — 4.8%** | **ASSET BACKED SECURITIES — 4.8%** |
| **Auto Loan Receivables — 1.9%** | **Auto Loan Receivables — 1.9%** | **Auto Loan Receivables — 1.9%** |
| &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; 139388 |
| &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4, Class C<br> 4.80%, 08/15/2031 | &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 132388 |
| &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; 156952 |
| &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; 86086 |
| &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; 127070 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-D, Class C<br> 4.85%, 02/17/2032\* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110252 |
| &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; 180528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class B<br> 4.87%, 01/15/2036\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160893 |
| &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; 102074 |
| &nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class D<br> 4.90%, 12/15/2032 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 134283 |
| &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; 166859 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class D<br> 6.62%, 02/15/2029\* | $60000 | &nbsp;&nbsp;$61027 |
| &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; 200576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A, Class D<br> 5.98%, 12/15/2028 | &nbsp;&nbsp; 101820 | &nbsp;&nbsp;&nbsp;&nbsp; 102568 |
| &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; 65917 |
| &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; 17816 | &nbsp;&nbsp;&nbsp;&nbsp; 17907 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A, Class C<br> 4.74%, 08/15/2031\* | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115528 |
| &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; 128596 |
| &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; 153356 |
| &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; 64993 | &nbsp;&nbsp;&nbsp;&nbsp; 65398 |
| &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; 155223 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class C<br> 5.51%, 01/20/2032\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 163540 |
| &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; 28715 | &nbsp;&nbsp;&nbsp;&nbsp; 28801 |
| &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; 122545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877755 |
| **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; 101511 |
| &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; 110453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211964 |
| **Other Asset Backed Securities — 2.7%** | **Other Asset Backed Securities — 2.7%** | **Other Asset Backed Securities — 2.7%** |
| &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; 17019 | &nbsp;&nbsp;&nbsp;&nbsp; 15966 |
| &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; 92996 |
| &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; 97376 |
| &nbsp;&nbsp;&nbsp;AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR2, Class C<br> 4.28%, 11/17/2042\* | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 112589 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;Aqua Finance Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A, Class B<br> 5.56%, 12/19/2050\* | $95540 | &nbsp;&nbsp;$97188 |
| &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; 112020 |
| &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; 47195 | &nbsp;&nbsp;&nbsp;&nbsp; 46896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class A<br> 5.36%, 09/15/2039\* | &nbsp;&nbsp; 135454 | &nbsp;&nbsp;&nbsp;&nbsp; 136765 |
| &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; 100672 |
| &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; 173680 |
| &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; 24436 | &nbsp;&nbsp;&nbsp;&nbsp; 23395 |
| &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; 151378 |
| &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; 99114 |
| &nbsp;&nbsp;&nbsp;FMC GMSR Issuer Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GT2, Class A<br> 3.85%, 10/25/2026\*(2) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96831 |
| &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; 67560 | &nbsp;&nbsp;&nbsp;&nbsp; 67844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class A<br> 6.53%, 06/15/2049\* | &nbsp;&nbsp; 65596 | &nbsp;&nbsp;&nbsp;&nbsp; 68517 |
| &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; 200282 |
| &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; 34424 | &nbsp;&nbsp;&nbsp;&nbsp; 31418 |
| &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; 121638 | &nbsp;&nbsp;&nbsp;&nbsp; 123850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class C<br> 6.32%, 03/15/2043\* | &nbsp;&nbsp; 54856 | &nbsp;&nbsp;&nbsp;&nbsp; 55778 |
| &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; 121456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class D<br> 3.00%, 01/17/2041\* | &nbsp;&nbsp; 89849 | &nbsp;&nbsp;&nbsp;&nbsp; 84491 |
| &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; 127660 |
| &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; 101355 |
| &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; 38764 | &nbsp;&nbsp;&nbsp;&nbsp; 36882 |
| &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; 55886 | &nbsp;&nbsp;&nbsp;&nbsp; 54763 |
| &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; 118712 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

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| | | |
|:---|:---|:---|
| **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;PRET LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RN4, Class A1<br> 6.49%, 10/25/2051\*(2) | $66202 | &nbsp;&nbsp;$66264 |
| &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; 93476 |
| &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; 148987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR5, Class A<br> 3.85%, 10/17/2042\* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 291546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR5, Class B<br> 4.00%, 10/17/2042\* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 290579 |
| &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; 121283 |
| &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; 104219 |
| &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; 10274 | &nbsp;&nbsp;&nbsp;&nbsp; 10203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A, Class C<br> 6.36%, 06/20/2040\* | &nbsp;&nbsp; 31822 | &nbsp;&nbsp;&nbsp;&nbsp; 32134 |
| &nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A<br> 5.05%, 09/15/2045\* | &nbsp;&nbsp; 79114 | &nbsp;&nbsp;&nbsp;&nbsp; 79980 |
| &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; 88885 | &nbsp;&nbsp;&nbsp;&nbsp; 90550 |
| &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; 252757 |
| &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; 10969 | &nbsp;&nbsp;&nbsp;&nbsp; 10968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4142820 |
| **Total Asset Backed Securities<br> (cost $7,108,953)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232539 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.6%** |
| **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;Zero Coupon(1) | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175629 |
| &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; 143646 | &nbsp;&nbsp;&nbsp;&nbsp; 143095 |
| &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; 93107 |
| &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; 90032 | &nbsp;&nbsp;&nbsp;&nbsp; 82081 |
| &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; 183946 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R06, Class 1M2<br> 6.77%, (SOFR30A+2.70%), 07/25/2043\* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 92527 |
| &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; 175496 | &nbsp;&nbsp;&nbsp;&nbsp; 176964 |

---

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| | | |
|:---|:---|:---|
| **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;Legacy Mtg. Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS1, Class A1<br> 5.89%, 10/25/2066\*(1) | $66421 | &nbsp;&nbsp;$66435 |
| &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; 100105 |
| &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; 106125 |
| &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; 216611 |
| &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; 175976 |
| &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; 99086 |
| &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) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100656 |
| &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; 197574 | &nbsp;&nbsp;&nbsp;&nbsp; 181082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993425 |
| **U.S. Government Agency — 2.3%** | **U.S. Government Agency — 2.3%** | **U.S. Government Agency — 2.3%** |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-01, Class M7<br> 8.07%, (SOFR30A+4.00%), 11/25/2053\* | &nbsp;&nbsp; 102541 | &nbsp;&nbsp;&nbsp;&nbsp; 106614 |
| &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; 152203 | &nbsp;&nbsp;&nbsp;&nbsp; 126967 |
| &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; 61886 |
| &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; 258107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K56, Class B<br> 4.09%, 06/25/2049\*(2) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49672 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 03/15/2042 | &nbsp;&nbsp; 86982 | &nbsp;&nbsp;&nbsp;&nbsp; 81221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5174, Class IG<br> 3.00%, 01/25/2050(3) | &nbsp;&nbsp; 411349 | &nbsp;&nbsp;&nbsp;&nbsp; 52795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3910, Class CU<br> 4.00%, 03/15/2041 | &nbsp;&nbsp; 21958 | &nbsp;&nbsp;&nbsp;&nbsp; 21896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/25/2050(3) | &nbsp;&nbsp; 399129 | &nbsp;&nbsp;&nbsp;&nbsp; 79245 |
| &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; 211916 | &nbsp;&nbsp;&nbsp;&nbsp; 181446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class MTU<br> 3.25%, 11/25/2061 | &nbsp;&nbsp; 41864 | &nbsp;&nbsp;&nbsp;&nbsp; 36813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1, Class M60C<br> 3.50%, 05/25/2057 | &nbsp;&nbsp; 82576 | &nbsp;&nbsp;&nbsp;&nbsp; 77339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class MT<br> 3.50%, 07/25/2058 | &nbsp;&nbsp; 41395 | &nbsp;&nbsp;&nbsp;&nbsp; 37390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class MB<br> 3.50%, 10/25/2058 | &nbsp;&nbsp; 124773 | &nbsp;&nbsp;&nbsp;&nbsp; 106710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class MT<br> 3.50%, 05/25/2064 | &nbsp;&nbsp; 102591 | &nbsp;&nbsp;&nbsp;&nbsp; 90809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class M55D<br> 4.00%, 11/25/2057 | &nbsp;&nbsp; 140849 | &nbsp;&nbsp;&nbsp;&nbsp; 134326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class M55D<br> 4.00%, 03/25/2058 | &nbsp;&nbsp; 106144 | &nbsp;&nbsp;&nbsp;&nbsp; 102069 |

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[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 2019-2, Class M55D<br> 4.00%, 08/25/2058 | $123222 | &nbsp;&nbsp;$117273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class M55D<br> 4.00%, 10/25/2058 | &nbsp;&nbsp; 116114 | &nbsp;&nbsp;&nbsp;&nbsp; 110197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4, Class M55D<br> 4.00%, 02/25/2059 | &nbsp;&nbsp; 42215 | &nbsp;&nbsp;&nbsp;&nbsp; 39903 |
| &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; 109610 | &nbsp;&nbsp;&nbsp;&nbsp; 104000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/15/2047 | &nbsp;&nbsp; 68497 | &nbsp;&nbsp;&nbsp;&nbsp; 59737 |
| &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; 55826 | &nbsp;&nbsp;&nbsp;&nbsp; 56473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-T4, Class A1<br> 6.50%, 12/25/2041 | &nbsp;&nbsp; 6501 | &nbsp;&nbsp;&nbsp;&nbsp; 6721 |
| &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 | &nbsp;&nbsp; 123142 | &nbsp;&nbsp;&nbsp;&nbsp; 121156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-7, Class CA<br> 3.50%, 11/25/2057 | &nbsp;&nbsp; 155696 | &nbsp;&nbsp;&nbsp;&nbsp; 152065 |
| &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; 186696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35, Class VA<br> 4.00%, 07/25/2028 | &nbsp;&nbsp; 42682 | &nbsp;&nbsp;&nbsp;&nbsp; 42537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-22, Class BI<br> 4.00%, 04/25/2051(3) | &nbsp;&nbsp; 409546 | &nbsp;&nbsp;&nbsp;&nbsp; 89446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-W3, Class A4<br> 6.50%, 11/25/2041 | &nbsp;&nbsp; 63651 | &nbsp;&nbsp;&nbsp;&nbsp; 65054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-W8, Class A1<br> 6.50%, 06/25/2042 | &nbsp;&nbsp; 32235 | &nbsp;&nbsp;&nbsp;&nbsp; 33794 |
| &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; 199588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M2S, Class A1<br> 3.88%, 05/25/2032(2) | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 699 |
| &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; 111755 |
| &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; 144361 | &nbsp;&nbsp;&nbsp;&nbsp; 121746 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-H14, Class YD<br> 7.18%, 06/20/2071(2) | &nbsp;&nbsp; 129227 | &nbsp;&nbsp;&nbsp;&nbsp; 116155 |
| &nbsp;&nbsp;&nbsp;Seasoned Loans Structured Transaction Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class A1<br> 3.00%, 10/25/2035 | &nbsp;&nbsp; 178137 | &nbsp;&nbsp;&nbsp;&nbsp; 167844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508144 |
| **Total Collateralized Mortgage Obligations<br> (cost $5,670,001)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501569 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.5%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.5%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 18.5%** |
| **U.S. Government — 9.8%** | **U.S. Government — 9.8%** | **U.S. Government — 9.8%** |
| &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; 1463994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2040 to 08/15/2050 | &nbsp;&nbsp;1809000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/15/2050 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 434312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 to 11/15/2051 | &nbsp;&nbsp; 696000 | &nbsp;&nbsp;&nbsp;&nbsp; 399792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp;1308000 | &nbsp;&nbsp;&nbsp;&nbsp; 819595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 391537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 86678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2043 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 308465 |

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2043 | $50000 | &nbsp;&nbsp;$45777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/15/2043 | &nbsp;&nbsp; 237000 | &nbsp;&nbsp;&nbsp;&nbsp; 231029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2055 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10120 |
| &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; 1301769 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2031# | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 531300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032# | &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 761242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/31/2029# | &nbsp;&nbsp; 459000 | &nbsp;&nbsp;&nbsp;&nbsp; 452205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033# | &nbsp;&nbsp;2910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2915456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034# | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 267091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;3180000 | &nbsp;&nbsp;&nbsp;&nbsp; 3251302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14775184 |
| **U.S. Government Agency — 8.7%** | **U.S. Government Agency — 8.7%** | **U.S. Government Agency — 8.7%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2051 | &nbsp;&nbsp; 143454 | &nbsp;&nbsp;&nbsp;&nbsp; 123007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2052 | &nbsp;&nbsp; 87123 | &nbsp;&nbsp;&nbsp;&nbsp; 78187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 08/01/2032 | &nbsp;&nbsp; 236222 | &nbsp;&nbsp;&nbsp;&nbsp; 226055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2042 to 01/01/2050 | &nbsp;&nbsp; 171813 | &nbsp;&nbsp;&nbsp;&nbsp; 162586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 10/01/2034 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2052 | &nbsp;&nbsp; 31350 | &nbsp;&nbsp;&nbsp;&nbsp; 30042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2052 | &nbsp;&nbsp; 50098 | &nbsp;&nbsp;&nbsp;&nbsp; 50032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2055 | &nbsp;&nbsp; 132925 | &nbsp;&nbsp;&nbsp;&nbsp; 134960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2054 | &nbsp;&nbsp; 145703 | &nbsp;&nbsp;&nbsp;&nbsp; 151178 |
| &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; 264914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%, 12/01/2030 | &nbsp;&nbsp; 234768 | &nbsp;&nbsp;&nbsp;&nbsp; 210211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%, 06/01/2035 | &nbsp;&nbsp; 97346 | &nbsp;&nbsp;&nbsp;&nbsp; 81555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 10/01/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 370149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 to 01/01/2052 | &nbsp;&nbsp; 930896 | &nbsp;&nbsp;&nbsp;&nbsp; 800678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2050 to 03/01/2061 | &nbsp;&nbsp; 437549 | &nbsp;&nbsp;&nbsp;&nbsp; 391570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 10/01/2032 | &nbsp;&nbsp; 136575 | &nbsp;&nbsp;&nbsp;&nbsp; 128493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%, 07/01/2032 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 80241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 09/01/2033 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 96842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 07/01/2032 | &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 222170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41%, 03/01/2033 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 101009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 08/01/2033 | &nbsp;&nbsp; 136517 | &nbsp;&nbsp;&nbsp;&nbsp; 128856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2052 to 11/01/2059 | &nbsp;&nbsp; 314574 | &nbsp;&nbsp;&nbsp;&nbsp; 290836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68%, 01/01/2032 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 155587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77%, 12/01/2025 | &nbsp;&nbsp; 22326 | &nbsp;&nbsp;&nbsp;&nbsp; 22264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 10/01/2032 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 136811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2049 to 08/01/2059 | &nbsp;&nbsp; 631081 | &nbsp;&nbsp;&nbsp;&nbsp; 608079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 07/01/2032 | &nbsp;&nbsp; 99641 | &nbsp;&nbsp;&nbsp;&nbsp; 98695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/01/2032 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 154006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 11/01/2030 | &nbsp;&nbsp; 33851 | &nbsp;&nbsp;&nbsp;&nbsp; 34087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31%, 10/01/2032 | &nbsp;&nbsp; 239852 | &nbsp;&nbsp;&nbsp;&nbsp; 240214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 02/01/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 01/01/2033 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 166268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 12/01/2032 | &nbsp;&nbsp; 153650 | &nbsp;&nbsp;&nbsp;&nbsp; 155575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2052 | &nbsp;&nbsp; 104701 | &nbsp;&nbsp;&nbsp;&nbsp; 104163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74%, 04/01/2031 | &nbsp;&nbsp; 127349 | &nbsp;&nbsp;&nbsp;&nbsp; 131055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%, 01/01/2030 | &nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 389061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83%, 12/01/2029 | &nbsp;&nbsp; 221000 | &nbsp;&nbsp;&nbsp;&nbsp; 226500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 10/01/2032 | &nbsp;&nbsp; 112917 | &nbsp;&nbsp;&nbsp;&nbsp; 117314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2053 | &nbsp;&nbsp; 121669 | &nbsp;&nbsp;&nbsp;&nbsp; 121801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 03/01/2028 | &nbsp;&nbsp; 63887 | &nbsp;&nbsp;&nbsp;&nbsp; 65531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 07/01/2030 | &nbsp;&nbsp; 198189 | &nbsp;&nbsp;&nbsp;&nbsp; 208331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2052 to 11/01/2053 | &nbsp;&nbsp; 282270 | &nbsp;&nbsp;&nbsp;&nbsp; 290489 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%, 11/01/2032(2) | &nbsp;&nbsp; 531589 | &nbsp;&nbsp;&nbsp;&nbsp; 448836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 11/01/2032(2) | &nbsp;&nbsp; 213726 | &nbsp;&nbsp;&nbsp;&nbsp; 181004 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 (continued)** | **U.S. Government Agency (continued)** |  |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/20/2050 | $165219 | &nbsp;&nbsp;$142072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2051 to 09/20/2055 | &nbsp;&nbsp;1889219 | &nbsp;&nbsp;&nbsp;&nbsp; 1710858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/20/2051 to 08/20/2053 | &nbsp;&nbsp;1899567 | &nbsp;&nbsp;&nbsp;&nbsp; 1743162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/20/2038 to 08/20/2052 | &nbsp;&nbsp; 320120 | &nbsp;&nbsp;&nbsp;&nbsp; 308943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/20/2031 to 05/20/2052 | &nbsp;&nbsp; 119930 | &nbsp;&nbsp;&nbsp;&nbsp; 118796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/20/2052 to 08/20/2052 | &nbsp;&nbsp; 351631 | &nbsp;&nbsp;&nbsp;&nbsp; 351736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/20/2063 | &nbsp;&nbsp; 38160 | &nbsp;&nbsp;&nbsp;&nbsp; 38489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/20/2053 to 06/20/2063 | &nbsp;&nbsp; 173782 | &nbsp;&nbsp;&nbsp;&nbsp; 178424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/20/2053 to 09/20/2054 | &nbsp;&nbsp; 225331 | &nbsp;&nbsp;&nbsp;&nbsp; 236977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13215130 |
| **Total U.S. Government & Agency Obligations<br> (cost $30,013,465)** |  | &nbsp;&nbsp;&nbsp;&nbsp;27990314 |
| **MUNICIPAL SECURITIES — 0.0%** | **MUNICIPAL SECURITIES — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Texas Natural Gas Securitization Finance Corp.<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 04/01/2041<br> (cost $30,000) | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30931 |
| **Total Long-Term Investment Securities<br> (cost $130,262,804)** |  | &nbsp;&nbsp;&nbsp;&nbsp;148593840 |
| **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> 4.02%(4)(5)<br> (cost $153,713) | &nbsp;&nbsp; 153713 | &nbsp;&nbsp;&nbsp;&nbsp; 153713 |
| **REPURCHASE AGREEMENTS — 1.7%** | **REPURCHASE AGREEMENTS — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.16% dated 11/28/2025, to be repurchased 12/01/2025 in the amount of $2,648,441 and collateralized by $2,745,600 of United States Treasury Notes, bearing interest at 1.88% due 02/28/2027 and having an approximate value of $2,701,251<br> (cost $2,648,185) | &nbsp;&nbsp;2648185 | &nbsp;&nbsp;&nbsp;&nbsp; 2648185 |
| **TOTAL INVESTMENTS<br> (cost $133,064,702)(6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;151395738 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115201 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$151510939 |

---

---

| | |
|:---|:---|
| † | &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 November 30, 2025, the aggregate value of these securities was $12,046,131 representing 8.0% of net assets. |

---

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

(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of November 30, 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 November 30, 2025.

(5) At November 30, 2025, the Fund had loaned securities with a total value of $5,259,159. This was secured by collateral of $5,227,321, which was received in cash and subsequently invested in short-term investments currently valued at $153,713 as reported in the Portfolio of Investments. Additional collateral of $5,371,586 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> November 30, 2025** |
| Federal Home Loan Mtg. Corp. | 0.44% to 6.35% | 06/01/2029 to 12/25/2055 | $2335821 |
| Federal National Mtg. Assoc. | 1.41% to 7.05% | 01/01/2026 to 12/01/2055 | &nbsp;&nbsp;&nbsp;1146043 |
| Government National Mtg. Assoc. | 0.75% to 6.98% | 02/16/2034 to 03/20/2065 | &nbsp;&nbsp;&nbsp;1747438 |
| United States Treasury Bills | 0.00% | 12/04/2025 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 06/30/2026 to 08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;142096 |

---

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

---

| |
|:---|
| DAC—Designated Activity Company |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SCRT—Structured Credit Risk Transfer |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| STRIPS—Separate Trading of Registered Interest and Principal |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at November 30, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Asset Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$91436733 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$91436733 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16401754 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16401754 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7232539 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232539 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5501569 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501569 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27990314 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27990314 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30931 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30931 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153713 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2648185 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648185 |
| **Total Investments at Value** | &nbsp;&nbsp;$91590446 | &nbsp;&nbsp;$59805292 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$151395738 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Capital Appreciation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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%** |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15196 | &nbsp;&nbsp;$2393066 |
| **Auto Manufacturers — 3.3%** | **Auto Manufacturers — 3.3%** | **Auto Manufacturers — 3.3%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539 | &nbsp;&nbsp;&nbsp;&nbsp; 1264371 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24855 | &nbsp;&nbsp;&nbsp;&nbsp; 10691876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11956247 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16760 | &nbsp;&nbsp;&nbsp;&nbsp; 1750750 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6120 | &nbsp;&nbsp;&nbsp;&nbsp; 1271552 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12402 | &nbsp;&nbsp;&nbsp;&nbsp; 5377631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8399933 |
| **Commercial Services — 1.8%** | **Commercial Services — 1.8%** | **Commercial Services — 1.8%** |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6139 | &nbsp;&nbsp;&nbsp;&nbsp; 904459 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20594 | &nbsp;&nbsp;&nbsp;&nbsp; 1291038 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69868 | &nbsp;&nbsp;&nbsp;&nbsp; 4295484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6490981 |
| **Computers — 10.8%** | **Computers — 10.8%** | **Computers — 10.8%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102204 | &nbsp;&nbsp;&nbsp;&nbsp; 28499585 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;10379 | &nbsp;&nbsp;&nbsp;&nbsp; 1384040 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15198 | &nbsp;&nbsp;&nbsp;&nbsp; 2842026 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20722 | &nbsp;&nbsp;&nbsp;&nbsp; 913011 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;23052 | &nbsp;&nbsp;&nbsp;&nbsp; 2050706 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12753 | &nbsp;&nbsp;&nbsp;&nbsp; 3207379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38896747 |
| **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;18098 | &nbsp;&nbsp;&nbsp;&nbsp; 6610657 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35773 | &nbsp;&nbsp;&nbsp;&nbsp; 3317230 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228 | &nbsp;&nbsp;&nbsp;&nbsp; 2327641 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;18842 | &nbsp;&nbsp;&nbsp;&nbsp; 1523564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13779092 |
| **Electric — 1.3%** | **Electric — 1.3%** | **Electric — 1.3%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23552 | &nbsp;&nbsp;&nbsp;&nbsp; 3991829 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342 | &nbsp;&nbsp;&nbsp;&nbsp; 776610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768439 |
| **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5692 | &nbsp;&nbsp;&nbsp;&nbsp; 3500978 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9364 | &nbsp;&nbsp;&nbsp;&nbsp; 713537 |
| **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;13150 | &nbsp;&nbsp;&nbsp;&nbsp; 3646232 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564 | &nbsp;&nbsp;&nbsp;&nbsp; 805840 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp; 3683519 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp; 3421327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7910686 |
| **Internet — 22.5%** | **Internet — 22.5%** | **Internet — 22.5%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16937 | &nbsp;&nbsp;&nbsp;&nbsp; 5422889 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;59556 | &nbsp;&nbsp;&nbsp;&nbsp; 19065067 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;75167 | &nbsp;&nbsp;&nbsp;&nbsp; 17530448 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp; 5071960 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;24864 | &nbsp;&nbsp;&nbsp;&nbsp; 4932272 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20315 | &nbsp;&nbsp;&nbsp;&nbsp; 5194342 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23669 | &nbsp;&nbsp;&nbsp;&nbsp; 15336328 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18690 | &nbsp;&nbsp;$2010670 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;71645 | &nbsp;&nbsp;&nbsp;&nbsp; 6271803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;80835779 |
| **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31200 | &nbsp;&nbsp;&nbsp;&nbsp; 2126592 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;181560 | &nbsp;&nbsp;&nbsp;&nbsp; 3135541 |
| **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8789 | &nbsp;&nbsp;&nbsp;&nbsp; 1865553 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7107 | &nbsp;&nbsp;&nbsp;&nbsp; 7643365 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538 | &nbsp;&nbsp;&nbsp;&nbsp; 4879643 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8511 | &nbsp;&nbsp;&nbsp;&nbsp; 1295034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15683595 |
| **Retail — 3.4%** | **Retail — 3.4%** | **Retail — 3.4%** |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10589 | &nbsp;&nbsp;&nbsp;&nbsp; 1677403 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30190 | &nbsp;&nbsp;&nbsp;&nbsp; 4586465 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406 | &nbsp;&nbsp;&nbsp;&nbsp; 3451745 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22068 | &nbsp;&nbsp;&nbsp;&nbsp; 2438735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12154348 |
| **Semiconductors — 19.3%** | **Semiconductors — 19.3%** | **Semiconductors — 19.3%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24284 | &nbsp;&nbsp;&nbsp;&nbsp; 5282499 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61238 | &nbsp;&nbsp;&nbsp;&nbsp; 24676464 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211271 | &nbsp;&nbsp;&nbsp;&nbsp; 37394967 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10248 | &nbsp;&nbsp;&nbsp;&nbsp; 1722586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;69076516 |
| **Software — 16.0%** | **Software — 16.0%** | **Software — 16.0%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18474 | &nbsp;&nbsp;&nbsp;&nbsp; 5914082 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;13305 | &nbsp;&nbsp;&nbsp;&nbsp; 1989363 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;71394 | &nbsp;&nbsp;&nbsp;&nbsp; 3181317 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165 | &nbsp;&nbsp;&nbsp;&nbsp; 2264528 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52695 | &nbsp;&nbsp;&nbsp;&nbsp; 25926467 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;12682 | &nbsp;&nbsp;&nbsp;&nbsp; 606200 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;43596 | &nbsp;&nbsp;&nbsp;&nbsp; 7343746 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20728 | &nbsp;&nbsp;&nbsp;&nbsp; 4778633 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669 | &nbsp;&nbsp;&nbsp;&nbsp; 2168322 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14509 | &nbsp;&nbsp;&nbsp;&nbsp; 3128430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;57301088 |
| **Telecommunications — 3.3%** | **Telecommunications — 3.3%** | **Telecommunications — 3.3%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48285 | &nbsp;&nbsp;&nbsp;&nbsp; 6309884 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 1847040 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9879 | &nbsp;&nbsp;&nbsp;&nbsp; 3652069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11808993 |
| **Total Long-Term Investment Securities<br> (cost $261,147,948)** |  | &nbsp;&nbsp;&nbsp;&nbsp;354578390 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Capital Appreciation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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 Institutional U.S. Government Money Market Fund, Premier Class<br> 3.94%(1)<br> (cost $4,291,761) | 4291761 | &nbsp;&nbsp;$4291761 |
| **TOTAL INVESTMENTS<br> (cost $265,439,709)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;358870151 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140454) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$358729697 |

---

† Non-income producing security

(1) The rate shown is the 7-day yield as of November 30, 2025.

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

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$354578390 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$354578390 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291761 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291761 |
| **Total Investments at Value** | &nbsp;&nbsp;$358870151 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$358870151 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Conservative Allocation Lifestyle Fund^

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 99.4%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.4%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 99.4%** |
| **Domestic Fixed Income Investment Companies — 62.7%** | **Domestic Fixed Income Investment Companies — 62.7%** | **Domestic Fixed Income Investment Companies — 62.7%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | 17266431 | &nbsp;&nbsp;$175944929 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;412998 | &nbsp;&nbsp;&nbsp;&nbsp; 3039667 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $174,914,779)** |  | &nbsp;&nbsp;&nbsp;&nbsp;178984596 |
| **Domestic Equity Investment Companies — 26.9%** | **Domestic Equity Investment Companies — 26.9%** | **Domestic Equity Investment Companies — 26.9%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;974535 | &nbsp;&nbsp;&nbsp;&nbsp; 17853477 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;167163 | &nbsp;&nbsp;&nbsp;&nbsp; 3007273 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;234804 | &nbsp;&nbsp;&nbsp;&nbsp; 3127587 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;378681 | &nbsp;&nbsp;&nbsp;&nbsp; 25742723 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;671712 | &nbsp;&nbsp;&nbsp;&nbsp; 14522410 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;758644 | &nbsp;&nbsp;&nbsp;&nbsp; 12494868 |
| **Total Domestic Equity Investment Companies<br> (cost $64,409,269)** |  | &nbsp;&nbsp;&nbsp;&nbsp;76748338 |
| **International Equity Investment Companies — 9.8%** | **International Equity Investment Companies — 9.8%** | **International Equity Investment Companies — 9.8%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Emerging Economies Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88849 | &nbsp;&nbsp;&nbsp;&nbsp; 692129 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund | 2790906 | &nbsp;&nbsp;&nbsp;&nbsp; 27406700 |
| **Total International Equity Investment Companies<br> (cost $22,535,966)** |  | &nbsp;&nbsp;&nbsp;&nbsp;28098829 |
| **Total Long-Term Investment Securities<br> (cost $261,860,014)** |  | &nbsp;&nbsp;&nbsp;&nbsp;283831763 |

---

---

| | | |
|:---|:---|:---|
| **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> 3.94%(2)<br> (cost $2,036,118) | 2036117 | &nbsp;&nbsp;$2036118 |
| **TOTAL INVESTMENTS<br> (cost $263,896,132)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;285867881 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368951) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$285498930 |

---

---

| | |
|:---|:---|
| ^ | &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 8. |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (3) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$283831763 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$283831763 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036118 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036118 |
| **Total Investments at Value** | &nbsp;&nbsp;$285867881 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$285867881 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 31.6%** | **CORPORATE BONDS & NOTES — 31.6%** | **CORPORATE BONDS & NOTES — 31.6%** |
| **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\* | $971000 | &nbsp;&nbsp;$966575 |
| **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; 417117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2031# | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150286 |
| &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; 278044 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2046 | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 772558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2034 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 218994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2050 | &nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 494845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp; 1261000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 276847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp; 1294000 | &nbsp;&nbsp;&nbsp;&nbsp; 1284646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 297924 |
| &nbsp;&nbsp;&nbsp;Embraer Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/09/2038 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 380141 |
| &nbsp;&nbsp;&nbsp;General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 01/29/2036 | &nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 204195 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/2031 | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1184401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp; 1616000 | &nbsp;&nbsp;&nbsp;&nbsp; 1697984 |
| &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; 3893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/15/2031 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 508911 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/27/2053 | &nbsp;&nbsp; 1589000 | &nbsp;&nbsp;&nbsp;&nbsp; 1556756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 03/15/2054 | &nbsp;&nbsp; 598000 | &nbsp;&nbsp;&nbsp;&nbsp; 669690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11696920 |
| **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; 800530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/04/2035 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 450694 |
| &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; 311827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563051 |
| **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; 742968 |
| &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; 166866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2029\* | &nbsp;&nbsp; 532000 | &nbsp;&nbsp;&nbsp;&nbsp; 555750 |
| &nbsp;&nbsp;&nbsp;British Airways Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2036\* | &nbsp;&nbsp; 1447735 | &nbsp;&nbsp;&nbsp;&nbsp; 1335827 |
| &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; 419128 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2035 | &nbsp;&nbsp; 901000 | &nbsp;&nbsp;&nbsp;&nbsp; 882453 |
| &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; 2049270 |
| &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; 303457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6455719 |
| **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; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 209487 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 02/20/2054 | $165000 | &nbsp;&nbsp;$165017 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/14/2031\* | &nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 158852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/12/2030\* | &nbsp;&nbsp; 537000 | &nbsp;&nbsp;&nbsp;&nbsp; 541517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/13/2028\* | &nbsp;&nbsp; 243000 | &nbsp;&nbsp;&nbsp;&nbsp; 246621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/25/2027\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 162531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 01/19/2028\* | &nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 386125 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/13/2030 | &nbsp;&nbsp; 772000 | &nbsp;&nbsp;&nbsp;&nbsp; 727334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 11/05/2031 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 972767 |
| &nbsp;&nbsp;&nbsp;General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/15/2028 | &nbsp;&nbsp; 463000 | &nbsp;&nbsp;&nbsp;&nbsp; 474774 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/10/2031 | &nbsp;&nbsp; 388000 | &nbsp;&nbsp;&nbsp;&nbsp; 351282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 01/12/2032 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 236863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/18/2031 | &nbsp;&nbsp; 1371000 | &nbsp;&nbsp;&nbsp;&nbsp; 1430825 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/18/2030\* | &nbsp;&nbsp; 511000 | &nbsp;&nbsp;&nbsp;&nbsp; 511703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/25/2027\* | &nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 382020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2027\* | &nbsp;&nbsp; 764000 | &nbsp;&nbsp;&nbsp;&nbsp; 773508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/19/2029\* | &nbsp;&nbsp; 767000 | &nbsp;&nbsp;&nbsp;&nbsp; 789741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/23/2032\* | &nbsp;&nbsp; 449000 | &nbsp;&nbsp;&nbsp;&nbsp; 466173 |
| &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; 492900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 03/18/2035\* | &nbsp;&nbsp; 552000 | &nbsp;&nbsp;&nbsp;&nbsp; 574468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10054508 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/15/2032\* | &nbsp;&nbsp; 342000 | &nbsp;&nbsp;&nbsp;&nbsp; 344098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2033\* | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 297933 |
| &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 12/01/2051 | &nbsp;&nbsp; 373000 | &nbsp;&nbsp;&nbsp;&nbsp; 243182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885213 |
| **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** |
| &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; 1872997 |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36%, 03/10/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508623 |
| &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; 1256220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87%, 03/28/2035\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.61%, 09/13/2029\* | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 930821 |
| &nbsp;&nbsp;&nbsp;Al Rajhi Sukuk, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87%, 05/19/2030# | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 609773 |
| &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; 594078 |
| &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; 1037358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94%, 11/07/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 806595 |
| &nbsp;&nbsp;&nbsp;Bangkok Bank PCL/Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 11/26/2035\* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 801984 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%, 04/22/2042 | &nbsp;&nbsp; 1013000 | &nbsp;&nbsp;&nbsp;&nbsp; 810494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 12/20/2028 | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 323939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 | &nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2307161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 02/07/2030 | &nbsp;&nbsp; 1423000 | &nbsp;&nbsp;&nbsp;&nbsp; 1416779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 04/23/2040 | &nbsp;&nbsp; 2384000 | &nbsp;&nbsp;&nbsp;&nbsp; 2157364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18%, 11/25/2027 | &nbsp;&nbsp; 919000 | &nbsp;&nbsp;&nbsp;&nbsp; 920189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 | &nbsp;&nbsp; 1112000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 809070 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

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| | | |
|:---|:---|:---|
| **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;5.43%, 08/15/2035 | $427000 | &nbsp;&nbsp;$440084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 01/24/2036 | &nbsp;&nbsp; 5320000 | &nbsp;&nbsp;&nbsp;&nbsp; 5614894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp; 1418000 | &nbsp;&nbsp;&nbsp;&nbsp; 1465025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 | &nbsp;&nbsp; 723000 | &nbsp;&nbsp;&nbsp;&nbsp; 786862 |
| &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; 3790770 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/11/2031 | &nbsp;&nbsp; 764000 | &nbsp;&nbsp;&nbsp;&nbsp; 787130 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59%, 05/04/2037 | &nbsp;&nbsp; 974000 | &nbsp;&nbsp;&nbsp;&nbsp; 950958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/01/2034 | &nbsp;&nbsp; 952000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018326 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/11/2030 | &nbsp;&nbsp; 1286000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289806 |
| &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; 1206413 |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 09/23/2035 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 09/10/2030 | &nbsp;&nbsp; 1161000 | &nbsp;&nbsp;&nbsp;&nbsp; 1184174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 02/25/2031 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 559484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 02/25/2036 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 543650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86%, 08/11/2046 | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 219117 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 05/09/2031\* | &nbsp;&nbsp; 359000 | &nbsp;&nbsp;&nbsp;&nbsp; 367359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, 11/19/2030\* | &nbsp;&nbsp; 4543000 | &nbsp;&nbsp;&nbsp;&nbsp; 4679862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 01/13/2033\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 886056 |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%, 10/19/2042\* | &nbsp;&nbsp; 674000 | &nbsp;&nbsp;&nbsp;&nbsp; 504921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 05/28/2031\* | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1370911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/14/2031\* | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 973931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 05/30/2035\* | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp;&nbsp;&nbsp; 2405759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03%, 05/28/2036\* | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp;&nbsp; 1762760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29%, 01/14/2036\* | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1311431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.92%, 01/14/2046\* | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 273846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/19/2034\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124059 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/03/2036\* | &nbsp;&nbsp; 2645000 | &nbsp;&nbsp;&nbsp;&nbsp; 2744476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 06/15/2035\* | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1489860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68%, 09/13/2027\* | &nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 252722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 09/13/2034\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 224699 |
| &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; 1533154 |
| &nbsp;&nbsp;&nbsp;Citibank, N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 05/29/2030 | &nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 687923 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 06/03/2031 | &nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 387782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%, 01/29/2031 | &nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 355211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/03/2042 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 425020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%, 07/24/2028 | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 209518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 2264000 | &nbsp;&nbsp;&nbsp;&nbsp; 2275104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/11/2031 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 750225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp; 2355000 | &nbsp;&nbsp;&nbsp;&nbsp; 2376490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/07/2031 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3330943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 09/11/2036 | &nbsp;&nbsp; 1074000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/19/2039 | &nbsp;&nbsp; 1054000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/22/2033 | &nbsp;&nbsp; 748000 | &nbsp;&nbsp;&nbsp;&nbsp; 804095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/31/2033 | &nbsp;&nbsp; 1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1737360 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 07/23/2032 | &nbsp;&nbsp; 1637000 | &nbsp;&nbsp;&nbsp;&nbsp; 1716943 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%, 05/27/2031\* | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236571 |
| &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; 847501 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82%, 09/25/2033\* | $760000 | &nbsp;&nbsp;$761720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 05/27/2031\* | &nbsp;&nbsp; 2358000 | &nbsp;&nbsp;&nbsp;&nbsp; 2431386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/12/2028\* | &nbsp;&nbsp; 2064000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86%, 01/09/2036\* | &nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341534 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02%, 11/15/2033\* | &nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 244424 |
| &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; 1010275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 03/04/2031\* | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 850729 |
| &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; 555696 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 01/07/2028 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 932099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/18/2031# | &nbsp;&nbsp; 824000 | &nbsp;&nbsp;&nbsp;&nbsp; 785210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 01/14/2032 | &nbsp;&nbsp; 241000 | &nbsp;&nbsp;&nbsp;&nbsp; 228702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 01/07/2033 | &nbsp;&nbsp; 1226000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/11/2030 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 839120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/09/2031 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 1988582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 01/10/2029 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 694414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/11/2035 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 876080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 05/10/2029 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 307252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72%, 01/18/2029 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 115321 |
| &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; 395655 |
| &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; 1023038 |
| &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; 734952 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 09/05/2035 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 494253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/12/2040 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 311137 |
| &nbsp;&nbsp;&nbsp;First Horizon Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/01/2030# | &nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp; 754305 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 03/07/2031 | &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 351537 |
| &nbsp;&nbsp;&nbsp;FNB Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 12/11/2030 | &nbsp;&nbsp; 1072000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095183 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 09/10/2027 | &nbsp;&nbsp; 1626000 | &nbsp;&nbsp;&nbsp;&nbsp; 1593535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 1841000 | &nbsp;&nbsp;&nbsp;&nbsp; 1655460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21%, 04/22/2042 | &nbsp;&nbsp; 1436000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2030 | &nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp; 586224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 05/01/2029 | &nbsp;&nbsp; 2380000 | &nbsp;&nbsp;&nbsp;&nbsp; 2384906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 10/21/2031 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 445524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 292000 | &nbsp;&nbsp;&nbsp;&nbsp; 296789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 10/21/2036 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 572123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 138685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 07/23/2035 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 300960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 01/28/2056 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 379230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/25/2035 | &nbsp;&nbsp; 4075000 | &nbsp;&nbsp;&nbsp;&nbsp; 4376294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2037 | &nbsp;&nbsp; 1521000 | &nbsp;&nbsp;&nbsp;&nbsp; 1713201 |
| &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; 623935 |
| &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; 2458962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 11/06/2031 | &nbsp;&nbsp; 472000 | &nbsp;&nbsp;&nbsp;&nbsp; 475070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 05/17/2032 | &nbsp;&nbsp; 668000 | &nbsp;&nbsp;&nbsp;&nbsp; 706840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 09/10/2036 | &nbsp;&nbsp; 794000 | &nbsp;&nbsp;&nbsp;&nbsp; 819870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33%, 03/09/2044 | &nbsp;&nbsp; 3508000 | &nbsp;&nbsp;&nbsp;&nbsp; 3878617 |
| &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; 526493 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/01/2042\* | $786000 | &nbsp;&nbsp;$670378 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%, 06/01/2029 | &nbsp;&nbsp; 2270000 | &nbsp;&nbsp;&nbsp;&nbsp; 2166038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/19/2041 | &nbsp;&nbsp; 2571000 | &nbsp;&nbsp;&nbsp;&nbsp; 1878798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 11/08/2032 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 262546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 05/01/2028 | &nbsp;&nbsp; 2097000 | &nbsp;&nbsp;&nbsp;&nbsp; 2083093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp;&nbsp; 471239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/25/2033 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 297762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 11/29/2045 | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 224595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/23/2036 | &nbsp;&nbsp; 527000 | &nbsp;&nbsp;&nbsp;&nbsp; 551367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/2034 | &nbsp;&nbsp; 214000 | &nbsp;&nbsp;&nbsp;&nbsp; 236954 |
| &nbsp;&nbsp;&nbsp;KBC Group NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/23/2031\* | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 10/16/2030\* | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 622308 |
| &nbsp;&nbsp;&nbsp;KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 05/20/2026 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/08/2032 | &nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp; 780649 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/04/2031# | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172311 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 11/04/2036 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1285723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/05/2035 | &nbsp;&nbsp; 586000 | &nbsp;&nbsp;&nbsp;&nbsp; 619739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/05/2030 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 272770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, 06/13/2036 | &nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 225127 |
| &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; 1190067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/30/2035 | &nbsp;&nbsp; 419000 | &nbsp;&nbsp;&nbsp;&nbsp; 422231 |
| &nbsp;&nbsp;&nbsp;Mashreqbank PSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/24/2033 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 735391 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53%, 09/12/2031 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 322674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 09/12/2036 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1185435 |
| &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; 1101187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/08/2036 | &nbsp;&nbsp; 2545000 | &nbsp;&nbsp;&nbsp;&nbsp; 2637002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 07/06/2029 | &nbsp;&nbsp; 1431000 | &nbsp;&nbsp;&nbsp;&nbsp; 1491045 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%, 05/04/2027 | &nbsp;&nbsp; 654000 | &nbsp;&nbsp;&nbsp;&nbsp; 646856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp; 551000 | &nbsp;&nbsp;&nbsp;&nbsp; 485097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22%, 04/22/2042 | &nbsp;&nbsp; 2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1612387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 04/01/2031 | &nbsp;&nbsp; 627000 | &nbsp;&nbsp;&nbsp;&nbsp; 611352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 213099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04%, 07/19/2030 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 678477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 01/16/2030 | &nbsp;&nbsp; 502000 | &nbsp;&nbsp;&nbsp;&nbsp; 516700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 | &nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, 01/18/2036 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 886670 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%, 07/22/2028 | &nbsp;&nbsp; 1871000 | &nbsp;&nbsp;&nbsp;&nbsp; 1853713 |
| &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; 318428 |
| &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; 358060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03%, 11/28/2035 | &nbsp;&nbsp; 947000 | &nbsp;&nbsp;&nbsp;&nbsp; 871668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 05/08/2030 | &nbsp;&nbsp; 778000 | &nbsp;&nbsp;&nbsp;&nbsp; 782600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 05/18/2029 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 768017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96%, 08/15/2030 | &nbsp;&nbsp; 2671000 | &nbsp;&nbsp;&nbsp;&nbsp; 2732694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/23/2031 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 967623 |
| &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; 537316 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 05/17/2029\* | $1905000 | &nbsp;&nbsp;$1983904 |
| &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; 636873 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 05/21/2034 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 591899 |
| &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; 683610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/13/2031 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 897206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 07/21/2036 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 321138 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/06/2035# | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 408310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/06/2030 | &nbsp;&nbsp; 503000 | &nbsp;&nbsp;&nbsp;&nbsp; 524026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 12/10/2037 | &nbsp;&nbsp; 852000 | &nbsp;&nbsp;&nbsp;&nbsp; 986599 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 03/27/2028 | &nbsp;&nbsp; 831000 | &nbsp;&nbsp;&nbsp;&nbsp; 838270 |
| &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; 2088202 |
| &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; 1906529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 04/15/2031 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 952916 |
| &nbsp;&nbsp;&nbsp;Saudi Awwal Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/04/2035 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 606810 |
| &nbsp;&nbsp;&nbsp;Signature Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030†(1) | &nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 473600 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/03/2030\* | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 724321 |
| &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; 647109 |
| &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; 783541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 05/22/2031\* | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1366967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/13/2033\* | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2376067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 01/10/2029\* | &nbsp;&nbsp; 1411000 | &nbsp;&nbsp;&nbsp;&nbsp; 1470104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69%, 01/10/2034\* | &nbsp;&nbsp; 1089000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192111 |
| &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; 562225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 05/14/2028\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408058 |
| &nbsp;&nbsp;&nbsp;State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 10/23/2036 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 456524 |
| &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; 963396 |
| &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; 532535 |
| &nbsp;&nbsp;&nbsp;Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 11/16/2026\*# | &nbsp;&nbsp; 3767000 | &nbsp;&nbsp;&nbsp;&nbsp; 3683690 |
| &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; 339873 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 10/15/2035 | &nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 450467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/30/2032 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 818979 |
| &nbsp;&nbsp;&nbsp;Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14%, 10/23/2029 | &nbsp;&nbsp; 739000 | &nbsp;&nbsp;&nbsp;&nbsp; 738434 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96%, 10/23/2036 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 05/20/2031 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 823370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/26/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, 10/30/2029 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645839 |
| &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; 1579957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 09/23/2031\* | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 429839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/12/2028\* | &nbsp;&nbsp; 1477000 | &nbsp;&nbsp;&nbsp;&nbsp; 1488498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84%, 11/06/2033\* | &nbsp;&nbsp; 2039000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055364 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;5.01%, 03/23/2037\* | $1130000 | &nbsp;&nbsp;$1130197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 02/08/2030\* | &nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 546976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 05/09/2036\* | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 220292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 09/22/2034\* | &nbsp;&nbsp; 471000 | &nbsp;&nbsp;&nbsp;&nbsp; 516315 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/14/2031 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 852506 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 | &nbsp;&nbsp; 1711000 | &nbsp;&nbsp;&nbsp;&nbsp; 1494972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 05/15/2031 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 888222 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/01/2033\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 472805 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 09/11/2035 | &nbsp;&nbsp; 664000 | &nbsp;&nbsp;&nbsp;&nbsp; 664904 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/11/2031 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp; 1458000 | &nbsp;&nbsp;&nbsp;&nbsp; 1389939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 04/30/2041 | &nbsp;&nbsp; 1772000 | &nbsp;&nbsp;&nbsp;&nbsp; 1399328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 09/15/2029 | &nbsp;&nbsp; 888000 | &nbsp;&nbsp;&nbsp;&nbsp; 887677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/22/2027 | &nbsp;&nbsp; 3302000 | &nbsp;&nbsp;&nbsp;&nbsp; 3316010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 11/04/2044 | &nbsp;&nbsp; 343000 | &nbsp;&nbsp;&nbsp;&nbsp; 305794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/07/2046 | &nbsp;&nbsp; 191000 | &nbsp;&nbsp;&nbsp;&nbsp; 170709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 12/03/2035 | &nbsp;&nbsp; 3145000 | &nbsp;&nbsp;&nbsp;&nbsp; 3248048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 210305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 04/23/2036 | &nbsp;&nbsp; 2161000 | &nbsp;&nbsp;&nbsp;&nbsp; 2291972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 01/15/2044 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 352829 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54%, 11/15/2035 | &nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 746500 |
| &nbsp;&nbsp;&nbsp;Woori Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/06/2028 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 633190 |
| &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; 331202 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.82%, 11/19/2035 | &nbsp;&nbsp; 794000 | &nbsp;&nbsp;&nbsp;&nbsp; 846604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240163193 |
| **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; 987000 | &nbsp;&nbsp;&nbsp;&nbsp; 929578 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 05/09/2027 | &nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp; 730772 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/18/2028 | &nbsp;&nbsp; 347000 | &nbsp;&nbsp;&nbsp;&nbsp; 346061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 02/07/2028# | &nbsp;&nbsp; 503000 | &nbsp;&nbsp;&nbsp;&nbsp; 510595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 07/23/2032 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 446135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963141 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 08/15/2041 | &nbsp;&nbsp; 1181000 | &nbsp;&nbsp;&nbsp;&nbsp; 875624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 02/21/2040 | &nbsp;&nbsp; 1113000 | &nbsp;&nbsp;&nbsp;&nbsp; 890427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 05/01/2045 | &nbsp;&nbsp; 499000 | &nbsp;&nbsp;&nbsp;&nbsp; 435389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66%, 06/15/2051 | &nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 361102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/02/2028 | &nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 427845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 556022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/02/2043 | &nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 261563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 1427000 | &nbsp;&nbsp;&nbsp;&nbsp; 1433662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2063 | &nbsp;&nbsp; 993000 | &nbsp;&nbsp;&nbsp;&nbsp; 994863 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2035 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 648901 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/01/2040 | $500000 | &nbsp;&nbsp;$373323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 502000 | &nbsp;&nbsp;&nbsp;&nbsp; 517371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/15/2035 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 341407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/15/2053 | &nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp; 571984 |
| &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; 333916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 09/15/2050 | &nbsp;&nbsp; 983000 | &nbsp;&nbsp;&nbsp;&nbsp; 618733 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 09/02/2031 | &nbsp;&nbsp; 676000 | &nbsp;&nbsp;&nbsp;&nbsp; 593756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/02/2029 | &nbsp;&nbsp; 292000 | &nbsp;&nbsp;&nbsp;&nbsp; 300049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/25/2055 | &nbsp;&nbsp; 193000 | &nbsp;&nbsp;&nbsp;&nbsp; 194865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730802 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 09/15/2040 | &nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 180965 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/05/2040 | &nbsp;&nbsp; 1794000 | &nbsp;&nbsp;&nbsp;&nbsp; 1464854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2034 | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 250625 |
| &nbsp;&nbsp;&nbsp;CRH America Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 02/09/2056 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190457 |
| &nbsp;&nbsp;&nbsp;CRH SMW Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 05/21/2029 | &nbsp;&nbsp; 1152000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189870 |
| &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; 548631 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/2031 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 941154 |
| &nbsp;&nbsp;&nbsp;Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2027 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 290720 |
| &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; 415898 |
| &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; 255975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 195866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925015 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &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; 403803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 11/26/2035 | &nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 545907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/15/2044 | &nbsp;&nbsp; 666000 | &nbsp;&nbsp;&nbsp;&nbsp; 634723 |
| &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; 521194 |
| &nbsp;&nbsp;&nbsp;Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2036 | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 563414 |
| &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; 764570 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/08/2033 | &nbsp;&nbsp; 491000 | &nbsp;&nbsp;&nbsp;&nbsp; 516029 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 12/15/2051 | &nbsp;&nbsp; 622000 | &nbsp;&nbsp;&nbsp;&nbsp; 391523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 06/15/2028 | &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp;&nbsp; 236348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2028 | &nbsp;&nbsp; 471000 | &nbsp;&nbsp;&nbsp;&nbsp; 483973 |
| &nbsp;&nbsp;&nbsp;EIDP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1205151 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 11/01/2030\* | &nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 802726 |
| &nbsp;&nbsp;&nbsp;MEGlobal BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/03/2026 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 588265 |
| &nbsp;&nbsp;&nbsp;Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/2029# | &nbsp;&nbsp; 569000 | &nbsp;&nbsp;&nbsp;&nbsp; 569559 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Methanex US Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032\* | $135000 | &nbsp;&nbsp;$138613 |
| &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; 506175 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 11/15/2030 | &nbsp;&nbsp; 427000 | &nbsp;&nbsp;&nbsp;&nbsp; 428500 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/21/2027 | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 313113 |
| &nbsp;&nbsp;&nbsp;OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/23/2031 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 559500 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2031 | &nbsp;&nbsp; 634000 | &nbsp;&nbsp;&nbsp;&nbsp; 635056 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2032 | &nbsp;&nbsp; 114000 | &nbsp;&nbsp;&nbsp;&nbsp; 103843 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2061 | &nbsp;&nbsp; 566000 | &nbsp;&nbsp;&nbsp;&nbsp; 340349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11252334 |
| **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; 143631 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
| &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; 224881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2030\*# | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 164775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2032\* | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 175038 |
| &nbsp;&nbsp;&nbsp;Bidvest Group UK PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 09/17/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202705 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2033\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 256043 |
| &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; 292036 |
| &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; 582138 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* | &nbsp;&nbsp; 691000 | &nbsp;&nbsp;&nbsp;&nbsp; 698846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2029\* | &nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 114816 |
| &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; 541220 |
| &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; 922160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 03/13/2027\* | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1546754 |
| &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/15/2033\* | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 540245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 05/15/2032\* | &nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 183066 |
| &nbsp;&nbsp;&nbsp;Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%, 06/01/2070 | &nbsp;&nbsp; 1423000 | &nbsp;&nbsp;&nbsp;&nbsp; 832854 |
| &nbsp;&nbsp;&nbsp;Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/2031\* | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 605737 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 11/15/2032 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 431466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/15/2035 | &nbsp;&nbsp; 2476000 | &nbsp;&nbsp;&nbsp;&nbsp; 2473971 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/06/2029 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 451596 |
| &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; 188952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2033\* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 396993 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2026\* | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 295096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63%, 07/15/2029\* | &nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 261761 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/30/2032\* | $270000 | &nbsp;&nbsp;$257261 |
| &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; 568948 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 01/15/2032 | &nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1199733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/01/2030 | &nbsp;&nbsp; 471000 | &nbsp;&nbsp;&nbsp;&nbsp; 442445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/01/2041 | &nbsp;&nbsp; 948000 | &nbsp;&nbsp;&nbsp;&nbsp; 711498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 08/09/2035 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 804305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/09/2034# | &nbsp;&nbsp; 581000 | &nbsp;&nbsp;&nbsp;&nbsp; 601018 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2029 | &nbsp;&nbsp; 1587000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523129 |
| &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; 468775 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 06/15/2031\* | &nbsp;&nbsp; 1429000 | &nbsp;&nbsp;&nbsp;&nbsp; 1292109 |
| &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; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 428999 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2036 | &nbsp;&nbsp; 249000 | &nbsp;&nbsp;&nbsp;&nbsp; 252567 |
| &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; 552413 |
| &nbsp;&nbsp;&nbsp;VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2029\* | &nbsp;&nbsp; 452000 | &nbsp;&nbsp;&nbsp;&nbsp; 451677 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2033\* | &nbsp;&nbsp; 451000 | &nbsp;&nbsp;&nbsp;&nbsp; 459982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22475090 |
| **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; 651573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/04/2034 | &nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp; 776307 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/2028# | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 952624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 05/11/2050 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 560086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 723000 | &nbsp;&nbsp;&nbsp;&nbsp; 464064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/08/2052 | &nbsp;&nbsp; 706000 | &nbsp;&nbsp;&nbsp;&nbsp; 572784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/13/2045 | &nbsp;&nbsp; 448000 | &nbsp;&nbsp;&nbsp;&nbsp; 407207 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/15/2035# | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 711998 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/2041 | &nbsp;&nbsp; 1915000 | &nbsp;&nbsp;&nbsp;&nbsp; 1480302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/01/2030 | &nbsp;&nbsp; 839000 | &nbsp;&nbsp;&nbsp;&nbsp; 839421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/01/2028 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 729845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/01/2032 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1859669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10%, 07/15/2036 | &nbsp;&nbsp; 473000 | &nbsp;&nbsp;&nbsp;&nbsp; 576757 |
| &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; 393374 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2030 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 438915 |
| &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; 1764012 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/15/2031 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 396101 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2030 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1627240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2033 | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 623523 |
| &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; 55478 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Seagate Data Storage Technology Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029\* | $192000 | &nbsp;&nbsp;$187298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/15/2031\* | &nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 135687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16204265 |
| **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; 621951 |
| &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; 953511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/24/2052 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 871076 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 05/22/2032 | &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 448124 |
| &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; 717574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612236 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2035 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 487044 |
| &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; 1771924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/10/2029 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1173844 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/15/2026(2) | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 232387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2026(2) | &nbsp;&nbsp; 342000 | &nbsp;&nbsp;&nbsp;&nbsp; 338561 |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2026\*(2) | &nbsp;&nbsp; 677000 | &nbsp;&nbsp;&nbsp;&nbsp; 673779 |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd./Aircastle Ireland DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2030\* | &nbsp;&nbsp; 402000 | &nbsp;&nbsp;&nbsp;&nbsp; 406660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2030\* | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp; 660033 |
| &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; 692251 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 10/24/2036 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 522368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/20/2033 | &nbsp;&nbsp; 722000 | &nbsp;&nbsp;&nbsp;&nbsp; 739629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp; 428000 | &nbsp;&nbsp;&nbsp;&nbsp; 442611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/16/2028 | &nbsp;&nbsp; 1294000 | &nbsp;&nbsp;&nbsp;&nbsp; 1310558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 01/30/2036 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 810470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67%, 04/25/2036 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 360963 |
| &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; 645856 |
| &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; 11991457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2028\* | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 470484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 01/15/2030\* | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 727834 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2031\* | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 413458 |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2028\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 214353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2030\* | &nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 239966 |
| &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; 581654 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/11/2036 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 968289 |
| &nbsp;&nbsp;&nbsp;Cobra AcquisitionCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/01/2029\* | &nbsp;&nbsp; 681000 | &nbsp;&nbsp;&nbsp;&nbsp; 591706 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2030\* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 471547 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | $261000 | &nbsp;&nbsp;$273890 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/01/2032\* | &nbsp;&nbsp; 197000 | &nbsp;&nbsp;&nbsp;&nbsp; 206526 |
| &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; 596136 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2030\* | &nbsp;&nbsp; 426000 | &nbsp;&nbsp;&nbsp;&nbsp; 407793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/15/2031\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 127380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 138816 |
| &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; 925419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2052# | &nbsp;&nbsp; 408000 | &nbsp;&nbsp;&nbsp;&nbsp; 379346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/15/2062 | &nbsp;&nbsp; 622000 | &nbsp;&nbsp;&nbsp;&nbsp; 585766 |
| &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; 608337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033\* | &nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 126551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031\* | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 228594 |
| &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/17/2030\* | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 745506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028\* | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079021 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 01/15/2032 | &nbsp;&nbsp; 618000 | &nbsp;&nbsp;&nbsp;&nbsp; 624067 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 08/15/2053 | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 316541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/28/2063 | &nbsp;&nbsp; 363000 | &nbsp;&nbsp;&nbsp;&nbsp; 381706 |
| &nbsp;&nbsp;&nbsp;Phoenix Aviation Capital, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 07/15/2030\* | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 590414 |
| &nbsp;&nbsp;&nbsp;Planet Financial Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2029\* | &nbsp;&nbsp; 692000 | &nbsp;&nbsp;&nbsp;&nbsp; 724840 |
| &nbsp;&nbsp;&nbsp;Rfna LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/15/2030\* | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 593088 |
| &nbsp;&nbsp;&nbsp;Stellantis Financial Services US Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/15/2028\* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 337425 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/19/2029 | &nbsp;&nbsp; 827000 | &nbsp;&nbsp;&nbsp;&nbsp; 840268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031 | &nbsp;&nbsp; 258000 | &nbsp;&nbsp;&nbsp;&nbsp; 263934 |
| &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; 561692 |
| &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; 616067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40218809 |
| **Electric — 3.3%** | **Electric — 3.3%** | **Electric — 3.3%** |
| &nbsp;&nbsp;&nbsp;AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 10/15/2055 | &nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 664811 |
| &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/2052 | &nbsp;&nbsp; 237000 | &nbsp;&nbsp;&nbsp;&nbsp; 205370 |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/2031# | &nbsp;&nbsp; 2032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1843478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2028# | &nbsp;&nbsp; 1222000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2032 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 945244 |
| &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; 528123 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2026 | &nbsp;&nbsp; 711000 | &nbsp;&nbsp;&nbsp;&nbsp; 721694 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/01/2033 | &nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp;&nbsp; 441904 |
| &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; 579042 |
| &nbsp;&nbsp;&nbsp;Basin Electric Power Cooperative |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 10/15/2055\* | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 275327 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;California Buyer, Ltd./Atlantica Sustainable Infrastructure PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/15/2032\* | $554000 | &nbsp;&nbsp;$554077 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032\* | &nbsp;&nbsp; 631000 | &nbsp;&nbsp;&nbsp;&nbsp; 577688 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/01/2050 | &nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp;&nbsp; 456645 |
| &nbsp;&nbsp;&nbsp;Cometa Energia SA de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/24/2035 | &nbsp;&nbsp; 573300 | &nbsp;&nbsp;&nbsp;&nbsp; 596031 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/01/2055 | &nbsp;&nbsp; 126000 | &nbsp;&nbsp;&nbsp;&nbsp; 133771 |
| &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; 571452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2049 | &nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 334502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2044 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 650122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2045 | &nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp;&nbsp; 324849 |
| &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; 2532603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/2041 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029204 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/01/2033 | &nbsp;&nbsp; 1907000 | &nbsp;&nbsp;&nbsp;&nbsp; 1967670 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/2049 | &nbsp;&nbsp; 1646000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330009 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2028 | &nbsp;&nbsp; 499000 | &nbsp;&nbsp;&nbsp;&nbsp; 508060 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/15/2052 | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 469057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/15/2054 | &nbsp;&nbsp; 489000 | &nbsp;&nbsp;&nbsp;&nbsp; 485638 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2055 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 568833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 376000 | &nbsp;&nbsp;&nbsp;&nbsp; 380626 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/15/2052 | &nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp; 765386 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 04/01/2053 | &nbsp;&nbsp; 523000 | &nbsp;&nbsp;&nbsp;&nbsp; 527252 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp; 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 820079 |
| &nbsp;&nbsp;&nbsp;Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2046 | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486180 |
| &nbsp;&nbsp;&nbsp;Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/06/2028\* | &nbsp;&nbsp; 1128000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/25/2047\* | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 900409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/26/2029\* | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 332060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/14/2052\* | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1344293 |
| &nbsp;&nbsp;&nbsp;Engie SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/10/2029\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 526917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/10/2054\* | &nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 590813 |
| &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; 352172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2049 | &nbsp;&nbsp; 279000 | &nbsp;&nbsp;&nbsp;&nbsp; 217191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 06/01/2054 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 371235 |
| &nbsp;&nbsp;&nbsp;Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/2039 | &nbsp;&nbsp; 2815000 | &nbsp;&nbsp;&nbsp;&nbsp; 2652521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2052 | &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp;&nbsp; 296679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/15/2035 | &nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp;&nbsp; 259372 |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 03/13/2028 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 172958 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/15/2047 | &nbsp;&nbsp; 533000 | &nbsp;&nbsp;&nbsp;&nbsp; 472991 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2028\* | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp;&nbsp; 2228827 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 04/01/2049\* | $1907000 | &nbsp;&nbsp;$1654488 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/15/2029 | &nbsp;&nbsp; 631000 | &nbsp;&nbsp;&nbsp;&nbsp; 656031 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2051 | &nbsp;&nbsp; 2077000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443838 |
| &nbsp;&nbsp;&nbsp;Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2049 | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067127 |
| &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; 341194 |
| &nbsp;&nbsp;&nbsp;ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/01/2043 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 311664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/09/2034\* | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 476871 |
| &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; 259032 |
| &nbsp;&nbsp;&nbsp;Kallpa Generacion SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/11/2035\*# | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 603000 |
| &nbsp;&nbsp;&nbsp;Kentucky Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/15/2033\* | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 967757 |
| &nbsp;&nbsp;&nbsp;Kentucky Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2055 | &nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 191683 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 09/15/2030\* | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 388339 |
| &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; 497296 |
| &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; 465149 |
| &nbsp;&nbsp;&nbsp;Narragansett Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/01/2034\* | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 404530 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 09/16/2027 | &nbsp;&nbsp; 692000 | &nbsp;&nbsp;&nbsp;&nbsp; 694570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/25/2028 | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 218234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/07/2028 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 233436 |
| &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2033\* | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537870 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 09/01/2027 | &nbsp;&nbsp; 294000 | &nbsp;&nbsp;&nbsp;&nbsp; 297112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2032 | &nbsp;&nbsp; 666000 | &nbsp;&nbsp;&nbsp;&nbsp; 697137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2055 | &nbsp;&nbsp; 548000 | &nbsp;&nbsp;&nbsp;&nbsp; 563782 |
| &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; 553858 |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/03/2055\* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309365 |
| &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; 831970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2029\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 39164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2036\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76169 |
| &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; 244140 |
| &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; 325159 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 06/01/2032 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101687 |
| &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; 1388714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp; 2379000 | &nbsp;&nbsp;&nbsp;&nbsp; 1918681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/2050 | &nbsp;&nbsp; 656000 | &nbsp;&nbsp;&nbsp;&nbsp; 566184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2035 | &nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1840951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2034 | &nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 132492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2035 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2055 | &nbsp;&nbsp; 803000 | &nbsp;&nbsp;&nbsp;&nbsp; 807713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/15/2033 | &nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 170381 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Pattern Energy Operations LP/Pattern Energy Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2028\* | $778000 | &nbsp;&nbsp;$758172 |
| &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; 779340 |
| &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; 1190510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 06/01/2051 | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400244 |
| &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2034 | &nbsp;&nbsp; 221000 | &nbsp;&nbsp;&nbsp;&nbsp; 227671 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/15/2051 | &nbsp;&nbsp; 3221000 | &nbsp;&nbsp;&nbsp;&nbsp; 1990429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/15/2028 | &nbsp;&nbsp; 519000 | &nbsp;&nbsp;&nbsp;&nbsp; 517549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/2048 | &nbsp;&nbsp; 1382000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118903 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 01/15/2036 | &nbsp;&nbsp; 1735000 | &nbsp;&nbsp;&nbsp;&nbsp; 1787803 |
| &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 08/01/2034 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 218244 |
| &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; 376524 |
| &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 06/15/2054 | &nbsp;&nbsp; 362000 | &nbsp;&nbsp;&nbsp;&nbsp; 367223 |
| &nbsp;&nbsp;&nbsp;RWE Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 09/18/2055\* | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 522589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/16/2054\* | &nbsp;&nbsp; 596000 | &nbsp;&nbsp;&nbsp;&nbsp; 618740 |
| &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; 440496 |
| &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; 388013 |
| &nbsp;&nbsp;&nbsp;SCE Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 03/15/2047 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 588629 |
| &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; 1512614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2031 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1706318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp; 258000 | &nbsp;&nbsp;&nbsp;&nbsp; 252076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/01/2055 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 428435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 09/15/2055 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 394018 |
| &nbsp;&nbsp;&nbsp;Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2034\* | &nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp;&nbsp; 307715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2036\* | &nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp;&nbsp; 312233 |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2031\* | &nbsp;&nbsp; 318000 | &nbsp;&nbsp;&nbsp;&nbsp; 327636 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2052 | &nbsp;&nbsp; 882000 | &nbsp;&nbsp;&nbsp;&nbsp; 690511 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2054 | &nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 175318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2055 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1602948 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 10/15/2028\* | &nbsp;&nbsp; 553000 | &nbsp;&nbsp;&nbsp;&nbsp; 551582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2027\* | &nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 382220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034\* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3099201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2034\* | &nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 106607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 169951 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/01/2032 | &nbsp;&nbsp; 334000 | &nbsp;&nbsp;&nbsp;&nbsp; 322532 |
| &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; 407882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2031\* | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 764976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89070707 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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\* | $230000 | &nbsp;&nbsp;$228424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2032\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 166276 |
| &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; 462273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856973 |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
| &nbsp;&nbsp;&nbsp;Allegion US Holding Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 07/01/2032 | &nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp; 456462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 05/29/2034 | &nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 434087 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/15/2028 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 410188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/15/2030 | &nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp; 433136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/05/2034 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 403283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 11/15/2055 | &nbsp;&nbsp; 1244000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211836 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/13/2035 | &nbsp;&nbsp; 372000 | &nbsp;&nbsp;&nbsp;&nbsp; 373774 |
| &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; 572893 |
| &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; 688328 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 03/15/2033 | &nbsp;&nbsp; 309000 | &nbsp;&nbsp;&nbsp;&nbsp; 333386 |
| &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; 586947 |
| &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/09/2035 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 594926 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2031 | &nbsp;&nbsp; 861000 | &nbsp;&nbsp;&nbsp;&nbsp; 787645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7286891 |
| **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; 295505 |
| **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; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 422452 |
| **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; 542429 |
| &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; 560555 |
| &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2033\* | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 407489 |
| &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; 594000 | &nbsp;&nbsp;&nbsp;&nbsp; 582562 |
| &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; 626841 |
| &nbsp;&nbsp;&nbsp;Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 07/01/2032\* | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 725864 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 467924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3913664 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2033\* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 245296 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 01/15/2032 | &nbsp;&nbsp; 619000 | &nbsp;&nbsp;&nbsp;&nbsp; 548801 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/03/2027 | $621000 | &nbsp;&nbsp;$631123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425220 |
| **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; 296460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 714503 |
| &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; 1192297 |
| &nbsp;&nbsp;&nbsp;C&S Group Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2028\* | &nbsp;&nbsp; 571000 | &nbsp;&nbsp;&nbsp;&nbsp; 530359 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 11/01/2048 | &nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 114044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/01/2028 | &nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp; 670378 |
| &nbsp;&nbsp;&nbsp;Hershey Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/24/2028 | &nbsp;&nbsp; 352000 | &nbsp;&nbsp;&nbsp;&nbsp; 357909 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/30/2027 | &nbsp;&nbsp; 554000 | &nbsp;&nbsp;&nbsp;&nbsp; 560324 |
| &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; 372738 |
| &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; 773257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2031 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/2052 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 626952 |
| &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; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/2066\* | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 910722 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 04/01/2031 | &nbsp;&nbsp; 968000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114983 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2046 | &nbsp;&nbsp; 2184000 | &nbsp;&nbsp;&nbsp;&nbsp; 1834431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2049 | &nbsp;&nbsp; 373000 | &nbsp;&nbsp;&nbsp;&nbsp; 327646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032# | &nbsp;&nbsp; 316000 | &nbsp;&nbsp;&nbsp;&nbsp; 326288 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2046 | &nbsp;&nbsp; 486000 | &nbsp;&nbsp;&nbsp;&nbsp; 382530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 599456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp; 764000 | &nbsp;&nbsp;&nbsp;&nbsp; 744912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 09/15/2064 | &nbsp;&nbsp; 911000 | &nbsp;&nbsp;&nbsp;&nbsp; 888000 |
| &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; 127996 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031\*# | &nbsp;&nbsp; 767000 | &nbsp;&nbsp;&nbsp;&nbsp; 785845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 1791000 | &nbsp;&nbsp;&nbsp;&nbsp; 1832605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/2055\* | &nbsp;&nbsp; 353000 | &nbsp;&nbsp;&nbsp;&nbsp; 359828 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2029\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 199000 | &nbsp;&nbsp;&nbsp;&nbsp; 198988 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2048 | &nbsp;&nbsp; 427000 | &nbsp;&nbsp;&nbsp;&nbsp; 368000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2046 | &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 295746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/23/2030 | &nbsp;&nbsp; 626000 | &nbsp;&nbsp;&nbsp;&nbsp; 646617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20476966 |
| **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; 684952 |
| &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; 1354163 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 06/30/2028\* | $212000 | &nbsp;&nbsp;$214319 |
| &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; 566377 |
| &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; 209790 |
| &nbsp;&nbsp;&nbsp;Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029\* | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 465824 |
| &nbsp;&nbsp;&nbsp;Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200423 |
| &nbsp;&nbsp;&nbsp;Suzano Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2036 | &nbsp;&nbsp; 857000 | &nbsp;&nbsp;&nbsp;&nbsp; 851644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547492 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &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; 527668 |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, 07/18/2054\* | &nbsp;&nbsp; 309000 | &nbsp;&nbsp;&nbsp;&nbsp; 326563 |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 1607000 | &nbsp;&nbsp;&nbsp;&nbsp; 1708402 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/01/2029 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 774550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/01/2055 | &nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 180723 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 603000 | &nbsp;&nbsp;&nbsp;&nbsp; 602881 |
| &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/15/2035 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 384542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505329 |
| **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; 799000 | &nbsp;&nbsp;&nbsp;&nbsp; 800217 |
| **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; 974000 | &nbsp;&nbsp;&nbsp;&nbsp; 882565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/15/2029 | &nbsp;&nbsp; 768000 | &nbsp;&nbsp;&nbsp;&nbsp; 730799 |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/01/2029\* | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 577430 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/15/2035 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 264961 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 725335 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2033\* | &nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp;&nbsp; 495071 |
| &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; 384421 |
| &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; 191349 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 | &nbsp;&nbsp; 904000 | &nbsp;&nbsp;&nbsp;&nbsp; 944707 |
| &nbsp;&nbsp;&nbsp;STERIS PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/15/2051 | &nbsp;&nbsp; 597000 | &nbsp;&nbsp;&nbsp;&nbsp; 446230 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/08/2028 | &nbsp;&nbsp; 769000 | &nbsp;&nbsp;&nbsp;&nbsp; 788423 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47%, 10/07/2032 | &nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp;&nbsp; 446360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2029 | &nbsp;&nbsp; 1011000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042815 |
| &nbsp;&nbsp;&nbsp;VSP Optical Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 12/01/2035\* | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 187820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8108286 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/15/2031 | $322000 | &nbsp;&nbsp;$291816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/15/2030 | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 521358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/15/2050 | &nbsp;&nbsp; 961000 | &nbsp;&nbsp;&nbsp;&nbsp; 683555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2047 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 191800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 318134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2029 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 498455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2036 | &nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp;&nbsp; 1522699 |
| &nbsp;&nbsp;&nbsp;Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | &nbsp;&nbsp; 541000 | &nbsp;&nbsp;&nbsp;&nbsp; 566414 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2055 | &nbsp;&nbsp; 261000 | &nbsp;&nbsp;&nbsp;&nbsp; 259209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2052 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 542089 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/15/2029 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 751031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2030 | &nbsp;&nbsp; 1543000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp; 1685000 | &nbsp;&nbsp;&nbsp;&nbsp; 1171962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2032 | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 287414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2052 | &nbsp;&nbsp; 681000 | &nbsp;&nbsp;&nbsp;&nbsp; 569120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 11/15/2035 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 697337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2049 | &nbsp;&nbsp; 638000 | &nbsp;&nbsp;&nbsp;&nbsp; 587988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2031 | &nbsp;&nbsp; 1116000 | &nbsp;&nbsp;&nbsp;&nbsp; 1167362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2032 | &nbsp;&nbsp; 466000 | &nbsp;&nbsp;&nbsp;&nbsp; 488714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2035 | &nbsp;&nbsp; 727000 | &nbsp;&nbsp;&nbsp;&nbsp; 767677 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2030 | &nbsp;&nbsp; 686000 | &nbsp;&nbsp;&nbsp;&nbsp; 695713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2033 | &nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp;&nbsp; 240892 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2034 | &nbsp;&nbsp; 517000 | &nbsp;&nbsp;&nbsp;&nbsp; 526876 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 12/02/2032\* | &nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp;&nbsp; 437768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49%, 11/13/2030\* | &nbsp;&nbsp; 1717000 | &nbsp;&nbsp;&nbsp;&nbsp; 1826047 |
| &nbsp;&nbsp;&nbsp;Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/2032\*# | &nbsp;&nbsp; 268000 | &nbsp;&nbsp;&nbsp;&nbsp; 266108 |
| &nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2031\* | &nbsp;&nbsp; 372000 | &nbsp;&nbsp;&nbsp;&nbsp; 391777 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2032\* | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 604428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/15/2033\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 438824 |
| &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; 1554107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/2048 | &nbsp;&nbsp; 771000 | &nbsp;&nbsp;&nbsp;&nbsp; 643096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2052 | &nbsp;&nbsp; 1376000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2031 | &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 449995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 586000 | &nbsp;&nbsp;&nbsp;&nbsp; 516674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23177684 |
| **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; 572904 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/30/2030 | &nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 297386 |
| &nbsp;&nbsp;&nbsp;Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030\* | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 557843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428133 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/01/2032\* | &nbsp;&nbsp; 568000 | &nbsp;&nbsp;&nbsp;&nbsp; 581790 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2031\* | $512000 | &nbsp;&nbsp;$526702 |
| &nbsp;&nbsp;&nbsp;Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2031 | &nbsp;&nbsp; 2093000 | &nbsp;&nbsp;&nbsp;&nbsp; 2183695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2054 | &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp;&nbsp; 442990 |
| &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; 309951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2054 | &nbsp;&nbsp; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 452077 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 292000 | &nbsp;&nbsp;&nbsp;&nbsp; 298399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2053 | &nbsp;&nbsp; 948000 | &nbsp;&nbsp;&nbsp;&nbsp; 945117 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2036 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 579974 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%, 10/02/2026\* | &nbsp;&nbsp; 1718000 | &nbsp;&nbsp;&nbsp;&nbsp; 1683555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/13/2031\* | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 909293 |
| &nbsp;&nbsp;&nbsp;Athene Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 05/15/2052 | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 131080 |
| &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; 348000 | &nbsp;&nbsp;&nbsp;&nbsp; 361258 |
| &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; 1208136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/23/2055 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042440 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/15/2029 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 889716 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 07/12/2026\* | &nbsp;&nbsp; 1393000 | &nbsp;&nbsp;&nbsp;&nbsp; 1369693 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/04/2029 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 302240 |
| &nbsp;&nbsp;&nbsp;F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 04/11/2027\* | &nbsp;&nbsp; 1683000 | &nbsp;&nbsp;&nbsp;&nbsp; 1639885 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2035 | &nbsp;&nbsp; 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 259107 |
| &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; 614149 |
| &nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/15/2030\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 25119 |
| &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/01/2061\* | &nbsp;&nbsp; 1048000 | &nbsp;&nbsp;&nbsp;&nbsp; 675985 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/08/2027 | &nbsp;&nbsp; 461000 | &nbsp;&nbsp;&nbsp;&nbsp; 466179 |
| &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; 717117 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/09/2028\* | &nbsp;&nbsp; 317000 | &nbsp;&nbsp;&nbsp;&nbsp; 322963 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/15/2027\* | &nbsp;&nbsp; 413000 | &nbsp;&nbsp;&nbsp;&nbsp; 416283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 05/28/2031\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041487 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 05/29/2055\* | &nbsp;&nbsp; 264000 | &nbsp;&nbsp;&nbsp;&nbsp; 284181 |
| &nbsp;&nbsp;&nbsp;Pacific Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/15/2055\* | &nbsp;&nbsp; 552000 | &nbsp;&nbsp;&nbsp;&nbsp; 567509 |
| &nbsp;&nbsp;&nbsp;Panther Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 06/01/2031\* | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 625580 |
| &nbsp;&nbsp;&nbsp;Pricoa Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/27/2031\* | &nbsp;&nbsp; 298000 | &nbsp;&nbsp;&nbsp;&nbsp; 301965 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91%, 12/07/2047 | &nbsp;&nbsp; 441000 | &nbsp;&nbsp;&nbsp;&nbsp; 352581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2048 | &nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 383747 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Prudential Funding Asia PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 04/14/2030 | $396000 | &nbsp;&nbsp;$380199 |
| &nbsp;&nbsp;&nbsp;Unum Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/2035 | &nbsp;&nbsp; 313000 | &nbsp;&nbsp;&nbsp;&nbsp; 312366 |
| &nbsp;&nbsp;&nbsp;Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2027 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 775387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/05/2054 | &nbsp;&nbsp; 412000 | &nbsp;&nbsp;&nbsp;&nbsp; 418153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24798048 |
| **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2055 | &nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp; 364611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2065 | &nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp; 360853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/15/2045 | &nbsp;&nbsp; 374000 | &nbsp;&nbsp;&nbsp;&nbsp; 382424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/15/2075 | &nbsp;&nbsp; 374000 | &nbsp;&nbsp;&nbsp;&nbsp; 384652 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/20/2028 | &nbsp;&nbsp; 977000 | &nbsp;&nbsp;&nbsp;&nbsp; 980778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 08/22/2047 | &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp;&nbsp; 274480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 11/20/2030 | &nbsp;&nbsp; 651000 | &nbsp;&nbsp;&nbsp;&nbsp; 654130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/20/2065 | &nbsp;&nbsp; 1122000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127253 |
| &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; 395206 |
| &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; 66887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 99930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 09/30/2030\* | &nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 395050 |
| &nbsp;&nbsp;&nbsp;GrubHub Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 07/31/2030\*(3) | &nbsp;&nbsp; 715575 | &nbsp;&nbsp;&nbsp;&nbsp; 607026 |
| &nbsp;&nbsp;&nbsp;ION Platform Finance US, Inc./ION Platform Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/01/2028\* | &nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp;&nbsp; 576961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 05/30/2029\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203249 |
| &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; 112564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/01/2030\* | &nbsp;&nbsp; 356000 | &nbsp;&nbsp;&nbsp;&nbsp; 337145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2033\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 218019 |
| &nbsp;&nbsp;&nbsp;Meituan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/28/2030 | &nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 583668 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/14/2031 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 554531 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp; 1622000 | &nbsp;&nbsp;&nbsp;&nbsp; 1639580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2054 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 848655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2045 | &nbsp;&nbsp; 1644000 | &nbsp;&nbsp;&nbsp;&nbsp; 1644536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 251512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/2055 | &nbsp;&nbsp; 1552000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548068 |
| &nbsp;&nbsp;&nbsp;Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 08/03/2050 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 575044 |
| &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; 407268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2035 | &nbsp;&nbsp; 209000 | &nbsp;&nbsp;&nbsp;&nbsp; 208905 |
| &nbsp;&nbsp;&nbsp;Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/15/2032\* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 183664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15986649 |
| **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2035 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 191710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2056 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 351530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543240 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2032\* | $804000 | &nbsp;&nbsp;$824137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/15/2034\* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 181584 |
| &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; 529744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2033\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/15/2035\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101867 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/01/2031\* | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 120568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/01/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028\* | &nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 297149 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/23/2027 | &nbsp;&nbsp; 519000 | &nbsp;&nbsp;&nbsp;&nbsp; 521486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2035 | &nbsp;&nbsp; 568000 | &nbsp;&nbsp;&nbsp;&nbsp; 582846 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 299188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/15/2034 | &nbsp;&nbsp; 296000 | &nbsp;&nbsp;&nbsp;&nbsp; 308019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2055 | &nbsp;&nbsp; 168000 | &nbsp;&nbsp;&nbsp;&nbsp; 170605 |
| &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; 411200 |
| &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; 443333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868839 |
| **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; 240901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033\* | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 612903 |
| &nbsp;&nbsp;&nbsp;NCL Corp, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2031\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 50329 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/15/2033\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* | &nbsp;&nbsp; 1013000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 111406 |
| &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; 908122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972504 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| &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; 534259 |
| &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; 514045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2029\* | &nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 308427 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp; 772000 | &nbsp;&nbsp;&nbsp;&nbsp; 716115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/15/2032 | &nbsp;&nbsp; 391000 | &nbsp;&nbsp;&nbsp;&nbsp; 366339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp; 249000 | &nbsp;&nbsp;&nbsp;&nbsp; 257186 |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/04/2029\* | &nbsp;&nbsp; 441000 | &nbsp;&nbsp;&nbsp;&nbsp; 425780 |
| &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; 754832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/18/2030# | &nbsp;&nbsp; 1158000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132343 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 618000 | &nbsp;&nbsp;&nbsp;&nbsp; 632907 |
| &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; 405866 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/01/2033\* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 335207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6383306 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **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;3.95%, 11/14/2028 | $977000 | &nbsp;&nbsp;$979596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 08/15/2028 | &nbsp;&nbsp; 499000 | &nbsp;&nbsp;&nbsp;&nbsp; 502480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/03/2028 | &nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp;&nbsp; 398774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880850 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/21/2027 | &nbsp;&nbsp; 748000 | &nbsp;&nbsp;&nbsp;&nbsp; 757542 |
| &nbsp;&nbsp;&nbsp;CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/16/2030 | &nbsp;&nbsp; 478000 | &nbsp;&nbsp;&nbsp;&nbsp; 479154 |
| &nbsp;&nbsp;&nbsp;Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 01/16/2035# | &nbsp;&nbsp; 351000 | &nbsp;&nbsp;&nbsp;&nbsp; 373336 |
| &nbsp;&nbsp;&nbsp;Deere Funding Canada Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/09/2030 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 445517 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 09/08/2031 | &nbsp;&nbsp; 618000 | &nbsp;&nbsp;&nbsp;&nbsp; 625304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/07/2031 | &nbsp;&nbsp; 381000 | &nbsp;&nbsp;&nbsp;&nbsp; 394558 |
| &nbsp;&nbsp;&nbsp;nVent Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2031 | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 530842 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/04/2035 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 306556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912809 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp;Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 09/15/2027 | &nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 224909 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2030\*# | &nbsp;&nbsp; 692000 | &nbsp;&nbsp;&nbsp;&nbsp; 550450 |
| &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; 360114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2029\* | &nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp; 363425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2029\* | &nbsp;&nbsp; 393000 | &nbsp;&nbsp;&nbsp;&nbsp; 398673 |
| &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; 1470000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp; 1363000 | &nbsp;&nbsp;&nbsp;&nbsp; 833833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp; 2143000 | &nbsp;&nbsp;&nbsp;&nbsp; 1646745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/01/2029 | &nbsp;&nbsp; 406000 | &nbsp;&nbsp;&nbsp;&nbsp; 423347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp; 198000 | &nbsp;&nbsp;&nbsp;&nbsp; 204583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 12/01/2055 | &nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp;&nbsp; 256301 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 04/01/2030 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 518696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/15/2038 | &nbsp;&nbsp; 1232000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 01/15/2037\* | &nbsp;&nbsp; 2369000 | &nbsp;&nbsp;&nbsp;&nbsp; 2365875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2064 | &nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 371718 |
| &nbsp;&nbsp;&nbsp;Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 517000 | &nbsp;&nbsp;&nbsp;&nbsp; 510466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 06/15/2033\* | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 331535 |
| &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; 142589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2031\* | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 257251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2029\* | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 342285 |
| &nbsp;&nbsp;&nbsp;Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 01/25/2049# | &nbsp;&nbsp; 526000 | &nbsp;&nbsp;&nbsp;&nbsp; 513015 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp;&nbsp; 244533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 109740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/28/2057 | &nbsp;&nbsp; 513000 | &nbsp;&nbsp;&nbsp;&nbsp; 499341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/30/2062 | &nbsp;&nbsp; 181000 | &nbsp;&nbsp;&nbsp;&nbsp; 177356 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2031\*# | $486000 | &nbsp;&nbsp;$443136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 300249 |
| &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 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2028 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 172886 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp; 2085000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131435 |
| &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; 486929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031\* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 341383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 08/01/2032\* | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 302545 |
| &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; 452247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20102944 |
| **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; 1404531 |
| &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; 498381 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/09/2035\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 410200 |
| &nbsp;&nbsp;&nbsp;BHP Billiton Finance USA, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/05/2055 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 380516 |
| &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; 404559 |
| &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; 413549 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/2031\* | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 540171 |
| &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; 343402 |
| &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; 277695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 02/12/2032\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 463230 |
| &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; 289712 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2033\* | &nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp; 441981 |
| &nbsp;&nbsp;&nbsp;South32 Treasury, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/14/2032\* | &nbsp;&nbsp; 734000 | &nbsp;&nbsp;&nbsp;&nbsp; 713292 |
| &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; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 633463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7214682 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2030\* | &nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp;&nbsp; 396178 |
| &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; 623020 |
| &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; 586273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/28/2055\* | &nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 221271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 05/28/2065\* | &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 220370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047112 |
| **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; 776668 |
| &nbsp;&nbsp;&nbsp;African Export-Import Bank/The |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 05/17/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 448802 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Multi-National (continued)** | **Multi-National (continued)** | **Multi-National (continued)** |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 07/20/2028 | $1599000 | &nbsp;&nbsp;$1502358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727828 |
| **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** |
| &nbsp;&nbsp;&nbsp;APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 252983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/01/2049 | &nbsp;&nbsp; 1704000 | &nbsp;&nbsp;&nbsp;&nbsp; 1444286 |
| &nbsp;&nbsp;&nbsp;Atlas Sand Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2026(4) | &nbsp;&nbsp; 171432 | &nbsp;&nbsp;&nbsp;&nbsp; 168860 |
| &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; 559765 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 04/06/2027 | &nbsp;&nbsp; 1212000 | &nbsp;&nbsp;&nbsp;&nbsp; 1207430 |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/2049 | &nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 480333 |
| &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; 296459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 06/15/2033\* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 301972 |
| &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; 367264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2029\* | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 211640 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2055 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 684269 |
| &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; 708974 |
| &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; 414069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 04/01/2032\* | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 118787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2034\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147930 |
| &nbsp;&nbsp;&nbsp;DBR Land Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/2030\* | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 268395 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2054 | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 235509 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/24/2051# | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 297304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2053 | &nbsp;&nbsp; 751000 | &nbsp;&nbsp;&nbsp;&nbsp; 770954 |
| &nbsp;&nbsp;&nbsp;Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 05/15/2054\* | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 492481 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 01/15/2031 | &nbsp;&nbsp; 634000 | &nbsp;&nbsp;&nbsp;&nbsp; 637066 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2040 | &nbsp;&nbsp; 736000 | &nbsp;&nbsp;&nbsp;&nbsp; 805846 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028 | &nbsp;&nbsp; 413000 | &nbsp;&nbsp;&nbsp;&nbsp; 413386 |
| &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; 821330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2035\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 133177 |
| &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; 225663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/24/2048 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 608512 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/2033\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 389280 |
| &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; 84278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/01/2031 | &nbsp;&nbsp; 584000 | &nbsp;&nbsp;&nbsp;&nbsp; 618085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2028 | &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp;&nbsp; 227661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 09/15/2036 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 752781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2031 | &nbsp;&nbsp; 287000 | &nbsp;&nbsp;&nbsp;&nbsp; 323705 |
| &nbsp;&nbsp;&nbsp;ORLEN SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/30/2035\*# | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 741981 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2033 | $1000000 | &nbsp;&nbsp;$1060852 |
| &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; 520277 |
| &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; 1283294 |
| &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; 449978 |
| &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; 546911 |
| &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 03/05/2034 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 216242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/05/2054 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 159180 |
| &nbsp;&nbsp;&nbsp;Santos Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/13/2035\* | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 245646 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/17/2064\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 419339 |
| &nbsp;&nbsp;&nbsp;Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/06/2030 | &nbsp;&nbsp; 338000 | &nbsp;&nbsp;&nbsp;&nbsp; 339764 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032 | &nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp;&nbsp; 617119 |
| &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; 769760 |
| &nbsp;&nbsp;&nbsp;Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2031\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2034\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 417673 |
| &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; 545844 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 538871 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/30/2030\* | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 585271 |
| &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; 649306 |
| &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; 515835 |
| &nbsp;&nbsp;&nbsp;Woodside Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 05/19/2030 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1298960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27478021 |
| **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; 535457 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2033\* | &nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 108126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2035\* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 113023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2029\* | &nbsp;&nbsp; 537000 | &nbsp;&nbsp;&nbsp;&nbsp; 559883 |
| &nbsp;&nbsp;&nbsp;WBI Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2030\* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 325130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/2033\* | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 224891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866510 |
| **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; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 103343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/17/2030 | &nbsp;&nbsp; 231000 | &nbsp;&nbsp;&nbsp;&nbsp; 237067 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/30/2031 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 434049 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/30/2031\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203476 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &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\* | $838000 | &nbsp;&nbsp;$806778 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/15/2030\* | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 637999 |
| &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; 403289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/01/2033\* | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 158680 |
| &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; 534321 |
| &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; 16992 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2033 | &nbsp;&nbsp; 1627000 | &nbsp;&nbsp;&nbsp;&nbsp; 1732134 |
| &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; 171176 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 09/01/2029 | &nbsp;&nbsp; 538000 | &nbsp;&nbsp;&nbsp;&nbsp; 542805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2034# | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 631279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6668884 |
| **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; 3108000 | &nbsp;&nbsp;&nbsp;&nbsp; 2812074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/21/2049 | &nbsp;&nbsp; 827000 | &nbsp;&nbsp;&nbsp;&nbsp; 698145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 498643 |
| &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/26/2029 | &nbsp;&nbsp; 749000 | &nbsp;&nbsp;&nbsp;&nbsp; 770059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/03/2028 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 675261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/03/2030 | &nbsp;&nbsp; 714000 | &nbsp;&nbsp;&nbsp;&nbsp; 739831 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/22/2032 | &nbsp;&nbsp; 742000 | &nbsp;&nbsp;&nbsp;&nbsp; 734166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 02/13/2028 | &nbsp;&nbsp; 1822000 | &nbsp;&nbsp;&nbsp;&nbsp; 1845465 |
| &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; 611858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/01/2042 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 500433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/26/2049 | &nbsp;&nbsp; 547000 | &nbsp;&nbsp;&nbsp;&nbsp; 457812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/2031 | &nbsp;&nbsp; 658000 | &nbsp;&nbsp;&nbsp;&nbsp; 705918 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2030 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2044 | &nbsp;&nbsp; 683000 | &nbsp;&nbsp;&nbsp;&nbsp; 594485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/15/2043 | &nbsp;&nbsp; 2880000 | &nbsp;&nbsp;&nbsp;&nbsp; 2552240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2029 | &nbsp;&nbsp; 511000 | &nbsp;&nbsp;&nbsp;&nbsp; 526895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2054 | &nbsp;&nbsp; 252000 | &nbsp;&nbsp;&nbsp;&nbsp; 255504 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 12/15/2047 | &nbsp;&nbsp; 1142000 | &nbsp;&nbsp;&nbsp;&nbsp; 963854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 1821000 | &nbsp;&nbsp;&nbsp;&nbsp; 1881655 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/20/2045 | &nbsp;&nbsp; 2590000 | &nbsp;&nbsp;&nbsp;&nbsp; 2372263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/01/2031 | &nbsp;&nbsp; 557000 | &nbsp;&nbsp;&nbsp;&nbsp; 585372 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/15/2027 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 208144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 08/14/2034 | &nbsp;&nbsp; 427000 | &nbsp;&nbsp;&nbsp;&nbsp; 432390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 02/09/2034 | &nbsp;&nbsp; 908000 | &nbsp;&nbsp;&nbsp;&nbsp; 925599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/12/2030 | &nbsp;&nbsp; 439000 | &nbsp;&nbsp;&nbsp;&nbsp; 452207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 10/15/2065 | &nbsp;&nbsp; 263000 | &nbsp;&nbsp;&nbsp;&nbsp; 272183 |
| &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; 667809 |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2030 | &nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp;&nbsp; 441973 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;HLF Financing Sarl LLC/Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2029\*# | $804000 | &nbsp;&nbsp;$751485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 04/15/2029\* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 700335 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/30/2032 | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 790244 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/18/2031 | &nbsp;&nbsp; 411000 | &nbsp;&nbsp;&nbsp;&nbsp; 410770 |
| &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; 538483 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/19/2033 | &nbsp;&nbsp; 519000 | &nbsp;&nbsp;&nbsp;&nbsp; 529150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 05/19/2043 | &nbsp;&nbsp; 1328000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 1468000 | &nbsp;&nbsp;&nbsp;&nbsp; 1422856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 05/19/2063 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 223006 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/15/2027 | &nbsp;&nbsp; 499000 | &nbsp;&nbsp;&nbsp;&nbsp; 499801 |
| &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; 367736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 07/05/2044 | &nbsp;&nbsp; 253000 | &nbsp;&nbsp;&nbsp;&nbsp; 259242 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2032 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 288685 |
| &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; 285386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32847033 |
| **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%, 01/13/2032 | &nbsp;&nbsp; 265258 | &nbsp;&nbsp;&nbsp;&nbsp; 268120 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/30/2035\* | &nbsp;&nbsp; 738000 | &nbsp;&nbsp;&nbsp;&nbsp; 759260 |
| &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; 283462 |
| &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; 2107277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96%, 02/15/2055\* | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1384965 |
| &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; 425155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 03/15/2029\* | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 372095 |
| &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; 404944 |
| &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; 544479 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/20/2028 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 237594 |
| &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; 782622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2028 | &nbsp;&nbsp; 492000 | &nbsp;&nbsp;&nbsp;&nbsp; 499906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/01/2043 | &nbsp;&nbsp; 366000 | &nbsp;&nbsp;&nbsp;&nbsp; 330984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/15/2045 | &nbsp;&nbsp; 767000 | &nbsp;&nbsp;&nbsp;&nbsp; 704729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/01/2047 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1657415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2045 | &nbsp;&nbsp; 386000 | &nbsp;&nbsp;&nbsp;&nbsp; 384983 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/31/2051 | &nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 132275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2031 | &nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp;&nbsp; 305404 |
| &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; 575314 |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16%, 03/31/2034 | &nbsp;&nbsp; 734149 | &nbsp;&nbsp;&nbsp;&nbsp; 663337 |
| &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; 734451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2033 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 92849 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;GNL Quintero SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/31/2029 | $593208 | &nbsp;&nbsp;$593922 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2027\* | &nbsp;&nbsp; 2927000 | &nbsp;&nbsp;&nbsp;&nbsp; 2889857 |
| &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; 392688 |
| &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; 364420 |
| &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; 319463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2032\* | &nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp;&nbsp; 787660 |
| &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; 76886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/15/2032\* | &nbsp;&nbsp; 592000 | &nbsp;&nbsp;&nbsp;&nbsp; 624848 |
| &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; 960549 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2044 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096325 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2031 | &nbsp;&nbsp; 948000 | &nbsp;&nbsp;&nbsp;&nbsp; 960127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/01/2035 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 755547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 631237 |
| &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; 532878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/15/2032\* | &nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 183498 |
| &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; 505433 |
| &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; 326490 |
| &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; 402271 |
| &nbsp;&nbsp;&nbsp;ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 10/01/2036 | &nbsp;&nbsp; 3010000 | &nbsp;&nbsp;&nbsp;&nbsp; 3300980 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 723339 |
| &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; 309000 | &nbsp;&nbsp;&nbsp;&nbsp; 254427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/15/2036 | &nbsp;&nbsp; 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 258076 |
| &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 09/15/2037 | &nbsp;&nbsp; 341309 | &nbsp;&nbsp;&nbsp;&nbsp; 361460 |
| &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; 221677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 10/01/2029 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 258859 |
| &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; 1236175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/30/2036 | &nbsp;&nbsp; 447000 | &nbsp;&nbsp;&nbsp;&nbsp; 450972 |
| &nbsp;&nbsp;&nbsp;Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2056\* | &nbsp;&nbsp; 296000 | &nbsp;&nbsp;&nbsp;&nbsp; 299443 |
| &nbsp;&nbsp;&nbsp;Transportadora de Gas del Peru SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/30/2028 | &nbsp;&nbsp; 318000 | &nbsp;&nbsp;&nbsp;&nbsp; 317840 |
| &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; 1044574 |
| &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; 87174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 512481 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 178987 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/30/2030 | &nbsp;&nbsp; 481000 | &nbsp;&nbsp;&nbsp;&nbsp; 486491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/15/2035 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 564633 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/24/2044 | $1289000 | &nbsp;&nbsp;$1303773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/15/2055 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 149874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38066954 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;CBRE Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 01/15/2033 | &nbsp;&nbsp; 313000 | &nbsp;&nbsp;&nbsp;&nbsp; 316939 |
| &nbsp;&nbsp;&nbsp;Corp. Inmobiliaria Vesta SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/30/2033\* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 604230 |
| &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; 547922 |
| &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; 448967 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2029 | &nbsp;&nbsp; 641000 | &nbsp;&nbsp;&nbsp;&nbsp; 619333 |
| &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; 956171 |
| &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; 311742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805304 |
| **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; 1717000 | &nbsp;&nbsp;&nbsp;&nbsp; 1530189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2027 | &nbsp;&nbsp; 461000 | &nbsp;&nbsp;&nbsp;&nbsp; 456153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 02/15/2029 | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016158 |
| &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; 715037 |
| &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; 738048 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/01/2029\* | &nbsp;&nbsp; 529000 | &nbsp;&nbsp;&nbsp;&nbsp; 555078 |
| &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; 899340 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 441563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/01/2029 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049539 |
| &nbsp;&nbsp;&nbsp;ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2032 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 123213 |
| &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; 872911 |
| &nbsp;&nbsp;&nbsp;FIBRA Prologis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/26/2035\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 438231 |
| &nbsp;&nbsp;&nbsp;Goodman US Finance Six LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/07/2034\* | &nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp;&nbsp; 250520 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2030 | &nbsp;&nbsp; 1483000 | &nbsp;&nbsp;&nbsp;&nbsp; 1409019 |
| &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; 104000 | &nbsp;&nbsp;&nbsp;&nbsp; 103011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2029\* | &nbsp;&nbsp; 493000 | &nbsp;&nbsp;&nbsp;&nbsp; 485949 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/01/2031 | &nbsp;&nbsp; 289000 | &nbsp;&nbsp;&nbsp;&nbsp; 252601 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2031 | &nbsp;&nbsp; 493000 | &nbsp;&nbsp;&nbsp;&nbsp; 447816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/01/2033 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 139356 |
| &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; 448655 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 09/30/2027\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 21383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 06/15/2032 | &nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 522018 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2030\* | &nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp;&nbsp; 476032 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;UDR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2032 | $583000 | &nbsp;&nbsp;$500669 |
| &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; 901118 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/09/2052 | &nbsp;&nbsp; 294000 | &nbsp;&nbsp;&nbsp;&nbsp; 230274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16023881 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp;Arcos Dorados BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/29/2032 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 424140 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 01/15/2029 | &nbsp;&nbsp; 248000 | &nbsp;&nbsp;&nbsp;&nbsp; 248677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89%, 03/15/2035 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 219069 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 07/15/2029 | &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 212419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2028 | &nbsp;&nbsp; 319000 | &nbsp;&nbsp;&nbsp;&nbsp; 338098 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 07/15/2030\* | &nbsp;&nbsp; 371000 | &nbsp;&nbsp;&nbsp;&nbsp; 393613 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 10/15/2027 | &nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 322388 |
| &nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 01/22/2032\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 573245 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 224764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 273000 | &nbsp;&nbsp;&nbsp;&nbsp; 274710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67587 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2029 | &nbsp;&nbsp; 368000 | &nbsp;&nbsp;&nbsp;&nbsp; 378785 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/01/2031 | &nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp; 625249 |
| &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; 507192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 06/15/2031\* | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 314370 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2049 | &nbsp;&nbsp; 1714000 | &nbsp;&nbsp;&nbsp;&nbsp; 1285262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/01/2047 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1194789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/14/2028 | &nbsp;&nbsp; 1116000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139114 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/15/2029 | &nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 572276 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/01/2027 | &nbsp;&nbsp; 703000 | &nbsp;&nbsp;&nbsp;&nbsp; 697977 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/15/2031\* | &nbsp;&nbsp; 353000 | &nbsp;&nbsp;&nbsp;&nbsp; 364667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 12/31/2030\*# | &nbsp;&nbsp; 235264 | &nbsp;&nbsp;&nbsp;&nbsp; 227618 |
| &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; 579403 |
| &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; 335225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11520637 |
| **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; 2085785 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/01/2033\* | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 351217 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2036 | &nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp; 364333 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/15/2031 | &nbsp;&nbsp; 953000 | &nbsp;&nbsp;&nbsp;&nbsp; 876034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 2293000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980221 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2036 | $412000 | &nbsp;&nbsp;$412969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/15/2032 | &nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp;&nbsp; 428042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1653313 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/25/2034\* | &nbsp;&nbsp; 876000 | &nbsp;&nbsp;&nbsp;&nbsp; 908141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/25/2032\* | &nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp; 600570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 01/25/2038\* | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 848724 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 366529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 381706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 1179000 | &nbsp;&nbsp;&nbsp;&nbsp; 862135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032 | &nbsp;&nbsp; 376000 | &nbsp;&nbsp;&nbsp;&nbsp; 365216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 369000 | &nbsp;&nbsp;&nbsp;&nbsp; 353724 |
| &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; 1020810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2035 | &nbsp;&nbsp; 1471000 | &nbsp;&nbsp;&nbsp;&nbsp; 1520159 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/20/2032 | &nbsp;&nbsp; 309000 | &nbsp;&nbsp;&nbsp;&nbsp; 317664 |
| &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; 590526 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 02/15/2028 | &nbsp;&nbsp; 473000 | &nbsp;&nbsp;&nbsp;&nbsp; 480637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14682670 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/17/2028 | &nbsp;&nbsp; 448000 | &nbsp;&nbsp;&nbsp;&nbsp; 457312 |
| &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; 555633 |
| &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; 688486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 08/15/2033\* | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 294478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/30/2032\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52670 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/11/2035 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 672221 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/15/2033 | &nbsp;&nbsp; 559000 | &nbsp;&nbsp;&nbsp;&nbsp; 587089 |
| &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; 341398 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2050 | &nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 3037000 | &nbsp;&nbsp;&nbsp;&nbsp; 2525924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2047 | &nbsp;&nbsp; 911000 | &nbsp;&nbsp;&nbsp;&nbsp; 662205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/26/2032 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 575116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/03/2035 | &nbsp;&nbsp; 399000 | &nbsp;&nbsp;&nbsp;&nbsp; 399767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/06/2053 | &nbsp;&nbsp; 333000 | &nbsp;&nbsp;&nbsp;&nbsp; 291617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 09/26/2045 | &nbsp;&nbsp; 864000 | &nbsp;&nbsp;&nbsp;&nbsp; 814680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/26/2055# | &nbsp;&nbsp; 764000 | &nbsp;&nbsp;&nbsp;&nbsp; 715895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/03/2055 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 552809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2038 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 481468 |
| &nbsp;&nbsp;&nbsp;Rackspace Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/15/2028\* | &nbsp;&nbsp; 884400 | &nbsp;&nbsp;&nbsp;&nbsp; 357596 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/15/2028 | &nbsp;&nbsp; 338000 | &nbsp;&nbsp;&nbsp;&nbsp; 339588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2032 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 431044 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 816982 |
| &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; 1585211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250956 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 1.1%** | **Telecommunications — 1.1%** | **Telecommunications — 1.1%** |
| &nbsp;&nbsp;&nbsp;Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2028\* | $1655000 | &nbsp;&nbsp;$1106318 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2060 | &nbsp;&nbsp; 731000 | &nbsp;&nbsp;&nbsp;&nbsp; 517332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp; 6270000 | &nbsp;&nbsp;&nbsp;&nbsp; 6090724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2046 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 120002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/15/2037 | &nbsp;&nbsp; 2070000 | &nbsp;&nbsp;&nbsp;&nbsp; 2039104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/01/2054 | &nbsp;&nbsp; 754000 | &nbsp;&nbsp;&nbsp;&nbsp; 740105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/15/2056 | &nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 192843 |
| &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; 370548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/2055 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 284066 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/03/2031 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 282888 |
| &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; 529934 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/24/2035 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 986407 |
| &nbsp;&nbsp;&nbsp;Connect Finco SARL/Connect US Finco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/15/2029\* | &nbsp;&nbsp; 378000 | &nbsp;&nbsp;&nbsp;&nbsp; 401436 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/15/2049 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 292038 |
| &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; 692720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/15/2031\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 429646 |
| &nbsp;&nbsp;&nbsp;MTN Mauritius Investments, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/13/2026 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 302940 |
| &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; 1391090 |
| &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; 115374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/15/2055 | &nbsp;&nbsp; 446000 | &nbsp;&nbsp;&nbsp;&nbsp; 472115 |
| &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; 515007 |
| &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; 213816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 03/08/2047 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 446373 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2041 | &nbsp;&nbsp; 1951000 | &nbsp;&nbsp;&nbsp;&nbsp; 1471920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2060 | &nbsp;&nbsp; 413000 | &nbsp;&nbsp;&nbsp;&nbsp; 281722 |
| &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; 419209 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/2041 | &nbsp;&nbsp; 953000 | &nbsp;&nbsp;&nbsp;&nbsp; 696221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2060 | &nbsp;&nbsp; 746000 | &nbsp;&nbsp;&nbsp;&nbsp; 446161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/22/2041 | &nbsp;&nbsp; 423000 | &nbsp;&nbsp;&nbsp;&nbsp; 334887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2052 | &nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp;&nbsp; 220846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/10/2033 | &nbsp;&nbsp; 728000 | &nbsp;&nbsp;&nbsp;&nbsp; 721841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/02/2035 | &nbsp;&nbsp; 749000 | &nbsp;&nbsp;&nbsp;&nbsp; 767956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/30/2045 | &nbsp;&nbsp; 299000 | &nbsp;&nbsp;&nbsp;&nbsp; 301589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/30/2065 | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp;&nbsp; 567362 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/30/2031\*# | &nbsp;&nbsp; 454000 | &nbsp;&nbsp;&nbsp;&nbsp; 430421 |
| &nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/15/2032\* | &nbsp;&nbsp; 576000 | &nbsp;&nbsp;&nbsp;&nbsp; 600780 |
| &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; 199195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/28/2054 | &nbsp;&nbsp; 373000 | &nbsp;&nbsp;&nbsp;&nbsp; 367864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/10/2063 | &nbsp;&nbsp; 994000 | &nbsp;&nbsp;&nbsp;&nbsp; 957277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/28/2064 | &nbsp;&nbsp; 776000 | &nbsp;&nbsp;&nbsp;&nbsp; 766978 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 03/09/2030\*(3) | $107105 | &nbsp;&nbsp;$98687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.75%, 09/09/2030\*(3) | &nbsp;&nbsp; 615456 | &nbsp;&nbsp;&nbsp;&nbsp; 547756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28731498 |
| **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; 1573000 | &nbsp;&nbsp;&nbsp;&nbsp; 1316080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2043 | &nbsp;&nbsp; 1338000 | &nbsp;&nbsp;&nbsp;&nbsp; 1208931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2056 | &nbsp;&nbsp; 214000 | &nbsp;&nbsp;&nbsp;&nbsp; 224041 |
| &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; 978186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/31/2099 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204185 |
| &nbsp;&nbsp;&nbsp;CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2052 | &nbsp;&nbsp; 793000 | &nbsp;&nbsp;&nbsp;&nbsp; 687115 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 08/20/2035 | &nbsp;&nbsp; 1217643 | &nbsp;&nbsp;&nbsp;&nbsp; 1068340 |
| &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; 766445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 12/01/2033 | &nbsp;&nbsp; 832000 | &nbsp;&nbsp;&nbsp;&nbsp; 933181 |
| &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; 576073 |
| &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; 640474 |
| &nbsp;&nbsp;&nbsp;TTX Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/25/2026\* | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900792 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &nbsp;&nbsp;&nbsp;DAE Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/20/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 292089 |
| &nbsp;&nbsp;&nbsp;GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/15/2026 | &nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp;&nbsp; 560192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2030# | &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 218940 |
| &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; 646000 | &nbsp;&nbsp;&nbsp;&nbsp; 666457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/30/2029\* | &nbsp;&nbsp; 268000 | &nbsp;&nbsp;&nbsp;&nbsp; 276638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028\* | &nbsp;&nbsp; 541000 | &nbsp;&nbsp;&nbsp;&nbsp; 564916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/15/2030\* | &nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 431709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010941 |
| **Total Corporate Bonds & Notes<br> (cost $853,451,933)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857004698 |
| **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; 3099207 |
| &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; 4978896 |
| &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; 5055000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3, Class D<br> 5.83%, 05/15/2030 | &nbsp;&nbsp; 2363000 | &nbsp;&nbsp;&nbsp;&nbsp; 2395240 |
| &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; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144626 |
| &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; 310573 | &nbsp;&nbsp;&nbsp;&nbsp; 311156 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Citizens Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A3<br> 5.11%, 04/17/2028\* | $803742 | &nbsp;&nbsp;$807850 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class B<br> 4.87%, 01/15/2036\* | &nbsp;&nbsp; 1810000 | &nbsp;&nbsp;&nbsp;&nbsp; 1820099 |
| &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; 2659830 |
| &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; 4132139 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A, Class D<br> 5.16%, 03/15/2032 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1207320 |
| &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; 4819812 |
| &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; 2815000 | &nbsp;&nbsp;&nbsp;&nbsp; 2821600 |
| &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; 3358411 |
| &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; 3575514 |
| &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; 2581661 |
| &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; 1256803 |
| &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; 2212088 |
| &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; 1185463 |
| &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; 1435943 |
| &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; 1217905 |
| &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; 602094 | &nbsp;&nbsp;&nbsp;&nbsp; 603026 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4, Class D<br> 4.95%, 01/15/2032 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 963726 |
| &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; 3481088 |
| &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; 1651996 |
| &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; 171142 | &nbsp;&nbsp;&nbsp;&nbsp; 172403 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B, Class A4<br> 4.66%, 09/15/2028 | &nbsp;&nbsp; 3970000 | &nbsp;&nbsp;&nbsp;&nbsp; 4001798 |
| &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; 933952 |

---

---

| | | |
|:---|:---|:---|
| **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-C, Class A3<br> 4.88%, 03/15/2029 | $2800000 | &nbsp;&nbsp;$2825981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D, Class A3<br> 5.54%, 08/15/2028 | &nbsp;&nbsp; 1578645 | &nbsp;&nbsp;&nbsp;&nbsp; 1594962 |
| &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; 1473297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69778792 |
| **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; 810792 |
| &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; 1869161 |
| &nbsp;&nbsp;&nbsp;Capital One Multi-Asset Execution Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A3, Class A<br> 4.65%, 10/15/2037 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 809473 |
| &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; 2022815 |
| &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; 326453 |
| &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; 2750986 |
| &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; 709333 |
| &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; 2120078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11419091 |
| **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; 2468975 |
| &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; 2045578 |
| &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; 2204140 |
| &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\*(6) | &nbsp;&nbsp; 2537906 | &nbsp;&nbsp;&nbsp;&nbsp; 2624797 |
| &nbsp;&nbsp;&nbsp;CFMT LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HB13, Class M1<br> 3.00%, 05/25/2034\*(6) | &nbsp;&nbsp; 2695000 | &nbsp;&nbsp;&nbsp;&nbsp; 2605797 |
| &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; 703856 |
| &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; 3430942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1, Class E2<br> 2.49%, 08/17/2038\* | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3920168 |
| &nbsp;&nbsp;&nbsp;GoodLeap Home Improvement Solutions Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A, Class A<br> 5.00%, 10/20/2049\* | &nbsp;&nbsp; 2630000 | &nbsp;&nbsp;&nbsp;&nbsp; 2635566 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;GreatAmerica Leasing Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class A3<br> 5.00%, 09/15/2028\* | $1467000 | &nbsp;&nbsp;$1487105 |
| &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; 2752018 | &nbsp;&nbsp;&nbsp;&nbsp; 2787005 |
| &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; 2768619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class E2<br> 2.95%, 12/17/2026\* | &nbsp;&nbsp; 215886 | &nbsp;&nbsp;&nbsp;&nbsp; 209991 |
| &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; 887497 |
| &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; 1493088 |
| &nbsp;&nbsp;&nbsp;Identity Digital Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79%, 03/20/2065 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3044100 |
| &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; 2111806 | &nbsp;&nbsp;&nbsp;&nbsp; 2122788 |
| &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; 1342827 |
| &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; 2745364 |
| &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; 502618 | &nbsp;&nbsp;&nbsp;&nbsp; 487187 |
| &nbsp;&nbsp;&nbsp;Navient Refinance Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-B, Class A<br> 4.72%, 09/15/2055\* | &nbsp;&nbsp; 612085 | &nbsp;&nbsp;&nbsp;&nbsp; 613835 |
| &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; 2690865 |
| &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; 1870712 | &nbsp;&nbsp;&nbsp;&nbsp; 1837210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-D, Class B<br> 5.31%, 02/08/2033\* | &nbsp;&nbsp; 3545000 | &nbsp;&nbsp;&nbsp;&nbsp; 3546225 |
| &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; 4614697 |
| &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; 1166719 |
| &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; 1852380 |
| &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; 2623344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR10, Class E1<br> 3.57%, 12/17/2040\* | &nbsp;&nbsp; 2917180 | &nbsp;&nbsp;&nbsp;&nbsp; 2811202 |
| &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; 1843440 |
| &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; 2651679 |
| &nbsp;&nbsp;&nbsp;ReNew |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A<br> 5.90%, 11/20/2058\* | &nbsp;&nbsp; 3897468 | &nbsp;&nbsp;&nbsp;&nbsp; 3895407 |
| &nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A<br> 5.91%, 08/20/2032\* | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2426405 |

---

---

| | | |
|:---|:---|:---|
| **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;SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class C<br> 4.82%, 06/20/2036\* | $1850000 | &nbsp;&nbsp;$1849029 |
| &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; 1781288 |
| &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; 2193428 |
| &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; 642394 |
| &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; 1266869 | &nbsp;&nbsp;&nbsp;&nbsp; 1288847 |
| &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; 1621832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A<br> 6.27%, 07/15/2044\* | &nbsp;&nbsp; 2293267 | &nbsp;&nbsp;&nbsp;&nbsp; 2388500 |
| &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; 2691478 | &nbsp;&nbsp;&nbsp;&nbsp; 2704239 |
| &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; 1023956 | &nbsp;&nbsp;&nbsp;&nbsp; 1043132 |
| &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; 3465034 |
| &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; 203404 |
| &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; 1394599 | &nbsp;&nbsp;&nbsp;&nbsp; 1417063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class C<br> 7.06%, 01/20/2038\* | &nbsp;&nbsp; 1591899 | &nbsp;&nbsp;&nbsp;&nbsp; 1618301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96805289 |
| **Total Asset Backed Securities<br> (cost $173,729,884)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178003172 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.1%** |
| **Commercial and Residential — 2.5%** | **Commercial and Residential — 2.5%** | **Commercial and Residential — 2.5%** |
| &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; 3947980 | &nbsp;&nbsp;&nbsp;&nbsp; 3855718 |
| &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; 1710639 |
| &nbsp;&nbsp;&nbsp;BAMLL Re-REMIC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-FRR3, Class B<br> 1.45%, 01/27/2050\*(6) | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4772573 |
| &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; 1853664 | &nbsp;&nbsp;&nbsp;&nbsp; 1823713 |
| &nbsp;&nbsp;&nbsp;BVRT 2025-1 LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A<br> 4.19%, (SOFR30A+0.00%), 05/10/2033\* | &nbsp;&nbsp; 3034553 | &nbsp;&nbsp;&nbsp;&nbsp; 2950399 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-IMC, Class A<br> 5.01%, (TSFR1M+1.05%), 04/15/2034\* | &nbsp;&nbsp; 1554232 | &nbsp;&nbsp;&nbsp;&nbsp; 1545616 |
| &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; 2981186 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Chase Mtg. Finance Corp. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SH2, Class M2<br> 3.75%, 12/25/2045\*(6) | $760798 | &nbsp;&nbsp;$718422 |
| &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(6) | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998336 |
| &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\*(6) | &nbsp;&nbsp; 1629000 | &nbsp;&nbsp;&nbsp;&nbsp; 1614459 |
| &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\*(6) | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2945470 |
| &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; 2876428 | &nbsp;&nbsp;&nbsp;&nbsp; 2835202 |
| &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\*(6) | &nbsp;&nbsp; 3101790 | &nbsp;&nbsp;&nbsp;&nbsp; 3127732 |
| &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; 2302418 |
| &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; 2112615 |
| &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; 3294924 |
| &nbsp;&nbsp;&nbsp;MSDB Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-712F, Class A<br> 3.43%, 07/11/2039\*(6) | &nbsp;&nbsp; 5310000 | &nbsp;&nbsp;&nbsp;&nbsp; 5151293 |
| &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; 4029980 |
| &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; 10584838 |
| &nbsp;&nbsp;&nbsp;PRET Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL2, Class A1<br> 4.08%, 06/25/2064\*(6) | &nbsp;&nbsp; 2455924 | &nbsp;&nbsp;&nbsp;&nbsp; 2374721 |
| &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; 1271913 | &nbsp;&nbsp;&nbsp;&nbsp; 1258187 |
| &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; 1607567 |
| &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; 1134519 |
| &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\*(6) | &nbsp;&nbsp; 146622 | &nbsp;&nbsp;&nbsp;&nbsp; 136377 |
| &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; 2516401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68383305 |
| **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\*(6) | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4583094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-K70, Class C<br> 3.94%, 12/25/2049\*(6) | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4439299 |

---

---

| | | |
|:---|:---|:---|
| **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 2019-K91, Class C<br> 4.40%, 04/25/2051\*(6) | $3000000 | &nbsp;&nbsp;$2955009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K83, Class B<br> 4.42%, 11/25/2051\*(6) | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2991504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K90, Class C<br> 4.47%, 02/25/2052\*(6) | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-K88, Class C<br> 4.53%, 02/25/2052\*(6) | &nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1617907 |
| &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> 6.92%, (SOFR30A+2.85%), 05/25/2044\* | &nbsp;&nbsp; 1460997 | &nbsp;&nbsp;&nbsp;&nbsp; 1482586 |
| &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; 176754 | &nbsp;&nbsp;&nbsp;&nbsp; 174502 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3572, Class JS<br> 2.54%, (6.69%-SOFR30A), 09/15/2039(7)(8) | &nbsp;&nbsp; 143061 | &nbsp;&nbsp;&nbsp;&nbsp; 7168 |
| &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; 4376828 | &nbsp;&nbsp;&nbsp;&nbsp; 3692345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-100, Class NP<br> 3.00%, 12/25/2047 | &nbsp;&nbsp; 2141390 | &nbsp;&nbsp;&nbsp;&nbsp; 1968471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27, Class EA<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 2771921 | &nbsp;&nbsp;&nbsp;&nbsp; 2529645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-35, Class CD<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 2909230 | &nbsp;&nbsp;&nbsp;&nbsp; 2623072 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-M2, Class 3A2<br> 2.01%, 04/25/2032(6) | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4417378 |
| &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; 4548578 | &nbsp;&nbsp;&nbsp;&nbsp; 4366002 |
| &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; 2905475 |
| &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(6) | &nbsp;&nbsp; 1022049 | &nbsp;&nbsp;&nbsp;&nbsp; 971805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43211597 |
| **Total Collateralized Mortgage Obligations<br> (cost $109,599,047)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111594902 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 54.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 54.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 54.7%** |
| **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; 604738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp; 15927000 | &nbsp;&nbsp;&nbsp;&nbsp; 8100995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp; 14960000 | &nbsp;&nbsp;&nbsp;&nbsp; 10294934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 to 11/15/2051 | &nbsp;&nbsp; 9801000 | &nbsp;&nbsp;&nbsp;&nbsp; 5635380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 to 08/15/2051 | &nbsp;&nbsp; 13971000 | &nbsp;&nbsp;&nbsp;&nbsp; 9825933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp; 23835000 | &nbsp;&nbsp;&nbsp;&nbsp; 14935048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 to 05/15/2051 | &nbsp;&nbsp; 41881000 | &nbsp;&nbsp;&nbsp;&nbsp; 28522326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/2045 to 05/15/2047 | &nbsp;&nbsp; 10021000 | &nbsp;&nbsp;&nbsp;&nbsp; 7738120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/2048 | &nbsp;&nbsp; 22308000 | &nbsp;&nbsp;&nbsp;&nbsp; 18106079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2043 | &nbsp;&nbsp; 4188000 | &nbsp;&nbsp;&nbsp;&nbsp; 3691002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2053# | &nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 170528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 to 08/15/2054 | &nbsp;&nbsp; 24600000 | &nbsp;&nbsp;&nbsp;&nbsp; 22908117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2044 to 11/15/2054 | &nbsp;&nbsp; 20990000 | &nbsp;&nbsp;&nbsp;&nbsp; 20715673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2044 to 02/15/2055 | &nbsp;&nbsp; 5924000 | &nbsp;&nbsp;&nbsp;&nbsp; 5929134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2043 to 05/15/2055 | &nbsp;&nbsp; 13392000 | &nbsp;&nbsp;&nbsp;&nbsp; 13558013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/15/2045 | &nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp;&nbsp; 300094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2045 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216006 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;United States Treasury Bonds STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, 11/15/2031 to 02/15/2043 | $45419000 | &nbsp;&nbsp;$31498271 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 | &nbsp;&nbsp; 838000 | &nbsp;&nbsp;&nbsp;&nbsp; 817083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/31/2027 | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp;&nbsp;&nbsp; 2225494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/30/2026 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 627469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029# | &nbsp;&nbsp; 1279000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2027 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 225130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2029 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 481348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 02/15/2029 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 166378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/30/2029 | &nbsp;&nbsp; 35010000 | &nbsp;&nbsp;&nbsp;&nbsp; 34278346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2033 | &nbsp;&nbsp; 5082000 | &nbsp;&nbsp;&nbsp;&nbsp; 4982147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/30/2030 | &nbsp;&nbsp; 216000 | &nbsp;&nbsp;&nbsp;&nbsp; 216203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/15/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/31/2032 to 08/15/2034 | &nbsp;&nbsp; 14610000 | &nbsp;&nbsp;&nbsp;&nbsp; 14654715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/2027 to 11/15/2035 | &nbsp;&nbsp; 76344000 | &nbsp;&nbsp;&nbsp;&nbsp; 77388280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/31/2029 to 05/31/2032 | &nbsp;&nbsp;116200000 | &nbsp;&nbsp;&nbsp;&nbsp; 118632695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2028 to 08/15/2035 | &nbsp;&nbsp; 65043000 | &nbsp;&nbsp;&nbsp;&nbsp; 66654041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/31/2029 to 01/31/2032 | &nbsp;&nbsp; 11404000 | &nbsp;&nbsp;&nbsp;&nbsp; 11797127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/31/2026 to 11/15/2033 | &nbsp;&nbsp; 17585000 | &nbsp;&nbsp;&nbsp;&nbsp; 18347416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/30/2029 to 04/30/2031 | &nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp;&nbsp; 8934375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567386941 |
| **U.S. Government Agency — 33.8%** | **U.S. Government Agency — 33.8%** | **U.S. Government Agency — 33.8%** |
| &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; 7344896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/16/2028# | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2036 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 277080 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2037 | &nbsp;&nbsp; 7998933 | &nbsp;&nbsp;&nbsp;&nbsp; 7207575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2036 to 04/01/2052 | &nbsp;&nbsp; 49435783 | &nbsp;&nbsp;&nbsp;&nbsp; 42306532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2028 to 11/01/2051 | &nbsp;&nbsp; 26826719 | &nbsp;&nbsp;&nbsp;&nbsp; 23210311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2027 to 06/01/2052 | &nbsp;&nbsp; 14076799 | &nbsp;&nbsp;&nbsp;&nbsp; 12918761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2041 to 03/01/2053 | &nbsp;&nbsp; 37097614 | &nbsp;&nbsp;&nbsp;&nbsp; 34813305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 06/01/2052 | &nbsp;&nbsp; 17336034 | &nbsp;&nbsp;&nbsp;&nbsp; 16759656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2039 to 12/01/2048 | &nbsp;&nbsp; 6647235 | &nbsp;&nbsp;&nbsp;&nbsp; 6668855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2033 to 06/01/2055 | &nbsp;&nbsp; 20636446 | &nbsp;&nbsp;&nbsp;&nbsp; 20710321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2032 to 12/01/2054 | &nbsp;&nbsp; 42232409 | &nbsp;&nbsp;&nbsp;&nbsp; 42855353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2033 to 07/01/2055 | &nbsp;&nbsp; 9015385 | &nbsp;&nbsp;&nbsp;&nbsp; 9234046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2035 to 01/01/2054 | &nbsp;&nbsp; 5139820 | &nbsp;&nbsp;&nbsp;&nbsp; 5324003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2029 to 03/15/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 842895 |
| &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; 31127 | &nbsp;&nbsp;&nbsp;&nbsp; 31563 |
| &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; 7842499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2050 to 03/01/2051 | &nbsp;&nbsp; 8463957 | &nbsp;&nbsp;&nbsp;&nbsp; 6580248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97%, 11/01/2031 | &nbsp;&nbsp; 4468635 | &nbsp;&nbsp;&nbsp;&nbsp; 3984763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2035 to 03/01/2052 | &nbsp;&nbsp;124002148 | &nbsp;&nbsp;&nbsp;&nbsp; 103479522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37%, 06/01/2029 | &nbsp;&nbsp; 2961544 | &nbsp;&nbsp;&nbsp;&nbsp; 2807760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2026 to 05/01/2052 | &nbsp;&nbsp;142111406 | &nbsp;&nbsp;&nbsp;&nbsp; 123478190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2027 to 07/01/2052 | &nbsp;&nbsp; 83128270 | &nbsp;&nbsp;&nbsp;&nbsp; 75451753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2026 to 04/01/2052 | &nbsp;&nbsp; 52345447 | &nbsp;&nbsp;&nbsp;&nbsp; 49132321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2040 to 10/01/2052 | &nbsp;&nbsp; 43474374 | &nbsp;&nbsp;&nbsp;&nbsp; 41996709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 01/01/2032 | &nbsp;&nbsp; 7319086 | &nbsp;&nbsp;&nbsp;&nbsp; 7395154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 06/01/2032 | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6262065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 08/01/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48%, 05/01/2035 | &nbsp;&nbsp; 8578883 | &nbsp;&nbsp;&nbsp;&nbsp; 8640542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2040 to 09/01/2054 | &nbsp;&nbsp; 25392823 | &nbsp;&nbsp;&nbsp;&nbsp; 25102155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, 07/01/2032 to 10/01/2032 | &nbsp;&nbsp; 13787000 | &nbsp;&nbsp;&nbsp;&nbsp; 14074343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/01/2035 | &nbsp;&nbsp; 2735200 | &nbsp;&nbsp;&nbsp;&nbsp; 2782610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/01/2035 | &nbsp;&nbsp; 7892000 | &nbsp;&nbsp;&nbsp;&nbsp; 8143939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96%, 09/01/2032 | &nbsp;&nbsp; 5547000 | &nbsp;&nbsp;&nbsp;&nbsp; 5724935 |

---

---

| | | |
|:---|:---|:---|
| **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;5.00%, 09/01/2033 to 11/01/2054 | $35580333 | &nbsp;&nbsp;$35672228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 01/01/2033 | &nbsp;&nbsp; 1933000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, 09/01/2031 | &nbsp;&nbsp; 833191 | &nbsp;&nbsp;&nbsp;&nbsp; 869470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 12/01/2033 | &nbsp;&nbsp; 2782000 | &nbsp;&nbsp;&nbsp;&nbsp; 2942156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/01/2033 to 09/01/2053 | &nbsp;&nbsp; 12448158 | &nbsp;&nbsp;&nbsp;&nbsp; 12676666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2032 to 11/01/2053 | &nbsp;&nbsp; 32305793 | &nbsp;&nbsp;&nbsp;&nbsp; 33173192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2037 to 12/01/2053 | &nbsp;&nbsp; 6573920 | &nbsp;&nbsp;&nbsp;&nbsp; 6812337 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, (H15T1Y+2.27%), 11/01/2036 | &nbsp;&nbsp; 108538 | &nbsp;&nbsp;&nbsp;&nbsp; 112424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, (RFUCCT1Y+1.83%), 10/01/2040 | &nbsp;&nbsp; 180194 | &nbsp;&nbsp;&nbsp;&nbsp; 186515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37%, (RFUCCT1Y+1.57%), 05/01/2037 | &nbsp;&nbsp; 44113 | &nbsp;&nbsp;&nbsp;&nbsp; 45539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57%, (RFUCCT1Y+1.83%), 10/01/2040 | &nbsp;&nbsp; 44406 | &nbsp;&nbsp;&nbsp;&nbsp; 46116 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%, 11/01/2032(6) | &nbsp;&nbsp; 5414685 | &nbsp;&nbsp;&nbsp;&nbsp; 4571773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 11/01/2032(6) | &nbsp;&nbsp; 9106573 | &nbsp;&nbsp;&nbsp;&nbsp; 7712366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 02/01/2032(6) | &nbsp;&nbsp; 7890265 | &nbsp;&nbsp;&nbsp;&nbsp; 7057781 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/20/2050 | &nbsp;&nbsp; 9148566 | &nbsp;&nbsp;&nbsp;&nbsp; 7618381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/20/2050 to 12/20/2051 | &nbsp;&nbsp; 24273554 | &nbsp;&nbsp;&nbsp;&nbsp; 21084751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2045 to 02/20/2052 | &nbsp;&nbsp; 26452338 | &nbsp;&nbsp;&nbsp;&nbsp; 24088625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/20/2045 to 10/20/2047 | &nbsp;&nbsp; 1486784 | &nbsp;&nbsp;&nbsp;&nbsp; 1391134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/2044 to 05/20/2048 | &nbsp;&nbsp; 1793035 | &nbsp;&nbsp;&nbsp;&nbsp; 1735897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2039 to 07/20/2052 | &nbsp;&nbsp; 10009969 | &nbsp;&nbsp;&nbsp;&nbsp; 9900856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2039 to 05/20/2053 | &nbsp;&nbsp; 12712710 | &nbsp;&nbsp;&nbsp;&nbsp; 12931979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2039 | &nbsp;&nbsp; 63244 | &nbsp;&nbsp;&nbsp;&nbsp; 65478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919102764 |
| **Total U.S. Government & Agency Obligations<br> (cost $1,574,402,946)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1486489705 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 1.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.3%** |
| **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; 1151000 | &nbsp;&nbsp;&nbsp;&nbsp; 1154455 |
| **Sovereign — 1.3%** | **Sovereign — 1.3%** | **Sovereign — 1.3%** |
| &nbsp;&nbsp;&nbsp;Commonwealth of Bahamas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/24/2036 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 543260 |
| &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; 3056737 |
| &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 09/02/2070 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 231710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/16/2050 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 330539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 10/11/2047 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 349658 |
| &nbsp;&nbsp;&nbsp;Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/06/2030 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509900 |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/25/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 403454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/16/2036\* | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/17/2053 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 439083 |
| &nbsp;&nbsp;&nbsp;Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/12/2032\* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 540268 |
| &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; 463920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/04/2047 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/18/2053 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 457632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/16/2054\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408464 |
| &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; 95400 |
| &nbsp;&nbsp;&nbsp;Republic of Azerbaijan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2032 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026660 |
| &nbsp;&nbsp;&nbsp;Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/22/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/05/2036 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 404180 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| &nbsp;&nbsp;&nbsp;Republic of Hungary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/26/2035\* | $1000000 | &nbsp;&nbsp;$1040951 |
| &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; 200174 |
| &nbsp;&nbsp;&nbsp;Republic of Italy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/06/2051 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 440025 |
| &nbsp;&nbsp;&nbsp;Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08%, 04/01/2036\* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 622517 |
| &nbsp;&nbsp;&nbsp;Republic of Kazakhstan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 10/28/2030\*# | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2037\* | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1231687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/21/2045 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 446483 |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87%, 07/23/2060 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 196980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 02/14/2035 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 832480 |
| &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; 187800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/30/2036 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 410680 |
| &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; 604633 |
| &nbsp;&nbsp;&nbsp;State of Kuwait |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14%, 10/09/2030\*# | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 700468 |
| &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; 320970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/16/2050 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/23/2048 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201121 |
| &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; 2590458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/22/2033 | &nbsp;&nbsp; 3842000 | &nbsp;&nbsp;&nbsp;&nbsp; 3830099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 01/21/2045 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 279075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 07/02/2032 | &nbsp;&nbsp; 1374000 | &nbsp;&nbsp;&nbsp;&nbsp; 1414327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/13/2030 | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 614031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/07/2036 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 733248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.34%, 05/04/2053 | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 210741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 02/09/2035 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 842760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 05/07/2054 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp; 1520579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/29/2038 | &nbsp;&nbsp; 573000 | &nbsp;&nbsp;&nbsp;&nbsp; 602624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/13/2037 | &nbsp;&nbsp; 1443000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34096472 |
| **Total Foreign Government Obligations<br> (cost $35,160,801)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35250927 |
| **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
| **Sovereign — 0.0%** | **Sovereign — 0.0%** | **Sovereign — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp.<br> Series Z<br> 8.38%#†<br> (cost $48,513) | &nbsp;&nbsp; 3142 | &nbsp;&nbsp;&nbsp;&nbsp; 45559 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hi-Crush, Inc. †(4)<br> (cost $0) | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $2,746,393,124)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2668388963 |
| **SHORT-TERM INVESTMENTS — 1.5%** | **SHORT-TERM INVESTMENTS — 1.5%** | **SHORT-TERM INVESTMENTS — 1.5%** |
| **Unaffiliated Investment Companies — 1.5%** | **Unaffiliated Investment Companies — 1.5%** | **Unaffiliated Investment Companies — 1.5%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.94%(9) | &nbsp;&nbsp; 29150922 | &nbsp;&nbsp;&nbsp;&nbsp; 29150922 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Unaffiliated Investment Companies (continued)** | **Unaffiliated Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(9)(10) | 13223684 | &nbsp;&nbsp;$13223684 |
| **Total Short-Term Investments<br> (cost $42,374,606)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42374606 |
| **TOTAL INVESTMENTS<br> (cost $2,788,767,730)(11)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;2710763569 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726305 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2715489874 |

---

---

| | |
|:---|:---|
| \* | &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 November 30, 2025, the aggregate value of these securities was $500,462,934 representing 18.4% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;Security in default of interest. |
| (2) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (3) | &nbsp;&nbsp;PIK ("Payment-in-Kind") security – Income may be paid in additional securities and/or cash at the discretion of the issuer. |
| (4) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (5) | &nbsp;&nbsp;"Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of November 30, 2025. |
| (6) | &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. |
| (7) | &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 November 30, 2025. |
| (8) | &nbsp;&nbsp;Interest Only |
| (9) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (10) | &nbsp;&nbsp;At November 30, 2025, the Fund had loaned securities with a total value of $23,181,914. This was secured by collateral of $10,687,470, which was received in cash and subsequently invested in short-term investments currently valued at $13,223,684 as reported in the Portfolio of Investments. Additional collateral of $10,692,784 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> November 30, 2025** |
| Federal Home Loan Mtg. Corp. | 0.44% to 5.67% | 06/01/2029 to 06/25/2055 | $77595 |
| Federal National Mtg. Assoc. | 1.41% to 7.05% | 01/01/2026 to 10/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41283 |
| Government National Mtg. Assoc. | 0.75% to 6.98% | 02/16/2034 to 03/20/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63528 |
| United States Treasury Bills | 0.00% | 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8907 |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 01/15/2026 to 08/15/2055 | &nbsp;&nbsp;&nbsp;10501471 |

---

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

---

| |
|:---|
| DAC—Designated Activity Company |
| FRS—Floating Rate Security |
| H15T1Y—US Treasury Yield Curve Rate Note Constant Maturity 1 Year |
| REMIC—Real Estate Mortgage Investment Conduit |
| RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year |
| RFUCCT6M—Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Month |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| STRIPS—Separate Trading of Registered Interest and Principal |
| TSFR1M—Term Secured Overnight Financing Rate 1 Month |
| VRS—Variable Rate Security |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Core Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The rates shown on FRS and/or VRS are the current interest rates at November 30, 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** |
| 191 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$21606973 | &nbsp;&nbsp;&nbsp;&nbsp;$21648656 | &nbsp;&nbsp;&nbsp;&nbsp;$41683 |
| 74 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8637313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8690376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53063 |
| 268 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30935590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31142437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206847 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$301593 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 429 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$89608013 | &nbsp;&nbsp;&nbsp;&nbsp;$89600672 | &nbsp;&nbsp;&nbsp;&nbsp;$(7341) |
| 160 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17540202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17562500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22298) |
| 83 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9963041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10037813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74772) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(104411) |
|  |  | &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;$197182 |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;$— | &nbsp;&nbsp;$27309161 | &nbsp;&nbsp;$168860 | &nbsp;&nbsp;$27478021 |
| &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;829526677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829526677 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178003172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178003172 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111594902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111594902 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1486489705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1486489705 |
| 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;35250927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35250927 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45559 |
| 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;&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;42374606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42374606 |
| **Total Investments at Value** | &nbsp;&nbsp;$42420165 | &nbsp;&nbsp;$2668174544 | &nbsp;&nbsp;$168860 | &nbsp;&nbsp;$2710763569 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$301593 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$301593 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$104411 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$104411 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Dividend Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.8%** | **COMMON STOCKS — 96.8%** | **COMMON STOCKS — 96.8%** |
| **Advertising — 0.4%** | **Advertising — 0.4%** | **Advertising — 0.4%** |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;574496 | &nbsp;&nbsp;$2308211 |
| **Aerospace/Defense — 3.2%** | **Aerospace/Defense — 3.2%** | **Aerospace/Defense — 3.2%** |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7249 | &nbsp;&nbsp;&nbsp;&nbsp; 1682177 |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10115 | &nbsp;&nbsp;&nbsp;&nbsp; 1911735 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19645 | &nbsp;&nbsp;&nbsp;&nbsp; 5474865 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7364 | &nbsp;&nbsp;&nbsp;&nbsp; 3371681 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;&nbsp;&nbsp; 2751378 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21737 | &nbsp;&nbsp;&nbsp;&nbsp; 3802019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18993855 |
| **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;66349 | &nbsp;&nbsp;&nbsp;&nbsp; 3892032 |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26003 | &nbsp;&nbsp;&nbsp;&nbsp; 1911741 |
| **Banks — 8.6%** | **Banks — 8.6%** | **Banks — 8.6%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84444 | &nbsp;&nbsp;&nbsp;&nbsp; 4530421 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123824 | &nbsp;&nbsp;&nbsp;&nbsp; 12828166 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742 | &nbsp;&nbsp;&nbsp;&nbsp; 8904954 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30346 | &nbsp;&nbsp;&nbsp;&nbsp; 9500726 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14140 | &nbsp;&nbsp;&nbsp;&nbsp; 2696781 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;145682 | &nbsp;&nbsp;&nbsp;&nbsp; 12506800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50967848 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51483 | &nbsp;&nbsp;&nbsp;&nbsp; 3764437 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58955 | &nbsp;&nbsp;&nbsp;&nbsp; 1351249 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136676 | &nbsp;&nbsp;&nbsp;&nbsp; 3813260 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12389 | &nbsp;&nbsp;&nbsp;&nbsp; 1842740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10771686 |
| **Building Materials — 1.0%** | **Building Materials — 1.0%** | **Building Materials — 1.0%** |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47896 | &nbsp;&nbsp;&nbsp;&nbsp; 2472870 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12315 | &nbsp;&nbsp;&nbsp;&nbsp; 3660511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6133381 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30272 | &nbsp;&nbsp;&nbsp;&nbsp; 7902506 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28714 | &nbsp;&nbsp;&nbsp;&nbsp; 1995049 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7711 | &nbsp;&nbsp;&nbsp;&nbsp; 3163977 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33144 | &nbsp;&nbsp;&nbsp;&nbsp; 1623725 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40514 | &nbsp;&nbsp;&nbsp;&nbsp; 4053020 |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 136365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18874642 |
| **Commercial Services — 1.0%** | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 1046730 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;874401 | &nbsp;&nbsp;&nbsp;&nbsp; 4817545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864275 |
| **Computers — 3.1%** | **Computers — 3.1%** | **Computers — 3.1%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13550 | &nbsp;&nbsp;&nbsp;&nbsp; 3778417 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;196019 | &nbsp;&nbsp;&nbsp;&nbsp; 4286936 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161906 | &nbsp;&nbsp;&nbsp;&nbsp; 3953745 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11872 | &nbsp;&nbsp;&nbsp;&nbsp; 2268739 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25972 | &nbsp;&nbsp;&nbsp;&nbsp; 4242007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18529844 |
| **Cosmetics/Personal Care — 1.9%** | **Cosmetics/Personal Care — 1.9%** | **Cosmetics/Personal Care — 1.9%** |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;818887 | &nbsp;&nbsp;&nbsp;&nbsp; 4020398 |

---

---

| | | |
|:---|:---|:---|
| **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;16097 | &nbsp;&nbsp;$2384932 |
| &nbsp;&nbsp;&nbsp;Unilever PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80324 | &nbsp;&nbsp;&nbsp;&nbsp; 4831809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11237139 |
| **Distribution/Wholesale — 1.0%** | **Distribution/Wholesale — 1.0%** | **Distribution/Wholesale — 1.0%** |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22387 | &nbsp;&nbsp;&nbsp;&nbsp; 5986508 |
| **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28745 | &nbsp;&nbsp;&nbsp;&nbsp; 3790028 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14186 | &nbsp;&nbsp;&nbsp;&nbsp; 3107727 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41154 | &nbsp;&nbsp;&nbsp;&nbsp; 3816210 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53824 | &nbsp;&nbsp;&nbsp;&nbsp; 8466515 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11217 | &nbsp;&nbsp;&nbsp;&nbsp; 3751414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22931894 |
| **Electric — 4.4%** | **Electric — 4.4%** | **Electric — 4.4%** |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81157 | &nbsp;&nbsp;&nbsp;&nbsp; 5094225 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15358 | &nbsp;&nbsp;&nbsp;&nbsp; 2104507 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28080 | &nbsp;&nbsp;&nbsp;&nbsp; 1653631 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31198 | &nbsp;&nbsp;&nbsp;&nbsp; 2422525 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100950 | &nbsp;&nbsp;&nbsp;&nbsp; 4756764 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;222963 | &nbsp;&nbsp;&nbsp;&nbsp; 3594163 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64668 | &nbsp;&nbsp;&nbsp;&nbsp; 6125353 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25751168 |
| **Electronics — 1.4%** | **Electronics — 1.4%** | **Electronics — 1.4%** |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39410 | &nbsp;&nbsp;&nbsp;&nbsp; 2107647 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13306 | &nbsp;&nbsp;&nbsp;&nbsp; 2557280 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10667 | &nbsp;&nbsp;&nbsp;&nbsp; 526630 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13915 | &nbsp;&nbsp;&nbsp;&nbsp; 3146877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8338434 |
| **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;13537 | &nbsp;&nbsp;&nbsp;&nbsp; 2949306 |
| **Food — 2.5%** | **Food — 2.5%** | **Food — 2.5%** |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59664 | &nbsp;&nbsp;&nbsp;&nbsp; 1818559 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;156017 | &nbsp;&nbsp;&nbsp;&nbsp; 3979994 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19275 | &nbsp;&nbsp;&nbsp;&nbsp; 1138381 |
| &nbsp;&nbsp;&nbsp;Nestle SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61066 | &nbsp;&nbsp;&nbsp;&nbsp; 6080952 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19449 | &nbsp;&nbsp;&nbsp;&nbsp; 1482014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14499900 |
| **Healthcare-Products — 2.7%** | **Healthcare-Products — 2.7%** | **Healthcare-Products — 2.7%** |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;399666 | &nbsp;&nbsp;&nbsp;&nbsp; 7489741 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79356 | &nbsp;&nbsp;&nbsp;&nbsp; 8358567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15848308 |
| **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14804 | &nbsp;&nbsp;&nbsp;&nbsp; 5007601 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4667 | &nbsp;&nbsp;&nbsp;&nbsp; 1539037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546638 |
| **Household Products/Wares — 0.6%** | **Household Products/Wares — 0.6%** | **Household Products/Wares — 0.6%** |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46070 | &nbsp;&nbsp;&nbsp;&nbsp; 3721569 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13650 | &nbsp;&nbsp;&nbsp;&nbsp; 4042857 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64947 | &nbsp;&nbsp;&nbsp;&nbsp; 3859800 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274 | &nbsp;&nbsp;&nbsp;&nbsp; 859726 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp; 2953545 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60301 | &nbsp;&nbsp;&nbsp;&nbsp; 4616645 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7984 | &nbsp;&nbsp;&nbsp;&nbsp; 864268 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Dividend Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12516 | &nbsp;&nbsp;$3665436 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11283 | &nbsp;&nbsp;&nbsp;&nbsp; 3621843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24484120 |
| **Internet — 6.0%** | **Internet — 6.0%** | **Internet — 6.0%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21478 | &nbsp;&nbsp;&nbsp;&nbsp; 6876826 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24484 | &nbsp;&nbsp;&nbsp;&nbsp; 7837819 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42297 | &nbsp;&nbsp;&nbsp;&nbsp; 9864506 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26316 | &nbsp;&nbsp;&nbsp;&nbsp; 3795294 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11139 | &nbsp;&nbsp;&nbsp;&nbsp; 7217515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35591960 |
| **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;209905 | &nbsp;&nbsp;&nbsp;&nbsp; 1979404 |
| **Media — 1.9%** | **Media — 1.9%** | **Media — 1.9%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;287875 | &nbsp;&nbsp;&nbsp;&nbsp; 7683384 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35117 | &nbsp;&nbsp;&nbsp;&nbsp; 3668673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11352057 |
| **Mining — 1.4%** | **Mining — 1.4%** | **Mining — 1.4%** |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54606 | &nbsp;&nbsp;&nbsp;&nbsp; 2257412 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52488 | &nbsp;&nbsp;&nbsp;&nbsp; 2255934 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92338 | &nbsp;&nbsp;&nbsp;&nbsp; 3960377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8473723 |
| **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** |
| &nbsp;&nbsp;&nbsp;BP PLC | 1343366 | &nbsp;&nbsp;&nbsp;&nbsp; 8079013 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29287 | &nbsp;&nbsp;&nbsp;&nbsp; 1782407 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66112 | &nbsp;&nbsp;&nbsp;&nbsp; 7663703 |
| &nbsp;&nbsp;&nbsp;Shell PLC† | &nbsp;&nbsp;&nbsp;&nbsp;182704 | &nbsp;&nbsp;&nbsp;&nbsp; 6721573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24246696 |
| **Packaging & Containers — 1.3%** | **Packaging & Containers — 1.3%** | **Packaging & Containers — 1.3%** |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33193 | &nbsp;&nbsp;&nbsp;&nbsp; 3214078 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107216 | &nbsp;&nbsp;&nbsp;&nbsp; 4604927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7819005 |
| **Pharmaceuticals — 9.4%** | **Pharmaceuticals — 9.4%** | **Pharmaceuticals — 9.4%** |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24926 | &nbsp;&nbsp;&nbsp;&nbsp; 4621702 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77260 | &nbsp;&nbsp;&nbsp;&nbsp; 14989985 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42620 | &nbsp;&nbsp;&nbsp;&nbsp; 2096904 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50674 | &nbsp;&nbsp;&nbsp;&nbsp; 10756063 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143188 | &nbsp;&nbsp;&nbsp;&nbsp; 11506588 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15853 | &nbsp;&nbsp;&nbsp;&nbsp; 3280303 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31017 | &nbsp;&nbsp;&nbsp;&nbsp; 3251512 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36410 | &nbsp;&nbsp;&nbsp;&nbsp; 937193 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40109 | &nbsp;&nbsp;&nbsp;&nbsp; 3997098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;55437348 |
| **Pipelines — 2.8%** | **Pipelines — 2.8%** | **Pipelines — 2.8%** |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96018 | &nbsp;&nbsp;&nbsp;&nbsp; 4683758 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;142906 | &nbsp;&nbsp;&nbsp;&nbsp; 4678743 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115169 | &nbsp;&nbsp;&nbsp;&nbsp; 7017247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16379748 |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38976 | &nbsp;&nbsp;&nbsp;&nbsp; 2125361 |
| **REITS — 3.8%** | **REITS — 3.8%** | **REITS — 3.8%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17578 | &nbsp;&nbsp;&nbsp;&nbsp; 3186364 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34094 | &nbsp;&nbsp;&nbsp;&nbsp; 6203062 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34273 | &nbsp;&nbsp;&nbsp;&nbsp; 3128440 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;112779 | &nbsp;&nbsp;&nbsp;&nbsp; 2055961 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12606 | &nbsp;&nbsp;$3460851 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63617 | &nbsp;&nbsp;&nbsp;&nbsp; 2647103 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45066 | &nbsp;&nbsp;&nbsp;&nbsp; 1770193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22451974 |
| **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66762 | &nbsp;&nbsp;&nbsp;&nbsp; 7309771 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8239 | &nbsp;&nbsp;&nbsp;&nbsp; 2940664 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA ADR# | &nbsp;&nbsp;&nbsp;&nbsp;230438 | &nbsp;&nbsp;&nbsp;&nbsp; 3237654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13488089 |
| **Semiconductors — 4.4%** | **Semiconductors — 4.4%** | **Semiconductors — 4.4%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22815 | &nbsp;&nbsp;&nbsp;&nbsp; 9193532 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25059 | &nbsp;&nbsp;&nbsp;&nbsp; 1016393 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4441 | &nbsp;&nbsp;&nbsp;&nbsp; 7715767 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10984 | &nbsp;&nbsp;&nbsp;&nbsp; 252522 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312 | &nbsp;&nbsp;&nbsp;&nbsp; 2714541 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31907 | &nbsp;&nbsp;&nbsp;&nbsp; 5368991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26261746 |
| **Software — 6.5%** | **Software — 6.5%** | **Software — 6.5%** |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19821 | &nbsp;&nbsp;&nbsp;&nbsp; 4004437 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115240 | &nbsp;&nbsp;&nbsp;&nbsp; 7579335 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30976 | &nbsp;&nbsp;&nbsp;&nbsp; 15240502 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9508 | &nbsp;&nbsp;&nbsp;&nbsp; 1920140 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116724 | &nbsp;&nbsp;&nbsp;&nbsp; 10031260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38775674 |
| **Telecommunications — 2.2%** | **Telecommunications — 2.2%** | **Telecommunications — 2.2%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71390 | &nbsp;&nbsp;&nbsp;&nbsp; 5492747 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20376 | &nbsp;&nbsp;&nbsp;&nbsp; 797109 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21139 | &nbsp;&nbsp;&nbsp;&nbsp; 4418262 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58834 | &nbsp;&nbsp;&nbsp;&nbsp; 2418666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13126784 |
| **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;51800 | &nbsp;&nbsp;&nbsp;&nbsp; 4278680 |
| **Transportation — 1.9%** | **Transportation — 1.9%** | **Transportation — 1.9%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38102 | &nbsp;&nbsp;&nbsp;&nbsp; 1347287 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7817 | &nbsp;&nbsp;&nbsp;&nbsp; 2154990 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp; 1880531 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24599 | &nbsp;&nbsp;&nbsp;&nbsp; 5702786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11085594 |
| **Total Long-Term Investment Securities<br> (cost $499,649,048)** |  | &nbsp;&nbsp;&nbsp;&nbsp;573416342 |
| **SHORT-TERM INVESTMENTS — 2.9%** | **SHORT-TERM INVESTMENTS — 2.9%** | **SHORT-TERM INVESTMENTS — 2.9%** |
| **Unaffiliated Investment Companies — 2.9%** | **Unaffiliated Investment Companies — 2.9%** | **Unaffiliated Investment Companies — 2.9%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.94%(1) | 16941959 | &nbsp;&nbsp;&nbsp;&nbsp; 16941959 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Dividend Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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> 4.02%(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;225966 | &nbsp;&nbsp;$225966 |
| **Total Short-Term Investments<br> (cost $17,167,925)** |  | &nbsp;&nbsp;&nbsp;&nbsp;17167925 |
| **TOTAL INVESTMENTS<br> (cost $516,816,973)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;590584267 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562933 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$592147200 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (2) | &nbsp;&nbsp;At November 30, 2025, the Fund had loaned securities with a total value of $6,644,148. This was secured by collateral of $225,966, which was received in cash and subsequently invested in short-term investments currently valued at $225,966 as reported in the Portfolio of Investments. Additional collateral of $7,053,659 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $12026 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;178236 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12275 |
| United States Treasury Bills | 0.00% | 12/04/2025 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 06/30/2026 to 08/15/2055 | &nbsp;&nbsp;&nbsp;6850246 |

---

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

ADR—American Depositary Receipt <br> GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2308211 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2308211 |
| &nbsp;&nbsp;&nbsp;Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;17311678 | &nbsp;&nbsp;&nbsp;&nbsp;1682177 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18993855 |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9420437 | &nbsp;&nbsp;&nbsp;&nbsp;1351249 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10771686 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046730 | &nbsp;&nbsp;&nbsp;&nbsp;4817545 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864275 |
| &nbsp;&nbsp;&nbsp;Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384932 | &nbsp;&nbsp;&nbsp;&nbsp;8852207 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11237139 |
| &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;3721569 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721569 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9446110 | &nbsp;&nbsp;&nbsp;&nbsp;14800586 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24246696 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;46818548 | &nbsp;&nbsp;&nbsp;&nbsp;8618800 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;55437348 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;18545979 | &nbsp;&nbsp;&nbsp;&nbsp;7715767 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26261746 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;414573817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;414573817 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;17167925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17167925 |
| **Total Investments at Value** | &nbsp;&nbsp;$536716156 | &nbsp;&nbsp;$53868111 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$590584267 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Dynamic Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 82.3%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 82.3%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 82.3%** |
| **Domestic Equity Investment Companies — 60.7%** | **Domestic Equity Investment Companies — 60.7%** | **Domestic Equity Investment Companies — 60.7%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Capital Appreciation Fund | &nbsp;&nbsp; 135282 | &nbsp;&nbsp;$3223772 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Dividend Value Fund | &nbsp;&nbsp; 433870 | &nbsp;&nbsp;&nbsp;&nbsp; 5944024 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Growth Fund | &nbsp;&nbsp; 218379 | &nbsp;&nbsp;&nbsp;&nbsp; 4247468 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Cap Core Fund | &nbsp;&nbsp; 254406 | &nbsp;&nbsp;&nbsp;&nbsp; 4660709 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Nasdaq-100 Index Fund | &nbsp;&nbsp; 237092 | &nbsp;&nbsp;&nbsp;&nbsp; 6524780 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | &nbsp;&nbsp; 552572 | &nbsp;&nbsp;&nbsp;&nbsp; 37563851 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | &nbsp;&nbsp; 346597 | &nbsp;&nbsp;&nbsp;&nbsp; 7493430 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | &nbsp;&nbsp; 590871 | &nbsp;&nbsp;&nbsp;&nbsp; 9731636 |
| **Total Domestic Equity Investment Companies<br> (cost $69,033,849)** |  | &nbsp;&nbsp;&nbsp;&nbsp;79389670 |
| **Domestic Fixed Income Investment Companies — 20.4%** | **Domestic Fixed Income Investment Companies — 20.4%** | **Domestic Fixed Income Investment Companies — 20.4%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund<br> (cost $25,761,227) | &nbsp;&nbsp;2612844 | &nbsp;&nbsp;&nbsp;&nbsp; 26624880 |
| **International Equity Investment Companies — 1.2%** | **International Equity Investment Companies — 1.2%** | **International Equity Investment Companies — 1.2%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Value Fund<br> (cost $1,304,616) | &nbsp;&nbsp; 125244 | &nbsp;&nbsp;&nbsp;&nbsp; 1626918 |
| **International Fixed Income Investment Companies0.0%** | **International Fixed Income Investment Companies0.0%** | **International Fixed Income Investment Companies0.0%** |
| **Total Affiliated Investment Companies<br> (cost $96,099,692)** |  | &nbsp;&nbsp;&nbsp;&nbsp;107641468 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.3%** |
| **U.S. Government — 14.3%** | **U.S. Government — 14.3%** | **U.S. Government — 14.3%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | $532700 | &nbsp;&nbsp;&nbsp;&nbsp; 517052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033(2) | &nbsp;&nbsp;2646600 | &nbsp;&nbsp;&nbsp;&nbsp; 2651562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2034 | &nbsp;&nbsp;1609600 | &nbsp;&nbsp;&nbsp;&nbsp; 1602935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp;2657900 | &nbsp;&nbsp;&nbsp;&nbsp; 2678873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 to 08/15/2035 | &nbsp;&nbsp;5881200 | &nbsp;&nbsp;&nbsp;&nbsp; 6002644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2034 | &nbsp;&nbsp;2343400 | &nbsp;&nbsp;&nbsp;&nbsp; 2422673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp;2199600 | &nbsp;&nbsp;&nbsp;&nbsp; 2295575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp; 466800 | &nbsp;&nbsp;&nbsp;&nbsp; 490268 |
| **Total U.S. Government & Agency Obligations<br> (cost $18,297,983)** |  | &nbsp;&nbsp;&nbsp;&nbsp;18661582 |
| **PURCHASED OPTIONS† — 0.6%** | **PURCHASED OPTIONS† — 0.6%** | **PURCHASED OPTIONS† — 0.6%** |
| **Purchased Options - Puts — 0.6%** | **Purchased Options - Puts — 0.6%** | **Purchased Options - Puts — 0.6%** |
| &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; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 44280 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Purchased Options - Puts (continued)** | **Purchased Options - Puts (continued)** |  |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 04/17/2026; Strike Price: $5,800.00; Counterparty: Goldman Sachs International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$236323 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 05/15/2026; Strike Price: $5,600.00; Counterparty: Citibank, N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 239225 |
| &nbsp;&nbsp;&nbsp;Over the Counter put option on the S&P 500 Index (Expiration Date: 06/18/2026; Strike Price: $5,900.00; Counterparty: Goldman Sachs International) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 256420 |
| **Total Purchased Options<br> (cost $1,237,090)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776248 |
| **Total Long-Term Investment Securities<br> (cost $115,634,765)** |  | &nbsp;&nbsp;&nbsp;&nbsp;127079298 |
| **SHORT-TERM INVESTMENTS — 3.5%** | **SHORT-TERM INVESTMENTS — 3.5%** |  |
| **Unaffiliated Investment Companies — 3.5%** | **Unaffiliated Investment Companies — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;AllianceBernstein Government STIF Portfolio, Class AB<br> 4.02%(3)<br> (cost $4,546,787) | 4546787 | &nbsp;&nbsp;&nbsp;&nbsp; 4546787 |
| **TOTAL INVESTMENTS<br> (cost $120,181,552)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.7% | &nbsp;&nbsp;&nbsp;&nbsp;131626085 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(892037) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$130734048 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The VALIC Company I Dynamic Allocation Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds' prospectuses and shareholder reports are available at our website, www.corebridgefinancial.com/rs. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;See Note 8. |
| (2) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (3) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (4) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

STIF—Short Term Investment Fund

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 30 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$10168263 | &nbsp;&nbsp;&nbsp;&nbsp;$10289250 | &nbsp;&nbsp;&nbsp;&nbsp;$120987 |

---

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

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Dynamic Allocation Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$107641468 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$107641468 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18661582 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18661582 |
| 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;776248 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776248 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546787 |
| **Total Investments at Value** | &nbsp;&nbsp;$112188255 | &nbsp;&nbsp;$19437830 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$131626085 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$120987 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$120987 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;$330109 |
| &nbsp;&nbsp;&nbsp;Geopark, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62353 | &nbsp;&nbsp;&nbsp;&nbsp; 508800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838909 |
| **Brazil — 3.9%** | **Brazil — 3.9%** | **Brazil — 3.9%** |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;508574 | &nbsp;&nbsp;&nbsp;&nbsp; 1425343 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;586298 | &nbsp;&nbsp;&nbsp;&nbsp; 2158314 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;113200 | &nbsp;&nbsp;&nbsp;&nbsp; 418840 |
| &nbsp;&nbsp;&nbsp;Cogna Educacao SA | 1685491 | &nbsp;&nbsp;&nbsp;&nbsp; 1231472 |
| &nbsp;&nbsp;&nbsp;Construtora Tenda S/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17514 | &nbsp;&nbsp;&nbsp;&nbsp; 90066 |
| &nbsp;&nbsp;&nbsp;CPFL Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48145 | &nbsp;&nbsp;&nbsp;&nbsp; 439883 |
| &nbsp;&nbsp;&nbsp;Cury Construtora e Incorporadora SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39546 | &nbsp;&nbsp;&nbsp;&nbsp; 284268 |
| &nbsp;&nbsp;&nbsp;Grupo SBF SA | &nbsp;&nbsp;&nbsp;&nbsp;231906 | &nbsp;&nbsp;&nbsp;&nbsp; 634306 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;553780 | &nbsp;&nbsp;&nbsp;&nbsp; 4319979 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86354 | &nbsp;&nbsp;&nbsp;&nbsp; 673561 |
| &nbsp;&nbsp;&nbsp;Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp;437752 | &nbsp;&nbsp;&nbsp;&nbsp; 1291643 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;345753 | &nbsp;&nbsp;&nbsp;&nbsp; 6012645 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;542012 | &nbsp;&nbsp;&nbsp;&nbsp; 3227997 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77645 | &nbsp;&nbsp;&nbsp;&nbsp; 923199 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;198057 | &nbsp;&nbsp;&nbsp;&nbsp; 890873 |
| &nbsp;&nbsp;&nbsp;Sao Martinho SA | &nbsp;&nbsp;&nbsp;&nbsp;296842 | &nbsp;&nbsp;&nbsp;&nbsp; 775770 |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;186419 | &nbsp;&nbsp;&nbsp;&nbsp; 1237357 |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil SA ADR# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60418 | &nbsp;&nbsp;&nbsp;&nbsp; 798726 |
| &nbsp;&nbsp;&nbsp;Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;301660 | &nbsp;&nbsp;&nbsp;&nbsp; 3809003 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67282 | &nbsp;&nbsp;&nbsp;&nbsp; 1326128 |
| &nbsp;&nbsp;&nbsp;YDUQS Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;367425 | &nbsp;&nbsp;&nbsp;&nbsp; 936829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32906202 |
| **Chile — 0.6%** | **Chile — 0.6%** | **Chile — 0.6%** |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 13184594 | &nbsp;&nbsp;&nbsp;&nbsp; 2487258 |
| &nbsp;&nbsp;&nbsp;Banco de Chile ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36172 | &nbsp;&nbsp;&nbsp;&nbsp; 1366578 |
| &nbsp;&nbsp;&nbsp;Falabella SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75649 | &nbsp;&nbsp;&nbsp;&nbsp; 489015 |
| &nbsp;&nbsp;&nbsp;Latam Airlines Group SA | 17844940 | &nbsp;&nbsp;&nbsp;&nbsp; 428926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771777 |
| **China — 22.8%** | **China — 22.8%** | **China — 22.8%** |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Ltd. | 2899000 | &nbsp;&nbsp;&nbsp;&nbsp; 2174388 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58600 | &nbsp;&nbsp;&nbsp;&nbsp; 639658 |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp; 72167 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72900 | &nbsp;&nbsp;&nbsp;&nbsp; 1071487 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. | 8186000 | &nbsp;&nbsp;&nbsp;&nbsp; 4926862 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;229400 | &nbsp;&nbsp;&nbsp;&nbsp; 919352 |
| &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel Co, Ltd., Class A | 3685600 | &nbsp;&nbsp;&nbsp;&nbsp; 3778674 |
| &nbsp;&nbsp;&nbsp;Bilibili, Inc., Class Z#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32380 | &nbsp;&nbsp;&nbsp;&nbsp; 865334 |
| &nbsp;&nbsp;&nbsp;BOE Technology Group Co., Ltd., Class A | 5553700 | &nbsp;&nbsp;&nbsp;&nbsp; 3031056 |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;263700 | &nbsp;&nbsp;&nbsp;&nbsp; 3313633 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;183500 | &nbsp;&nbsp;&nbsp;&nbsp; 241143 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. | 7921000 | &nbsp;&nbsp;&nbsp;&nbsp; 8323601 |
| &nbsp;&nbsp;&nbsp;China East Education Holdings, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp; 374155 |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;220500 | &nbsp;&nbsp;&nbsp;&nbsp; 878004 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;164400 | &nbsp;&nbsp;&nbsp;&nbsp; 400355 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;438100 | &nbsp;&nbsp;&nbsp;&nbsp; 2159171 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd. | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 3565179 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;186700 | &nbsp;&nbsp;&nbsp;&nbsp; 1149284 |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp; 318768 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147500 | &nbsp;&nbsp;&nbsp;&nbsp; 990605 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;351100 | &nbsp;&nbsp;&nbsp;&nbsp; 2129880 |
| &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;523400 | &nbsp;&nbsp;&nbsp;&nbsp; 685270 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp; 747600 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69600 | &nbsp;&nbsp;&nbsp;&nbsp; 342070 |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp. | 2564000 | &nbsp;&nbsp;&nbsp;&nbsp; 1454268 |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;335100 | &nbsp;&nbsp;&nbsp;&nbsp; 273987 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| &nbsp;&nbsp;&nbsp;Citic Pacific Special Steel Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;531800 | &nbsp;&nbsp;$1139569 |
| &nbsp;&nbsp;&nbsp;CITIC Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68500 | &nbsp;&nbsp;&nbsp;&nbsp; 235988 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000466 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;183200 | &nbsp;&nbsp;&nbsp;&nbsp; 421509 |
| &nbsp;&nbsp;&nbsp;Consun Pharmaceutical Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp; 129844 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 1404701 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp; 1174817 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;287500 | &nbsp;&nbsp;&nbsp;&nbsp; 489426 |
| &nbsp;&nbsp;&nbsp;Country Garden Services Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;536000 | &nbsp;&nbsp;&nbsp;&nbsp; 439697 |
| &nbsp;&nbsp;&nbsp;CRRC Corp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp; 307604 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 86709 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32200 | &nbsp;&nbsp;&nbsp;&nbsp; 276963 |
| &nbsp;&nbsp;&nbsp;Fufeng Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;894000 | &nbsp;&nbsp;&nbsp;&nbsp; 922901 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;248800 | &nbsp;&nbsp;&nbsp;&nbsp; 2317812 |
| &nbsp;&nbsp;&nbsp;GD Power Development Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;732300 | &nbsp;&nbsp;&nbsp;&nbsp; 582633 |
| &nbsp;&nbsp;&nbsp;GoerTek, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;150800 | &nbsp;&nbsp;&nbsp;&nbsp; 642489 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp; 456822 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;168700 | &nbsp;&nbsp;&nbsp;&nbsp; 522735 |
| &nbsp;&nbsp;&nbsp;Guoquan Food Shanghai Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100800 | &nbsp;&nbsp;&nbsp;&nbsp; 47883 |
| &nbsp;&nbsp;&nbsp;H World Group, Ltd. ADR# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26562 | &nbsp;&nbsp;&nbsp;&nbsp; 1224508 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;176200 | &nbsp;&nbsp;&nbsp;&nbsp; 606912 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;212700 | &nbsp;&nbsp;&nbsp;&nbsp; 829429 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group Co., Ltd.\*# | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp; 610244 |
| &nbsp;&nbsp;&nbsp;Huadian Power International Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp; 224248 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp; 325569 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Ltd. | 6350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5272149 |
| &nbsp;&nbsp;&nbsp;Industrial Bank Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;192800 | &nbsp;&nbsp;&nbsp;&nbsp; 574786 |
| &nbsp;&nbsp;&nbsp;InnoCare Pharma, Ltd.\*† | &nbsp;&nbsp;&nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp; 796757 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;259500 | &nbsp;&nbsp;&nbsp;&nbsp; 3147028 |
| &nbsp;&nbsp;&nbsp;JD Health International, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp; 574699 |
| &nbsp;&nbsp;&nbsp;JD Logistics, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp; 47650 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;258500 | &nbsp;&nbsp;&nbsp;&nbsp; 3869063 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp; 741095 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp; 1731760 |
| &nbsp;&nbsp;&nbsp;Jiumaojiu International Holdings, Ltd., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 68580 |
| &nbsp;&nbsp;&nbsp;Kanzhun, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11474 | &nbsp;&nbsp;&nbsp;&nbsp; 253575 |
| &nbsp;&nbsp;&nbsp;KE Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56773 | &nbsp;&nbsp;&nbsp;&nbsp; 328571 |
| &nbsp;&nbsp;&nbsp;Keymed Biosciences, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98500 | &nbsp;&nbsp;&nbsp;&nbsp; 791962 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology\* | &nbsp;&nbsp;&nbsp;&nbsp;269900 | &nbsp;&nbsp;&nbsp;&nbsp; 2361935 |
| &nbsp;&nbsp;&nbsp;Lens Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46800 | &nbsp;&nbsp;&nbsp;&nbsp; 182528 |
| &nbsp;&nbsp;&nbsp;Li Auto, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96200 | &nbsp;&nbsp;&nbsp;&nbsp; 889543 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry Co, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;173200 | &nbsp;&nbsp;&nbsp;&nbsp; 1410618 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B\*† | &nbsp;&nbsp;&nbsp;&nbsp;495700 | &nbsp;&nbsp;&nbsp;&nbsp; 6443994 |
| &nbsp;&nbsp;&nbsp;Midea Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;439900 | &nbsp;&nbsp;&nbsp;&nbsp; 4965768 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125800 | &nbsp;&nbsp;&nbsp;&nbsp; 3478893 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp; 83067 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247500 | &nbsp;&nbsp;&nbsp;&nbsp; 1275756 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12986 | &nbsp;&nbsp;&nbsp;&nbsp; 664104 |
| &nbsp;&nbsp;&nbsp;Nongfu Spring Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp; 111834 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | 2904000 | &nbsp;&nbsp;&nbsp;&nbsp; 3243748 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;834100 | &nbsp;&nbsp;&nbsp;&nbsp; 1151637 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1864145 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;839000 | &nbsp;&nbsp;&nbsp;&nbsp; 6136008 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;387600 | &nbsp;&nbsp;&nbsp;&nbsp; 3232928 |
| &nbsp;&nbsp;&nbsp;Poly Property Services Co, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;357600 | &nbsp;&nbsp;&nbsp;&nbsp; 1614162 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group, Ltd.\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36600 | &nbsp;&nbsp;&nbsp;&nbsp; 1063582 |
| &nbsp;&nbsp;&nbsp;Qfin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15119 | &nbsp;&nbsp;&nbsp;&nbsp; 295274 |
| &nbsp;&nbsp;&nbsp;Remegen Co., Ltd.\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp; 389566 |
| &nbsp;&nbsp;&nbsp;SAIC Motor Corp., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;512400 | &nbsp;&nbsp;&nbsp;&nbsp; 1084833 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Equipment International Holdings Co., Ltd. | 1188000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110478 |
| &nbsp;&nbsp;&nbsp;Shanghai Chicmax Cosmetic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 59313 |
| &nbsp;&nbsp;&nbsp;Shanghai Junshi Biosciences Co., Ltd.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp; 60052 |
| &nbsp;&nbsp;&nbsp;Sinopec Engineering Group Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;707500 | &nbsp;&nbsp;&nbsp;&nbsp; 668054 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Sungrow Power Supply Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;$378684 |
| &nbsp;&nbsp;&nbsp;Sunshine Insurance Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;781000 | &nbsp;&nbsp;&nbsp;&nbsp; 363833 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73850 | &nbsp;&nbsp;&nbsp;&nbsp; 812350 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;564500 | &nbsp;&nbsp;&nbsp;&nbsp; 44612785 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40903 | &nbsp;&nbsp;&nbsp;&nbsp; 754660 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | 1064000 | &nbsp;&nbsp;&nbsp;&nbsp; 1632501 |
| &nbsp;&nbsp;&nbsp;Topsports International Holdings, Ltd.\* | 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 550817 |
| &nbsp;&nbsp;&nbsp;Uni-President China Holdings, Ltd. | 1993000 | &nbsp;&nbsp;&nbsp;&nbsp; 2120232 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50984 | &nbsp;&nbsp;&nbsp;&nbsp; 1001326 |
| &nbsp;&nbsp;&nbsp;Weichai Power Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp; 493377 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63500 | &nbsp;&nbsp;&nbsp;&nbsp; 254940 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B\*† | 1501600 | &nbsp;&nbsp;&nbsp;&nbsp; 7977515 |
| &nbsp;&nbsp;&nbsp;Xinjiang Goldwind Science & Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 133797 |
| &nbsp;&nbsp;&nbsp;Xtep International Holdings, Ltd. | 1971000 | &nbsp;&nbsp;&nbsp;&nbsp; 1424250 |
| &nbsp;&nbsp;&nbsp;ZCZL Industrial Technology Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;505200 | &nbsp;&nbsp;&nbsp;&nbsp; 1340912 |
| &nbsp;&nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24100 | &nbsp;&nbsp;&nbsp;&nbsp; 108053 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;972000 | &nbsp;&nbsp;&nbsp;&nbsp; 3858361 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;281900 | &nbsp;&nbsp;&nbsp;&nbsp; 1146739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;192252056 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| &nbsp;&nbsp;&nbsp;Komercni Banka AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | &nbsp;&nbsp;&nbsp;&nbsp; 103023 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| &nbsp;&nbsp;&nbsp;Commercial International Bank Egypt SAE GDR | &nbsp;&nbsp;&nbsp;&nbsp;191205 | &nbsp;&nbsp;&nbsp;&nbsp; 420711 |
| **Greece — 0.3%** | **Greece — 0.3%** | **Greece — 0.3%** |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34439 | &nbsp;&nbsp;&nbsp;&nbsp; 136478 |
| &nbsp;&nbsp;&nbsp;OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;110266 | &nbsp;&nbsp;&nbsp;&nbsp; 2253894 |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30966 | &nbsp;&nbsp;&nbsp;&nbsp; 254184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644556 |
| **Hong Kong — 4.7%** | **Hong Kong — 4.7%** | **Hong Kong — 4.7%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | 1429900 | &nbsp;&nbsp;&nbsp;&nbsp; 28179396 |
| &nbsp;&nbsp;&nbsp;China Overseas Land & Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 564621 |
| &nbsp;&nbsp;&nbsp;China Resources Beer Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp; 293519 |
| &nbsp;&nbsp;&nbsp;China Resources Land, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 776654 |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;235800 | &nbsp;&nbsp;&nbsp;&nbsp; 413960 |
| &nbsp;&nbsp;&nbsp;CITIC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp; 1215245 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;594000 | &nbsp;&nbsp;&nbsp;&nbsp; 605509 |
| &nbsp;&nbsp;&nbsp;Fosun International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp; 190747 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;644000 | &nbsp;&nbsp;&nbsp;&nbsp; 1403956 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;546000 | &nbsp;&nbsp;&nbsp;&nbsp; 525097 |
| &nbsp;&nbsp;&nbsp;Hutchmed China, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;129500 | &nbsp;&nbsp;&nbsp;&nbsp; 374777 |
| &nbsp;&nbsp;&nbsp;Hutchmed China, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17463 | &nbsp;&nbsp;&nbsp;&nbsp; 251816 |
| &nbsp;&nbsp;&nbsp;Simcere Pharmaceutical Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;793000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395401 |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical, Ltd. | 2621000 | &nbsp;&nbsp;&nbsp;&nbsp; 2380000 |
| &nbsp;&nbsp;&nbsp;TCL Electronics Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp;&nbsp;&nbsp; 653087 |
| &nbsp;&nbsp;&nbsp;Yuexiu Property Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;178000 | &nbsp;&nbsp;&nbsp;&nbsp; 103369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39327154 |
| **Hungary — 0.5%** | **Hungary — 0.5%** | **Hungary — 0.5%** |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39136 | &nbsp;&nbsp;&nbsp;&nbsp; 4074352 |
| **India — 14.8%** | **India — 14.8%** | **India — 14.8%** |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51699 | &nbsp;&nbsp;&nbsp;&nbsp; 876462 |
| &nbsp;&nbsp;&nbsp;Aegis Logistics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18556 | &nbsp;&nbsp;&nbsp;&nbsp; 158677 |
| &nbsp;&nbsp;&nbsp;Anthem Biosciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7696 | &nbsp;&nbsp;&nbsp;&nbsp; 54627 |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8553 | &nbsp;&nbsp;&nbsp;&nbsp; 701648 |
| &nbsp;&nbsp;&nbsp;Apollo Tyres, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106023 | &nbsp;&nbsp;&nbsp;&nbsp; 609702 |
| &nbsp;&nbsp;&nbsp;Asian Paints, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40940 | &nbsp;&nbsp;&nbsp;&nbsp; 1316029 |
| &nbsp;&nbsp;&nbsp;Avanti Feeds, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14322 | &nbsp;&nbsp;&nbsp;&nbsp; 128949 |
| &nbsp;&nbsp;&nbsp;Axis Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;184202 | &nbsp;&nbsp;&nbsp;&nbsp; 2641488 |
| &nbsp;&nbsp;&nbsp;Bajaj Auto, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp; 126115 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **India (continued)** | **India (continued)** | **India (continued)** |
| &nbsp;&nbsp;&nbsp;Bajaj Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;177187 | &nbsp;&nbsp;$2055879 |
| &nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 63384 |
| &nbsp;&nbsp;&nbsp;Bharat Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;205013 | &nbsp;&nbsp;&nbsp;&nbsp; 944873 |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;216464 | &nbsp;&nbsp;&nbsp;&nbsp; 869924 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;267922 | &nbsp;&nbsp;&nbsp;&nbsp; 6301016 |
| &nbsp;&nbsp;&nbsp;Biocon, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67470 | &nbsp;&nbsp;&nbsp;&nbsp; 300781 |
| &nbsp;&nbsp;&nbsp;Birlasoft, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19962 | &nbsp;&nbsp;&nbsp;&nbsp; 84618 |
| &nbsp;&nbsp;&nbsp;BrainBees Solutions, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36677 | &nbsp;&nbsp;&nbsp;&nbsp; 124858 |
| &nbsp;&nbsp;&nbsp;Britannia Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10894 | &nbsp;&nbsp;&nbsp;&nbsp; 711793 |
| &nbsp;&nbsp;&nbsp;CESC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;348064 | &nbsp;&nbsp;&nbsp;&nbsp; 657866 |
| &nbsp;&nbsp;&nbsp;Chennai Petroleum Corp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41275 | &nbsp;&nbsp;&nbsp;&nbsp; 423244 |
| &nbsp;&nbsp;&nbsp;Coforge, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8658 | &nbsp;&nbsp;&nbsp;&nbsp; 185242 |
| &nbsp;&nbsp;&nbsp;Coromandel International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8092 | &nbsp;&nbsp;&nbsp;&nbsp; 215002 |
| &nbsp;&nbsp;&nbsp;Cummins India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11646 | &nbsp;&nbsp;&nbsp;&nbsp; 581899 |
| &nbsp;&nbsp;&nbsp;Cyient, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16098 | &nbsp;&nbsp;&nbsp;&nbsp; 202306 |
| &nbsp;&nbsp;&nbsp;Dalmia Bharat, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42537 | &nbsp;&nbsp;&nbsp;&nbsp; 955780 |
| &nbsp;&nbsp;&nbsp;DLF, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52993 | &nbsp;&nbsp;&nbsp;&nbsp; 429547 |
| &nbsp;&nbsp;&nbsp;Dr Lal PathLabs, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28813 | &nbsp;&nbsp;&nbsp;&nbsp; 983266 |
| &nbsp;&nbsp;&nbsp;Eicher Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6128 | &nbsp;&nbsp;&nbsp;&nbsp; 482736 |
| &nbsp;&nbsp;&nbsp;Engineers India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;180621 | &nbsp;&nbsp;&nbsp;&nbsp; 397379 |
| &nbsp;&nbsp;&nbsp;Escorts Kubota, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15643 | &nbsp;&nbsp;&nbsp;&nbsp; 665871 |
| &nbsp;&nbsp;&nbsp;Eternal, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74935 | &nbsp;&nbsp;&nbsp;&nbsp; 252263 |
| &nbsp;&nbsp;&nbsp;Fortis Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127382 | &nbsp;&nbsp;&nbsp;&nbsp; 1312370 |
| &nbsp;&nbsp;&nbsp;GE Vernova T&D India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37816 | &nbsp;&nbsp;&nbsp;&nbsp; 1222513 |
| &nbsp;&nbsp;&nbsp;GMR Airports Infrastructure, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;437461 | &nbsp;&nbsp;&nbsp;&nbsp; 530705 |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800 | &nbsp;&nbsp;&nbsp;&nbsp; 368750 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96851 | &nbsp;&nbsp;&nbsp;&nbsp; 1759347 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776 | &nbsp;&nbsp;&nbsp;&nbsp; 112888 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;955946 | &nbsp;&nbsp;&nbsp;&nbsp; 10776995 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12129 | &nbsp;&nbsp;&nbsp;&nbsp; 840450 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42347 | &nbsp;&nbsp;&nbsp;&nbsp; 383517 |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12981 | &nbsp;&nbsp;&nbsp;&nbsp; 658865 |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117693 | &nbsp;&nbsp;&nbsp;&nbsp; 602467 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46789 | &nbsp;&nbsp;&nbsp;&nbsp; 1292611 |
| &nbsp;&nbsp;&nbsp;Hindustan Zinc, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113510 | &nbsp;&nbsp;&nbsp;&nbsp; 615669 |
| &nbsp;&nbsp;&nbsp;Hitachi Energy India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 141121 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;520930 | &nbsp;&nbsp;&nbsp;&nbsp; 8089523 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39328 | &nbsp;&nbsp;&nbsp;&nbsp; 1228213 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23291 | &nbsp;&nbsp;&nbsp;&nbsp; 601481 |
| &nbsp;&nbsp;&nbsp;Indian Oil Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;441099 | &nbsp;&nbsp;&nbsp;&nbsp; 798144 |
| &nbsp;&nbsp;&nbsp;Indraprastha Gas, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;193722 | &nbsp;&nbsp;&nbsp;&nbsp; 431971 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;337038 | &nbsp;&nbsp;&nbsp;&nbsp; 5893826 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. ADR# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59095 | &nbsp;&nbsp;&nbsp;&nbsp; 1032981 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12982 | &nbsp;&nbsp;&nbsp;&nbsp; 856773 |
| &nbsp;&nbsp;&nbsp;Inventurus Knowledge Solutions, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333 | &nbsp;&nbsp;&nbsp;&nbsp; 157061 |
| &nbsp;&nbsp;&nbsp;ITC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;277063 | &nbsp;&nbsp;&nbsp;&nbsp; 1253003 |
| &nbsp;&nbsp;&nbsp;Jindal Saw, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39896 | &nbsp;&nbsp;&nbsp;&nbsp; 72416 |
| &nbsp;&nbsp;&nbsp;JK Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15685 | &nbsp;&nbsp;&nbsp;&nbsp; 1006644 |
| &nbsp;&nbsp;&nbsp;Jubilant Foodworks, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17845 | &nbsp;&nbsp;&nbsp;&nbsp; 119827 |
| &nbsp;&nbsp;&nbsp;KEC International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84521 | &nbsp;&nbsp;&nbsp;&nbsp; 646568 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79719 | &nbsp;&nbsp;&nbsp;&nbsp; 1893583 |
| &nbsp;&nbsp;&nbsp;L&T Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106440 | &nbsp;&nbsp;&nbsp;&nbsp; 370270 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84501 | &nbsp;&nbsp;&nbsp;&nbsp; 3855171 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro, Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14574 | &nbsp;&nbsp;&nbsp;&nbsp; 664645 |
| &nbsp;&nbsp;&nbsp;Laurus Labs, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55791 | &nbsp;&nbsp;&nbsp;&nbsp; 644064 |
| &nbsp;&nbsp;&nbsp;Life Insurance Corp. of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56086 | &nbsp;&nbsp;&nbsp;&nbsp; 560425 |
| &nbsp;&nbsp;&nbsp;LTIMindtree, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9348 | &nbsp;&nbsp;&nbsp;&nbsp; 639139 |
| &nbsp;&nbsp;&nbsp;Lupin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44420 | &nbsp;&nbsp;&nbsp;&nbsp; 1032656 |
| &nbsp;&nbsp;&nbsp;Mahanagar Gas, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36357 | &nbsp;&nbsp;&nbsp;&nbsp; 487315 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80027 | &nbsp;&nbsp;&nbsp;&nbsp; 3364015 |
| &nbsp;&nbsp;&nbsp;Marico, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94953 | &nbsp;&nbsp;&nbsp;&nbsp; 760200 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9898 | &nbsp;&nbsp;&nbsp;&nbsp; 1760706 |
| &nbsp;&nbsp;&nbsp;Max Financial Services, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19610 | &nbsp;&nbsp;&nbsp;&nbsp; 372866 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Max Healthcare Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;$60744 |
| &nbsp;&nbsp;&nbsp;Mphasis, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296 | &nbsp;&nbsp;&nbsp;&nbsp; 166722 |
| &nbsp;&nbsp;&nbsp;Multi Commodity Exchange of India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp; 195122 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849 | &nbsp;&nbsp;&nbsp;&nbsp; 119208 |
| &nbsp;&nbsp;&nbsp;Natco Pharma, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24333 | &nbsp;&nbsp;&nbsp;&nbsp; 238296 |
| &nbsp;&nbsp;&nbsp;National Aluminium Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;438666 | &nbsp;&nbsp;&nbsp;&nbsp; 1276795 |
| &nbsp;&nbsp;&nbsp;Navin Fluorine International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15485 | &nbsp;&nbsp;&nbsp;&nbsp; 992610 |
| &nbsp;&nbsp;&nbsp;NBCC India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;257039 | &nbsp;&nbsp;&nbsp;&nbsp; 335133 |
| &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23657 | &nbsp;&nbsp;&nbsp;&nbsp; 231616 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;445389 | &nbsp;&nbsp;&nbsp;&nbsp; 1628497 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;282454 | &nbsp;&nbsp;&nbsp;&nbsp; 768382 |
| &nbsp;&nbsp;&nbsp;One 97 Communications, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26606 | &nbsp;&nbsp;&nbsp;&nbsp; 392577 |
| &nbsp;&nbsp;&nbsp;PB Fintech, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11398 | &nbsp;&nbsp;&nbsp;&nbsp; 231373 |
| &nbsp;&nbsp;&nbsp;Persistent Systems, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10401 | &nbsp;&nbsp;&nbsp;&nbsp; 740323 |
| &nbsp;&nbsp;&nbsp;Petronet LNG, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;265549 | &nbsp;&nbsp;&nbsp;&nbsp; 808308 |
| &nbsp;&nbsp;&nbsp;Polycab India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp; 124929 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp. of India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;404085 | &nbsp;&nbsp;&nbsp;&nbsp; 1220595 |
| &nbsp;&nbsp;&nbsp;PTC India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64555 | &nbsp;&nbsp;&nbsp;&nbsp; 113813 |
| &nbsp;&nbsp;&nbsp;PVR Inox, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;118439 | &nbsp;&nbsp;&nbsp;&nbsp; 1413203 |
| &nbsp;&nbsp;&nbsp;Radico Khaitan, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31026 | &nbsp;&nbsp;&nbsp;&nbsp; 1114098 |
| &nbsp;&nbsp;&nbsp;Reliance Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;517657 | &nbsp;&nbsp;&nbsp;&nbsp; 9086785 |
| &nbsp;&nbsp;&nbsp;Samvardhana Motherson International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93489 | &nbsp;&nbsp;&nbsp;&nbsp; 121603 |
| &nbsp;&nbsp;&nbsp;SBI Life Insurance Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 41133 |
| &nbsp;&nbsp;&nbsp;Shree Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp; 689406 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33378 | &nbsp;&nbsp;&nbsp;&nbsp; 319364 |
| &nbsp;&nbsp;&nbsp;Solar Industries India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 159557 |
| &nbsp;&nbsp;&nbsp;State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;175767 | &nbsp;&nbsp;&nbsp;&nbsp; 1918421 |
| &nbsp;&nbsp;&nbsp;Steel Authority of India, Ltd. | 1099706 | &nbsp;&nbsp;&nbsp;&nbsp; 1659514 |
| &nbsp;&nbsp;&nbsp;Strides Pharma Science, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28293 | &nbsp;&nbsp;&nbsp;&nbsp; 278593 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45007 | &nbsp;&nbsp;&nbsp;&nbsp; 923767 |
| &nbsp;&nbsp;&nbsp;Suzlon Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;327857 | &nbsp;&nbsp;&nbsp;&nbsp; 198617 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;107580 | &nbsp;&nbsp;&nbsp;&nbsp; 3778686 |
| &nbsp;&nbsp;&nbsp;Tata Motors Passenger Vehicles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;180965 | &nbsp;&nbsp;&nbsp;&nbsp; 722370 |
| &nbsp;&nbsp;&nbsp;Tata Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;254375 | &nbsp;&nbsp;&nbsp;&nbsp; 478572 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64638 | &nbsp;&nbsp;&nbsp;&nbsp; 1097350 |
| &nbsp;&nbsp;&nbsp;Titan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27436 | &nbsp;&nbsp;&nbsp;&nbsp; 1196322 |
| &nbsp;&nbsp;&nbsp;Trent, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8956 | &nbsp;&nbsp;&nbsp;&nbsp; 425645 |
| &nbsp;&nbsp;&nbsp;TVS Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31414 | &nbsp;&nbsp;&nbsp;&nbsp; 1241042 |
| &nbsp;&nbsp;&nbsp;United Spirits, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33662 | &nbsp;&nbsp;&nbsp;&nbsp; 546049 |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57322 | &nbsp;&nbsp;&nbsp;&nbsp; 485295 |
| &nbsp;&nbsp;&nbsp;VA Tech Wabag, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21893 | &nbsp;&nbsp;&nbsp;&nbsp; 331210 |
| &nbsp;&nbsp;&nbsp;Vedanta, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;201348 | &nbsp;&nbsp;&nbsp;&nbsp; 1188214 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;371636 | &nbsp;&nbsp;&nbsp;&nbsp; 1038910 |
| &nbsp;&nbsp;&nbsp;Wipro, Ltd. ADR# | &nbsp;&nbsp;&nbsp;&nbsp;158916 | &nbsp;&nbsp;&nbsp;&nbsp; 432252 |
| &nbsp;&nbsp;&nbsp;Yes Bank, Ltd.† | 1290372 | &nbsp;&nbsp;&nbsp;&nbsp; 331088 |
| &nbsp;&nbsp;&nbsp;Zensar Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29616 | &nbsp;&nbsp;&nbsp;&nbsp; 248214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;124825301 |
| **Indonesia — 1.1%** | **Indonesia — 1.1%** | **Indonesia — 1.1%** |
| &nbsp;&nbsp;&nbsp;Aneka Tambang Tbk | 2513300 | &nbsp;&nbsp;&nbsp;&nbsp; 441229 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 10938200 | &nbsp;&nbsp;&nbsp;&nbsp; 5458310 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 4950500 | &nbsp;&nbsp;&nbsp;&nbsp; 1437541 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 7319100 | &nbsp;&nbsp;&nbsp;&nbsp; 1617555 |
| &nbsp;&nbsp;&nbsp;Kalbe Farma Tbk PT | 1280300 | &nbsp;&nbsp;&nbsp;&nbsp; 92511 |
| &nbsp;&nbsp;&nbsp;Merdeka Copper Gold Tbk PT† | 2082100 | &nbsp;&nbsp;&nbsp;&nbsp; 285300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9332446 |
| **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56191 | &nbsp;&nbsp;&nbsp;&nbsp; 6522651 |
| **Malaysia — 1.3%** | **Malaysia — 1.3%** | **Malaysia — 1.3%** |
| &nbsp;&nbsp;&nbsp;99 Speed Mart Retail Holdings Bhd | 1196400 | &nbsp;&nbsp;&nbsp;&nbsp; 969675 |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd | 2161000 | &nbsp;&nbsp;&nbsp;&nbsp; 5181817 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| &nbsp;&nbsp;&nbsp;Nestle Malaysia Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;$126743 |
| &nbsp;&nbsp;&nbsp;Sime Darby Bhd | 2120400 | &nbsp;&nbsp;&nbsp;&nbsp; 1000449 |
| &nbsp;&nbsp;&nbsp;Sunway Construction Group BHD | &nbsp;&nbsp;&nbsp;&nbsp;811100 | &nbsp;&nbsp;&nbsp;&nbsp; 1157918 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd | &nbsp;&nbsp;&nbsp;&nbsp;719300 | &nbsp;&nbsp;&nbsp;&nbsp; 2294473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10731075 |
| **Marshall Islands — 0.3%** | **Marshall Islands — 0.3%** | **Marshall Islands — 0.3%** |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121838 | &nbsp;&nbsp;&nbsp;&nbsp; 1860466 |
| &nbsp;&nbsp;&nbsp;Star Bulk Carriers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21891 | &nbsp;&nbsp;&nbsp;&nbsp; 435631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296097 |
| **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV | 1915308 | &nbsp;&nbsp;&nbsp;&nbsp; 2191495 |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21364 | &nbsp;&nbsp;&nbsp;&nbsp; 493081 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26016 | &nbsp;&nbsp;&nbsp;&nbsp; 251602 |
| &nbsp;&nbsp;&nbsp;Gentera SAB de CV# | 1105367 | &nbsp;&nbsp;&nbsp;&nbsp; 2579653 |
| &nbsp;&nbsp;&nbsp;Gruma SAB de CV, Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30491 | &nbsp;&nbsp;&nbsp;&nbsp; 539928 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;396935 | &nbsp;&nbsp;&nbsp;&nbsp; 3784775 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;362994 | &nbsp;&nbsp;&nbsp;&nbsp; 3171561 |
| &nbsp;&nbsp;&nbsp;Industrias Penoles SAB de CV#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31306 | &nbsp;&nbsp;&nbsp;&nbsp; 1317175 |
| &nbsp;&nbsp;&nbsp;Regional SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57337 | &nbsp;&nbsp;&nbsp;&nbsp; 426526 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV# | &nbsp;&nbsp;&nbsp;&nbsp;401907 | &nbsp;&nbsp;&nbsp;&nbsp; 1356746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16112542 |
| **Netherlands — 0.0%** | **Netherlands — 0.0%** | **Netherlands — 0.0%** |
| &nbsp;&nbsp;&nbsp;Pepco Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28230 | &nbsp;&nbsp;&nbsp;&nbsp; 207114 |
| **Philippines — 0.5%** | **Philippines — 0.5%** | **Philippines — 0.5%** |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269640 | &nbsp;&nbsp;&nbsp;&nbsp; 2497575 |
| &nbsp;&nbsp;&nbsp;SM Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92840 | &nbsp;&nbsp;&nbsp;&nbsp; 1171485 |
| &nbsp;&nbsp;&nbsp;SM Prime Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;782800 | &nbsp;&nbsp;&nbsp;&nbsp; 307288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976348 |
| **Poland — 1.2%** | **Poland — 1.2%** | **Poland — 1.2%** |
| &nbsp;&nbsp;&nbsp;Alior Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;Asseco Poland SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609 | &nbsp;&nbsp;&nbsp;&nbsp; 192573 |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183 | &nbsp;&nbsp;&nbsp;&nbsp; 448280 |
| &nbsp;&nbsp;&nbsp;Orlen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50480 | &nbsp;&nbsp;&nbsp;&nbsp; 1300419 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;&nbsp;&nbsp;177757 | &nbsp;&nbsp;&nbsp;&nbsp; 3769472 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;&nbsp;219207 | &nbsp;&nbsp;&nbsp;&nbsp; 3775463 |
| &nbsp;&nbsp;&nbsp;Santander Bank Polska SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 305623 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia SA† | &nbsp;&nbsp;&nbsp;&nbsp;183383 | &nbsp;&nbsp;&nbsp;&nbsp; 476316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10268458 |
| **Qatar — 0.8%** | **Qatar — 0.8%** | **Qatar — 0.8%** |
| &nbsp;&nbsp;&nbsp;Ooredoo Q.P.S.C. | &nbsp;&nbsp;&nbsp;&nbsp;502524 | &nbsp;&nbsp;&nbsp;&nbsp; 1764296 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank Q.P.S.C. | &nbsp;&nbsp;&nbsp;&nbsp;194501 | &nbsp;&nbsp;&nbsp;&nbsp; 1242084 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank Q.P.S.C. | &nbsp;&nbsp;&nbsp;&nbsp;733659 | &nbsp;&nbsp;&nbsp;&nbsp; 3646609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6652989 |
| **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 — 3.0%** | **Saudi Arabia — 3.0%** | **Saudi Arabia — 3.0%** |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp;&nbsp;&nbsp;230630 | &nbsp;&nbsp;&nbsp;&nbsp; 5893585 |
| &nbsp;&nbsp;&nbsp;Alinma Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99048 | &nbsp;&nbsp;&nbsp;&nbsp; 639630 |
| &nbsp;&nbsp;&nbsp;Banque Saudi Fransi | &nbsp;&nbsp;&nbsp;&nbsp;262847 | &nbsp;&nbsp;&nbsp;&nbsp; 1153524 |
| &nbsp;&nbsp;&nbsp;Co. for Cooperative Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10779 | &nbsp;&nbsp;&nbsp;&nbsp; 346908 |
| &nbsp;&nbsp;&nbsp;Derayah Financial Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14455 | &nbsp;&nbsp;&nbsp;&nbsp; 111457 |
| &nbsp;&nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74051 | &nbsp;&nbsp;&nbsp;&nbsp; 1241826 |
| &nbsp;&nbsp;&nbsp;Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;637854 | &nbsp;&nbsp;&nbsp;&nbsp; 1824612 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| &nbsp;&nbsp;&nbsp;Mouwasat Medical Services Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41279 | &nbsp;&nbsp;$763713 |
| &nbsp;&nbsp;&nbsp;Riyad Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23687 | &nbsp;&nbsp;&nbsp;&nbsp; 163255 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Mining Co.† | &nbsp;&nbsp;&nbsp;&nbsp;106610 | &nbsp;&nbsp;&nbsp;&nbsp; 1733853 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;527891 | &nbsp;&nbsp;&nbsp;&nbsp; 3466444 |
| &nbsp;&nbsp;&nbsp;Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;129905 | &nbsp;&nbsp;&nbsp;&nbsp; 1061445 |
| &nbsp;&nbsp;&nbsp;Saudi Basic Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32951 | &nbsp;&nbsp;&nbsp;&nbsp; 484751 |
| &nbsp;&nbsp;&nbsp;Saudi Electricity Co. | &nbsp;&nbsp;&nbsp;&nbsp;443539 | &nbsp;&nbsp;&nbsp;&nbsp; 1668810 |
| &nbsp;&nbsp;&nbsp;Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;465759 | &nbsp;&nbsp;&nbsp;&nbsp; 4585072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25138885 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| &nbsp;&nbsp;&nbsp;Trip.com Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;&nbsp;&nbsp; 3394362 |
| **South Africa — 3.0%** | **South Africa — 3.0%** | **South Africa — 3.0%** |
| &nbsp;&nbsp;&nbsp;AVI, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;145714 | &nbsp;&nbsp;&nbsp;&nbsp; 882552 |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18288 | &nbsp;&nbsp;&nbsp;&nbsp; 4147035 |
| &nbsp;&nbsp;&nbsp;Clicks Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20936 | &nbsp;&nbsp;&nbsp;&nbsp; 424957 |
| &nbsp;&nbsp;&nbsp;FirstRand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;915425 | &nbsp;&nbsp;&nbsp;&nbsp; 4359781 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100377 | &nbsp;&nbsp;&nbsp;&nbsp; 4270890 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28942 | &nbsp;&nbsp;&nbsp;&nbsp; 1241322 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp; 155597 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18291 | &nbsp;&nbsp;&nbsp;&nbsp; 229650 |
| &nbsp;&nbsp;&nbsp;Kumba Iron Ore, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21130 | &nbsp;&nbsp;&nbsp;&nbsp; 413017 |
| &nbsp;&nbsp;&nbsp;Mr. Price Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41594 | &nbsp;&nbsp;&nbsp;&nbsp; 510457 |
| &nbsp;&nbsp;&nbsp;MTN Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;151038 | &nbsp;&nbsp;&nbsp;&nbsp; 1396309 |
| &nbsp;&nbsp;&nbsp;Naspers, Ltd., Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38617 | &nbsp;&nbsp;&nbsp;&nbsp; 2422242 |
| &nbsp;&nbsp;&nbsp;Shoprite Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35993 | &nbsp;&nbsp;&nbsp;&nbsp; 577097 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;134786 | &nbsp;&nbsp;&nbsp;&nbsp; 2071674 |
| &nbsp;&nbsp;&nbsp;Tiger Brands, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68570 | &nbsp;&nbsp;&nbsp;&nbsp; 1439559 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp; 169622 |
| &nbsp;&nbsp;&nbsp;Woolworths Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72149 | &nbsp;&nbsp;&nbsp;&nbsp; 238344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24950105 |
| **South Korea — 12.3%** | **South Korea — 12.3%** | **South Korea — 12.3%** |
| &nbsp;&nbsp;&nbsp;APR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp; 548767 |
| &nbsp;&nbsp;&nbsp;BNK Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9363 | &nbsp;&nbsp;&nbsp;&nbsp; 95904 |
| &nbsp;&nbsp;&nbsp;CJ CheilJedang Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782 | &nbsp;&nbsp;&nbsp;&nbsp; 681536 |
| &nbsp;&nbsp;&nbsp;CJ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082 | &nbsp;&nbsp;&nbsp;&nbsp; 249774 |
| &nbsp;&nbsp;&nbsp;CJ ENM Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16833 | &nbsp;&nbsp;&nbsp;&nbsp; 727619 |
| &nbsp;&nbsp;&nbsp;DB HiTek Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426 | &nbsp;&nbsp;&nbsp;&nbsp; 105229 |
| &nbsp;&nbsp;&nbsp;DL E&C Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13367 | &nbsp;&nbsp;&nbsp;&nbsp; 366583 |
| &nbsp;&nbsp;&nbsp;Dongsung Finetec Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24094 | &nbsp;&nbsp;&nbsp;&nbsp; 405548 |
| &nbsp;&nbsp;&nbsp;Doosan Enerbility Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24482 | &nbsp;&nbsp;&nbsp;&nbsp; 1276170 |
| &nbsp;&nbsp;&nbsp;E-MART, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29927 | &nbsp;&nbsp;&nbsp;&nbsp; 1591420 |
| &nbsp;&nbsp;&nbsp;Green Cross Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685 | &nbsp;&nbsp;&nbsp;&nbsp; 431739 |
| &nbsp;&nbsp;&nbsp;GS Engineering & Construction Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31009 | &nbsp;&nbsp;&nbsp;&nbsp; 407845 |
| &nbsp;&nbsp;&nbsp;GS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14722 | &nbsp;&nbsp;&nbsp;&nbsp; 565580 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20980 | &nbsp;&nbsp;&nbsp;&nbsp; 1332533 |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp; 1197923 |
| &nbsp;&nbsp;&nbsp;Hanwha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;&nbsp;&nbsp; 97309 |
| &nbsp;&nbsp;&nbsp;Hanwha Ocean Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 116920 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936 | &nbsp;&nbsp;&nbsp;&nbsp; 528053 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Construction Equipment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494 | &nbsp;&nbsp;&nbsp;&nbsp; 351046 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp; 962931 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Infracore Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79260 | &nbsp;&nbsp;&nbsp;&nbsp; 789111 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Mipo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp; 38053 |
| &nbsp;&nbsp;&nbsp;HDC Hyundai Development Co-Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57662 | &nbsp;&nbsp;&nbsp;&nbsp; 770518 |
| &nbsp;&nbsp;&nbsp;HL Mando Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75201 | &nbsp;&nbsp;&nbsp;&nbsp; 2389008 |
| &nbsp;&nbsp;&nbsp;Hugel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136 | &nbsp;&nbsp;&nbsp;&nbsp; 1265137 |
| &nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 252971 |
| &nbsp;&nbsp;&nbsp;Hyundai Elevator Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28594 | &nbsp;&nbsp;&nbsp;&nbsp; 1692134 |
| &nbsp;&nbsp;&nbsp;Hyundai Heavy Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 | &nbsp;&nbsp;&nbsp;&nbsp; 1022017 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| &nbsp;&nbsp;&nbsp;Hyundai Marine & Fire Insurance Co, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16546 | &nbsp;&nbsp;$338499 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7423 | &nbsp;&nbsp;&nbsp;&nbsp; 1561873 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7764 | &nbsp;&nbsp;&nbsp;&nbsp; 1384112 |
| &nbsp;&nbsp;&nbsp;Hyundai Rotem Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899 | &nbsp;&nbsp;&nbsp;&nbsp; 586521 |
| &nbsp;&nbsp;&nbsp;Hyundai Steel Co. | &nbsp;&nbsp;&nbsp;&nbsp;125421 | &nbsp;&nbsp;&nbsp;&nbsp; 2580962 |
| &nbsp;&nbsp;&nbsp;iM Financial Group Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39323 | &nbsp;&nbsp;&nbsp;&nbsp; 382655 |
| &nbsp;&nbsp;&nbsp;Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32535 | &nbsp;&nbsp;&nbsp;&nbsp; 1300550 |
| &nbsp;&nbsp;&nbsp;Kangwon Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9349 | &nbsp;&nbsp;&nbsp;&nbsp; 114541 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28466 | &nbsp;&nbsp;&nbsp;&nbsp; 2419372 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518 | &nbsp;&nbsp;&nbsp;&nbsp; 351178 |
| &nbsp;&nbsp;&nbsp;KIWOOM Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp; 280084 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20522 | &nbsp;&nbsp;&nbsp;&nbsp; 734200 |
| &nbsp;&nbsp;&nbsp;Korea Shipbuilding & Offshore Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp;&nbsp; 1216973 |
| &nbsp;&nbsp;&nbsp;Korea Zinc Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp; 163408 |
| &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; 240 |
| &nbsp;&nbsp;&nbsp;KT Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;104141 | &nbsp;&nbsp;&nbsp;&nbsp; 1912029 |
| &nbsp;&nbsp;&nbsp;KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8694 | &nbsp;&nbsp;&nbsp;&nbsp; 860326 |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7109 | &nbsp;&nbsp;&nbsp;&nbsp; 332066 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp; 164888 |
| &nbsp;&nbsp;&nbsp;LG Innotek Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848 | &nbsp;&nbsp;&nbsp;&nbsp; 1747973 |
| &nbsp;&nbsp;&nbsp;Lotte Tour Development Co, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18601 | &nbsp;&nbsp;&nbsp;&nbsp; 244318 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10550 | &nbsp;&nbsp;&nbsp;&nbsp; 1753223 |
| &nbsp;&nbsp;&nbsp;NCSoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 783971 |
| &nbsp;&nbsp;&nbsp;Netmarble Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12306 | &nbsp;&nbsp;&nbsp;&nbsp; 444416 |
| &nbsp;&nbsp;&nbsp;Pan Ocean Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27303 | &nbsp;&nbsp;&nbsp;&nbsp; 70030 |
| &nbsp;&nbsp;&nbsp;PharmaResearch Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp; 68099 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951 | &nbsp;&nbsp;&nbsp;&nbsp; 622580 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics Co., Ltd.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp; 1268443 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp; 201339 |
| &nbsp;&nbsp;&nbsp;Samsung E&A Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;181239 | &nbsp;&nbsp;&nbsp;&nbsp; 3150326 |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp; 89654 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;442656 | &nbsp;&nbsp;&nbsp;&nbsp; 30239314 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp; 2793730 |
| &nbsp;&nbsp;&nbsp;Samsung Episholdings Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp; 181442 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;&nbsp; 327000 |
| &nbsp;&nbsp;&nbsp;Samsung Heavy Industries Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43236 | &nbsp;&nbsp;&nbsp;&nbsp; 724563 |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 93261 |
| &nbsp;&nbsp;&nbsp;Samsung Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37003 | &nbsp;&nbsp;&nbsp;&nbsp; 1988792 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28514 | &nbsp;&nbsp;&nbsp;&nbsp; 1517939 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47330 | &nbsp;&nbsp;&nbsp;&nbsp; 17047378 |
| &nbsp;&nbsp;&nbsp;SK Square Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp; 485448 |
| &nbsp;&nbsp;&nbsp;SNT Energy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918 | &nbsp;&nbsp;&nbsp;&nbsp; 75654 |
| &nbsp;&nbsp;&nbsp;WONIK IPS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11465 | &nbsp;&nbsp;&nbsp;&nbsp; 478557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;103341305 |
| **Taiwan — 19.9%** | **Taiwan — 19.9%** | **Taiwan — 19.9%** |
| &nbsp;&nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | &nbsp;&nbsp;&nbsp;&nbsp; 1567529 |
| &nbsp;&nbsp;&nbsp;Advanced Wireless Semiconductor Co. | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp; 807806 |
| &nbsp;&nbsp;&nbsp;Arcadyan Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp; 2215542 |
| &nbsp;&nbsp;&nbsp;Ardentec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp; 137130 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097701 |
| &nbsp;&nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp; 1226299 |
| &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 3518689 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27375 | &nbsp;&nbsp;&nbsp;&nbsp; 1409053 |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;404000 | &nbsp;&nbsp;&nbsp;&nbsp; 827011 |
| &nbsp;&nbsp;&nbsp;Chenbro Micom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 644194 |
| &nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020322 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;734000 | &nbsp;&nbsp;&nbsp;&nbsp; 3051722 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34091 | &nbsp;&nbsp;&nbsp;&nbsp; 1425345 |
| &nbsp;&nbsp;&nbsp;Compeq Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;842000 | &nbsp;&nbsp;&nbsp;&nbsp; 2234414 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp; 390543 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp; 6563560 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding Co., Ltd. | 1717348 | &nbsp;&nbsp;&nbsp;&nbsp; 1660408 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| &nbsp;&nbsp;&nbsp;Ennoconn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;$760221 |
| &nbsp;&nbsp;&nbsp;Evergreen Aviation Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 65866 |
| &nbsp;&nbsp;&nbsp;Formosa Petrochemical Corp. | 1242000 | &nbsp;&nbsp;&nbsp;&nbsp; 2069515 |
| &nbsp;&nbsp;&nbsp;Getac Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;469000 | &nbsp;&nbsp;&nbsp;&nbsp; 1878701 |
| &nbsp;&nbsp;&nbsp;Global Unichip Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 71989 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. | 1304000 | &nbsp;&nbsp;&nbsp;&nbsp; 9366781 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25739 | &nbsp;&nbsp;&nbsp;&nbsp; 368705 |
| &nbsp;&nbsp;&nbsp;Innodisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 315465 |
| &nbsp;&nbsp;&nbsp;King Yuan Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp; 2084030 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp; 5562432 |
| &nbsp;&nbsp;&nbsp;Nanya Technology Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp; 966526 |
| &nbsp;&nbsp;&nbsp;Phison Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 321290 |
| &nbsp;&nbsp;&nbsp;Primax Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;696000 | &nbsp;&nbsp;&nbsp;&nbsp; 1829516 |
| &nbsp;&nbsp;&nbsp;Quanta Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 287479 |
| &nbsp;&nbsp;&nbsp;Sercomm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp; 835999 |
| &nbsp;&nbsp;&nbsp;Sunonwealth Electric Machine Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;243000 | &nbsp;&nbsp;&nbsp;&nbsp; 1288900 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2105000 | &nbsp;&nbsp;&nbsp;&nbsp; 96763708 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7580 | &nbsp;&nbsp;&nbsp;&nbsp; 2209646 |
| &nbsp;&nbsp;&nbsp;Tripod Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;227000 | &nbsp;&nbsp;&nbsp;&nbsp; 2218747 |
| &nbsp;&nbsp;&nbsp;TS Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 385576 |
| &nbsp;&nbsp;&nbsp;United Integrated Services Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp; 1870653 |
| &nbsp;&nbsp;&nbsp;Visual Photonics Epitaxy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp; 463026 |
| &nbsp;&nbsp;&nbsp;Win Semiconductors Corp. | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp; 936264 |
| &nbsp;&nbsp;&nbsp;Winbond Electronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;538000 | &nbsp;&nbsp;&nbsp;&nbsp; 998554 |
| &nbsp;&nbsp;&nbsp;Wisdom Marine Lines Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp; 384572 |
| &nbsp;&nbsp;&nbsp;Wistron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp; 373810 |
| &nbsp;&nbsp;&nbsp;Wistron NeWeb Corp. | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp; 764224 |
| &nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018588 |
| &nbsp;&nbsp;&nbsp;WT Microelectronics Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp; 480113 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp; 437403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;167175567 |
| **Thailand — 1.4%** | **Thailand — 1.4%** | **Thailand — 1.4%** |
| &nbsp;&nbsp;&nbsp;Advanced Info Service PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;205200 | &nbsp;&nbsp;&nbsp;&nbsp; 1958475 |
| &nbsp;&nbsp;&nbsp;Amata Corp. PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;160800 | &nbsp;&nbsp;&nbsp;&nbsp; 83566 |
| &nbsp;&nbsp;&nbsp;Bangchak Corp. PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60300 | &nbsp;&nbsp;&nbsp;&nbsp; 46850 |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL NVDR | 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 864422 |
| &nbsp;&nbsp;&nbsp;Com7 PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;641800 | &nbsp;&nbsp;&nbsp;&nbsp; 437599 |
| &nbsp;&nbsp;&nbsp;CP ALL PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;786800 | &nbsp;&nbsp;&nbsp;&nbsp; 1058071 |
| &nbsp;&nbsp;&nbsp;Delta Electronics Thailand PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;290300 | &nbsp;&nbsp;&nbsp;&nbsp; 1821557 |
| &nbsp;&nbsp;&nbsp;Global Power Synergy PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;429800 | &nbsp;&nbsp;&nbsp;&nbsp; 466991 |
| &nbsp;&nbsp;&nbsp;Gulf Development PCL NVDR† | &nbsp;&nbsp;&nbsp;&nbsp;822200 | &nbsp;&nbsp;&nbsp;&nbsp; 1043047 |
| &nbsp;&nbsp;&nbsp;Krungthai Card PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;925400 | &nbsp;&nbsp;&nbsp;&nbsp; 783020 |
| &nbsp;&nbsp;&nbsp;Osotspa PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;107600 | &nbsp;&nbsp;&nbsp;&nbsp; 52904 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;204700 | &nbsp;&nbsp;&nbsp;&nbsp; 678193 |
| &nbsp;&nbsp;&nbsp;PTT Oil & Retail Business PCL NVDR | 2662500 | &nbsp;&nbsp;&nbsp;&nbsp; 1119063 |
| &nbsp;&nbsp;&nbsp;SCG Packaging PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;367900 | &nbsp;&nbsp;&nbsp;&nbsp; 178733 |
| &nbsp;&nbsp;&nbsp;Srisawad Corp. PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;209200 | &nbsp;&nbsp;&nbsp;&nbsp; 164559 |
| &nbsp;&nbsp;&nbsp;Thai Oil PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;674300 | &nbsp;&nbsp;&nbsp;&nbsp; 735452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11492502 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| &nbsp;&nbsp;&nbsp;Turk Telekomunikasyon AS† | 1700191 | &nbsp;&nbsp;&nbsp;&nbsp; 2239436 |
| &nbsp;&nbsp;&nbsp;Turkiye Garanti Bankasi AS | &nbsp;&nbsp;&nbsp;&nbsp;179991 | &nbsp;&nbsp;&nbsp;&nbsp; 591299 |
| &nbsp;&nbsp;&nbsp;Turkiye Sise ve Cam Fabrikalari AS | &nbsp;&nbsp;&nbsp;&nbsp;675556 | &nbsp;&nbsp;&nbsp;&nbsp; 595662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426397 |
| **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;307682 | &nbsp;&nbsp;&nbsp;&nbsp; 1181069 |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;119591 | &nbsp;&nbsp;&nbsp;&nbsp; 647918 |
| &nbsp;&nbsp;&nbsp;Abu Dhabi National Oil Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;910132 | &nbsp;&nbsp;&nbsp;&nbsp; 954003 |
| &nbsp;&nbsp;&nbsp;Dubai Electricity & Water Authority PJSC | 1285221 | &nbsp;&nbsp;&nbsp;&nbsp; 955069 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;138650 | &nbsp;&nbsp;&nbsp;&nbsp; 554934 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |  |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 1047971 | &nbsp;&nbsp;$3794266 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25687 | &nbsp;&nbsp;&nbsp;&nbsp; 170691 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;920341 | &nbsp;&nbsp;&nbsp;&nbsp; 3969592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12227542 |
| **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40048 | &nbsp;&nbsp;&nbsp;&nbsp; 3403453 |
| **United States — 0.7%** | **United States — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;BeOne Medicines, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81900 | &nbsp;&nbsp;&nbsp;&nbsp; 2146421 |
| &nbsp;&nbsp;&nbsp;BeOne Medicines, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 332095 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83889 | &nbsp;&nbsp;&nbsp;&nbsp; 2362314 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8603 | &nbsp;&nbsp;&nbsp;&nbsp; 1159446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000276 |
| **Total Common Stocks<br> (cost $708,695,136)** |  | &nbsp;&nbsp;&nbsp;&nbsp;828814155 |
| **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; 7561 |
| **Total Long-Term Investment Securities<br> (cost $708,695,136)** |  | &nbsp;&nbsp;&nbsp;&nbsp;828821716 |
| **SHORT-TERM INVESTMENTS — 1.8%** | **SHORT-TERM INVESTMENTS — 1.8%** |  |
| **Unaffiliated Investment Companies — 1.8%** | **Unaffiliated Investment Companies — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 3.94%(3) | 12893007 | &nbsp;&nbsp;&nbsp;&nbsp; 12893007 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.02%(3)(4) | 2309425 | &nbsp;&nbsp;&nbsp;&nbsp; 2309425 |
| **Total Short-Term Investments<br> (cost $15,202,432)** |  | &nbsp;&nbsp;&nbsp;&nbsp;15202432 |
| **TOTAL INVESTMENTS<br> (cost $723,897,568)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3% | &nbsp;&nbsp;&nbsp;&nbsp;844024148 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2409807) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$841614341 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Emerging Economies Fund has no right to demand registration of these securities. At November 30, 2025, the aggregate value of these securities was $36,710,729 representing 4.4% of net assets. |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | $0 | $0.00 | 0.0% |
| Magnitogorsk Iron & Steel Works PJSC | 12/14/20, 12/16/20, 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, 12/14/20, 12/16/20, 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, 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;7561 | &nbsp;&nbsp;0.11 | 0.0 |
|  |  |  |  | $7561 |  | 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 November 30, 2025.

(4) At November 30, 2025, the Fund had loaned securities with a total value of $15,425,394. This was secured by collateral of $2,309,425, which was received in cash and subsequently invested in short-term investments currently valued at $2,309,425 as reported in the Portfolio of Investments. Additional collateral of $13,848,134 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $6212 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92065 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6341 |
| United States Treasury Bills | 0.00% | 12/11/2025 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38860 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;13704656 |

---

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

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

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 191 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$13178634 | &nbsp;&nbsp;&nbsp;&nbsp;$13156080 | &nbsp;&nbsp;&nbsp;&nbsp;$(22554) |

---

\* 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\*** |  |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;19.7% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;15.7 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;12.9 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;5.0% |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Holding Companies-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Housewares | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;100.3% |

---

\* Calculated as a percentage of net assets

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Emerging Economies Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bermuda | &nbsp;&nbsp;$508800 | &nbsp;&nbsp;$330109 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$838909 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;32906202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32906202 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;4771777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771777 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;5005797 | &nbsp;&nbsp;&nbsp;&nbsp;187246259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;192252056 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251816 | &nbsp;&nbsp;&nbsp;&nbsp;39075338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39327154 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;2693446 | &nbsp;&nbsp;&nbsp;&nbsp;122131855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;124825301 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;6522651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6522651 |
| &nbsp;&nbsp;&nbsp;Marshall Islands | &nbsp;&nbsp;&nbsp;&nbsp;2296097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296097 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;16112542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16112542 |
| &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;1241322 | &nbsp;&nbsp;&nbsp;&nbsp;23708783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24950105 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;2093471 | &nbsp;&nbsp;&nbsp;&nbsp;101247834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;103341305 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;3634991 | &nbsp;&nbsp;&nbsp;&nbsp;163540576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;167175567 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3853855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000276 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;107494213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;107494213 |
| 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;7561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;15202432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15202432 |
| **Total Investments at Value** | &nbsp;&nbsp;$97095199 | &nbsp;&nbsp;$746921388 | &nbsp;&nbsp;$7561 | &nbsp;&nbsp;$844024148 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$22554 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$22554 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Real Estate Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** |
| **Australia — 7.5%** | **Australia — 7.5%** | **Australia — 7.5%** |
| &nbsp;&nbsp;&nbsp;Charter Hall Group | &nbsp;&nbsp;&nbsp;&nbsp;121473 | &nbsp;&nbsp;$1979554 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;356576 | &nbsp;&nbsp;&nbsp;&nbsp; 6939496 |
| &nbsp;&nbsp;&nbsp;GPT Group | &nbsp;&nbsp;&nbsp;&nbsp;523243 | &nbsp;&nbsp;&nbsp;&nbsp; 1906325 |
| &nbsp;&nbsp;&nbsp;National Storage REIT# | 1127020 | &nbsp;&nbsp;&nbsp;&nbsp; 2001493 |
| &nbsp;&nbsp;&nbsp;NEXTDC, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;150898 | &nbsp;&nbsp;&nbsp;&nbsp; 1347629 |
| &nbsp;&nbsp;&nbsp;Scentre Group | 2599237 | &nbsp;&nbsp;&nbsp;&nbsp; 6951446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21125943 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| &nbsp;&nbsp;&nbsp;Aedifica SA | &nbsp;&nbsp;&nbsp;&nbsp;20605 | &nbsp;&nbsp;&nbsp;&nbsp; 1588602 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;46197 | &nbsp;&nbsp;&nbsp;&nbsp; 1201469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790071 |
| **Canada — 1.7%** | **Canada — 1.7%** | **Canada — 1.7%** |
| &nbsp;&nbsp;&nbsp;Canadian Apartment Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;44001 | &nbsp;&nbsp;&nbsp;&nbsp; 1197437 |
| &nbsp;&nbsp;&nbsp;Chartwell Retirement Residences(1) | &nbsp;&nbsp;&nbsp;&nbsp;112300 | &nbsp;&nbsp;&nbsp;&nbsp; 1621678 |
| &nbsp;&nbsp;&nbsp;First Capital Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;141770 | &nbsp;&nbsp;&nbsp;&nbsp; 1992460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811575 |
| **France — 0.8%** | **France — 0.8%** | **France — 0.8%** |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;61685 | &nbsp;&nbsp;&nbsp;&nbsp; 2400819 |
| **Germany — 2.0%** | **Germany — 2.0%** | **Germany — 2.0%** |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;184366 | &nbsp;&nbsp;&nbsp;&nbsp; 5587313 |
| **Guernsey — 0.7%** | **Guernsey — 0.7%** | **Guernsey — 0.7%** |
| &nbsp;&nbsp;&nbsp;Shurgard Self Storage, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51163 | &nbsp;&nbsp;&nbsp;&nbsp; 1915451 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;157100 | &nbsp;&nbsp;&nbsp;&nbsp; 745886 |
| &nbsp;&nbsp;&nbsp;Swire Properties, Ltd. | 1597501 | &nbsp;&nbsp;&nbsp;&nbsp; 4386102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131988 |
| **Japan — 9.9%** | **Japan — 9.9%** | **Japan — 9.9%** |
| &nbsp;&nbsp;&nbsp;Comforia Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp; 981418 |
| &nbsp;&nbsp;&nbsp;Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp; 687763 |
| &nbsp;&nbsp;&nbsp;Invincible Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;&nbsp;&nbsp; 736747 |
| &nbsp;&nbsp;&nbsp;Japan Hotel REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp;&nbsp;&nbsp; 1626914 |
| &nbsp;&nbsp;&nbsp;Japan Metropolitan Fund Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp; 1741562 |
| &nbsp;&nbsp;&nbsp;KDX Realty Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1305418 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;300137 | &nbsp;&nbsp;&nbsp;&nbsp; 7116921 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;752835 | &nbsp;&nbsp;&nbsp;&nbsp; 8848851 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp; 1475863 |
| &nbsp;&nbsp;&nbsp;Nippon Accommodations Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp; 684153 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp; 1840773 |
| &nbsp;&nbsp;&nbsp;Star Asia Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 | &nbsp;&nbsp;&nbsp;&nbsp; 664554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27710937 |
| **Singapore — 1.9%** | **Singapore — 1.9%** | **Singapore — 1.9%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | 1291600 | &nbsp;&nbsp;&nbsp;&nbsp; 2804088 |
| &nbsp;&nbsp;&nbsp;CapitaLand India Trust(1) | 1805958 | &nbsp;&nbsp;&nbsp;&nbsp; 1658927 |
| &nbsp;&nbsp;&nbsp;Parkway Life Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;238800 | &nbsp;&nbsp;&nbsp;&nbsp; 746289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5209304 |
| **Spain — 1.5%** | **Spain — 1.5%** | **Spain — 1.5%** |
| &nbsp;&nbsp;&nbsp;Merlin Properties Socimi SA# | &nbsp;&nbsp;&nbsp;&nbsp;288693 | &nbsp;&nbsp;&nbsp;&nbsp; 4262043 |
| **SupraNational — 0.9%** | **SupraNational — 0.9%** | **SupraNational — 0.9%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;23504 | &nbsp;&nbsp;&nbsp;&nbsp; 2499632 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| &nbsp;&nbsp;&nbsp;Catena AB | &nbsp;&nbsp;&nbsp;&nbsp;21685 | &nbsp;&nbsp;&nbsp;&nbsp; 1017531 |
| **United Kingdom — 5.8%** | **United Kingdom — 5.8%** | **United Kingdom — 5.8%** |
| &nbsp;&nbsp;&nbsp;Big Yellow Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;75677 | &nbsp;&nbsp;&nbsp;&nbsp; 1160590 |
| &nbsp;&nbsp;&nbsp;British Land Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;302930 | &nbsp;&nbsp;&nbsp;&nbsp; 1632195 |

---

---

| | | |
|:---|:---|:---|
| **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; 62639 | &nbsp;&nbsp;$1406090 |
| &nbsp;&nbsp;&nbsp;Grainger PLC | &nbsp;&nbsp; 588907 | &nbsp;&nbsp;&nbsp;&nbsp; 1442491 |
| &nbsp;&nbsp;&nbsp;Helios Towers PLC† | &nbsp;&nbsp; 76636 | &nbsp;&nbsp;&nbsp;&nbsp; 161933 |
| &nbsp;&nbsp;&nbsp;Safestore Holdings PLC | &nbsp;&nbsp; 145305 | &nbsp;&nbsp;&nbsp;&nbsp; 1425815 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp; 239328 | &nbsp;&nbsp;&nbsp;&nbsp; 2261083 |
| &nbsp;&nbsp;&nbsp;Shaftesbury Capital PLC | &nbsp;&nbsp; 509474 | &nbsp;&nbsp;&nbsp;&nbsp; 975204 |
| &nbsp;&nbsp;&nbsp;Tritax Big Box REIT PLC | &nbsp;&nbsp;1654450 | &nbsp;&nbsp;&nbsp;&nbsp; 3255891 |
| &nbsp;&nbsp;&nbsp;UNITE Group PLC | &nbsp;&nbsp; 379618 | &nbsp;&nbsp;&nbsp;&nbsp; 2654234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16375526 |
| **United States — 62.4%** | **United States — 62.4%** | **United States — 62.4%** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp; 97822 | &nbsp;&nbsp;&nbsp;&nbsp; 2012199 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 1579620 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 25233 | &nbsp;&nbsp;&nbsp;&nbsp; 1354255 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp; 204759 | &nbsp;&nbsp;&nbsp;&nbsp; 6576859 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp; 13154 | &nbsp;&nbsp;&nbsp;&nbsp; 2384426 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp; 87006 | &nbsp;&nbsp;&nbsp;&nbsp; 942275 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp; 27269 | &nbsp;&nbsp;&nbsp;&nbsp; 4961322 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp; 122001 | &nbsp;&nbsp;&nbsp;&nbsp; 3189106 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp; 52272 | &nbsp;&nbsp;&nbsp;&nbsp; 3782402 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 1649920 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp; 77870 | &nbsp;&nbsp;&nbsp;&nbsp; 2899100 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp; 72512 | &nbsp;&nbsp;&nbsp;&nbsp; 11610621 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc.# | &nbsp;&nbsp; 64975 | &nbsp;&nbsp;&nbsp;&nbsp; 630907 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp; 69366 | &nbsp;&nbsp;&nbsp;&nbsp; 845572 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp; 19076 | &nbsp;&nbsp;&nbsp;&nbsp; 14370142 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 84982 | &nbsp;&nbsp;&nbsp;&nbsp; 5342818 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc.# | &nbsp;&nbsp; 124867 | &nbsp;&nbsp;&nbsp;&nbsp; 3953289 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp; 17651 | &nbsp;&nbsp;&nbsp;&nbsp; 4653157 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp; 23537 | &nbsp;&nbsp;&nbsp;&nbsp; 3134422 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp; 20688 | &nbsp;&nbsp;&nbsp;&nbsp; 2042526 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 71025 | &nbsp;&nbsp;&nbsp;&nbsp; 4065471 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc.# | &nbsp;&nbsp; 153286 | &nbsp;&nbsp;&nbsp;&nbsp; 2794404 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp; 68482 | &nbsp;&nbsp;&nbsp;&nbsp; 1903800 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp; 36840 | &nbsp;&nbsp;&nbsp;&nbsp; 3181134 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp; 104345 | &nbsp;&nbsp;&nbsp;&nbsp; 2155768 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp; 16264 | &nbsp;&nbsp;&nbsp;&nbsp; 2153191 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; 40101 | &nbsp;&nbsp;&nbsp;&nbsp; 5449325 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp; 42929 | &nbsp;&nbsp;&nbsp;&nbsp; 1775114 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp; 57375 | &nbsp;&nbsp;&nbsp;&nbsp; 2036812 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp; 160157 | &nbsp;&nbsp;&nbsp;&nbsp; 20584979 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp; 10765 | &nbsp;&nbsp;&nbsp;&nbsp; 2955423 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp; 22614 | &nbsp;&nbsp;&nbsp;&nbsp; 1609212 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc.# | &nbsp;&nbsp; 66926 | &nbsp;&nbsp;&nbsp;&nbsp; 2784791 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; 38651 | &nbsp;&nbsp;&nbsp;&nbsp; 3688465 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp; 46515 | &nbsp;&nbsp;&nbsp;&nbsp; 8666675 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc.# | &nbsp;&nbsp; 39606 | &nbsp;&nbsp;&nbsp;&nbsp; 1294324 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp; 126848 | &nbsp;&nbsp;&nbsp;&nbsp; 1187297 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp; 132514 | &nbsp;&nbsp;&nbsp;&nbsp; 10684604 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp; 52305 | &nbsp;&nbsp;&nbsp;&nbsp; 1925870 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp; 78295 | &nbsp;&nbsp;&nbsp;&nbsp; 16302585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;175114182 |
| **Total Long-Term Investment Securities<br> (cost $261,479,688)** |  | &nbsp;&nbsp;&nbsp;&nbsp;275952315 |
| **SHORT-TERM INVESTMENTS — 3.0%** | **SHORT-TERM INVESTMENTS — 3.0%** | **SHORT-TERM INVESTMENTS — 3.0%** |
| **U.S. Government Agency — 1.1%** | **U.S. Government Agency — 1.1%** | **U.S. Government Agency — 1.1%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank Disc. Notes<br> 3.84%, 12/01/2025 | $3026000 | &nbsp;&nbsp;&nbsp;&nbsp; 3025105 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Real Estate Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 1.9%** | **Unaffiliated Investment Companies — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(2)(3) | 5355652 | &nbsp;&nbsp;$5355652 |
| **Total Short-Term Investments<br> (cost $8,381,652)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380757 |
| **TOTAL INVESTMENTS<br> (cost $269,861,340)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.3% | &nbsp;&nbsp;&nbsp;&nbsp;284333072 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3710118) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$280622954 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;Consists of more than one type of securities traded together as a unit. |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (3) | &nbsp;&nbsp;At November 30, 2025, the Fund had loaned securities with a total value of $16,612,328. This was secured by collateral of $5,355,652, which was received in cash and subsequently invested in short-term investments currently valued at $5,355,652 as reported in the Portfolio of Investments. Additional collateral of $11,814,623 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $24942 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369657 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25458 |
| Government National Mtg. Assoc. | 2.30% to 5.50% | 11/16/2050 to 12/16/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| United States Treasury Bills | 0.00% | 12/26/2025 to 05/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101990 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;11292349 |

---

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

CVA—Certification Van Aandelen (Dutch Cert.)

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Diversified REITS | &nbsp;&nbsp;&nbsp;&nbsp;17.3% |
| Warehouse/Industrial REITS | &nbsp;&nbsp;&nbsp;&nbsp;14.7 |
| Health Care REITS | &nbsp;&nbsp;&nbsp;&nbsp;12.0 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;10.7 |
| Apartment REITS | &nbsp;&nbsp;&nbsp;&nbsp;9.9 |
| Shopping Centers REITS | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Storage REITS | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Office Property REITS | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Regional Malls REITS | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Single Tenant REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Hotel REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Manufactured Homes REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;101.3% |

---

\* Calculated as a percentage of net assets

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Real Estate Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;$4811575 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4811575 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;175114182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;175114182 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96026558 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96026558 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3025105 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025105 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355652 |
| **Total Investments at Value** | &nbsp;&nbsp;$185281409 | &nbsp;&nbsp;$99051663 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$284333072 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 61.4%** | **COMMON STOCKS — 61.4%** | **COMMON STOCKS — 61.4%** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9652 | &nbsp;&nbsp;$264679 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10342 | &nbsp;&nbsp;&nbsp;&nbsp; 163198 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28138 | &nbsp;&nbsp;&nbsp;&nbsp; 395656 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12320 | &nbsp;&nbsp;&nbsp;&nbsp; 80745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904278 |
| **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;584 | &nbsp;&nbsp;&nbsp;&nbsp; 63875 |
| &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; 29123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92998 |
| **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; 33173 |
| **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; 24795 |
| **Brazil — 0.7%** | **Brazil — 0.7%** | **Brazil — 0.7%** |
| &nbsp;&nbsp;&nbsp;AMBEV SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | &nbsp;&nbsp;&nbsp;&nbsp; 39517 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 77961 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934 | &nbsp;&nbsp;&nbsp;&nbsp; 209563 |
| &nbsp;&nbsp;&nbsp;CPFL Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 37460 |
| &nbsp;&nbsp;&nbsp;Itausa SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67959 | &nbsp;&nbsp;&nbsp;&nbsp; 156980 |
| &nbsp;&nbsp;&nbsp;MBRF Global Foods Co. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7140 | &nbsp;&nbsp;&nbsp;&nbsp; 25855 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61709 | &nbsp;&nbsp;&nbsp;&nbsp; 385894 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp;&nbsp;&nbsp; 370437 |
| &nbsp;&nbsp;&nbsp;Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp; 260112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563948 |
| **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; 261680 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 58537 |
| &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; 34586 |
| &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; 8907 |
| &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; 80998 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 544134 |
| &nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 199361 |
| &nbsp;&nbsp;&nbsp;iA Financial Corp., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 165361 |
| &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; 39987 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20361 | &nbsp;&nbsp;&nbsp;&nbsp; 573771 |
| &nbsp;&nbsp;&nbsp;Loblaw Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 230706 |
| &nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 151695 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp; 49869 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 131307 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 166380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697279 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| &nbsp;&nbsp;&nbsp;Enel Chile SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459458 | &nbsp;&nbsp;&nbsp;&nbsp; 35829 |
| **China — 3.0%** | **China — 3.0%** | **China — 3.0%** |
| &nbsp;&nbsp;&nbsp;3SBio, Inc.\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp; 265517 |
| &nbsp;&nbsp;&nbsp;Aluminum Corp. of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp; 217273 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135798 | &nbsp;&nbsp;&nbsp;&nbsp; 125138 |
| &nbsp;&nbsp;&nbsp;China Communications Services Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1206 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1595471 | &nbsp;&nbsp;&nbsp;&nbsp; 1676564 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp; 27343 |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46230 | &nbsp;&nbsp;&nbsp;&nbsp; 184082 |
| &nbsp;&nbsp;&nbsp;China Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123454 | &nbsp;&nbsp;&nbsp;&nbsp; 427316 |
| &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; 26864 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **China (continued)** | **China (continued)** | **China (continued)** |
| &nbsp;&nbsp;&nbsp;China National Building Material Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61657 | &nbsp;&nbsp;$41520 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43737 | &nbsp;&nbsp;&nbsp;&nbsp; 173924 |
| &nbsp;&nbsp;&nbsp;China Tower Corp., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &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; 159 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp; 73201 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp; 57453 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1079977 | &nbsp;&nbsp;&nbsp;&nbsp; 896661 |
| &nbsp;&nbsp;&nbsp;JD Logistics, Inc.\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp; 53606 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp; 357047 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500 | &nbsp;&nbsp;&nbsp;&nbsp; 788144 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32241 | &nbsp;&nbsp;&nbsp;&nbsp; 192674 |
| &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144774 | &nbsp;&nbsp;&nbsp;&nbsp; 131516 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350044 | &nbsp;&nbsp;&nbsp;&nbsp; 390997 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp; 195508 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76500 | &nbsp;&nbsp;&nbsp;&nbsp; 559481 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group, Ltd.\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8912 | &nbsp;&nbsp;&nbsp;&nbsp; 258979 |
| &nbsp;&nbsp;&nbsp;Qfin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 | &nbsp;&nbsp;&nbsp;&nbsp; 32674 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 29985 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437 | &nbsp;&nbsp;&nbsp;&nbsp; 106783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7292403 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| &nbsp;&nbsp;&nbsp;CEZ AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384 | &nbsp;&nbsp;&nbsp;&nbsp; 145869 |
| **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;1013 | &nbsp;&nbsp;&nbsp;&nbsp; 327240 |
| &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; 99 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp; 157022 |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 31974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516335 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| &nbsp;&nbsp;&nbsp;Commercial International Bank Egypt SAE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409 | &nbsp;&nbsp;&nbsp;&nbsp; 14462 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, 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; 143 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp; 203136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203473 |
| **France — 1.7%** | **France — 1.7%** | **France — 1.7%** |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 43293 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 | &nbsp;&nbsp;&nbsp;&nbsp; 158670 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &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; 150 |
| &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; 202131 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10576 | &nbsp;&nbsp;&nbsp;&nbsp; 202999 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 157339 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20409 | &nbsp;&nbsp;&nbsp;&nbsp; 518833 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569 | &nbsp;&nbsp;&nbsp;&nbsp; 138908 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10362 | &nbsp;&nbsp;&nbsp;&nbsp; 170977 |
| &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4652 | &nbsp;&nbsp;&nbsp;&nbsp; 1570144 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 44845 |
| &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; 269 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973 | &nbsp;&nbsp;&nbsp;&nbsp; 835231 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 48236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092025 |
| **Germany — 1.2%** | **Germany — 1.2%** | **Germany — 1.2%** |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp; 167359 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30312 | &nbsp;&nbsp;&nbsp;&nbsp; 1076713 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 155213 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436 | &nbsp;&nbsp;&nbsp;&nbsp; 165091 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp; 480080 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 27777 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Rheinmetall AG(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;$127116 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10293 | &nbsp;&nbsp;&nbsp;&nbsp; 523114 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 86302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808765 |
| **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;3076 | &nbsp;&nbsp;&nbsp;&nbsp; 62875 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;Bosideng International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;China Resources Land, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53238 | &nbsp;&nbsp;&nbsp;&nbsp; 206738 |
| &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23848 | &nbsp;&nbsp;&nbsp;&nbsp; 53372 |
| &nbsp;&nbsp;&nbsp;CITIC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67559 | &nbsp;&nbsp;&nbsp;&nbsp; 105800 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 155621 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 218006 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 40068 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564714 | &nbsp;&nbsp;&nbsp;&nbsp; 591848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372057 |
| **Hungary — 0.2%** | **Hungary — 0.2%** | **Hungary — 0.2%** |
| &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; 61016 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146 | &nbsp;&nbsp;&nbsp;&nbsp; 327522 |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp; 68692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457230 |
| **India — 0.7%** | **India — 0.7%** | **India — 0.7%** |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25186 | &nbsp;&nbsp;&nbsp;&nbsp; 101217 |
| &nbsp;&nbsp;&nbsp;Cipla, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;Coal India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13509 | &nbsp;&nbsp;&nbsp;&nbsp; 56847 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17150 | &nbsp;&nbsp;&nbsp;&nbsp; 155319 |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &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; 6890 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30946 | &nbsp;&nbsp;&nbsp;&nbsp; 113149 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52165 | &nbsp;&nbsp;&nbsp;&nbsp; 141909 |
| &nbsp;&nbsp;&nbsp;Power Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221826 | &nbsp;&nbsp;&nbsp;&nbsp; 899646 |
| &nbsp;&nbsp;&nbsp;REC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18249 | &nbsp;&nbsp;&nbsp;&nbsp; 73546 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp; 33890 |
| &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; 141 |
| &nbsp;&nbsp;&nbsp;Tata Motors Passenger Vehicles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp; 13644 |
| &nbsp;&nbsp;&nbsp;Tata Motors, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp; 13451 |
| &nbsp;&nbsp;&nbsp;Vedanta, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610284 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| &nbsp;&nbsp;&nbsp;Astra International Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335737 | &nbsp;&nbsp;&nbsp;&nbsp; 131971 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72818 | &nbsp;&nbsp;&nbsp;&nbsp; 32178 |
| &nbsp;&nbsp;&nbsp;United Tractors Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp; 44424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208573 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| &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; 138356 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 42263 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 305457 |
| &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; 158531 |
| &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; 126444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771051 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12372 | &nbsp;&nbsp;&nbsp;&nbsp; 258926 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp; 55471 |

---

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;$84777 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial, Ltd. | &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; 201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399375 |
| **Italy — 0.7%** | **Italy — 0.7%** | **Italy — 0.7%** |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19638 | &nbsp;&nbsp;&nbsp;&nbsp; 203052 |
| &nbsp;&nbsp;&nbsp;Generali | &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; 159 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 139850 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928 | &nbsp;&nbsp;&nbsp;&nbsp; 141909 |
| &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; 47304 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14786 | &nbsp;&nbsp;&nbsp;&nbsp; 1105311 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5963 | &nbsp;&nbsp;&nbsp;&nbsp; 136896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774481 |
| **Japan — 3.0%** | **Japan — 3.0%** | **Japan — 3.0%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 318659 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp; 161914 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 198335 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 193342 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16253 | &nbsp;&nbsp;&nbsp;&nbsp; 443595 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &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; 162 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5372 | &nbsp;&nbsp;&nbsp;&nbsp; 170384 |
| &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; 173915 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 55292 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 378846 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 174141 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 180055 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22565 | &nbsp;&nbsp;&nbsp;&nbsp; 473215 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 125271 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 125526 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 160480 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &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; 152 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; 213516 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp; 343032 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 40391 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp; 774407 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 227272 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 192671 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp; 182404 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 615216 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd. | &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; 164 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 143898 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &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; 158 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 156889 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 213155 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 89127 |
| &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; 41230 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 190451 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17804 | &nbsp;&nbsp;&nbsp;&nbsp; 115661 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 213451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086680 |
| **Luxembourg — 0.0%** | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 41921 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42103 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| &nbsp;&nbsp;&nbsp;Petronas Dagangan Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14508 | &nbsp;&nbsp;&nbsp;&nbsp; 46278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46408 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **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;$47722 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp; 135427 |
| &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; 31888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215037 |
| **Netherlands — 0.4%** | **Netherlands — 0.4%** | **Netherlands — 0.4%** |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp; 310210 |
| &nbsp;&nbsp;&nbsp;JBS NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14459 | &nbsp;&nbsp;&nbsp;&nbsp; 598016 |
| &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; 106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908494 |
| **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;&nbsp;&nbsp; 45386 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12728 | &nbsp;&nbsp;&nbsp;&nbsp; 291920 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &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; 119 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747 | &nbsp;&nbsp;&nbsp;&nbsp; 100328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392367 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| &nbsp;&nbsp;&nbsp;Orlen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9653 | &nbsp;&nbsp;&nbsp;&nbsp; 248671 |
| &nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56778 | &nbsp;&nbsp;&nbsp;&nbsp; 153580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402251 |
| **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; 27546 |
| **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 — 0.0%** | **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |
| &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 | &nbsp;&nbsp;&nbsp;&nbsp; 115677 |
| &nbsp;&nbsp;&nbsp;Saudi Electricity Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115824 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14241 | &nbsp;&nbsp;&nbsp;&nbsp; 185705 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25935 | &nbsp;&nbsp;&nbsp;&nbsp; 166485 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118500 | &nbsp;&nbsp;&nbsp;&nbsp; 431927 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115110 | &nbsp;&nbsp;&nbsp;&nbsp; 297408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081525 |
| **South Africa — 0.5%** | **South Africa — 0.5%** | **South Africa — 0.5%** |
| &nbsp;&nbsp;&nbsp;FirstRand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248 | &nbsp;&nbsp;&nbsp;&nbsp; 29757 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14761 | &nbsp;&nbsp;&nbsp;&nbsp; 628058 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9489 | &nbsp;&nbsp;&nbsp;&nbsp; 186893 |
| &nbsp;&nbsp;&nbsp;MTN Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28933 | &nbsp;&nbsp;&nbsp;&nbsp; 267479 |
| &nbsp;&nbsp;&nbsp;Sasol, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112330 |
| **South Korea — 2.6%** | **South Korea — 2.6%** | **South Korea — 2.6%** |
| &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; 66303 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4723 | &nbsp;&nbsp;&nbsp;&nbsp; 299979 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp; 69603 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 208306 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958 | &nbsp;&nbsp;&nbsp;&nbsp; 307650 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259 | &nbsp;&nbsp;&nbsp;&nbsp; 152371 |
| &nbsp;&nbsp;&nbsp;Korea Investment Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp; 75850 |
| &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;704 | &nbsp;&nbsp;&nbsp;&nbsp; 196232 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33476 | &nbsp;&nbsp;&nbsp;&nbsp; 342601 |
| &nbsp;&nbsp;&nbsp;Meritz Financial Group, Inc. | &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; 148 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29270 | &nbsp;&nbsp;&nbsp;&nbsp; 1999532 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13511 | &nbsp;&nbsp;&nbsp;&nbsp; 691056 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;$308762 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072 | &nbsp;&nbsp;&nbsp;&nbsp; 1106477 |
| &nbsp;&nbsp;&nbsp;SK Square Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 300651 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6125665 |
| **Spain — 0.6%** | **Spain — 0.6%** | **Spain — 0.6%** |
| &nbsp;&nbsp;&nbsp;Acciona SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 82401 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &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; 185 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8690 | &nbsp;&nbsp;&nbsp;&nbsp; 236523 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13293 | &nbsp;&nbsp;&nbsp;&nbsp; 286683 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22924 | &nbsp;&nbsp;&nbsp;&nbsp; 255131 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp; 191533 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4854 | &nbsp;&nbsp;&nbsp;&nbsp; 102559 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20161 | &nbsp;&nbsp;&nbsp;&nbsp; 106104 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10973 | &nbsp;&nbsp;&nbsp;&nbsp; 203750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464869 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp; 24976 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759 | &nbsp;&nbsp;&nbsp;&nbsp; 161565 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &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; 150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186691 |
| **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; 227166 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &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; 192 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp; 173731 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &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; 195 |
| &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; 170139 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | &nbsp;&nbsp;&nbsp;&nbsp; 159984 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740 | &nbsp;&nbsp;&nbsp;&nbsp; 1270796 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp; 1622921 |
| &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; 15907 |
| &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; 206764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847795 |
| **Taiwan — 1.6%** | **Taiwan — 1.6%** | **Taiwan — 1.6%** |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;Asustek Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Corp. Taiwan, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17103 | &nbsp;&nbsp;&nbsp;&nbsp; 97812 |
| &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; 21549 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp; 3309733 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187439 | &nbsp;&nbsp;&nbsp;&nbsp; 273511 |
| &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11094 | &nbsp;&nbsp;&nbsp;&nbsp; 51551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754617 |
| **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; 156525 |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Foods PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63200 | &nbsp;&nbsp;&nbsp;&nbsp; 39868 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196529 |
| **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; 58615 |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17751 | &nbsp;&nbsp;&nbsp;&nbsp; 39226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97841 |
| **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;&nbsp;&nbsp; 7650 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16586 | &nbsp;&nbsp;&nbsp;&nbsp; 66384 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109953 | &nbsp;&nbsp;$398094 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24165 | &nbsp;&nbsp;&nbsp;&nbsp; 160578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632706 |
| **United Kingdom — 2.3%** | **United Kingdom — 2.3%** | **United Kingdom — 2.3%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16172 | &nbsp;&nbsp;&nbsp;&nbsp; 676881 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC† | &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; 170 |
| &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; 23526 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523 | &nbsp;&nbsp;&nbsp;&nbsp; 21348 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62992 | &nbsp;&nbsp;&nbsp;&nbsp; 357992 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80675 | &nbsp;&nbsp;&nbsp;&nbsp; 183216 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 | &nbsp;&nbsp;&nbsp;&nbsp; 125434 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | &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; 174 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38886 | &nbsp;&nbsp;&nbsp;&nbsp; 922782 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15337 | &nbsp;&nbsp;&nbsp;&nbsp; 217813 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp; 75640 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29108 | &nbsp;&nbsp;&nbsp;&nbsp; 117819 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp; 13151 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120797 | &nbsp;&nbsp;&nbsp;&nbsp; 1007627 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp; 362703 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp; 70329 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21115 | &nbsp;&nbsp;&nbsp;&nbsp; 299062 |
| &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; 205543 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp; 32402 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;Unilever PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12915 | &nbsp;&nbsp;&nbsp;&nbsp; 776889 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39161 | &nbsp;&nbsp;&nbsp;&nbsp; 48925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539997 |
| **United States — 36.1%** | **United States — 36.1%** | **United States — 36.1%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp; 643211 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8445 | &nbsp;&nbsp;&nbsp;&nbsp; 1922926 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031 | &nbsp;&nbsp;&nbsp;&nbsp; 1610574 |
| &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; 27035 |
| &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; 103198 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 366326 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11041 | &nbsp;&nbsp;&nbsp;&nbsp; 3535107 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13903 | &nbsp;&nbsp;&nbsp;&nbsp; 4450628 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26603 | &nbsp;&nbsp;&nbsp;&nbsp; 1569843 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12376 | &nbsp;&nbsp;&nbsp;&nbsp; 2886331 |
| &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; 234503 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763 | &nbsp;&nbsp;&nbsp;&nbsp; 954506 |
| &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; 57910 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21430 | &nbsp;&nbsp;&nbsp;&nbsp; 5975755 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp; 1394390 |
| &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; 131 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180 | &nbsp;&nbsp;&nbsp;&nbsp; 160804 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, 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; 255 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 47452 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp; 114258 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343 | &nbsp;&nbsp;&nbsp;&nbsp; 1159450 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp; 133428 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 1666080 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 46016 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp; 82804 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951 | &nbsp;&nbsp;&nbsp;&nbsp; 1995055 |
| &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; 13001 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, 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; 112 |
| &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; 145186 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;$254486 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc.(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 190368 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 | &nbsp;&nbsp;&nbsp;&nbsp; 211467 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948 | &nbsp;&nbsp;&nbsp;&nbsp; 734407 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp; 157188 |
| &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; 166843 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11111 | &nbsp;&nbsp;&nbsp;&nbsp; 893213 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10159 | &nbsp;&nbsp;&nbsp;&nbsp; 271144 |
| &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; 12128 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143 | &nbsp;&nbsp;&nbsp;&nbsp; 413291 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp; 159422 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10118 | &nbsp;&nbsp;&nbsp;&nbsp; 374973 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, 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; 207 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840 | &nbsp;&nbsp;&nbsp;&nbsp; 196954 |
| &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; 136380 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp; 107875 |
| &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;&nbsp;&nbsp; 36567 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 138736 |
| &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; 172220 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 47005 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887 | &nbsp;&nbsp;&nbsp;&nbsp; 527063 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &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; 126 |
| &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; 111737 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 20241 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 413535 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;&nbsp;&nbsp; 147258 |
| &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; 49622 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 143194 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;&nbsp; 195714 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp; 112569 |
| &nbsp;&nbsp;&nbsp;Gartner, 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; 233 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp; 150731 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &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; 298 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15947 | &nbsp;&nbsp;&nbsp;&nbsp; 1172423 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14102 | &nbsp;&nbsp;&nbsp;&nbsp; 1774596 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &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; 128 |
| &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; 214770 |
| &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; 131001 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371 | &nbsp;&nbsp;&nbsp;&nbsp; 1205156 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &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; 129562 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp; 237734 |
| &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; 79383 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp; 1004342 |
| &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; 142588 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &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; 209 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &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; 309 |
| &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; 131255 |
| &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; 163674 |
| &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; 99190 |
| &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; 249200 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10166 | &nbsp;&nbsp;&nbsp;&nbsp; 683968 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp;&nbsp;&nbsp; 525876 |
| &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; 182692 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 45397 |
| &nbsp;&nbsp;&nbsp;LKQ Corp.(1) | &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; 89 |
| &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; 146943 |
| &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; 74593 |
| &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; 14142 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp; 1387886 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 41436 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 126006 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp;&nbsp;&nbsp; 3346662 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;$499131 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362 | &nbsp;&nbsp;&nbsp;&nbsp; 1977446 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14305 | &nbsp;&nbsp;&nbsp;&nbsp; 7038203 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp; 20519 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, 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; 148 |
| &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; 40743 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9717 | &nbsp;&nbsp;&nbsp;&nbsp; 728678 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 | &nbsp;&nbsp;&nbsp;&nbsp; 1157750 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 181875 |
| &nbsp;&nbsp;&nbsp;NetApp, 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; 112 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 892914 |
| &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; 34845 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8698 | &nbsp;&nbsp;&nbsp;&nbsp; 10612 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp; 163781 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp; 543215 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46889 | &nbsp;&nbsp;&nbsp;&nbsp; 8299353 |
| &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; 22522 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, 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; 135 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 32918 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp; 166279 |
| &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; 70608 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp; 271036 |
| &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; 37915 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp; 23567 |
| &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;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 56597 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 49419 |
| &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; 177902 |
| &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; 30144 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10777 | &nbsp;&nbsp;&nbsp;&nbsp; 1811506 |
| &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; 148126 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp; 204237 |
| &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; 30863 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 41535 |
| &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; 22951 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &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; 175 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 74581 |
| &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; 185947 |
| &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; 165604 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp; 117488 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 | &nbsp;&nbsp;&nbsp;&nbsp; 520593 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 45284 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13849 | &nbsp;&nbsp;&nbsp;&nbsp; 1071359 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654 | &nbsp;&nbsp;&nbsp;&nbsp; 374096 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp; 376470 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &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; 175 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735 | &nbsp;&nbsp;&nbsp;&nbsp; 1176515 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 196129 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, 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; 209 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 153720 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 401428 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 48684 |
| &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; 277506 |
| &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;949 | &nbsp;&nbsp;&nbsp;&nbsp; 231205 |
| &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; 144414 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp; 344722 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, 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; 225 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;&nbsp; 155684 |
| &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; 60030 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30152 | &nbsp;&nbsp;&nbsp;&nbsp; 868981 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762 | &nbsp;&nbsp;&nbsp;&nbsp; 1258163 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13027 | &nbsp;&nbsp;&nbsp;&nbsp; 1439614 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp; 973 | &nbsp;&nbsp;$202598 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp; 1653 | &nbsp;&nbsp;&nbsp;&nbsp; 297556 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 45534 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp; 1014 | &nbsp;&nbsp;&nbsp;&nbsp; 155355 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp; 4101 | &nbsp;&nbsp;&nbsp;&nbsp; 348421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;86681010 |
| **Total Common Stocks<br> (cost $107,175,446)** |  | &nbsp;&nbsp;&nbsp;&nbsp;147085229 |
| **CORPORATE BONDS & NOTES — 16.7%** | **CORPORATE BONDS & NOTES — 16.7%** | **CORPORATE BONDS & NOTES — 16.7%** |
| **Argentina — 0.4%** | **Argentina — 0.4%** | **Argentina — 0.4%** |
| &nbsp;&nbsp;&nbsp;Pluspetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/18/2031\*# | $180000 | &nbsp;&nbsp;&nbsp;&nbsp; 177534 |
| &nbsp;&nbsp;&nbsp;YPF Energia Electrica SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/16/2032\* | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 219864 |
| &nbsp;&nbsp;&nbsp;YPF SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 07/21/2027\* | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 321215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/17/2034\* | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 372239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090852 |
| **Bermuda — 0.4%** | **Bermuda — 0.4%** | **Bermuda — 0.4%** |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2026\*(3) | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 467764 |
| &nbsp;&nbsp;&nbsp;Geopark, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 01/31/2030\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 294624 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2031\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014420 |
| **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; 278372 |
| **Canada — 0.5%** | **Canada — 0.5%** | **Canada — 0.5%** |
| &nbsp;&nbsp;&nbsp;Air Canada Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/15/2028\* | &nbsp;&nbsp; 189361 | &nbsp;&nbsp;&nbsp;&nbsp; 186914 |
| &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; 356775 |
| &nbsp;&nbsp;&nbsp;Taseko Mines, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/01/2030\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 169673 |
| &nbsp;&nbsp;&nbsp;Teine Energy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2029\* | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 574929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288291 |
| **Cayman Islands — 0.3%** | **Cayman Islands — 0.3%** | **Cayman Islands — 0.3%** |
| &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; 416244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, 10/20/2031\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 416261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832505 |
| **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; 328362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 213961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542323 |
| **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; 717107 |
| **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** |
| &nbsp;&nbsp;&nbsp;Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/24/2033\* | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 665635 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| &nbsp;&nbsp;&nbsp;Adecoagro SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/29/2032\* |  | $90000 | &nbsp;&nbsp;$84825 |
| &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; 358550 |
| &nbsp;&nbsp;&nbsp;PRIO Luxembourg Holding Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/2030\*# |  | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 312774 |
| &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; 181026 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937175 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| &nbsp;&nbsp;&nbsp;Banco Mercantil del Norte SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/24/2027\*(3) |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 394915 |
| &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; 207050 |
| &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; 199994 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/2028 |  | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 430141 |
| &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; 216000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448100 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| &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; 404919 |
| **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; 1378077 |
| **Peru — 0.3%** | **Peru — 0.3%** | **Peru — 0.3%** | **Peru — 0.3%** |
| &nbsp;&nbsp;&nbsp;Banco de Credito del Peru S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/15/2037\* |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250563 |
| &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; 156506 |
| &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; 220506 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627575 |
| **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; 942458 |
| **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; 325328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/08/2026 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 479000 | &nbsp;&nbsp;&nbsp;&nbsp; 633939 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959267 |
| **United States — 11.3%** | **United States — 11.3%** | **United States — 11.3%** | **United States — 11.3%** |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/15/2031 |  | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 158074 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/15/2027\* |  | &nbsp;&nbsp; 332000 | &nbsp;&nbsp;&nbsp;&nbsp; 336185 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/15/2026(3) |  | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 284852 |
| &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; 136577 |
| &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; 1506799 |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 06/15/2028 |  | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 935392 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &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\* | $270000 | &nbsp;&nbsp;$277584 |
| &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; 603797 |
| &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; 929189 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2033\* | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 215829 |
| &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; 1066918 |
| &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; 932421 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 866392 |
| &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; 307965 |
| &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; 195528 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/01/2026#(3) | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 280882 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2026(3) | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 848573 |
| &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; 280419 |
| &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; 1016730 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/18/2026(3) | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 278890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 11/15/2026(3) | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 255520 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/10/2025(3) | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 494443 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2032\* | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 223460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/15/2034\* | &nbsp;&nbsp; 642000 | &nbsp;&nbsp;&nbsp;&nbsp; 666155 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2032\*# | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 410101 |
| &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; 401915 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2029\* | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 400276 |
| &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; 866694 |
| &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; 943381 |
| &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; 232408 |
| &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; 331550 |
| &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; 189077 |
| &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; 159907 |
| &nbsp;&nbsp;&nbsp;Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 11/15/2030\* | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 275869 |
| &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; 920012 |
| &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; 385223 |
| &nbsp;&nbsp;&nbsp;Hercules Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 09/16/2026 | &nbsp;&nbsp; 484000 | &nbsp;&nbsp;&nbsp;&nbsp; 476243 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/31/2032\* | $150000 | &nbsp;&nbsp;$153762 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 06/01/2026(3) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 346764 |
| &nbsp;&nbsp;&nbsp;Kraken Oil & Gas Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 08/15/2029\* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 346470 |
| &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; 672392 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2028\* | &nbsp;&nbsp; 303000 | &nbsp;&nbsp;&nbsp;&nbsp; 302387 |
| &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; 230411 |
| &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; 275435 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2082 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 61602 |
| &nbsp;&nbsp;&nbsp;NFE Financial Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 11/15/2029\*†(4) | &nbsp;&nbsp; 1362400 | &nbsp;&nbsp;&nbsp;&nbsp; 345232 |
| &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; 92585 |
| &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; 413932 |
| &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; 126143 |
| &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; 414768 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 09/15/2026(3) | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 160226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2026(3) | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 179968 |
| &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; 116860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 04/15/2033 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 118619 |
| &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; 587783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/01/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204449 |
| &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/15/2029\* | &nbsp;&nbsp; 12900 | &nbsp;&nbsp;&nbsp;&nbsp; 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/15/2029\* | &nbsp;&nbsp; 344000 | &nbsp;&nbsp;&nbsp;&nbsp; 118171 |
| &nbsp;&nbsp;&nbsp;Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2052 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 886326 |
| &nbsp;&nbsp;&nbsp;SGUS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/15/2029\* | &nbsp;&nbsp; 250100 | &nbsp;&nbsp;&nbsp;&nbsp; 202670 |
| &nbsp;&nbsp;&nbsp;Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/23/2027 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 387609 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/15/2027#(3) | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 378610 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\*(3) | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 391591 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/15/2026\*(3) | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 223101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/15/2026\*(3) | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 189063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27020804 |
| **Total Corporate Bonds & Notes<br> (cost $40,931,993)** |  | &nbsp;&nbsp;&nbsp;&nbsp;40147880 |
| **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 $348,623) | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 326654 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **LOANS(5)(6)(7) — 0.2%** | **LOANS(5)(6)(7) — 0.2%** | **LOANS(5)(6)(7) — 0.2%** |
| **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;9.02%, (SOFR+5.00%), 06/30/2028<br> (cost $524,798) | $553255 | &nbsp;&nbsp;$524670 |
| **ASSET BACKED SECURITIES — 4.0%** | **ASSET BACKED SECURITIES — 4.0%** | **ASSET BACKED SECURITIES — 4.0%** |
| **Cayman Islands — 0.8%** | **Cayman Islands — 0.8%** | **Cayman Islands — 0.8%** |
| &nbsp;&nbsp;&nbsp;Ares LXXV CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-75A, Class C<br> 5.75%, (TSFR3M+1.85%), 01/15/2037\* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 476312 |
| &nbsp;&nbsp;&nbsp;Dryden 60 CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-60A, Class D<br> 7.17%, (TSFR3M+3.26%), 07/15/2031\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 841552 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class D1R<br> 6.84%, (TSFR3M+2.90%), 10/23/2037\* | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 586511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904375 |
| **United States — 3.2%** | **United States — 3.2%** | **United States — 3.2%** |
| &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; 483647 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A, Class B<br> 5.77%, 12/20/2055\* | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120596 |
| &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; 346812 |
| &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; 817493 |
| &nbsp;&nbsp;&nbsp;CyrusOne Data Centers Issuer I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2<br> 4.50%, 05/20/2049\* | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 970357 |
| &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2A<br> 5.00%, 09/15/2048\* | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1303526 |
| &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class A2<br> 5.90%, 07/25/2048\* | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1411644 |
| &nbsp;&nbsp;&nbsp;Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.10%, 09/15/2054\* | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100715 |
| &nbsp;&nbsp;&nbsp;Zayo Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A, Class A2<br> 5.57%, 10/20/2055\* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 181128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class B<br> 6.59%, 06/20/2055\* | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 844328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7580246 |
| **Total Asset Backed Securities<br> (cost $9,461,444)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9484621 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 4.2%** |
| **Cayman Islands — 0.5%** | **Cayman Islands — 0.5%** | **Cayman Islands — 0.5%** |
| &nbsp;&nbsp;&nbsp;MF1 LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-FL19, Class A<br> 5.45%, (TSFR1M+1.49%), 05/18/2042\* | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 431068 |
| &nbsp;&nbsp;&nbsp;TRTX Issuer, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-FL7, Class A<br> 5.48%, (TSFR1M+1.45%), 06/18/2043\* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 749999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181067 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 3.7%** | **United States — 3.7%** | **United States — 3.7%** | **United States — 3.7%** |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01, Class 1M2<br> 5.87%, (SOFR30A+1.80%), 01/25/2044\* |  | $710000 | &nbsp;&nbsp;$714173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R07, Class 2M2<br> 7.32%, (SOFR30A+3.25%), 09/25/2043\* |  | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 341833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R02, Class 1M2<br> 7.42%, (SOFR30A+3.35%), 01/25/2043\* |  | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R06, Class 1M2<br> 7.92%, (SOFR30A+3.85%), 05/25/2042\* |  | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 893126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R03, Class 2M2<br> 7.97%, (SOFR30A+3.90%), 04/25/2043\* |  | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 442335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R04, Class 1B1<br> 9.32%, (SOFR30A+5.25%), 03/25/2042\* |  | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 273238 |
| &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> 7.42%, (SOFR30A+3.35%), 06/25/2043\* |  | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1218321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B<br> 7.62%, (SOFR30A+3.55%), 08/25/2042\* |  | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 856522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M2<br> 9.32%, (SOFR30A+5.25%), 05/25/2042\* |  | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 825520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA1, Class B1<br> 11.07%, (SOFR30A+7.00%), 03/25/2042\* |  | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 762194 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/20/2055 |  | &nbsp;&nbsp; 652386 | &nbsp;&nbsp;&nbsp;&nbsp; 665991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/20/2055 |  | &nbsp;&nbsp; 742593 | &nbsp;&nbsp;&nbsp;&nbsp; 757307 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875659 |
| **Total Collateralized Mortgage Obligations<br> (cost $10,138,892)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10056726 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 0.3%** |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84%, (3 UTBMM+0.16%), 04/30/2027<br> (cost $599,944) |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 599835 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 6.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 6.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 6.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 6.3%** |
| **Argentina — 0.8%** | **Argentina — 0.8%** | **Argentina — 0.8%** | **Argentina — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Argentina |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 07/09/2030(8) |  | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 908600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/09/2035(8) |  | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 891891 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800491 |
| **Brazil — 2.6%** | **Brazil — 2.6%** | **Brazil — 2.6%** | **Brazil — 2.6%** |
| &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; 989828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F<br> 10.00%, 01/01/2033 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 31330000 | &nbsp;&nbsp;&nbsp;&nbsp; 5278696 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268524 |
| **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/31/2027 |  | &nbsp;&nbsp; 1326000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301469 |
| **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; 267038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45%, 02/04/2033\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 220978 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488016 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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 | 25400000 | &nbsp;&nbsp;$1306071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/31/2053 | &nbsp;&nbsp;MXN | 84500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4026967 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333038 |
| **Total Foreign Government Obligations<br> (cost $14,515,399)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15191538 |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |  |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc.#†(2)<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;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $183,696,539)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;223417153 |
| **SHORT-TERM INVESTMENTS — 6.5%** | **SHORT-TERM INVESTMENTS — 6.5%** | **SHORT-TERM INVESTMENTS — 6.5%** |  |
| **Sovereign — 2.8%** | **Sovereign — 2.8%** | **Sovereign — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;Canadian Treasury Bills<br> 2.32%, 01/14/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp; 1312984 |
| &nbsp;&nbsp;&nbsp;Canadian Treasury Bills<br> 2.34%, 01/14/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 2625968 |
| &nbsp;&nbsp;&nbsp;Egypt Treasury Bills<br> 24.33%, 01/06/2026 | &nbsp;&nbsp;EGP | 136475000 | &nbsp;&nbsp;&nbsp;&nbsp; 2790437 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6729389 |
| **Unaffiliated Investment Companies — 3.7%** | **Unaffiliated Investment Companies — 3.7%** | **Unaffiliated Investment Companies — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 3.94%(9) |  | &nbsp;&nbsp;&nbsp;&nbsp;7075084 | &nbsp;&nbsp;&nbsp;&nbsp; 7075083 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.02%(9)(10) |  | &nbsp;&nbsp;&nbsp;&nbsp;1904071 | &nbsp;&nbsp;&nbsp;&nbsp; 1904071 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8979154 |
| **Total Short-Term Investments<br> (cost $15,690,656)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15708543 |
| **TOTAL INVESTMENTS<br> (cost $199,387,195)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;239125696 |
| 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;683781 |
| **NET ASSETS** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$239809477 |

---

# The security or a portion thereof is out on loan (see Note 2). <br> † Non-income producing security

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 Global Strategy Fund has no right to demand registration of these securities. At November 30, 2025, the aggregate value of these securities was $41,257,577 representing 17.2% 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 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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>** |
| Cencora, Inc. | 12/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;516 | $104818 | $190368 | $368.93 | 0.1% |
| LKQ Corp. | 07/23/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.69 | 0.0 |
| MMC Norilsk Nickel PJSC | 01/20/20, 04/24/20<br> 12/11/20 | 56300 | &nbsp;&nbsp;158889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.0 |
| Rheinmetall AG | 06/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;142773 | &nbsp;&nbsp;127116 | &nbsp;&nbsp;1717.79 | 0.1 |
|  |  |  |  | $317573 |  | 0.2%\*\* |

---

\*\* 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 2).

(3) Perpetual maturity - maturity date reflects the next call date.

(4) Security in default

(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) "Step-down" security where the rate decreases ("steps-down") at a predetermined rate. The rate reflected is as of November 30, 2025.

(9) The rate shown is the 7-day yield as of November 30, 2025.

(10) At November 30, 2025, the Fund had loaned securities with a total value of $4,412,398. This was secured by collateral of $1,904,071, which was received in cash and subsequently invested in short-term investments currently valued at $1,904,071 as reported in the Portfolio of Investments. Additional collateral of $2,685,728 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> November 30, 2025** |
| United States Treasury Bills | 0.00% | 05/14/2026 | $2549 |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 12/31/2025 to 05/15/2055 | &nbsp;&nbsp;&nbsp;2683179 |

---

---

| |
|:---|
| 3 UTBMM—US Treasury 3 Month Bill Money Market Yield |
| 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 |
| EGP—Egyptian Pound |
| GBP—British Pound |
| MXN—Mexican Peso |
| PEN—Peruvian Sol |

---

The rates shown on FRS and/or VRS are the current interest rates at November 30, 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 | $(8255) | $9670 | $1415 |

---

(1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, credit indices or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

(3) The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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** |
| &nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$679602 | &nbsp;&nbsp;&nbsp;&nbsp;$680062 | &nbsp;&nbsp;&nbsp;&nbsp;$460 |
| 193 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22348535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22427204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78669 |
| 24 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2876176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2902500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26324 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$105453 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1032157 | &nbsp;&nbsp;&nbsp;&nbsp;$1028925 | &nbsp;&nbsp;&nbsp;&nbsp;$(3232) |
|  |  | &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;$102221 |

---

\* 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;JPY | &nbsp;&nbsp;452000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035326 | &nbsp;&nbsp;01/16/2026 | &nbsp;&nbsp;$127387 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1018736 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12113) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3903446 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;571000000 | &nbsp;&nbsp;01/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(229923) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4399659 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;6200000000 | &nbsp;&nbsp;01/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(173095) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;127387 | &nbsp;&nbsp;&nbsp;&nbsp;(415131) |
| HSBC Bank PLC | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;5240000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762983 | &nbsp;&nbsp;01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;3330000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499413 | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 88815 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;JPY | &nbsp;&nbsp;119000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804492 | &nbsp;&nbsp;01/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38907 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1742498 | &nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000000 | &nbsp;&nbsp;06/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17945 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2592166 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970000 | &nbsp;&nbsp;01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17106 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;164458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$291845 | &nbsp;&nbsp;$(415131) |

---

---

| |
|:---|
| CAD—Canadian Dollar |
| EGP—Egyptian Pound |
| GBP—British Pound |
| JPY—Japanese Yen |
| KRW—South Korean Won |
| USD—United States Dollar |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;9.8% |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;4.7 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Other Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.0% |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Diversified Finan Serv | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Energy-Alternate Sources | &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 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.7% |

---

\* 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 November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bermuda | &nbsp;&nbsp;$24795 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$24795 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563948 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697279 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35829 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7152946 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7292403 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596833 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610284 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771051 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343904 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399375 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42103 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215037 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598122 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908494 |
| &nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847408 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847795 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5334454 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539997 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;86681010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;86681010 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Global Strategy Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;$— | &nbsp;&nbsp;$35455829 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$35455829 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40147880 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40147880 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326654 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326654 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524670 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524670 |
| 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;9484621 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9484621 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10056726 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10056726 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599835 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599835 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15191538 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15191538 |
| 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;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;&nbsp;6729389 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6729389 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8979154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8979154 |
| **Total Investments at Value** | &nbsp;&nbsp;$101734705 | &nbsp;&nbsp;$137390991 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$239125696 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9670 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9670 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105453 |
| 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;291845 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291845 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$105453 | &nbsp;&nbsp;$301515 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$406968 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$3232 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3232 |
| 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;415131 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415131 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$3232 | &nbsp;&nbsp;$415131 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$418363 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Government Securities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 5.2%** | **CORPORATE BONDS & NOTES — 5.2%** | **CORPORATE BONDS & NOTES — 5.2%** |
| **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 | $429112 | &nbsp;&nbsp;$414375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/15/2031 | &nbsp;&nbsp; 194265 | &nbsp;&nbsp;&nbsp;&nbsp; 187604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601979 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.61%, 09/13/2029\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 531898 |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 01/18/2028\* | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021152 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/11/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402805 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37%, 10/21/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400471 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 11/06/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503252 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36%, 10/22/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400431 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Private Bank, N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47%, 11/19/2031 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 387106 |
| &nbsp;&nbsp;&nbsp;Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 04/15/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 523580 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/28/2033 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 716291 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/23/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 414257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301243 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/23/2028 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497293 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2029\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 518110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015403 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 11/20/2035 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 216918 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp; 224000 | &nbsp;&nbsp;&nbsp;&nbsp; 226428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443346 |
| **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
| &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; 1019220 |
| **Total Corporate Bonds & Notes<br> (cost $8,342,045)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8381191 |
| **ASSET BACKED SECURITIES — 6.6%** | **ASSET BACKED SECURITIES — 6.6%** | **ASSET BACKED SECURITIES — 6.6%** |
| **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; 917710 |
| &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; 1005466 |
| &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; 427126 |

---

---

| | | |
|:---|:---|:---|
| **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;Stellantis Financial Underwritten Enhanced Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-AA, Class A3<br> 4.47%, 07/20/2028\* | $615000 | &nbsp;&nbsp;$619069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969371 |
| **Other Asset Backed Securities — 4.8%** | **Other Asset Backed Securities — 4.8%** | **Other Asset Backed Securities — 4.8%** |
| &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; 996061 | &nbsp;&nbsp;&nbsp;&nbsp; 975763 |
| &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; 283759 |
| &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; 1031316 |
| &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;1196608 | &nbsp;&nbsp;&nbsp;&nbsp; 1220401 |
| &nbsp;&nbsp;&nbsp;Bridge Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR1, Class A<br> 4.05%, 09/17/2042\* | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 827505 |
| &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;1162077 | &nbsp;&nbsp;&nbsp;&nbsp; 1138976 |
| &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A, Class A2<br> 4.59%, 12/27/2060\* | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170662 |
| &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; 211009 | &nbsp;&nbsp;&nbsp;&nbsp; 210321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A<br> 4.54%, 05/25/2044\* | &nbsp;&nbsp; 356026 | &nbsp;&nbsp;&nbsp;&nbsp; 358032 |
| &nbsp;&nbsp;&nbsp;Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A, Class A<br> 4.51%, 05/21/2035\* | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 545303 |
| &nbsp;&nbsp;&nbsp;MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A<br> 4.48%, 10/20/2044\* | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 506984 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A3<br> 4.33%, 06/20/2036\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 541181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7810203 |
| **Total Asset Backed Securities<br> (cost $10,743,415)** |  | &nbsp;&nbsp;&nbsp;&nbsp;10779574 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%** |
| **Commercial and Residential — 3.5%** | **Commercial and Residential — 3.5%** | **Commercial and Residential — 3.5%** |
| &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; 459740 |
| &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; 479924 |
| &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; 17568 | &nbsp;&nbsp;&nbsp;&nbsp; 17471 |
| &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; 1164796 |
| &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; 1084621 |
| &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; 774321 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Government Securities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL2, Class A1<br> 3.75%, 04/25/2055\* | $753414 | &nbsp;&nbsp;$735849 |
| &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; 900781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617503 |
| **U.S. Government Agency — 21.9%** | **U.S. Government Agency — 21.9%** | **U.S. Government Agency — 21.9%** |
| &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; 595932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K145, Class A2<br> 2.58%, 05/25/2032 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 393144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series KW10, Class A2<br> 2.69%, 09/25/2029 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K146, Class A2<br> 2.92%, 06/25/2032 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 657013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K149, Class A2<br> 3.53%, 08/25/2032 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1928807 |
| &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) | &nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041875 |
| &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; 1635480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4594, Class GN<br> 2.50%, 02/15/2045 | &nbsp;&nbsp; 246684 | &nbsp;&nbsp;&nbsp;&nbsp; 233190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4097, Class YK<br> 3.00%, 08/15/2032 | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1697655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4150, Class IG<br> 3.00%, 01/15/2033(2) | &nbsp;&nbsp; 552688 | &nbsp;&nbsp;&nbsp;&nbsp; 26744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4838, Class CY<br> 3.00%, 01/15/2038 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 941013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4365, Class HZ<br> 3.00%, 01/15/2040 | &nbsp;&nbsp; 321581 | &nbsp;&nbsp;&nbsp;&nbsp; 304362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4057, Class WY<br> 3.50%, 06/15/2027 | &nbsp;&nbsp; 178632 | &nbsp;&nbsp;&nbsp;&nbsp; 177447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3786, Class PB<br> 4.50%, 07/15/2040 | &nbsp;&nbsp; 103373 | &nbsp;&nbsp;&nbsp;&nbsp; 103839 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4039, Class SA<br> 2.24%, (6.39%-SOFR30A), 05/15/2042(2)(3) | &nbsp;&nbsp; 119222 | &nbsp;&nbsp;&nbsp;&nbsp; 15277 |
| &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; 410366 | &nbsp;&nbsp;&nbsp;&nbsp; 363236 |
| &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; 202591 | &nbsp;&nbsp;&nbsp;&nbsp; 188383 |
| &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; 1095760 |
| &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; 19103 | &nbsp;&nbsp;&nbsp;&nbsp; 18477 |
| &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; 182025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-12, Class JC<br> 2.00%, 03/25/2050 | &nbsp;&nbsp; 583401 | &nbsp;&nbsp;&nbsp;&nbsp; 500884 |

---

---

| | | |
|:---|:---|:---|
| **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 2013-23, Class KJ<br> 2.25%, 05/25/2042 | $425206 | &nbsp;&nbsp;$402410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class ME<br> 2.50%, 01/25/2042 | &nbsp;&nbsp; 360269 | &nbsp;&nbsp;&nbsp;&nbsp; 345620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-73, Class TD<br> 2.50%, 09/25/2042 | &nbsp;&nbsp; 137332 | &nbsp;&nbsp;&nbsp;&nbsp; 132563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M22, Class A2<br> 2.52%, 08/25/2029 | &nbsp;&nbsp; 305466 | &nbsp;&nbsp;&nbsp;&nbsp; 292330 |
| &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; 896786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-87, Class CZ<br> 3.00%, 08/25/2042 | &nbsp;&nbsp;1679200 | &nbsp;&nbsp;&nbsp;&nbsp; 1569570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-30, Class PA<br> 3.00%, 04/25/2045 | &nbsp;&nbsp; 228166 | &nbsp;&nbsp;&nbsp;&nbsp; 219385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-25, Class LA<br> 3.00%, 07/25/2045 | &nbsp;&nbsp; 177733 | &nbsp;&nbsp;&nbsp;&nbsp; 169832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-33, Class JA<br> 3.00%, 07/25/2045 | &nbsp;&nbsp; 166635 | &nbsp;&nbsp;&nbsp;&nbsp; 159626 |
| &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; 1791590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-38, Class NA<br> 3.00%, 01/25/2046 | &nbsp;&nbsp; 330071 | &nbsp;&nbsp;&nbsp;&nbsp; 313054 |
| &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; 777092 |
| &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; 241126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-116, Class PB<br> 5.50%, 08/25/2035 | &nbsp;&nbsp; 16285 | &nbsp;&nbsp;&nbsp;&nbsp; 16967 |
| &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; 871449 |
| &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; 50146 | &nbsp;&nbsp;&nbsp;&nbsp; 8278 |
| &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;1614567 | &nbsp;&nbsp;&nbsp;&nbsp; 1147520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-164, Class AO<br> Zero Coupon, 10/20/2054(4) | &nbsp;&nbsp;1040375 | &nbsp;&nbsp;&nbsp;&nbsp; 838503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-119, Class AZ<br> 3.50%, 07/20/2052 | &nbsp;&nbsp;1700003 | &nbsp;&nbsp;&nbsp;&nbsp; 1481103 |
| &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; 394872 |
| &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; 1256108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-18, Class Z<br> 4.50%, 03/16/2034 | &nbsp;&nbsp; 62349 | &nbsp;&nbsp;&nbsp;&nbsp; 62236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-6, Class GL<br> 4.50%, 02/20/2038 | &nbsp;&nbsp; 288210 | &nbsp;&nbsp;&nbsp;&nbsp; 287488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-159, Class PA<br> 4.50%, 10/20/2054 | &nbsp;&nbsp;3812039 | &nbsp;&nbsp;&nbsp;&nbsp; 3774864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-21, Class Z<br> 5.00%, 03/20/2035 | &nbsp;&nbsp; 129996 | &nbsp;&nbsp;&nbsp;&nbsp; 130774 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-100, Class JS<br> 4.68%, (15.95%-SOFR30A), 06/20/2055(3) | &nbsp;&nbsp;1443099 | &nbsp;&nbsp;&nbsp;&nbsp; 1428146 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Government Securities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Seasoned Credit Risk Transfer Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class MAU<br> 3.25%, 11/25/2064 | $1313388 | &nbsp;&nbsp;$1225218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class MTU<br> 3.25%, 11/25/2064 | &nbsp;&nbsp;1368417 | &nbsp;&nbsp;&nbsp;&nbsp; 1199791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35440960 |
| **Total Collateralized Mortgage Obligations<br> (cost $42,335,829)** |  | &nbsp;&nbsp;&nbsp;&nbsp;41058463 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 61.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 61.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 61.4%** |
| **U.S. Government — 36.4%** | **U.S. Government — 36.4%** | **U.S. Government — 36.4%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 600187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1282570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 to 02/15/2050 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2526133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2045 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 768320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2048 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 572900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1651016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/15/2042 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 425020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/2041 to 11/15/2043 | &nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8591738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2040 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1411758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/15/2045 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 376406 |
| &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; 872227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 06/30/2028(5) | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3307637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2032 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4040508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1213281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/30/2030 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3987188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/31/2030 to 08/31/2030 | &nbsp;&nbsp;2735000 | &nbsp;&nbsp;&nbsp;&nbsp; 2739496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 06/30/2030# | &nbsp;&nbsp;2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2170891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/31/2030 to 04/30/2032 | &nbsp;&nbsp;3945000 | &nbsp;&nbsp;&nbsp;&nbsp; 4007045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034# | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 10/31/2027 to 02/29/2032 | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9122617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2035 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033# | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2087266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/31/2031 to 02/15/2035 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4198593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;58987953 |
| **U.S. Government Agency — 25.0%** | **U.S. Government Agency — 25.0%** | **U.S. Government Agency — 25.0%** |
| &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; 455868 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/01/2034 | &nbsp;&nbsp; 586872 | &nbsp;&nbsp;&nbsp;&nbsp; 545807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2033 | &nbsp;&nbsp; 287968 | &nbsp;&nbsp;&nbsp;&nbsp; 283425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/01/2037 | &nbsp;&nbsp;2983022 | &nbsp;&nbsp;&nbsp;&nbsp; 2785712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2052 | &nbsp;&nbsp;1724129 | &nbsp;&nbsp;&nbsp;&nbsp; 1669854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2039 to 06/01/2041 | &nbsp;&nbsp; 730617 | &nbsp;&nbsp;&nbsp;&nbsp; 736922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 to 11/01/2053 | &nbsp;&nbsp;1359378 | &nbsp;&nbsp;&nbsp;&nbsp; 1374211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2036 to 06/01/2054 | &nbsp;&nbsp;3587145 | &nbsp;&nbsp;&nbsp;&nbsp; 3648673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2033 to 02/01/2055 | &nbsp;&nbsp;1817758 | &nbsp;&nbsp;&nbsp;&nbsp; 1887464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2032 | &nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2030 | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &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; 571190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%, 06/01/2037 | &nbsp;&nbsp; 237753 | &nbsp;&nbsp;&nbsp;&nbsp; 190429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14%, 10/01/2029 | &nbsp;&nbsp; 978786 | &nbsp;&nbsp;&nbsp;&nbsp; 917622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%, 05/01/2037 | &nbsp;&nbsp; 938450 | &nbsp;&nbsp;&nbsp;&nbsp; 776137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp;1842827 | &nbsp;&nbsp;&nbsp;&nbsp; 1603951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 04/01/2034 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2193020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 09/01/2034 | &nbsp;&nbsp; 698198 | &nbsp;&nbsp;&nbsp;&nbsp; 615310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2051 to 03/01/2052 | &nbsp;&nbsp;2802076 | &nbsp;&nbsp;&nbsp;&nbsp; 2534804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/01/2030 | &nbsp;&nbsp;2646467 | &nbsp;&nbsp;&nbsp;&nbsp; 2552182 |

---

---

| | | |
|:---|:---|:---|
| **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;3.43%, 05/01/2032 | $2000000 | &nbsp;&nbsp;$1915543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 06/01/2032 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 960954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69%, 05/01/2030 | &nbsp;&nbsp;1339261 | &nbsp;&nbsp;&nbsp;&nbsp; 1324722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 03/01/2043 | &nbsp;&nbsp;1792226 | &nbsp;&nbsp;&nbsp;&nbsp; 1760463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 10/01/2037 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 979682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2036 | &nbsp;&nbsp; 3144 | &nbsp;&nbsp;&nbsp;&nbsp; 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2033 to 11/01/2055 | &nbsp;&nbsp;1342481 | &nbsp;&nbsp;&nbsp;&nbsp; 1367571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2032 | &nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/01/2031 | &nbsp;&nbsp; 1609 | &nbsp;&nbsp;&nbsp;&nbsp; 1684 |
| &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;1790128 | &nbsp;&nbsp;&nbsp;&nbsp; 1558653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2048 to 09/20/2051 | &nbsp;&nbsp;3889433 | &nbsp;&nbsp;&nbsp;&nbsp; 3593420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/20/2053 | &nbsp;&nbsp;1444590 | &nbsp;&nbsp;&nbsp;&nbsp; 1354982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2038 to 08/15/2040 | &nbsp;&nbsp; 250633 | &nbsp;&nbsp;&nbsp;&nbsp; 251821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2035 to 05/15/2036 | &nbsp;&nbsp; 19331 | &nbsp;&nbsp;&nbsp;&nbsp; 19740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2032 | &nbsp;&nbsp; 2133 | &nbsp;&nbsp;&nbsp;&nbsp; 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031 | &nbsp;&nbsp; 1605 | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;40445631 |
| **Total U.S. Government & Agency Obligations<br> (cost $104,976,763)** |  | &nbsp;&nbsp;&nbsp;&nbsp;99433584 |
| **MUNICIPAL SECURITIES — 0.2%** | **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) | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 261316 |
| **Total Long-Term Investment Securities<br> (cost $166,673,052)** |  | &nbsp;&nbsp;&nbsp;&nbsp;159914128 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Government Securities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 1.1%** | **REPURCHASE AGREEMENTS — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.16% dated 11/28/2025, to be repurchased 12/01/2025 in the amount of $1,870,739 and collateralized by $1,939,400 of United States Treasury Notes, bearing interest at 1.88% due 02/27/2027 and having an approximate value of $1,908,104<br> (cost $1,870,558) | $1870558 | &nbsp;&nbsp;$1870558 |
| **TOTAL INVESTMENTS<br> (cost $168,543,610)(6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;161784686 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90472 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$161875158 |

---

\* 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 November 30, 2025, the aggregate value of these securities was $13,934,320 representing 8.6% of net assets.

# The security or a portion thereof is out on loan. At November 30, 2025, the Fund had loaned securities with a total value of $6,218,487. This was secured by collateral of $6,352,834 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> November 30, 2025** |
| Federal Home Loan Mtg. Corp. | 4.50% to 6.35% | 10/25/2036 to 12/25/2055 | $5261901 |
| Federal National Mtg. Assoc. | 2.50% to 6.00% | 04/01/2032 to 12/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;575941 |
| Government National Mtg. Assoc. | 3.00% to 6.50% | 03/20/2050 to 11/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;514992 |

---

(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 November 30, 2025.

(4) Principal Only

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

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

---

| |
|:---|
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SCRT—Structured Credit Risk Transfer |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| STRIPS—Separate Trading of Registered Interest and Principal |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at November 30, 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** |
| 28 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$3166670 | &nbsp;&nbsp;&nbsp;&nbsp;$3173625 | &nbsp;&nbsp;&nbsp;&nbsp;$6955 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$208876 | &nbsp;&nbsp;&nbsp;&nbsp;$208859 | &nbsp;&nbsp;&nbsp;&nbsp;$(17) |
|  |  | &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;$6938 |

---

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

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Government Securities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8381191 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8381191 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10779574 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10779574 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41058463 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41058463 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;99433584 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;99433584 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261316 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261316 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870558 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870558 |
| **Total Investments at Value** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$161784686 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$161784686 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$6955 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6955 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.4%** | **COMMON STOCKS — 96.4%** | **COMMON STOCKS — 96.4%** |
| **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;6592 | &nbsp;&nbsp;$260779 |
| **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp; 283878 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp; 270601 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15639 | &nbsp;&nbsp;&nbsp;&nbsp; 4667459 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 203456 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp; 273396 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103486 | &nbsp;&nbsp;&nbsp;&nbsp; 21172201 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp; 26276 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp; 14454 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp; 43603 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp; 392844 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6109 | &nbsp;&nbsp;&nbsp;&nbsp; 257433 |
| &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; 12121 |
| &nbsp;&nbsp;&nbsp;StandardAero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 2037 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp; 6064998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33684757 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 14278 |
| **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; 13415 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp; 18096 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp; 27709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59220 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp; 12522 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp; 197187 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323 | &nbsp;&nbsp;&nbsp;&nbsp; 146179 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp; 15428 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914 | &nbsp;&nbsp;&nbsp;&nbsp; 318442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689758 |
| **Auto Manufacturers — 4.2%** | **Auto Manufacturers — 4.2%** | **Auto Manufacturers — 4.2%** |
| &nbsp;&nbsp;&nbsp;Ferrari NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37059 | &nbsp;&nbsp;&nbsp;&nbsp; 14523422 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;149807 | &nbsp;&nbsp;&nbsp;&nbsp; 64442477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78965899 |
| **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; 18707 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7914 | &nbsp;&nbsp;&nbsp;&nbsp; 424586 |
| &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; 86205 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812 | &nbsp;&nbsp;&nbsp;&nbsp; 498523 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 199902 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49943 | &nbsp;&nbsp;&nbsp;&nbsp; 868509 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 14669 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 13765 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 27231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133390 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622 | &nbsp;&nbsp;&nbsp;&nbsp; 107345 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28372 | &nbsp;&nbsp;&nbsp;&nbsp; 2074561 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 18250 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10299 | &nbsp;&nbsp;&nbsp;&nbsp; 772322 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771 | &nbsp;&nbsp;&nbsp;&nbsp; 412158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384636 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp; 841093 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5924 | &nbsp;&nbsp;$2046505 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 33547 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153 | &nbsp;&nbsp;&nbsp;&nbsp; 139268 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5006 | &nbsp;&nbsp;&nbsp;&nbsp; 629955 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp; 127092 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 63303 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579 | &nbsp;&nbsp;&nbsp;&nbsp; 535839 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp; 177373 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 28724 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp; 30932 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp; 45383 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807 | &nbsp;&nbsp;&nbsp;&nbsp; 1650753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349767 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp; 92639 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 40984 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp; 32125 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 6712 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp; 29828 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp; 237462 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 12553 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 | &nbsp;&nbsp;&nbsp;&nbsp; 1388777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841080 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp; 250120 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10446 | &nbsp;&nbsp;&nbsp;&nbsp; 3590186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840306 |
| **Commercial Services — 1.5%** | **Commercial Services — 1.5%** | **Commercial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10490 | &nbsp;&nbsp;&nbsp;&nbsp; 16331813 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp; 165384 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5584 | &nbsp;&nbsp;&nbsp;&nbsp; 1425595 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 7609 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp; 198730 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;&nbsp; 158824 |
| &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; 13051 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5133 | &nbsp;&nbsp;&nbsp;&nbsp; 954841 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp; 294913 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 66259 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 21453 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 16469 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp; 1139100 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 50707 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp; 97680 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp; 783323 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127 | &nbsp;&nbsp;&nbsp;&nbsp; 253728 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11338 | &nbsp;&nbsp;&nbsp;&nbsp; 5655735 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp; 79240 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671 | &nbsp;&nbsp;&nbsp;&nbsp; 228081 |
| &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; 30694 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 47779 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 277961 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 15287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28314256 |
| **Computers — 7.8%** | **Computers — 7.8%** | **Computers — 7.8%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507930 | &nbsp;&nbsp;&nbsp;&nbsp; 141636281 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619 | &nbsp;&nbsp;&nbsp;&nbsp; 1842650 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp; 79477 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361 | &nbsp;&nbsp;&nbsp;&nbsp; 93803 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 770735 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp; 269047 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;$13891 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp; 10745 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 25362 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp; 126955 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 73181 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp; 356996 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;&nbsp; 71677 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641 | &nbsp;&nbsp;&nbsp;&nbsp; 123248 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp; 362663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145856711 |
| **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;5626 | &nbsp;&nbsp;&nbsp;&nbsp; 452274 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12495 | &nbsp;&nbsp;&nbsp;&nbsp; 487055 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp; 78456 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13917 | &nbsp;&nbsp;&nbsp;&nbsp; 562247 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 24116 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 16399 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 32496 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp; 529336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730105 |
| **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 22632 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689 | &nbsp;&nbsp;&nbsp;&nbsp; 982211 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp; 571954 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 566955 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782 | &nbsp;&nbsp;&nbsp;&nbsp; 436357 |
| &nbsp;&nbsp;&nbsp;BitMine Immersion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;237807 | &nbsp;&nbsp;&nbsp;&nbsp; 7876168 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9114 | &nbsp;&nbsp;&nbsp;&nbsp; 136710 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp; 104056 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp; 204377 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 8313 |
| &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; 81300 |
| &nbsp;&nbsp;&nbsp;Freedom Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp; 29282 |
| &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; 47715 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 53497 |
| &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; 21717 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 28435 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 15907 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp; 419415 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp; 6661413 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 | &nbsp;&nbsp;&nbsp;&nbsp; 70555 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp; 105871 |
| &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; 15785 |
| &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 930 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;179866 | &nbsp;&nbsp;&nbsp;&nbsp; 60154385 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 13600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78629540 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808 | &nbsp;&nbsp;&nbsp;&nbsp; 475928 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp; 903422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379350 |
| **Electronics — 1.2%** | **Electronics — 1.2%** | **Electronics — 1.2%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;159130 | &nbsp;&nbsp;&nbsp;&nbsp; 22421417 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp; 215346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22636763 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;1836 | &nbsp;&nbsp;$52969 |
| **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;523 | &nbsp;&nbsp;&nbsp;&nbsp; 510940 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 139006 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 41493 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 17647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709086 |
| **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; 88145 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7058 | &nbsp;&nbsp;&nbsp;&nbsp; 234043 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 446854 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347 | &nbsp;&nbsp;&nbsp;&nbsp; 308513 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp; 83954 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp; 66740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228249 |
| **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; 29251 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 141708 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5458 | &nbsp;&nbsp;&nbsp;&nbsp; 1189135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360094 |
| **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;297 | &nbsp;&nbsp;&nbsp;&nbsp; 55860 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 31159 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp; 125380 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812 | &nbsp;&nbsp;&nbsp;&nbsp; 290474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502873 |
| **Healthcare-Products — 3.1%** | **Healthcare-Products — 3.1%** | **Healthcare-Products — 3.1%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;139693 | &nbsp;&nbsp;&nbsp;&nbsp; 14190015 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51614 | &nbsp;&nbsp;&nbsp;&nbsp; 11705023 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp; 24917 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 907220 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 53621 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp; 349112 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52037 | &nbsp;&nbsp;&nbsp;&nbsp; 29842179 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp; 82752 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp; 468545 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 158898 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 20009 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp; 130218 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 | &nbsp;&nbsp;&nbsp;&nbsp; 485503 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp; 94919 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 185977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58698908 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 9662 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 86789 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 67499 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 277018 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp; 196697 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 64493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702158 |
| **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; 18831 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;&nbsp; 272089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290920 |
| **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;1781 | &nbsp;&nbsp;&nbsp;&nbsp; 194343 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;$1024952 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 64876 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 34746 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 32058 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 125477 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 76976 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 160519 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp; 99753 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp; 87337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706694 |
| **Internet — 21.4%** | **Internet — 21.4%** | **Internet — 21.4%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349 | &nbsp;&nbsp;&nbsp;&nbsp; 742770 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;270919 | &nbsp;&nbsp;&nbsp;&nbsp; 86742845 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43403 | &nbsp;&nbsp;&nbsp;&nbsp; 13894168 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;573986 | &nbsp;&nbsp;&nbsp;&nbsp; 133865015 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29404 | &nbsp;&nbsp;&nbsp;&nbsp; 17627110 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 2226355 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 19758 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp; 108726 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18829 | &nbsp;&nbsp;&nbsp;&nbsp; 530225 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5357 | &nbsp;&nbsp;&nbsp;&nbsp; 1062668 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 45599 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp; 462032 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp; 23285 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111 | &nbsp;&nbsp;&nbsp;&nbsp; 269912 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp; 19852 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;137991 | &nbsp;&nbsp;&nbsp;&nbsp; 89411268 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;318596 | &nbsp;&nbsp;&nbsp;&nbsp; 34274558 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9732 | &nbsp;&nbsp;&nbsp;&nbsp; 1850345 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388 | &nbsp;&nbsp;&nbsp;&nbsp; 114615 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp; 374710 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 | &nbsp;&nbsp;&nbsp;&nbsp; 187081 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp; 27004 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93213 | &nbsp;&nbsp;&nbsp;&nbsp; 14787310 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 | &nbsp;&nbsp;&nbsp;&nbsp; 1361232 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp; 17287 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29894 | &nbsp;&nbsp;&nbsp;&nbsp; 2616921 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 26924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402689575 |
| **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; 40136 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 33398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73534 |
| **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;4933 | &nbsp;&nbsp;&nbsp;&nbsp; 127173 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5873 | &nbsp;&nbsp;&nbsp;&nbsp; 108416 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp; 140746 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783 | &nbsp;&nbsp;&nbsp;&nbsp; 1007223 |
| &nbsp;&nbsp;&nbsp;Viking Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 | &nbsp;&nbsp;&nbsp;&nbsp; 169087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552645 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 11134 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp;&nbsp;&nbsp; 982213 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp; 318716 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;&nbsp;&nbsp; 786663 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp; 19683 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp; 73639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192048 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Construction & Mining — 1.9%** | **Machinery-Construction & Mining — 1.9%** | **Machinery-Construction & Mining — 1.9%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;$49728 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp; 491699 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058 | &nbsp;&nbsp;&nbsp;&nbsp; 2433867 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;182686 | &nbsp;&nbsp;&nbsp;&nbsp; 32834155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35809449 |
| **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;155 | &nbsp;&nbsp;&nbsp;&nbsp; 61358 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 10259 |
| &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; 417 |
| &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; 18377 |
| &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; 12743 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 92717 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 4803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139316 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 41382 |
| **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; 77455 |
| **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;1294 | &nbsp;&nbsp;&nbsp;&nbsp; 222633 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36629 | &nbsp;&nbsp;&nbsp;&nbsp; 19784788 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 27153 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;&nbsp; 354975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20389549 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 13281 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 59030 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 251508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323819 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;SLB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp; 63058 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26348 | &nbsp;&nbsp;&nbsp;&nbsp; 5999439 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5805 | &nbsp;&nbsp;&nbsp;&nbsp; 285606 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;&nbsp;&nbsp; 380158 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;&nbsp;&nbsp; 1008654 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 110445 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778 | &nbsp;&nbsp;&nbsp;&nbsp; 366730 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58251 | &nbsp;&nbsp;&nbsp;&nbsp; 62647203 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp; 1510240 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 186396 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315 | &nbsp;&nbsp;&nbsp;&nbsp; 681277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73176148 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;&nbsp;&nbsp; 316234 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp; 555733 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 58249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930216 |
| **Private Equity — 1.6%** | **Private Equity — 1.6%** | **Private Equity — 1.6%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10928 | &nbsp;&nbsp;&nbsp;&nbsp; 1600078 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226734 | &nbsp;&nbsp;&nbsp;&nbsp; 27731835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29331913 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &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; 78164 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;197796 | &nbsp;&nbsp;$13608365 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp; 68720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13755249 |
| **REITS — 0.1%** | **REITS — 0.1%** | **REITS — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6984 | &nbsp;&nbsp;&nbsp;&nbsp; 1265990 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp; 172239 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp; 84009 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp; 197126 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 46125 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 12893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778382 |
| **Retail — 1.0%** | **Retail — 1.0%** | **Retail — 1.0%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 154219 |
| &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; 25520 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp; 235078 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp; 738139 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 53053 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp; 75731 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20028 | &nbsp;&nbsp;&nbsp;&nbsp; 691366 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6601 | &nbsp;&nbsp;&nbsp;&nbsp; 6030608 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp; 292895 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp; 59587 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;&nbsp; 102978 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 50334 |
| &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; 35818 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 12461 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11285 | &nbsp;&nbsp;&nbsp;&nbsp; 4027842 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 13072 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;&nbsp; 170551 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 187092 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp; 103584 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11695 | &nbsp;&nbsp;&nbsp;&nbsp; 1189381 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp; 222310 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp; 9928 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 167542 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp; 196259 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp; 173673 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8350 | &nbsp;&nbsp;&nbsp;&nbsp; 1268532 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7856 | &nbsp;&nbsp;&nbsp;&nbsp; 430352 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 89985 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6491 | &nbsp;&nbsp;&nbsp;&nbsp; 717320 |
| &nbsp;&nbsp;&nbsp;Wendy's Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp; 10546 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 47163 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 119128 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp; 213421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17915468 |
| **Semiconductors — 23.2%** | **Semiconductors — 23.2%** | **Semiconductors — 23.2%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;145107 | &nbsp;&nbsp;&nbsp;&nbsp; 31565126 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359 | &nbsp;&nbsp;&nbsp;&nbsp; 847308 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11599 | &nbsp;&nbsp;&nbsp;&nbsp; 6437628 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp; 302849 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260138 | &nbsp;&nbsp;&nbsp;&nbsp; 104825208 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;755401 | &nbsp;&nbsp;&nbsp;&nbsp; 30639065 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp; 2335659 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;162409 | &nbsp;&nbsp;&nbsp;&nbsp; 25335804 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp; 117110 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 39548 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 77778 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp; 634868 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1314384 | &nbsp;&nbsp;&nbsp;&nbsp; 232645968 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;$22333 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp; 619748 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552 | &nbsp;&nbsp;&nbsp;&nbsp; 934235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437380235 |
| **Software — 14.3%** | **Software — 14.3%** | **Software — 14.3%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311 | &nbsp;&nbsp;&nbsp;&nbsp; 2020340 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 81268 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp; 365576 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181 | &nbsp;&nbsp;&nbsp;&nbsp; 964925 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp; 99152 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;&nbsp;&nbsp; 360838 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22231 | &nbsp;&nbsp;&nbsp;&nbsp; 6932515 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607 | &nbsp;&nbsp;&nbsp;&nbsp; 922368 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4249 | &nbsp;&nbsp;&nbsp;&nbsp; 94540 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606 | &nbsp;&nbsp;&nbsp;&nbsp; 737006 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 16239 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp; 155621 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp; 12479 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp; 98353 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 27788 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp; 107572 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 | &nbsp;&nbsp;&nbsp;&nbsp; 196554 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436 | &nbsp;&nbsp;&nbsp;&nbsp; 101281 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 514662 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp; 138369 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp; 88977 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp; 265871 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp; 278061 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19767 | &nbsp;&nbsp;&nbsp;&nbsp; 12533859 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 157041 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;357095 | &nbsp;&nbsp;&nbsp;&nbsp; 175694311 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp; 36893 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp; 307791 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 5459 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 41729 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128359 | &nbsp;&nbsp;&nbsp;&nbsp; 25922100 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;118692 | &nbsp;&nbsp;&nbsp;&nbsp; 19993667 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;&nbsp;&nbsp; 168764 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp; 66563 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp; 23387 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759 | &nbsp;&nbsp;&nbsp;&nbsp; 130272 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 35788 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 33154 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122 | &nbsp;&nbsp;&nbsp;&nbsp; 866864 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 | &nbsp;&nbsp;&nbsp;&nbsp; 356645 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3974 | &nbsp;&nbsp;&nbsp;&nbsp; 151131 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp; 50446 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068 | &nbsp;&nbsp;&nbsp;&nbsp; 2492474 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52581 | &nbsp;&nbsp;&nbsp;&nbsp; 13210450 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 40043 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp; 845634 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 235489 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 9193 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 43317 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 247490 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 12246 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp; 429158 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;&nbsp;&nbsp; 692787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269414500 |
| **Telecommunications — 1.7%** | **Telecommunications — 1.7%** | **Telecommunications — 1.7%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;240527 | &nbsp;&nbsp;&nbsp;&nbsp; 31432068 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Telecommunications (continued)** | **Telecommunications (continued)** |  |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 | &nbsp;&nbsp;$150054 |
| &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; 33 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp; 382989 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 34986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000310 |
| **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;&nbsp;&nbsp; 20970 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp; 163208 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 49579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233757 |
| **Total Common Stocks<br> (cost $1,230,001,131)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1815017236 |
| **CONVERTIBLE PREFERRED STOCKS — 2.6%** | **CONVERTIBLE PREFERRED STOCKS — 2.6%** |  |
| **Internet — 0.6%** | **Internet — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;ByteDance, Ltd.<br> Series E-1†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47885 | &nbsp;&nbsp;&nbsp;&nbsp; 11167740 |
| **Software — 2.0%** | **Software — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series D †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;163280 | &nbsp;&nbsp;&nbsp;&nbsp; 29292432 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series J†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48194 | &nbsp;&nbsp;&nbsp;&nbsp; 8646003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37938435 |
| **Total Convertible Preferred Stocks<br> (cost $24,808,305)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49106175 |
| **Total Long-Term Investment Securities<br> (cost $1,254,809,436)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1864123411 |
| **SHORT-TERM INVESTMENTS — 1.9%** | **SHORT-TERM INVESTMENTS — 1.9%** |  |
| **Unaffiliated Investment Companies — 1.9%** | **Unaffiliated Investment Companies — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund, Premier Class<br> 3.88%(3) | 17092333 | &nbsp;&nbsp;&nbsp;&nbsp; 17092333 |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.94%(3) | 2507767 | &nbsp;&nbsp;&nbsp;&nbsp; 2507767 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(3)(4) | 16110548 | &nbsp;&nbsp;&nbsp;&nbsp; 16110548 |
| **Total Short-Term Investments<br> (cost $35,710,648)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35710648 |
| **TOTAL INVESTMENTS<br> (cost $1,290,520,084)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.9% | &nbsp;&nbsp;&nbsp;&nbsp;1899834059 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16877564) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1882956495 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan (see Note 2).

\* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Growth Fund has no right to demand registration of these securities. At November 30, 2025, the aggregate value of these securities was $16,331,813 representing 0.9% of net assets.

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | $11167740 | $233.22 | 0.6% |
| Databricks, Inc.<br> Series D | 03/27/25 | 163280 | 15103400 | &nbsp;&nbsp;29292432 | &nbsp;&nbsp;179.40 | 1.5 |
| Databricks, Inc.<br> Series J | 01/21/25 | &nbsp;&nbsp;48194 | &nbsp;&nbsp;4457945 | &nbsp;&nbsp;&nbsp;&nbsp;8646003 | &nbsp;&nbsp;179.40 | 0.5 |
|  |  |  |  | $49106175 |  | 2.6%\*\* |

---

\*\* 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 November 30, 2025.

(4) At November 30, 2025, the Fund had loaned securities with a total value of $17,594,406. This was secured by collateral of $16,110,548, which was received in cash and subsequently invested in short-term investments currently valued at $16,110,548 as reported in the Portfolio of Investments. Additional collateral of $1,573,615 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $4155 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61581 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241 |
| United States Treasury Bills | 0.00% | 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 01/15/2026 to 08/15/2055 | &nbsp;&nbsp;&nbsp;1503384 |

---

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

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 12 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 1000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2837494 | &nbsp;&nbsp;&nbsp;&nbsp;$2883540 | &nbsp;&nbsp;&nbsp;&nbsp;$46046 |

---

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

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;$11982443 | &nbsp;&nbsp;$16331813 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$28314256 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430942607 | &nbsp;&nbsp;&nbsp;&nbsp;6437628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437380235 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;1349322745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1349322745 |
| 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;49106175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49106175 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35710648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35710648 |
| **Total Investments at Value** | &nbsp;&nbsp;$1827958443 | &nbsp;&nbsp;$22769441 | &nbsp;&nbsp;$49106175 | &nbsp;&nbsp;$1899834059 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$46046 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$46046 |

---

---

| | |
|:---|:---|
| \* | &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;17894336 |
| 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 November 30, 2025 | &nbsp;&nbsp;$49106175 |

---

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2025 includes:

---

| |
|:---|
| &nbsp;&nbsp;**Convertible<br> Preferred Securities** |
| &nbsp;&nbsp;$17894336 |

---

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Fair Value at<br> November 30, 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;$37938435 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Pending Capital Raise\* | &nbsp;&nbsp;$190.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Uncertainty | &nbsp;&nbsp;5.6% |
|  | &nbsp;&nbsp;$11167740 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Last Twelve Months Revenue Multiple\* | &nbsp;&nbsp;1.35x |

---

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

# The average is a dollar value weighted average of proposed secondary market transactions.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 89.7%** | **CORPORATE BONDS & NOTES — 89.7%** | **CORPORATE BONDS & NOTES — 89.7%** |
| **Advertising — 1.5%** | **Advertising — 1.5%** | **Advertising — 1.5%** |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2031\* | $1281000 | &nbsp;&nbsp;$1333274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/15/2033\* | &nbsp;&nbsp; 1326000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2030\* | &nbsp;&nbsp; 856000 | &nbsp;&nbsp;&nbsp;&nbsp; 901884 |
| &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; 441093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/01/2033\* | &nbsp;&nbsp; 1258000 | &nbsp;&nbsp;&nbsp;&nbsp; 1259371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329336 |
| **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 893000 | &nbsp;&nbsp;&nbsp;&nbsp; 891114 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/30/2029\* | &nbsp;&nbsp; 1552000 | &nbsp;&nbsp;&nbsp;&nbsp; 1629865 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/01/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 124218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2033\* | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp; 207568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/31/2034\* | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 202184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/31/2033\* | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1450369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/15/2028\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 551040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/31/2034\* | &nbsp;&nbsp; 957000 | &nbsp;&nbsp;&nbsp;&nbsp; 999912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 12/01/2031\* | &nbsp;&nbsp; 391000 | &nbsp;&nbsp;&nbsp;&nbsp; 409922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6466192 |
| **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; 1042000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058136 |
| **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; 1347000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330499 |
| **Apparel — 1.4%** | **Apparel — 1.4%** | **Apparel — 1.4%** |
| &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; 1120022 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2030\* | &nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011564 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/2029\* | &nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 1691313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822899 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 07/17/2032\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 473059 |
| &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; 1195303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668362 |
| **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** |
| &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; 410417 |
| &nbsp;&nbsp;&nbsp;Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2032\* | &nbsp;&nbsp; 1001000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029603 |
| &nbsp;&nbsp;&nbsp;Forvia SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2033\* | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 646444 |
| &nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/2032\* | &nbsp;&nbsp; 464000 | &nbsp;&nbsp;&nbsp;&nbsp; 476213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/15/2033\* | &nbsp;&nbsp; 294000 | &nbsp;&nbsp;&nbsp;&nbsp; 304682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867359 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp;Genmab A/S/Genmab Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/15/2032\* |  | $415000 | &nbsp;&nbsp;$426716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 12/15/2033\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 209457 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636173 |
| **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** | **Building Materials — 2.1%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2032\* |  | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 306998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2030\* |  | &nbsp;&nbsp; 2044000 | &nbsp;&nbsp;&nbsp;&nbsp; 2035410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2035\* |  | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 213048 |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 07/15/2030\* |  | &nbsp;&nbsp; 1786000 | &nbsp;&nbsp;&nbsp;&nbsp; 1806784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 01/15/2031\*(1) |  | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 791944 |
| &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; 586693 |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2032\* |  | &nbsp;&nbsp; 726000 | &nbsp;&nbsp;&nbsp;&nbsp; 748974 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* |  | &nbsp;&nbsp; 1088000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054961 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544812 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/01/2029\* |  | &nbsp;&nbsp; 1201000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203145 |
| &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 469000 | &nbsp;&nbsp;&nbsp;&nbsp; 536197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2029\*# |  | &nbsp;&nbsp; 567000 | &nbsp;&nbsp;&nbsp;&nbsp; 547842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2031\* |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2033\* |  | &nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp;&nbsp; 1757002 |
| &nbsp;&nbsp;&nbsp;Tronox, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 09/30/2030\*# |  | &nbsp;&nbsp; 1479000 | &nbsp;&nbsp;&nbsp;&nbsp; 1394471 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839052 |
| **Commercial Services — 4.9%** | **Commercial Services — 4.9%** | **Commercial Services — 4.9%** | **Commercial Services — 4.9%** |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/15/2031\* |  | &nbsp;&nbsp; 3104000 | &nbsp;&nbsp;&nbsp;&nbsp; 3268068 |
| &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; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 485789 |
| &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; 932000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198616 |
| &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; 1814000 | &nbsp;&nbsp;&nbsp;&nbsp; 1867756 |
| &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; 884730 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/15/2030\* |  | &nbsp;&nbsp; 708000 | &nbsp;&nbsp;&nbsp;&nbsp; 721405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2033\* |  | &nbsp;&nbsp; 374000 | &nbsp;&nbsp;&nbsp;&nbsp; 384381 |
| &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031\* |  | &nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 785843 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2029\* |  | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 805818 |
| &nbsp;&nbsp;&nbsp;Garda World Security Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 08/01/2032\* |  | &nbsp;&nbsp; 1641000 | &nbsp;&nbsp;&nbsp;&nbsp; 1677460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/15/2032\* |  | &nbsp;&nbsp; 1563000 | &nbsp;&nbsp;&nbsp;&nbsp; 1602433 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63%, 07/15/2029\* |  | &nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp;&nbsp; 666390 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 |  | &nbsp;&nbsp; 1754000 | &nbsp;&nbsp;&nbsp;&nbsp; 1643659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2032 |  | &nbsp;&nbsp; 314000 | &nbsp;&nbsp;&nbsp;&nbsp; 320410 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/15/2032\* | $880000 | &nbsp;&nbsp;$914683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17227441 |
| **Computers — 2.6%** | **Computers — 2.6%** | **Computers — 2.6%** |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/01/2032\* | &nbsp;&nbsp; 1887000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980703 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/15/2033\* | &nbsp;&nbsp; 543000 | &nbsp;&nbsp;&nbsp;&nbsp; 566079 |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2031\* | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 970392 |
| &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; 1919550 |
| &nbsp;&nbsp;&nbsp;McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2030\*# | &nbsp;&nbsp; 2532000 | &nbsp;&nbsp;&nbsp;&nbsp; 2209326 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/01/2033\* | &nbsp;&nbsp; 1626000 | &nbsp;&nbsp;&nbsp;&nbsp; 1619711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9265761 |
| **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** |
| &nbsp;&nbsp;&nbsp;Velocity Vehicle Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* | &nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099703 |
| &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/15/2030\* | &nbsp;&nbsp; 1448000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623391 |
| **Diversified Financial Services — 6.4%** | **Diversified Financial Services — 6.4%** | **Diversified Financial Services — 6.4%** |
| &nbsp;&nbsp;&nbsp;Azorra Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2031\* | &nbsp;&nbsp; 1592000 | &nbsp;&nbsp;&nbsp;&nbsp; 1661750 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2030\* | &nbsp;&nbsp; 789000 | &nbsp;&nbsp;&nbsp;&nbsp; 783264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049386 |
| &nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2030\* | &nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 184311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/01/2032\* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516727 |
| &nbsp;&nbsp;&nbsp;Freedom Mtg. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2033\* | &nbsp;&nbsp; 468000 | &nbsp;&nbsp;&nbsp;&nbsp; 483649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/01/2032\* | &nbsp;&nbsp; 886000 | &nbsp;&nbsp;&nbsp;&nbsp; 930681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 05/15/2031\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 267503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 02/01/2029\* | &nbsp;&nbsp; 1323000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387000 |
| &nbsp;&nbsp;&nbsp;Hightower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 01/31/2030\* | &nbsp;&nbsp; 936000 | &nbsp;&nbsp;&nbsp;&nbsp; 994855 |
| &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; 565174 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 | &nbsp;&nbsp; 1416000 | &nbsp;&nbsp;&nbsp;&nbsp; 1411370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 05/15/2030 | &nbsp;&nbsp; 836000 | &nbsp;&nbsp;&nbsp;&nbsp; 849442 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2031\* | &nbsp;&nbsp; 484000 | &nbsp;&nbsp;&nbsp;&nbsp; 487813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/15/2033\* | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 452773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2030\* | &nbsp;&nbsp; 1129000 | &nbsp;&nbsp;&nbsp;&nbsp; 1184980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/15/2029\* | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 954598 |
| &nbsp;&nbsp;&nbsp;Planet Financial Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2029\* | &nbsp;&nbsp; 1722000 | &nbsp;&nbsp;&nbsp;&nbsp; 1803719 |
| &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; 1032872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/01/2033\* | &nbsp;&nbsp; 663000 | &nbsp;&nbsp;&nbsp;&nbsp; 694272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2029\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 259323 |
| &nbsp;&nbsp;&nbsp;Stonebriar ABF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 12/15/2030\* | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 889219 |
| &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 03/01/2030\* | &nbsp;&nbsp; 1472000 | &nbsp;&nbsp;&nbsp;&nbsp; 1539856 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;United Wholesale Mtg. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2029\* |  | $1278000 | &nbsp;&nbsp;$1264782 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22649319 |
| **Electric — 1.0%** | **Electric — 1.0%** | **Electric — 1.0%** | **Electric — 1.0%** |
| &nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031\* |  | &nbsp;&nbsp; 2106000 | &nbsp;&nbsp;&nbsp;&nbsp; 1962289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032\* |  | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 82396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2028\* |  | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139728 |
| &nbsp;&nbsp;&nbsp;VoltaGrid LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 11/01/2030\* |  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 349050 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533463 |
| **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; 1721000 | &nbsp;&nbsp;&nbsp;&nbsp; 1699912 |
| **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; 1613000 | &nbsp;&nbsp;&nbsp;&nbsp; 1658067 |
| **Entertainment — 4.3%** | **Entertainment — 4.3%** | **Entertainment — 4.3%** | **Entertainment — 4.3%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2032\*# |  | &nbsp;&nbsp; 2556000 | &nbsp;&nbsp;&nbsp;&nbsp; 2438502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2032\* |  | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 417032 |
| &nbsp;&nbsp;&nbsp;Cinemark USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2028\* |  | &nbsp;&nbsp; 1486000 | &nbsp;&nbsp;&nbsp;&nbsp; 1482129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2032\* |  | &nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 136541 |
| &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; 307401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 07/31/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 939010 |
| &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; 626206 |
| &nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp./Raptor LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2029\* |  | &nbsp;&nbsp; 796000 | &nbsp;&nbsp;&nbsp;&nbsp; 802641 |
| &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2027\* |  | &nbsp;&nbsp; 2152000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142151 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032# |  | &nbsp;&nbsp; 1016000 | &nbsp;&nbsp;&nbsp;&nbsp; 928370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 |  | &nbsp;&nbsp; 1264000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 |  | &nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp;&nbsp; 141372 |
| &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; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 864055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2031\* |  | &nbsp;&nbsp; 2608000 | &nbsp;&nbsp;&nbsp;&nbsp; 2817527 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15053973 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2033\* |  | &nbsp;&nbsp; 1076000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099743 |
| &nbsp;&nbsp;&nbsp;Reworld Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/01/2029\* |  | &nbsp;&nbsp; 503000 | &nbsp;&nbsp;&nbsp;&nbsp; 476646 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576389 |
| **Food — 2.3%** | **Food — 2.3%** | **Food — 2.3%** | **Food — 2.3%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/31/2031\* |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 810933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/31/2034\* |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 806451 |
| &nbsp;&nbsp;&nbsp;Altice France |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/31/2099\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 669 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/2027# |  | &nbsp;&nbsp; 632000 | &nbsp;&nbsp;&nbsp;&nbsp; 617241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 09/15/2028\* |  | &nbsp;&nbsp; 829000 | &nbsp;&nbsp;&nbsp;&nbsp; 822414 |
| &nbsp;&nbsp;&nbsp;Bellis Acquisition Co. PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/01/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1042000 | &nbsp;&nbsp;&nbsp;&nbsp; 1177927 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2029\* | $655000 | &nbsp;&nbsp;$643102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 539967 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2030\* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 681810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2034\*# | &nbsp;&nbsp; 927000 | &nbsp;&nbsp;&nbsp;&nbsp; 941500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2033\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8053614 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 06/01/2030\* | &nbsp;&nbsp; 816000 | &nbsp;&nbsp;&nbsp;&nbsp; 864800 |
| **Healthcare-Products — 1.7%** | **Healthcare-Products — 1.7%** | **Healthcare-Products — 1.7%** |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2028\* | &nbsp;&nbsp; 2485000 | &nbsp;&nbsp;&nbsp;&nbsp; 2461530 |
| &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; 2625907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2029\* | &nbsp;&nbsp; 979000 | &nbsp;&nbsp;&nbsp;&nbsp; 981287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6068724 |
| **Healthcare-Services — 3.5%** | **Healthcare-Services — 3.5%** | **Healthcare-Services — 3.5%** |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2031\*# | &nbsp;&nbsp; 1439000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2030\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 401495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2029\* | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 527965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 01/15/2034\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 574279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032\* | &nbsp;&nbsp; 2034000 | &nbsp;&nbsp;&nbsp;&nbsp; 2196974 |
| &nbsp;&nbsp;&nbsp;IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/01/2032\* | &nbsp;&nbsp; 1303000 | &nbsp;&nbsp;&nbsp;&nbsp; 1362892 |
| &nbsp;&nbsp;&nbsp;Star Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 10/01/2030\* | &nbsp;&nbsp; 1284000 | &nbsp;&nbsp;&nbsp;&nbsp; 1376063 |
| &nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 04/15/2032\*# | &nbsp;&nbsp; 2257000 | &nbsp;&nbsp;&nbsp;&nbsp; 2316174 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/15/2033\* | &nbsp;&nbsp; 846000 | &nbsp;&nbsp;&nbsp;&nbsp; 873519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2030 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12322191 |
| **Home Builders — 2.4%** | **Home Builders — 2.4%** | **Home Builders — 2.4%** |
| &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; 1218000 | &nbsp;&nbsp;&nbsp;&nbsp; 1154055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/01/2030\* | &nbsp;&nbsp; 563000 | &nbsp;&nbsp;&nbsp;&nbsp; 532983 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2029\* | &nbsp;&nbsp; 1705000 | &nbsp;&nbsp;&nbsp;&nbsp; 1619786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 09/15/2033\* | &nbsp;&nbsp; 1046000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060694 |
| &nbsp;&nbsp;&nbsp;KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 509350 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 02/15/2030 | &nbsp;&nbsp; 1856000 | &nbsp;&nbsp;&nbsp;&nbsp; 1781281 |
| &nbsp;&nbsp;&nbsp;STL Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2029\* | &nbsp;&nbsp; 1177000 | &nbsp;&nbsp;&nbsp;&nbsp; 1241050 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2032\* | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 546283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8445482 |
| **Housewares — 0.3%** | **Housewares — 0.3%** | **Housewares — 0.3%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032# | &nbsp;&nbsp; 1223000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151629 |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/01/2032\* | &nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp;&nbsp; 309332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/06/2030\* | &nbsp;&nbsp; 1648000 | &nbsp;&nbsp;&nbsp;&nbsp; 1711262 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/15/2029\* |  | $1141000 | &nbsp;&nbsp;$1195857 |
| &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; 2459000 | &nbsp;&nbsp;&nbsp;&nbsp; 2542173 |
| &nbsp;&nbsp;&nbsp;HUB International, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2030\* |  | &nbsp;&nbsp; 693000 | &nbsp;&nbsp;&nbsp;&nbsp; 726115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/31/2032\* |  | &nbsp;&nbsp; 2116000 | &nbsp;&nbsp;&nbsp;&nbsp; 2201705 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686444 |
| **Internet — 0.7%** | **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\*(2) |  | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 924742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 04/15/2029\* |  | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 805614 |
| &nbsp;&nbsp;&nbsp;United Group BV FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31%, (3 ME+4.25%), 02/15/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 669000 | &nbsp;&nbsp;&nbsp;&nbsp; 780711 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511067 |
| **Iron/Steel — 0.6%** | **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;5.63%, 03/01/2034\* |  | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 874063 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2033\* |  | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 582898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/15/2035\* |  | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 809845 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266806 |
| **Leisure Time — 1.4%** | **Leisure Time — 1.4%** | **Leisure Time — 1.4%** | **Leisure Time — 1.4%** |
| &nbsp;&nbsp;&nbsp;NCL Corp, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2031\* |  | &nbsp;&nbsp; 847000 | &nbsp;&nbsp;&nbsp;&nbsp; 835861 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/15/2033\* |  | &nbsp;&nbsp; 804000 | &nbsp;&nbsp;&nbsp;&nbsp; 794374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* |  | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1309221 |
| &nbsp;&nbsp;&nbsp;Viking Cruises, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2033\* |  | &nbsp;&nbsp; 964000 | &nbsp;&nbsp;&nbsp;&nbsp; 979628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 07/15/2031\* |  | &nbsp;&nbsp; 887000 | &nbsp;&nbsp;&nbsp;&nbsp; 951530 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870614 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* |  | &nbsp;&nbsp; 1407000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440940 |
| **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; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 796331 |
| **Media — 6.9%** | **Media — 6.9%** | **Media — 6.9%** | **Media — 6.9%** |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2031\* |  | &nbsp;&nbsp; 2213000 | &nbsp;&nbsp;&nbsp;&nbsp; 2038685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2034\*# |  | &nbsp;&nbsp; 1279000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* |  | &nbsp;&nbsp; 1334000 | &nbsp;&nbsp;&nbsp;&nbsp; 1248214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2032 |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 900868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2030\* |  | &nbsp;&nbsp; 484000 | &nbsp;&nbsp;&nbsp;&nbsp; 460999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032\*# |  | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 661561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/01/2031\*# |  | &nbsp;&nbsp; 1636000 | &nbsp;&nbsp;&nbsp;&nbsp; 1669293 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030\* |  | &nbsp;&nbsp; 1201000 | &nbsp;&nbsp;&nbsp;&nbsp; 443664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75%, 01/31/2029\* |  | &nbsp;&nbsp; 2124000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497242 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/01/2030\* |  | &nbsp;&nbsp; 1048000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040461 |
| &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; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/15/2031\* |  | &nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp;&nbsp; 1564493 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 08/15/2030\* |  | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219388 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 07/15/2032\* |  | $1097000 | &nbsp;&nbsp;$1136942 |
| &nbsp;&nbsp;&nbsp;iHeartCommunications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 05/01/2029\* |  | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 495046 |
| &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/15/2033\* |  | &nbsp;&nbsp; 794000 | &nbsp;&nbsp;&nbsp;&nbsp; 827165 |
| &nbsp;&nbsp;&nbsp;Sunrise FinCo I BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2031\* |  | &nbsp;&nbsp; 1873000 | &nbsp;&nbsp;&nbsp;&nbsp; 1789577 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031\* |  | &nbsp;&nbsp; 2124000 | &nbsp;&nbsp;&nbsp;&nbsp; 2197267 |
| &nbsp;&nbsp;&nbsp;Versant Media Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/30/2031\* |  | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 457189 |
| &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; 942937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* |  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 708613 |
| &nbsp;&nbsp;&nbsp;Ziggo BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/15/2030\* |  | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1586944 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24135329 |
| **Mining — 1.5%** | **Mining — 1.5%** | **Mining — 1.5%** | **Mining — 1.5%** |
| &nbsp;&nbsp;&nbsp;Constellium SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/2029\* |  | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 881210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2028\* |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500769 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/2031\* |  | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 40513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2027\* |  | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 593147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/15/2030\* |  | &nbsp;&nbsp; 1242000 | &nbsp;&nbsp;&nbsp;&nbsp; 1282900 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2034\* |  | &nbsp;&nbsp; 1694000 | &nbsp;&nbsp;&nbsp;&nbsp; 1688402 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/30/2030\* |  | &nbsp;&nbsp; 451000 | &nbsp;&nbsp;&nbsp;&nbsp; 433908 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420849 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2031\* |  | &nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 189695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2030\* |  | &nbsp;&nbsp; 1363000 | &nbsp;&nbsp;&nbsp;&nbsp; 1407251 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596946 |
| **Oil & Gas — 4.8%** | **Oil & Gas — 4.8%** | **Oil & Gas — 4.8%** | **Oil & Gas — 4.8%** |
| &nbsp;&nbsp;&nbsp;Diamond Foreign Asset Co. / Diamond Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 10/01/2030\* |  | &nbsp;&nbsp; 2014000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142326 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032\* |  | &nbsp;&nbsp; 556000 | &nbsp;&nbsp;&nbsp;&nbsp; 564658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2028\* |  | &nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1275226 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 01/31/2030\* |  | &nbsp;&nbsp; 969000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015938 |
| &nbsp;&nbsp;&nbsp;Noble Finance II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/15/2030\* |  | &nbsp;&nbsp; 289000 | &nbsp;&nbsp;&nbsp;&nbsp; 300236 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/2033\* |  | &nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp;&nbsp; 212158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 06/15/2031\* |  | &nbsp;&nbsp; 826000 | &nbsp;&nbsp;&nbsp;&nbsp; 844582 |
| &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; 166891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029\* |  | &nbsp;&nbsp; 1328000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2032\* |  | &nbsp;&nbsp; 1004000 | &nbsp;&nbsp;&nbsp;&nbsp; 982307 |
| &nbsp;&nbsp;&nbsp;Sunoco LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2031\* |  | &nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 381156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2034\* |  | &nbsp;&nbsp; 371000 | &nbsp;&nbsp;&nbsp;&nbsp; 373390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2033\* |  | &nbsp;&nbsp; 704000 | &nbsp;&nbsp;&nbsp;&nbsp; 723094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/01/2029\* |  | &nbsp;&nbsp; 637000 | &nbsp;&nbsp;&nbsp;&nbsp; 663073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/01/2032\* |  | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034248 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/01/2029\* | $766000 | &nbsp;&nbsp;$798911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/01/2031\* | &nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp;&nbsp; 1259234 |
| &nbsp;&nbsp;&nbsp;Transocean International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/2032\* | &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 353377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2030\* | &nbsp;&nbsp; 1817250 | &nbsp;&nbsp;&nbsp;&nbsp; 1894676 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 07/31/2029\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 453704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16765506 |
| **Oil & Gas Services — 1.7%** | **Oil & Gas Services — 1.7%** | **Oil & Gas Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;Enerflex, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 10/15/2027\* | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1659920 |
| &nbsp;&nbsp;&nbsp;USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2033\* | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2029\* | &nbsp;&nbsp; 1512000 | &nbsp;&nbsp;&nbsp;&nbsp; 1571670 |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/2033\* | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1714334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970021 |
| **Packaging & Containers — 2.5%** | **Packaging & Containers — 2.5%** | **Packaging & Containers — 2.5%** |
| &nbsp;&nbsp;&nbsp;Ardagh Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 12/01/2030\* | &nbsp;&nbsp; 539550 | &nbsp;&nbsp;&nbsp;&nbsp; 581564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 12/01/2030\*#(1) | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1583750 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/15/2029\* | &nbsp;&nbsp; 633000 | &nbsp;&nbsp;&nbsp;&nbsp; 640511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2032\* | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 93838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/15/2030\* | &nbsp;&nbsp; 423000 | &nbsp;&nbsp;&nbsp;&nbsp; 423664 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2030\*# | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2032\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101690 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2030\* | &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 781565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/15/2030\* | &nbsp;&nbsp; 988000 | &nbsp;&nbsp;&nbsp;&nbsp; 930292 |
| &nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/15/2031\*# | &nbsp;&nbsp; 1201000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2032\* | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 487934 |
| &nbsp;&nbsp;&nbsp;Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 01/15/2031\* | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 826200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8746612 |
| **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; 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 2863668 |
| &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; 622856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486524 |
| **Pipelines — 3.5%** | **Pipelines — 3.5%** | **Pipelines — 3.5%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2033\* | &nbsp;&nbsp; 851000 | &nbsp;&nbsp;&nbsp;&nbsp; 855207 |
| &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; 500593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/01/2032\* | &nbsp;&nbsp; 1153000 | &nbsp;&nbsp;&nbsp;&nbsp; 1195137 |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028\* | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 930034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2044 | &nbsp;&nbsp; 861000 | &nbsp;&nbsp;&nbsp;&nbsp; 797123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/01/2029\* | &nbsp;&nbsp; 1553000 | &nbsp;&nbsp;&nbsp;&nbsp; 1617695 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2034\* | &nbsp;&nbsp; 1398000 | &nbsp;&nbsp;&nbsp;&nbsp; 1433158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/15/2032\* | &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 234318 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Rockies Express Pipeline LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2033\* |  | $1565000 | &nbsp;&nbsp;$1641976 |
| &nbsp;&nbsp;&nbsp;Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034\* |  | &nbsp;&nbsp; 1652000 | &nbsp;&nbsp;&nbsp;&nbsp; 1653953 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/2034\* |  | &nbsp;&nbsp; 898000 | &nbsp;&nbsp;&nbsp;&nbsp; 928804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2036\* |  | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 487386 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12275384 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| &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; 1389000 | &nbsp;&nbsp;&nbsp;&nbsp; 1726872 |
| **REITS — 3.6%** | **REITS — 3.6%** | **REITS — 3.6%** | **REITS — 3.6%** |
| &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 10/01/2029# |  | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 538307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/15/2031 |  | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 187857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30%, 03/15/2028 |  | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 84357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 04/12/2029 |  | &nbsp;&nbsp; 1391000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506564 |
| &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; 210538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/01/2029# |  | &nbsp;&nbsp; 2469000 | &nbsp;&nbsp;&nbsp;&nbsp; 2272714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/15/2028# |  | &nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 201992 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2031\* |  | &nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 217113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2030\* |  | &nbsp;&nbsp; 1028000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2029\* |  | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 847438 |
| &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 02/15/2032\* |  | &nbsp;&nbsp; 1107000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169860 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel LP / PEB Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/15/2029\* |  | &nbsp;&nbsp; 2491000 | &nbsp;&nbsp;&nbsp;&nbsp; 2551970 |
| &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; 295940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2032\* |  | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 100531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2028\* |  | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289563 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12493785 |
| **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; 1842424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/15/2028\* |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 495564 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2029\* |  | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2032\* |  | &nbsp;&nbsp; 562000 | &nbsp;&nbsp;&nbsp;&nbsp; 546986 |
| &nbsp;&nbsp;&nbsp;Cougar JV Subsidiary LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2032\* |  | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1618068 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* |  | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 678253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* |  | &nbsp;&nbsp; 491000 | &nbsp;&nbsp;&nbsp;&nbsp; 510538 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\*# |  | &nbsp;&nbsp; 2079000 | &nbsp;&nbsp;&nbsp;&nbsp; 1859705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 06/15/2031\* |  | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 649354 |
| &nbsp;&nbsp;&nbsp;Michaels Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/2028\* |  | &nbsp;&nbsp; 1595000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502918 |
| &nbsp;&nbsp;&nbsp;PetSmart LLC/PetSmart Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/15/2032\* |  | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1763401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 09/15/2033\* |  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 766891 |
| &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; 1944000 | &nbsp;&nbsp;&nbsp;&nbsp; 1922699 |
| &nbsp;&nbsp;&nbsp;Staples, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 09/01/2029\* |  | &nbsp;&nbsp; 3129000 | &nbsp;&nbsp;&nbsp;&nbsp; 3075309 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2029\*# |  | $892000 | &nbsp;&nbsp;$863321 |
| &nbsp;&nbsp;&nbsp;Victra Holdings LLC/Victra Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/15/2029\*# |  | &nbsp;&nbsp; 806000 | &nbsp;&nbsp;&nbsp;&nbsp; 853399 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/31/2032 |  | &nbsp;&nbsp; 822000 | &nbsp;&nbsp;&nbsp;&nbsp; 809374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/01/2032 |  | &nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 125839 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;20923793 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2030\* |  | &nbsp;&nbsp; 2406000 | &nbsp;&nbsp;&nbsp;&nbsp; 2389513 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 08/15/2033\* |  | &nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp;&nbsp; 186669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/30/2032\* |  | &nbsp;&nbsp; 708000 | &nbsp;&nbsp;&nbsp;&nbsp; 745806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\* |  | &nbsp;&nbsp; 2457000 | &nbsp;&nbsp;&nbsp;&nbsp; 2534476 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2028\* |  | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 809486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* |  | &nbsp;&nbsp; 257000 | &nbsp;&nbsp;&nbsp;&nbsp; 243720 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2029\* |  | &nbsp;&nbsp; 1628000 | &nbsp;&nbsp;&nbsp;&nbsp; 1585202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/28/2028\* |  | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 489386 |
| &nbsp;&nbsp;&nbsp;UKG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/2031\* |  | &nbsp;&nbsp; 1516000 | &nbsp;&nbsp;&nbsp;&nbsp; 1565049 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10549307 |
| **Telecommunications — 5.9%** | **Telecommunications — 5.9%** | **Telecommunications — 5.9%** | **Telecommunications — 5.9%** |
| &nbsp;&nbsp;&nbsp;Altice France Lux 3/Altice Holdings 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/15/2033\* |  | &nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 122887 |
| &nbsp;&nbsp;&nbsp;Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032\* |  | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 914553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/2030\* |  | &nbsp;&nbsp; 388312 | &nbsp;&nbsp;&nbsp;&nbsp; 382618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* |  | &nbsp;&nbsp; 248040 | &nbsp;&nbsp;&nbsp;&nbsp; 241768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 11/01/2029\* |  | &nbsp;&nbsp; 1445084 | &nbsp;&nbsp;&nbsp;&nbsp; 1483109 |
| &nbsp;&nbsp;&nbsp;Cipher Compute LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2030\* |  | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 142232 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/30/2030(1) |  | &nbsp;&nbsp; 1819825 | &nbsp;&nbsp;&nbsp;&nbsp; 1889961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029 |  | &nbsp;&nbsp; 2632000 | &nbsp;&nbsp;&nbsp;&nbsp; 2901780 |
| &nbsp;&nbsp;&nbsp;Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/2033\* |  | &nbsp;&nbsp; 977000 | &nbsp;&nbsp;&nbsp;&nbsp; 956769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 07/18/2036\* |  | &nbsp;&nbsp; 898000 | &nbsp;&nbsp;&nbsp;&nbsp; 895429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/04/2038\* |  | &nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 400089 |
| &nbsp;&nbsp;&nbsp;Iliad Holding SASU |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2031\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1129000 | &nbsp;&nbsp;&nbsp;&nbsp; 1398747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/2028\* |  | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 689683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2032\* |  | &nbsp;&nbsp; 638000 | &nbsp;&nbsp;&nbsp;&nbsp; 657672 |
| &nbsp;&nbsp;&nbsp;Kaixo Bondco Telecom SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/30/2029\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp; 758064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/30/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp; 758064 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/15/2029\* |  | &nbsp;&nbsp; 1391000 | &nbsp;&nbsp;&nbsp;&nbsp; 1228983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2030\* |  | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 375803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/15/2031\*# |  | &nbsp;&nbsp; 1717000 | &nbsp;&nbsp;&nbsp;&nbsp; 1510954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/15/2029\* |  | &nbsp;&nbsp; 496000 | &nbsp;&nbsp;&nbsp;&nbsp; 472440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 06/30/2033\* |  | &nbsp;&nbsp; 244000 | &nbsp;&nbsp;&nbsp;&nbsp; 248486 |
| &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; 562199 |
| &nbsp;&nbsp;&nbsp;WULF Compute LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2030\* |  | &nbsp;&nbsp; 1558000 | &nbsp;&nbsp;&nbsp;&nbsp; 1610848 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;20603138 |
| **Total Corporate Bonds & Notes<br> (cost $307,700,355)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;315023244 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE BONDS & NOTES — 3.6%** | **CONVERTIBLE BONDS & NOTES — 3.6%** | **CONVERTIBLE BONDS & NOTES — 3.6%** |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/2030\* | $1190000 | &nbsp;&nbsp;$1295193 |
| **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; 806000 | &nbsp;&nbsp;&nbsp;&nbsp; 830420 |
| **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** | **Healthcare-Products — 0.3%** |
| &nbsp;&nbsp;&nbsp;QIAGEN NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/10/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056357 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 05/15/2028# | &nbsp;&nbsp; 824000 | &nbsp;&nbsp;&nbsp;&nbsp; 825110 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 12/01/2028 | &nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp; 497602 |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 05/01/2032\* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 863459 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| &nbsp;&nbsp;&nbsp;NCL Corp, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 09/15/2030\* | &nbsp;&nbsp; 1272000 | &nbsp;&nbsp;&nbsp;&nbsp; 1137645 |
| **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 11/01/2030\* | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132911 |
| **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/15/2029 | &nbsp;&nbsp; 564000 | &nbsp;&nbsp;&nbsp;&nbsp; 545480 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &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; 266190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 09/15/2030 | &nbsp;&nbsp; 382000 | &nbsp;&nbsp;&nbsp;&nbsp; 519330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785520 |
| **REITS — 0.3%** | **REITS — 0.3%** | **REITS — 0.3%** |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/15/2029\* | &nbsp;&nbsp; 764000 | &nbsp;&nbsp;&nbsp;&nbsp; 770876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2027\* | &nbsp;&nbsp; 361000 | &nbsp;&nbsp;&nbsp;&nbsp; 360773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131649 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| &nbsp;&nbsp;&nbsp;Semtech Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 10/15/2030\* | &nbsp;&nbsp; 823000 | &nbsp;&nbsp;&nbsp;&nbsp; 865358 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 06/15/2030\* | &nbsp;&nbsp; 772000 | &nbsp;&nbsp;&nbsp;&nbsp; 847959 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 12/01/2029\* | &nbsp;&nbsp; 891000 | &nbsp;&nbsp;&nbsp;&nbsp; 942801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790760 |
| **Total Convertible Bonds & Notes<br> (cost $12,518,460)** |  | &nbsp;&nbsp;&nbsp;&nbsp;12757464 |
| **LOANS(3)(4)(5) — 1.5%** |  |  |
| **Healthcare-Products — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 8.17%, (SOFR12+ 4.25%), 01/15/2031 | &nbsp;&nbsp; 422955 | &nbsp;&nbsp;&nbsp;&nbsp; 424188 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;HUB International, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 6.12%, (SOFR4+ 2.25%), 06/20/2030 | $1394929 | &nbsp;&nbsp;$1399579 |
| **Packaging & Containers — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 7.09%, (SOFR12+ 3.18%), 04/13/2029 | &nbsp;&nbsp; 1278000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272917 |
| **Retail — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Great Outdoors Group LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 7.17% , (SOFR12+ 3.25%), 01/23/2032 | &nbsp;&nbsp; 1183983 | &nbsp;&nbsp;&nbsp;&nbsp; 1184723 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTL-B<br> 7.77% , (SOFR12+ 3.25%), 10/15/2028 | &nbsp;&nbsp; 901410 | &nbsp;&nbsp;&nbsp;&nbsp; 867748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052471 |
| **Total Loans<br> (cost $5,163,072)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149155 |
| **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** |  |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Yeoman Capital SA#†(6) | &nbsp;&nbsp; 103288 | &nbsp;&nbsp;&nbsp;&nbsp; 516442 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Altice France Luxco 3†(6) | &nbsp;&nbsp; 24525 | &nbsp;&nbsp;&nbsp;&nbsp; 442286 |
| **Total Common Stocks<br> (cost $2,745,277)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958728 |
| **Total Long-Term Investment Securities<br> (cost $328,127,164)** |  | &nbsp;&nbsp;&nbsp;&nbsp;333888591 |
| **SHORT-TERM INVESTMENTS — 7.8%** | **SHORT-TERM INVESTMENTS — 7.8%** |  |
| **Unaffiliated Investment Companies — 7.8%** | **Unaffiliated Investment Companies — 7.8%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(7)(8)<br> (cost $27,433,584) | &nbsp;&nbsp;27433584 | &nbsp;&nbsp;&nbsp;&nbsp; 27433584 |
| **REPURCHASE AGREEMENTS — 3.3%** | **REPURCHASE AGREEMENTS — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.16% dated 11/28/2025, to be repurchased 12/01/2025 in the amount of $11,449,216 and collateralized by $11,869,100 of United States Treasury Notes, , bearing interest at 1.88% due 02/28/2027 and having an approximate value of $11,677,248<br> (cost $11,448,109) | &nbsp;&nbsp;11448109 | &nbsp;&nbsp;&nbsp;&nbsp; 11448109 |
| **TOTAL INVESTMENTS<br> (cost $367,008,857)(9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.1% | &nbsp;&nbsp;&nbsp;&nbsp;372770284 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.1) | &nbsp;&nbsp;&nbsp;&nbsp;(21524989) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$351245295 |

---

---

| | |
|:---|:---|
| \* | &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 November 30, 2025, the aggregate value of these securities was $292,437,901 representing 83.3% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;PIK ("Payment-in-Kind") security – Income may be paid in additional securities and/or cash at the discretion of the issuer. |
| (2) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (3) | &nbsp;&nbsp;All loans in the Fund were purchased through assignment agreements unless otherwise indicated. |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

(4) 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.

(5) 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.

(6) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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>** |
| Altice France Luxco 3 | 10/01/25 | &nbsp;&nbsp;24525 | $417666 | $442286 | $18.03 | 0.1% |
| Yeoman Capital SA | 10/25/22, 06/08/23<br> 06/15/23, 06/16/23<br> 02/26/24 | 103288 | 2327611 | &nbsp;&nbsp;516442 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | 0.1 |
|  |  |  |  | $958728 |  | 0.2%\*\* |

---

\*\* 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.

(7) The rate shown is the 7-day yield as of November 30, 2025.

(8) At November 30, 2025, the Fund had loaned securities with a total value of $28,418,663. This was secured by collateral of $27,433,584, which was received in cash and subsequently invested in short-term investments currently valued at $27,433,584 as reported in the Portfolio of Investments. Additional collateral of $1,660,059 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> November 30, 2025** |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 04/30/2026 to 02/15/2054 | $1660059 |

---

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

---

| |
|:---|
| 3 ME—3 Month Euribor |
| DAC—Designated Activity Company |
| FRS—Floating Rate Security |
| SOFR12—Secured Overnight Financing Rate 1 month |
| SOFR4—Secured Overnight Financing Rate 3 month |

---

EUR—Euro Currency <br> GBP—British Pound

The rates shown on FRS and/or VRS are the current interest rates at November 30, 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)** |
| Barclays Bank PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;6122331 | &nbsp;&nbsp;USD | &nbsp;&nbsp;7068642 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(44718) |
| Deutsche Bank AG | &nbsp;&nbsp;GBP | &nbsp;&nbsp;2819000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;3678614 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(55190) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(99908) |

---

EUR—Euro Currency <br> GBP—British Pound <br> USD—United States Dollar

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I High Yield Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$315023244 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$315023244 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12757464 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12757464 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149155 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149155 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958728 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958728 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;27433584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27433584 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11448109 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11448109 |
| **Total Investments at Value** | &nbsp;&nbsp;$27433584 | &nbsp;&nbsp;$345336700 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$372770284 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$99908 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$99908 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 3.7%** | **CORPORATE BONDS & NOTES — 3.7%** | **CORPORATE BONDS & NOTES — 3.7%** | **CORPORATE BONDS & NOTES — 3.7%** |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
| &nbsp;&nbsp;&nbsp;Banca Comerciala Romana SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/19/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;$947551 |
| &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; 978363 |
| &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; 1170648 |
| &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; 1779471 |
| &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; 1026303 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/25/2027 |  | $660000 | &nbsp;&nbsp;&nbsp;&nbsp; 667638 |
| &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; 1029025 |
| &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; 1224483 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8823482 |
| **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/15/2033 |  | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050227 |
| **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; 483408 |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| &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; 1021219 |
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/2030 |  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517965 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2038 |  | &nbsp;&nbsp; 1159000 | &nbsp;&nbsp;&nbsp;&nbsp; 1191584 |
| **Total Corporate Bonds & Notes<br> (cost $13,333,686)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14087885 |
| **ASSET BACKED SECURITIES — 1.2%** | **ASSET BACKED SECURITIES — 1.2%** | **ASSET BACKED SECURITIES — 1.2%** | **ASSET BACKED SECURITIES — 1.2%** |
| **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** |
| &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; 302547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class A<br> 6.39%, 08/15/2033\* |  | &nbsp;&nbsp; 237678 | &nbsp;&nbsp;&nbsp;&nbsp; 239002 |
| &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; 752978 | &nbsp;&nbsp;&nbsp;&nbsp; 763356 |
| &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\* |  | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 357960 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662865 |
| **Commercial and Residential — 0.2%** | **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; 895264 |
| **Other Asset Backed Securities — 0.5%** | **Other Asset Backed Securities — 0.5%** | **Other Asset Backed Securities — 0.5%** | **Other Asset Backed Securities — 0.5%** |
| &nbsp;&nbsp;&nbsp;Wendy's Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I<br> 2.37%, 06/15/2051\* |  | &nbsp;&nbsp; 1659997 | &nbsp;&nbsp;&nbsp;&nbsp; 1548006 |

---

---

| | | |
|:---|:---|:---|
| **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;Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A2<br> 2.84%, 12/05/2050\* | $310275 | &nbsp;&nbsp;$299729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847735 |
| **Total Asset Backed Securities<br> (cost $4,512,334)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405864 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 2.5%** |
| **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 2021-C, Class A<br> 6.12%, 01/25/2061\*(1) | &nbsp;&nbsp; 187487 | &nbsp;&nbsp;&nbsp;&nbsp; 187466 |
| &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; 963563 |
| &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; 151299 | &nbsp;&nbsp;&nbsp;&nbsp; 142401 |
| &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; 727634 | &nbsp;&nbsp;&nbsp;&nbsp; 636731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL2, Class M3<br> 3.54%, 01/25/2060\*(2) | &nbsp;&nbsp; 376575 | &nbsp;&nbsp;&nbsp;&nbsp; 262293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4, Class A1<br> 4.14%, 12/27/2060\*(2) | &nbsp;&nbsp; 318571 | &nbsp;&nbsp;&nbsp;&nbsp; 317314 |
| &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; 209669 | &nbsp;&nbsp;&nbsp;&nbsp; 178919 |
| &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; 526478 | &nbsp;&nbsp;&nbsp;&nbsp; 464872 |
| &nbsp;&nbsp;&nbsp;HIH Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-61P, Class B<br> 6.30%, (TSFR1M2.34%), 10/15/2041\* | &nbsp;&nbsp; 167493 | &nbsp;&nbsp;&nbsp;&nbsp; 167964 |
| &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; 380416 | &nbsp;&nbsp;&nbsp;&nbsp; 374234 |
| &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; 306694 | &nbsp;&nbsp;&nbsp;&nbsp; 306709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS3, Class A1<br> 5.75%, 07/25/2061\*(1) | &nbsp;&nbsp; 420080 | &nbsp;&nbsp;&nbsp;&nbsp; 420072 |
| &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; 179663 | &nbsp;&nbsp;&nbsp;&nbsp; 169747 |
| &nbsp;&nbsp;&nbsp;New Residential Mtg. Loan Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQ2R, Class A1<br> 0.94%, 10/25/2058\*(2) | &nbsp;&nbsp; 120462 | &nbsp;&nbsp;&nbsp;&nbsp; 115557 |
| &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; 844865 | &nbsp;&nbsp;&nbsp;&nbsp; 747718 |
| &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; 858509 | &nbsp;&nbsp;&nbsp;&nbsp; 718735 |
| &nbsp;&nbsp;&nbsp;SHR Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41%, (TSFR1M+2.45%), 10/15/2041\* | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256317 |
| &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; 91460 | &nbsp;&nbsp;&nbsp;&nbsp; 86773 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Towd Point Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R1, Class A1<br> 2.92%, 11/30/2060\*(2) | $1585153 | &nbsp;&nbsp;$1452838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970223 |
| **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> 4.71%, (SOFR30A+0.56%), 01/15/2041 | &nbsp;&nbsp; 24175 | &nbsp;&nbsp;&nbsp;&nbsp; 24161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4001, Class FM<br> 4.76%, (SOFR30A+0.61%), 02/15/2042 | &nbsp;&nbsp; 111841 | &nbsp;&nbsp;&nbsp;&nbsp; 110967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3355, Class BF<br> 4.96%, (SOFR30A+0.81%), 08/15/2037 | &nbsp;&nbsp; 128810 | &nbsp;&nbsp;&nbsp;&nbsp; 129128 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class BF<br> 4.59%, (SOFR30A+0.51%), 09/25/2042 | &nbsp;&nbsp; 168944 | &nbsp;&nbsp;&nbsp;&nbsp; 166941 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-14, Class FN<br> 4.62%, (TSFR1M+0.66%), 02/16/2040 | &nbsp;&nbsp; 72340 | &nbsp;&nbsp;&nbsp;&nbsp; 72237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503434 |
| **Total Collateralized Mortgage Obligations<br> (cost $10,187,741)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9473657 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 53.6%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 53.6%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 53.6%** |
| **U.S. Government — 47.6%** | **U.S. Government — 47.6%** | **U.S. Government — 47.6%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(3) | &nbsp;&nbsp; 9379557 | &nbsp;&nbsp;&nbsp;&nbsp; 5556722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(3) | &nbsp;&nbsp; 9711625 | &nbsp;&nbsp;&nbsp;&nbsp; 7373984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(3) | &nbsp;&nbsp; 22063036 | &nbsp;&nbsp;&nbsp;&nbsp; 16880673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 02/15/2047(3) | &nbsp;&nbsp; 11261082 | &nbsp;&nbsp;&nbsp;&nbsp; 8318239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046(3) | &nbsp;&nbsp; 13884339 | &nbsp;&nbsp;&nbsp;&nbsp; 10711774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(3) | &nbsp;&nbsp; 11294480 | &nbsp;&nbsp;&nbsp;&nbsp; 9646291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2053(3) | &nbsp;&nbsp; 4545133 | &nbsp;&nbsp;&nbsp;&nbsp; 3640054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 02/15/2054 | &nbsp;&nbsp; 9571600 | &nbsp;&nbsp;&nbsp;&nbsp; 8833202 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &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; 41481971 | &nbsp;&nbsp;&nbsp;&nbsp; 39237061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/15/2032(3) | &nbsp;&nbsp; 7148267 | &nbsp;&nbsp;&nbsp;&nbsp; 6774830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/15/2029(3) | &nbsp;&nbsp; 1948623 | &nbsp;&nbsp;&nbsp;&nbsp; 1925871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 07/15/2033(3)(4) | &nbsp;&nbsp; 18831430 | &nbsp;&nbsp;&nbsp;&nbsp; 18556031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 04/15/2030(3) | &nbsp;&nbsp; 15834125 | &nbsp;&nbsp;&nbsp;&nbsp; 16022813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(3) | &nbsp;&nbsp; 1574259 | &nbsp;&nbsp;&nbsp;&nbsp; 1582942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2034 to 07/15/2035(3) | &nbsp;&nbsp; 14650592 | &nbsp;&nbsp;&nbsp;&nbsp; 14809828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 01/15/2035(3) | &nbsp;&nbsp; 3401209 | &nbsp;&nbsp;&nbsp;&nbsp; 3501434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/15/2028 | &nbsp;&nbsp; 6340773 | &nbsp;&nbsp;&nbsp;&nbsp; 6562336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;179934085 |
| **U.S. Government Agency — 6.0%** | **U.S. Government Agency — 6.0%** | **U.S. Government Agency — 6.0%** |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2055 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4058324 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, December 30 TBA | &nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp;&nbsp; 8303369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, December 30 TBA | &nbsp;&nbsp; 9955000 | &nbsp;&nbsp;&nbsp;&nbsp; 10192418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22554111 |
| **Total U.S. Government & Agency Obligations<br> (cost $220,956,847)** |  | &nbsp;&nbsp;&nbsp;&nbsp;202488196 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 41.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 41.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 41.7%** |
| **Regional(State/Province) — 1.8%** | **Regional(State/Province) — 1.8%** | **Regional(State/Province) — 1.8%** |
| &nbsp;&nbsp;&nbsp;Province of Ontario, Canada TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2036(3) &nbsp;&nbsp;CAD | &nbsp;&nbsp; 7692250 | &nbsp;&nbsp;&nbsp;&nbsp; 5440583 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Regional(State/Province) (continued)** | **Regional(State/Province) (continued)** | **Regional(State/Province) (continued)** | **Regional(State/Province) (continued)** |
| &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;$1307038 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747621 |
| **Sovereign — 39.9%** | **Sovereign — 39.9%** | **Sovereign — 39.9%** | **Sovereign — 39.9%** |
| &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;8919807750 | &nbsp;&nbsp;&nbsp;&nbsp; 9403383 |
| &nbsp;&nbsp;&nbsp;Commonwealth of Australia TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%, 11/21/2027(3) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 13495616 | &nbsp;&nbsp;&nbsp;&nbsp; 8811536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68%, 08/21/2040(3) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 6825212 | &nbsp;&nbsp;&nbsp;&nbsp; 3798479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 08/21/2035(3) | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 19310166 | &nbsp;&nbsp;&nbsp;&nbsp; 12482790 |
| &nbsp;&nbsp;&nbsp;Federative Republic of Brazil TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/15/2027(3) | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 9215000 | &nbsp;&nbsp;&nbsp;&nbsp; 7647045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/15/2035(3) | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 15665000 | &nbsp;&nbsp;&nbsp;&nbsp; 12298782 |
| &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; 13595271 | &nbsp;&nbsp;&nbsp;&nbsp; 15053505 |
| &nbsp;&nbsp;&nbsp;Government of New Zealand TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33%, 09/20/2040(3) | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 16208805 | &nbsp;&nbsp;&nbsp;&nbsp; 8958945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36%, 09/20/2035(3) | &nbsp;&nbsp;NZD | &nbsp;&nbsp; 16849107 | &nbsp;&nbsp;&nbsp;&nbsp; 9768955 |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/03/2049 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326501 |
| &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; 14668972 | &nbsp;&nbsp;&nbsp;&nbsp; 16483562 |
| &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; 13389527 | &nbsp;&nbsp;&nbsp;&nbsp; 14181921 |
| &nbsp;&nbsp;&nbsp;United Kingdom Gilt Treasury TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 09/22/2035(3) | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 9730890 | &nbsp;&nbsp;&nbsp;&nbsp; 12389472 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/07/2036 |  | $500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509200 |
| &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; 294262546 | &nbsp;&nbsp;&nbsp;&nbsp; 14700425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/29/2054(3) | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 62483188 | &nbsp;&nbsp;&nbsp;&nbsp; 3163144 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;150977645 |
| **Total Foreign Government Obligations<br> (cost $153,909,731)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;157725266 |
| **MUNICIPAL SECURITIES — 0.9%** | **MUNICIPAL SECURITIES — 0.9%** | **MUNICIPAL SECURITIES — 0.9%** | **MUNICIPAL SECURITIES — 0.9%** |
| &nbsp;&nbsp;&nbsp;City of New York, NY<br> General Obligation Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 12/01/2036 |  | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1661003 |
| &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; 1624057 |
| **Total Municipal Securities<br> (cost $3,595,013)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285060 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lehman Brothers Holdings, Inc.<br> Escrow Notes<br> 1.00%, 12/31/2049†(5)<br> (cost $0) |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 705 |
| **Total Long-Term Investment Securities<br> (cost $406,495,352)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;391466633 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** | **REPURCHASE AGREEMENTS — 0.6%** |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.16% dated 11/28/2025, to be repurchased 12/01/2025 in the amount of $2,421,147 and collateralized by $2,510,000 of United States Treasury Notes, , bearing interest at 1.88% due 02/28/2027 and having an approximate value of $2,469,489<br> (cost $2,420,912) | $2420912 | &nbsp;&nbsp;$2420912 |
| **TOTAL INVESTMENTS<br> (cost $408,916,264)(6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.2% | &nbsp;&nbsp;&nbsp;&nbsp;393887545 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.2) | &nbsp;&nbsp;&nbsp;&nbsp;(16037914) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$377849631 |

---

\* 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 November 30, 2025, the aggregate value of these securities was $58,169,052 representing 15.4% of net assets.

# The security or a portion thereof is out on loan. At November 30, 2025, the Fund had loaned securities with a total value of $63,086. This was secured by collateral of $66,402 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> November 30, 2025** |
| Federal Home Loan Mtg. Corp. | 0.44% to 5.67% | 06/01/2029 to 06/25/2055 | $28248 |
| Federal National Mtg. Assoc. | 1.41% to 7.05% | 01/01/2026 to 10/25/2055 | &nbsp;&nbsp;&nbsp;15028 |
| Government National Mtg. Assoc. | 0.75% to 6.98% | 02/16/2034 to 03/20/2065 | &nbsp;&nbsp;&nbsp;23126 |

---

† Non-income producing security

(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of November 30, 2025.

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

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

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

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

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

---

| |
|:---|
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date. |
| TIPS—Treasury Inflation Protected Securities |
| TSFR1M—Term Secured Overnight Financing Rate 1 Month |
| VRS—Variable Rate Security |

---

---

| |
|:---|
| AUD—Australian Dollar |
| BRL—Brazilian Real |
| CAD—Canadian Dollar |
| 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 November 30, 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 | $— | $50337 | $50337 |
| Centrally Cleared | 13805000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.545 | 12-Month USA CPI | Maturity | Maturity | Mar 2028 | &nbsp;&nbsp;&nbsp;&nbsp;7048 | &nbsp;&nbsp;&nbsp;(10334) | &nbsp;&nbsp;&nbsp;&nbsp;(3286) |
|  |  |  |  |  |  |  |  | $7048 | $40003 | $47051 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | $179357 | $(30771) | $148586 |
| SOFR—Secured Overnight Financing Rate |  |  |  |  |  |  |  |  |  |  |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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** |
| 66 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$7742145 | &nbsp;&nbsp;&nbsp;&nbsp;$7750875 | &nbsp;&nbsp;&nbsp;&nbsp;$8730 |
| 29 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3358815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3369891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11076 |
| 49 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5912211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5925938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13727 |
| 274 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30079316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30075781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3535 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$37068 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 171 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$12675902 | &nbsp;&nbsp;&nbsp;&nbsp;$12520456 | &nbsp;&nbsp;&nbsp;&nbsp;$(155446) |
| &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Euro Buxl 30 Year Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15393) |
| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) |
| 82 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7186806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7213911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27105) |
| 102 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BTP | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14038475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14364830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326355) |
| 91 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13577829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13608676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30847) |
| 82 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11425421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11689017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263596) |
| 43 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Long Gilt | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5174649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5212653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38004) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(856750) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(819682) |

---

\* 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;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38204000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;22823795 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;$888187 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3652651 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;6351000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6094) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6094) |
| Bank of America, N.A. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469671 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4928) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272023 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;42173000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28582 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4928) |
| Barclays Bank PLC | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295063 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3866) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391606 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104700 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;4358000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45222) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343856 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;2541000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21700 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49088) |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053956 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;7777000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40695 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;133447000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;24121432 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (810515) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502879 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1542 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(810515) |
| Credit Agricole SA | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453779 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53957000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;63549010 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 906921 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13568000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;18350421 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 379599 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132908 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;20910000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7766 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank PLC | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7344000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5326010 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65186 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;CLP | &nbsp;&nbsp;8469792000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8790286 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (335596) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4866255 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;26870000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 153876 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039258 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2617000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1018) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336614) |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;280000000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296485 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5205) |
|  | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383053 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4263) |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383978 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (717) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10185) |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Inflation Protected Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| Royal Bank of Canada | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47623000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;31530855 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;$333402 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335352 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;1739000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32045) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701370 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;50008000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 26647 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32045) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844585 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (484) |
| Toronto Dominion Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383825 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3029) |
| Wells Fargo & Co. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;426543000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;22703311 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (565294) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$2855024 | &nbsp;&nbsp;$(1818276) |

---

---

| |
|:---|
| 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 |
| USD—United States Dollar |

---

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14087885 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14087885 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405864 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405864 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9473657 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9473657 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;202488196 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;202488196 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;157725266 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;157725266 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285060 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285060 |
| Escrows and Litigation Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420912 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420912 |
| **Total Investments at Value** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$393886840 | &nbsp;&nbsp;$705 | &nbsp;&nbsp;$393887545 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$50337 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$50337 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;37068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37068 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855024 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855024 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$37068 | &nbsp;&nbsp;$2905361 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2942429 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$41105 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$41105 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;856750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856750 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818276 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818276 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$856750 | &nbsp;&nbsp;$1859381 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2716131 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |
| **Australia — 6.2%** | **Australia — 6.2%** | **Australia — 6.2%** |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318891 | &nbsp;&nbsp;$7245962 |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136968 | &nbsp;&nbsp;&nbsp;&nbsp; 831662 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58876 | &nbsp;&nbsp;&nbsp;&nbsp; 2258760 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21391 | &nbsp;&nbsp;&nbsp;&nbsp; 815711 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540987 | &nbsp;&nbsp;&nbsp;&nbsp; 14835061 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146110 | &nbsp;&nbsp;&nbsp;&nbsp; 2305629 |
| &nbsp;&nbsp;&nbsp;CAR Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40066 | &nbsp;&nbsp;&nbsp;&nbsp; 913129 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990 | &nbsp;&nbsp;&nbsp;&nbsp; 1278628 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143364 | &nbsp;&nbsp;&nbsp;&nbsp; 2096377 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178312 | &nbsp;&nbsp;&nbsp;&nbsp; 17839869 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55638 | &nbsp;&nbsp;&nbsp;&nbsp; 1309392 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51755 | &nbsp;&nbsp;&nbsp;&nbsp; 6313188 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214023 | &nbsp;&nbsp;&nbsp;&nbsp; 1688703 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181001 | &nbsp;&nbsp;&nbsp;&nbsp; 2545101 |
| &nbsp;&nbsp;&nbsp;Goodman Group# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217098 | &nbsp;&nbsp;&nbsp;&nbsp; 4225048 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252812 | &nbsp;&nbsp;&nbsp;&nbsp; 1286445 |
| &nbsp;&nbsp;&nbsp;Lottery Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234043 | &nbsp;&nbsp;&nbsp;&nbsp; 838993 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96521 | &nbsp;&nbsp;&nbsp;&nbsp; 918808 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38701 | &nbsp;&nbsp;&nbsp;&nbsp; 5011679 |
| &nbsp;&nbsp;&nbsp;Medibank Private, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292109 | &nbsp;&nbsp;&nbsp;&nbsp; 909587 |
| &nbsp;&nbsp;&nbsp;National Australia Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325821 | &nbsp;&nbsp;&nbsp;&nbsp; 8573233 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145055 | &nbsp;&nbsp;&nbsp;&nbsp; 2613158 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184135 | &nbsp;&nbsp;&nbsp;&nbsp; 1409907 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141 | &nbsp;&nbsp;&nbsp;&nbsp; 1076154 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81002 | &nbsp;&nbsp;&nbsp;&nbsp; 530888 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161397 | &nbsp;&nbsp;&nbsp;&nbsp; 2037638 |
| &nbsp;&nbsp;&nbsp;REA Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5822 | &nbsp;&nbsp;&nbsp;&nbsp; 747631 |
| &nbsp;&nbsp;&nbsp;Rio Tinto, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39677 | &nbsp;&nbsp;&nbsp;&nbsp; 3441123 |
| &nbsp;&nbsp;&nbsp;Santos, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347136 | &nbsp;&nbsp;&nbsp;&nbsp; 1472191 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555115 | &nbsp;&nbsp;&nbsp;&nbsp; 1484609 |
| &nbsp;&nbsp;&nbsp;SGH, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22221 | &nbsp;&nbsp;&nbsp;&nbsp; 690519 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491069 | &nbsp;&nbsp;&nbsp;&nbsp; 926160 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51221 | &nbsp;&nbsp;&nbsp;&nbsp; 782654 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480525 | &nbsp;&nbsp;&nbsp;&nbsp; 1014674 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256503 | &nbsp;&nbsp;&nbsp;&nbsp; 1013575 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115742 | &nbsp;&nbsp;&nbsp;&nbsp; 1332732 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425908 | &nbsp;&nbsp;&nbsp;&nbsp; 1373234 |
| &nbsp;&nbsp;&nbsp;Transurban Group# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332237 | &nbsp;&nbsp;&nbsp;&nbsp; 3251091 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424905 | &nbsp;&nbsp;&nbsp;&nbsp; 685202 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36227 | &nbsp;&nbsp;&nbsp;&nbsp; 898451 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120493 | &nbsp;&nbsp;&nbsp;&nbsp; 6473371 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365763 | &nbsp;&nbsp;&nbsp;&nbsp; 9024387 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21460 | &nbsp;&nbsp;&nbsp;&nbsp; 1027631 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202947 | &nbsp;&nbsp;&nbsp;&nbsp; 3321049 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130569 | &nbsp;&nbsp;&nbsp;&nbsp; 2508170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133177164 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32908 | &nbsp;&nbsp;&nbsp;&nbsp; 3599297 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15741 | &nbsp;&nbsp;&nbsp;&nbsp; 871545 |
| &nbsp;&nbsp;&nbsp;Raiffeisen Bank International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14020 | &nbsp;&nbsp;&nbsp;&nbsp; 567158 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7475 | &nbsp;&nbsp;&nbsp;&nbsp; 548014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5586014 |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15948 | &nbsp;&nbsp;&nbsp;&nbsp; 1088332 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105651 | &nbsp;&nbsp;&nbsp;&nbsp; 6497917 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp; 406729 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4782 | &nbsp;&nbsp;&nbsp;&nbsp; 578031 |
| &nbsp;&nbsp;&nbsp;Financiere de Tubize SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp; 520855 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542 | &nbsp;&nbsp;&nbsp;&nbsp; 739555 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24546 | &nbsp;&nbsp;&nbsp;&nbsp; 3027026 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| &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;$404233 |
| &nbsp;&nbsp;&nbsp;Sofina SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 473327 |
| &nbsp;&nbsp;&nbsp;Syensqo SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7974 | &nbsp;&nbsp;&nbsp;&nbsp; 650814 |
| &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13513 | &nbsp;&nbsp;&nbsp;&nbsp; 3780011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18166830 |
| **Bermuda — 0.2%** | **Bermuda — 0.2%** | **Bermuda — 0.2%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141326 | &nbsp;&nbsp;&nbsp;&nbsp; 1135897 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;&nbsp;&nbsp; 460358 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116700 | &nbsp;&nbsp;&nbsp;&nbsp; 741717 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp; 1137480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475452 |
| **Denmark — 1.9%** | **Denmark — 1.9%** | **Denmark — 1.9%** |
| &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;318 | &nbsp;&nbsp;&nbsp;&nbsp; 637451 |
| &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;412 | &nbsp;&nbsp;&nbsp;&nbsp; 824341 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10048 | &nbsp;&nbsp;&nbsp;&nbsp; 1248502 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13480 | &nbsp;&nbsp;&nbsp;&nbsp; 1216818 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71398 | &nbsp;&nbsp;&nbsp;&nbsp; 3286702 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9493 | &nbsp;&nbsp;&nbsp;&nbsp; 323492 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21845 | &nbsp;&nbsp;&nbsp;&nbsp; 4978662 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6514 | &nbsp;&nbsp;&nbsp;&nbsp; 2104285 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343165 | &nbsp;&nbsp;&nbsp;&nbsp; 16909434 |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37663 | &nbsp;&nbsp;&nbsp;&nbsp; 2349302 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55454 | &nbsp;&nbsp;&nbsp;&nbsp; 1180011 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8444 | &nbsp;&nbsp;&nbsp;&nbsp; 1009818 |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10217 | &nbsp;&nbsp;&nbsp;&nbsp; 345331 |
| &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35559 | &nbsp;&nbsp;&nbsp;&nbsp; 881245 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107939 | &nbsp;&nbsp;&nbsp;&nbsp; 2567384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39862778 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15203 | &nbsp;&nbsp;&nbsp;&nbsp; 666774 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47745 | &nbsp;&nbsp;&nbsp;&nbsp; 980748 |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29193 | &nbsp;&nbsp;&nbsp;&nbsp; 621603 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36329 | &nbsp;&nbsp;&nbsp;&nbsp; 2469680 |
| &nbsp;&nbsp;&nbsp;Metso Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70883 | &nbsp;&nbsp;&nbsp;&nbsp; 1168608 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44985 | &nbsp;&nbsp;&nbsp;&nbsp; 869828 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553987 | &nbsp;&nbsp;&nbsp;&nbsp; 3354448 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330902 | &nbsp;&nbsp;&nbsp;&nbsp; 5884644 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11460 | &nbsp;&nbsp;&nbsp;&nbsp; 820337 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258790 | &nbsp;&nbsp;&nbsp;&nbsp; 3044209 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63326 | &nbsp;&nbsp;&nbsp;&nbsp; 745174 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56407 | &nbsp;&nbsp;&nbsp;&nbsp; 1540013 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53759 | &nbsp;&nbsp;&nbsp;&nbsp; 1744468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23910534 |
| **France — 9.6%** | **France — 9.6%** | **France — 9.6%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20946 | &nbsp;&nbsp;&nbsp;&nbsp; 1137819 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702 | &nbsp;&nbsp;&nbsp;&nbsp; 543079 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61615 | &nbsp;&nbsp;&nbsp;&nbsp; 11802993 |
| &nbsp;&nbsp;&nbsp;Alstom SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36890 | &nbsp;&nbsp;&nbsp;&nbsp; 967134 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6738 | &nbsp;&nbsp;&nbsp;&nbsp; 539915 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184826 | &nbsp;&nbsp;&nbsp;&nbsp; 8344214 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp; 566333 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107097 | &nbsp;&nbsp;&nbsp;&nbsp; 9215349 |
| &nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77662 | &nbsp;&nbsp;&nbsp;&nbsp; 430956 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20321 | &nbsp;&nbsp;&nbsp;&nbsp; 1015751 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36384 | &nbsp;&nbsp;&nbsp;&nbsp; 1165288 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16432 | &nbsp;&nbsp;&nbsp;&nbsp; 2570083 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62648 | &nbsp;&nbsp;&nbsp;&nbsp; 961262 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48008 | &nbsp;&nbsp;&nbsp;&nbsp; 4796788 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71662 | &nbsp;&nbsp;&nbsp;&nbsp; 2342597 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155 | &nbsp;&nbsp;&nbsp;&nbsp; 397993 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113198 | &nbsp;&nbsp;$2172757 |
| &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68730 | &nbsp;&nbsp;&nbsp;&nbsp; 6137420 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 | &nbsp;&nbsp;&nbsp;&nbsp; 657507 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71847 | &nbsp;&nbsp;&nbsp;&nbsp; 2011671 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25641 | &nbsp;&nbsp;&nbsp;&nbsp; 550114 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7282 | &nbsp;&nbsp;&nbsp;&nbsp; 1005035 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195220 | &nbsp;&nbsp;&nbsp;&nbsp; 4962839 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32177 | &nbsp;&nbsp;&nbsp;&nbsp; 11532014 |
| &nbsp;&nbsp;&nbsp;FDJ United | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12299 | &nbsp;&nbsp;&nbsp;&nbsp; 346406 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5027 | &nbsp;&nbsp;&nbsp;&nbsp; 466087 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32332 | &nbsp;&nbsp;&nbsp;&nbsp; 584426 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp; 8205134 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116 | &nbsp;&nbsp;&nbsp;&nbsp; 594140 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7957 | &nbsp;&nbsp;&nbsp;&nbsp; 2713505 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22696 | &nbsp;&nbsp;&nbsp;&nbsp; 883342 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28030 | &nbsp;&nbsp;&nbsp;&nbsp; 4251162 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25593 | &nbsp;&nbsp;&nbsp;&nbsp; 11156362 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26646 | &nbsp;&nbsp;&nbsp;&nbsp; 19774340 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199023 | &nbsp;&nbsp;&nbsp;&nbsp; 3283953 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21571 | &nbsp;&nbsp;&nbsp;&nbsp; 1943830 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24464 | &nbsp;&nbsp;&nbsp;&nbsp; 2385926 |
| &nbsp;&nbsp;&nbsp;Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20184 | &nbsp;&nbsp;&nbsp;&nbsp; 808037 |
| &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23469 | &nbsp;&nbsp;&nbsp;&nbsp; 894029 |
| &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38368 | &nbsp;&nbsp;&nbsp;&nbsp; 12949977 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117697 | &nbsp;&nbsp;&nbsp;&nbsp; 11729200 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp; 770088 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58419 | &nbsp;&nbsp;&nbsp;&nbsp; 15716129 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75297 | &nbsp;&nbsp;&nbsp;&nbsp; 5252684 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9456 | &nbsp;&nbsp;&nbsp;&nbsp; 499975 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9905 | &nbsp;&nbsp;&nbsp;&nbsp; 2589517 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211606 | &nbsp;&nbsp;&nbsp;&nbsp; 13906113 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67302 | &nbsp;&nbsp;&nbsp;&nbsp; 2289279 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52859 | &nbsp;&nbsp;&nbsp;&nbsp; 7495242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207315794 |
| **Germany — 9.5%** | **Germany — 9.5%** | **Germany — 9.5%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18277 | &nbsp;&nbsp;&nbsp;&nbsp; 3409497 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41147 | &nbsp;&nbsp;&nbsp;&nbsp; 17777353 |
| &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95397 | &nbsp;&nbsp;&nbsp;&nbsp; 4970767 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105006 | &nbsp;&nbsp;&nbsp;&nbsp; 3714587 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29988 | &nbsp;&nbsp;&nbsp;&nbsp; 3063453 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652 | &nbsp;&nbsp;&nbsp;&nbsp; 532921 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10406 | &nbsp;&nbsp;&nbsp;&nbsp; 1120017 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12711 | &nbsp;&nbsp;&nbsp;&nbsp; 729430 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78089 | &nbsp;&nbsp;&nbsp;&nbsp; 3067777 |
| &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11594 | &nbsp;&nbsp;&nbsp;&nbsp; 868342 |
| &nbsp;&nbsp;&nbsp;Covestro AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19191 | &nbsp;&nbsp;&nbsp;&nbsp; 1378322 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp; 653652 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50783 | &nbsp;&nbsp;&nbsp;&nbsp; 2148932 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20126 | &nbsp;&nbsp;&nbsp;&nbsp; 472216 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197826 | &nbsp;&nbsp;&nbsp;&nbsp; 7026979 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19955 | &nbsp;&nbsp;&nbsp;&nbsp; 5334877 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65632 | &nbsp;&nbsp;&nbsp;&nbsp; 629895 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102609 | &nbsp;&nbsp;&nbsp;&nbsp; 5344381 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391995 | &nbsp;&nbsp;&nbsp;&nbsp; 12632949 |
| &nbsp;&nbsp;&nbsp;Dr. Ing. h.c. F. Porsche AG (Preference Shares)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12495 | &nbsp;&nbsp;&nbsp;&nbsp; 647293 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237649 | &nbsp;&nbsp;&nbsp;&nbsp; 4233100 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27982 | &nbsp;&nbsp;&nbsp;&nbsp; 430923 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23521 | &nbsp;&nbsp;&nbsp;&nbsp; 1125817 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45151 | &nbsp;&nbsp;&nbsp;&nbsp; 2477420 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15661 | &nbsp;&nbsp;&nbsp;&nbsp; 1061368 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6445 | &nbsp;&nbsp;&nbsp;&nbsp; 1941419 |

---

---

| | | |
|:---|:---|:---|
| **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;14304 | &nbsp;&nbsp;$3674194 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10899 | &nbsp;&nbsp;&nbsp;&nbsp; 818559 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17021 | &nbsp;&nbsp;&nbsp;&nbsp; 1374969 |
| &nbsp;&nbsp;&nbsp;Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7011 | &nbsp;&nbsp;&nbsp;&nbsp; 556181 |
| &nbsp;&nbsp;&nbsp;HOCHTIEF AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp; 585763 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139582 | &nbsp;&nbsp;&nbsp;&nbsp; 5885069 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7513 | &nbsp;&nbsp;&nbsp;&nbsp; 796854 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8077 | &nbsp;&nbsp;&nbsp;&nbsp; 607609 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76558 | &nbsp;&nbsp;&nbsp;&nbsp; 5167060 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13814 | &nbsp;&nbsp;&nbsp;&nbsp; 1858116 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5753 | &nbsp;&nbsp;&nbsp;&nbsp; 2351485 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13897 | &nbsp;&nbsp;&nbsp;&nbsp; 8773024 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6317 | &nbsp;&nbsp;&nbsp;&nbsp; 705530 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16722 | &nbsp;&nbsp;&nbsp;&nbsp; 720508 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 422702 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4905 | &nbsp;&nbsp;&nbsp;&nbsp; 8425742 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67579 | &nbsp;&nbsp;&nbsp;&nbsp; 3434518 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111265 | &nbsp;&nbsp;&nbsp;&nbsp; 26928949 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;&nbsp; 795227 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7922 | &nbsp;&nbsp;&nbsp;&nbsp; 810132 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80980 | &nbsp;&nbsp;&nbsp;&nbsp; 21458891 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82578 | &nbsp;&nbsp;&nbsp;&nbsp; 11049123 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36170 | &nbsp;&nbsp;&nbsp;&nbsp; 1798204 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14192 | &nbsp;&nbsp;&nbsp;&nbsp; 1176548 |
| &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6825 | &nbsp;&nbsp;&nbsp;&nbsp; 886307 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22040 | &nbsp;&nbsp;&nbsp;&nbsp; 2516316 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80383 | &nbsp;&nbsp;&nbsp;&nbsp; 2436051 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp; 646939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203454257 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1119200 | &nbsp;&nbsp;&nbsp;&nbsp; 11662239 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395500 | &nbsp;&nbsp;&nbsp;&nbsp; 1906772 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205500 | &nbsp;&nbsp;&nbsp;&nbsp; 1055447 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286500 | &nbsp;&nbsp;&nbsp;&nbsp; 2026613 |
| &nbsp;&nbsp;&nbsp;CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175500 | &nbsp;&nbsp;&nbsp;&nbsp; 1533595 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6060 | &nbsp;&nbsp;&nbsp;&nbsp; 1028140 |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089046 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp; 1573392 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp; 600087 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp; 591915 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;1197000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113733 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127700 | &nbsp;&nbsp;&nbsp;&nbsp; 6790373 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277900 | &nbsp;&nbsp;&nbsp;&nbsp; 1319426 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170500 | &nbsp;&nbsp;&nbsp;&nbsp; 676961 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146500 | &nbsp;&nbsp;&nbsp;&nbsp; 979843 |
| &nbsp;&nbsp;&nbsp;Sino Land Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp; 526280 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp; 495447 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1966403 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 317742 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156500 | &nbsp;&nbsp;&nbsp;&nbsp; 1842573 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884500 | &nbsp;&nbsp;&nbsp;&nbsp; 926999 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp; 337171 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp; 574695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40934892 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228387 | &nbsp;&nbsp;&nbsp;&nbsp; 2350014 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100575 | &nbsp;&nbsp;&nbsp;&nbsp; 1858188 |
| &nbsp;&nbsp;&nbsp;DCC PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10492 | &nbsp;&nbsp;&nbsp;&nbsp; 692526 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17499 | &nbsp;&nbsp;&nbsp;&nbsp; 1623372 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;16540 | &nbsp;&nbsp;$1415903 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89334 | &nbsp;&nbsp;&nbsp;&nbsp; 2925632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10865635 |
| **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;64939 | &nbsp;&nbsp;&nbsp;&nbsp; 668034 |
| **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; 471721 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133608 | &nbsp;&nbsp;&nbsp;&nbsp; 2884443 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157658 | &nbsp;&nbsp;&nbsp;&nbsp; 3299533 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9266 | &nbsp;&nbsp;&nbsp;&nbsp; 1730611 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107 | &nbsp;&nbsp;&nbsp;&nbsp; 2342019 |
| &nbsp;&nbsp;&nbsp;Elbit Systems, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp; 1372588 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84485 | &nbsp;&nbsp;&nbsp;&nbsp; 467090 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130137 | &nbsp;&nbsp;&nbsp;&nbsp; 1359629 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16372 | &nbsp;&nbsp;&nbsp;&nbsp; 1144476 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp; 624496 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901 | &nbsp;&nbsp;&nbsp;&nbsp; 734061 |
| &nbsp;&nbsp;&nbsp;Nova, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp; 995529 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24618 | &nbsp;&nbsp;&nbsp;&nbsp; 990366 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122592 | &nbsp;&nbsp;&nbsp;&nbsp; 3296499 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;&nbsp;&nbsp; 569474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22282535 |
| **Italy — 2.8%** | **Italy — 2.8%** | **Italy — 2.8%** |
| &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24479 | &nbsp;&nbsp;&nbsp;&nbsp; 524595 |
| &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211093 | &nbsp;&nbsp;&nbsp;&nbsp; 2002168 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121462 | &nbsp;&nbsp;&nbsp;&nbsp; 1753518 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156306 | &nbsp;&nbsp;&nbsp;&nbsp; 1887420 |
| &nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8210 | &nbsp;&nbsp;&nbsp;&nbsp; 506705 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865366 | &nbsp;&nbsp;&nbsp;&nbsp; 8947665 |
| &nbsp;&nbsp;&nbsp;Eni SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218621 | &nbsp;&nbsp;&nbsp;&nbsp; 4091873 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65368 | &nbsp;&nbsp;&nbsp;&nbsp; 1599856 |
| &nbsp;&nbsp;&nbsp;Generali# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91106 | &nbsp;&nbsp;&nbsp;&nbsp; 3617741 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30987 | &nbsp;&nbsp;&nbsp;&nbsp; 283403 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA# | &nbsp;&nbsp;&nbsp;&nbsp;1515929 | &nbsp;&nbsp;&nbsp;&nbsp; 9852593 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43257 | &nbsp;&nbsp;&nbsp;&nbsp; 2358477 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24967 | &nbsp;&nbsp;&nbsp;&nbsp; 1688050 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60476 | &nbsp;&nbsp;&nbsp;&nbsp; 282248 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48861 | &nbsp;&nbsp;&nbsp;&nbsp; 1169676 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30092 | &nbsp;&nbsp;&nbsp;&nbsp; 3009453 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12294 | &nbsp;&nbsp;&nbsp;&nbsp; 726605 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215534 | &nbsp;&nbsp;&nbsp;&nbsp; 1434265 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA† | &nbsp;&nbsp;&nbsp;&nbsp;1261404 | &nbsp;&nbsp;&nbsp;&nbsp; 710304 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150386 | &nbsp;&nbsp;&nbsp;&nbsp; 1587061 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149273 | &nbsp;&nbsp;&nbsp;&nbsp; 11158740 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37749 | &nbsp;&nbsp;&nbsp;&nbsp; 866624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60059040 |
| **Japan — 22.3%** | **Japan — 22.3%** | **Japan — 22.3%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81500 | &nbsp;&nbsp;&nbsp;&nbsp; 10821128 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp; 4311751 |
| &nbsp;&nbsp;&nbsp;AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp; 739799 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52700 | &nbsp;&nbsp;&nbsp;&nbsp; 937591 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96700 | &nbsp;&nbsp;&nbsp;&nbsp; 2242200 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 314984 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154400 | &nbsp;&nbsp;&nbsp;&nbsp; 1791450 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131400 | &nbsp;&nbsp;&nbsp;&nbsp; 1096673 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74600 | &nbsp;&nbsp;&nbsp;&nbsp; 1782625 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193400 | &nbsp;&nbsp;&nbsp;&nbsp; 2435879 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62500 | &nbsp;&nbsp;&nbsp;&nbsp; 1830893 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp; 2859085 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Canon, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92700 | &nbsp;&nbsp;$2732672 |
| &nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 905335 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp; 2254410 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp; 647267 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72900 | &nbsp;&nbsp;&nbsp;&nbsp; 1139469 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp; 3827953 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 709670 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;&nbsp;&nbsp; 1094237 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375800 | &nbsp;&nbsp;&nbsp;&nbsp; 2930530 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191800 | &nbsp;&nbsp;&nbsp;&nbsp; 4734213 |
| &nbsp;&nbsp;&nbsp;Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28200 | &nbsp;&nbsp;&nbsp;&nbsp; 3658887 |
| &nbsp;&nbsp;&nbsp;Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 611818 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59900 | &nbsp;&nbsp;&nbsp;&nbsp; 2042649 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142600 | &nbsp;&nbsp;&nbsp;&nbsp; 1181299 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186700 | &nbsp;&nbsp;&nbsp;&nbsp; 2457805 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp; 2713124 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103100 | &nbsp;&nbsp;&nbsp;&nbsp; 2666409 |
| &nbsp;&nbsp;&nbsp;Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200 | &nbsp;&nbsp;&nbsp;&nbsp; 1286610 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27100 | &nbsp;&nbsp;&nbsp;&nbsp; 847972 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289300 | &nbsp;&nbsp;&nbsp;&nbsp; 1904298 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99800 | &nbsp;&nbsp;&nbsp;&nbsp; 3197959 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp; 7473332 |
| &nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp; 1018387 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119700 | &nbsp;&nbsp;&nbsp;&nbsp; 2574129 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp; 3088173 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186500 | &nbsp;&nbsp;&nbsp;&nbsp; 4996520 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp; 645094 |
| &nbsp;&nbsp;&nbsp;Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 472680 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488200 | &nbsp;&nbsp;&nbsp;&nbsp; 15534776 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393800 | &nbsp;&nbsp;&nbsp;&nbsp; 3977791 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36400 | &nbsp;&nbsp;&nbsp;&nbsp; 5461666 |
| &nbsp;&nbsp;&nbsp;Hulic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50300 | &nbsp;&nbsp;&nbsp;&nbsp; 554961 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp; 624934 |
| &nbsp;&nbsp;&nbsp;IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109900 | &nbsp;&nbsp;&nbsp;&nbsp; 1958120 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94200 | &nbsp;&nbsp;&nbsp;&nbsp; 1975486 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57200 | &nbsp;&nbsp;&nbsp;&nbsp; 918368 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp; 7645462 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp; 280932 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105400 | &nbsp;&nbsp;&nbsp;&nbsp; 1208110 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189400 | &nbsp;&nbsp;&nbsp;&nbsp; 2276573 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190700 | &nbsp;&nbsp;&nbsp;&nbsp; 1873581 |
| &nbsp;&nbsp;&nbsp;Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20100 | &nbsp;&nbsp;&nbsp;&nbsp; 558971 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128300 | &nbsp;&nbsp;&nbsp;&nbsp; 4826575 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61500 | &nbsp;&nbsp;&nbsp;&nbsp; 753799 |
| &nbsp;&nbsp;&nbsp;JX Advanced Metals Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59400 | &nbsp;&nbsp;&nbsp;&nbsp; 634220 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45200 | &nbsp;&nbsp;&nbsp;&nbsp; 1683566 |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101300 | &nbsp;&nbsp;&nbsp;&nbsp; 1732486 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp; 2012416 |
| &nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp; 1005212 |
| &nbsp;&nbsp;&nbsp;Kawasaki Kisen Kaisha, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38400 | &nbsp;&nbsp;&nbsp;&nbsp; 511215 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312400 | &nbsp;&nbsp;&nbsp;&nbsp; 5392103 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp; 7005403 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp; 677623 |
| &nbsp;&nbsp;&nbsp;Kioxia Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp; 865813 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82600 | &nbsp;&nbsp;&nbsp;&nbsp; 1296058 |
| &nbsp;&nbsp;&nbsp;Kobe Bussan Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 400311 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101600 | &nbsp;&nbsp;&nbsp;&nbsp; 3327511 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 1632309 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104600 | &nbsp;&nbsp;&nbsp;&nbsp; 1522153 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137200 | &nbsp;&nbsp;&nbsp;&nbsp; 1876284 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900 | &nbsp;&nbsp;&nbsp;&nbsp; 435824 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 1539437 |
| &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296800 | &nbsp;&nbsp;&nbsp;&nbsp; 804354 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;M3, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;$775897 |
| &nbsp;&nbsp;&nbsp;Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp; 697116 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150900 | &nbsp;&nbsp;&nbsp;&nbsp; 3977723 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp;&nbsp; 648400 |
| &nbsp;&nbsp;&nbsp;Minebea Mitsumi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp; 803514 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136800 | &nbsp;&nbsp;&nbsp;&nbsp; 771590 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343900 | &nbsp;&nbsp;&nbsp;&nbsp; 8147970 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203300 | &nbsp;&nbsp;&nbsp;&nbsp; 5534791 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113600 | &nbsp;&nbsp;&nbsp;&nbsp; 2693710 |
| &nbsp;&nbsp;&nbsp;Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94100 | &nbsp;&nbsp;&nbsp;&nbsp; 752028 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp; 8608392 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1221600 | &nbsp;&nbsp;&nbsp;&nbsp; 19213074 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264000 | &nbsp;&nbsp;&nbsp;&nbsp; 7006652 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282500 | &nbsp;&nbsp;&nbsp;&nbsp; 3320516 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36800 | &nbsp;&nbsp;&nbsp;&nbsp; 1044247 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265300 | &nbsp;&nbsp;&nbsp;&nbsp; 9345012 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 400883 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137500 | &nbsp;&nbsp;&nbsp;&nbsp; 3072460 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178300 | &nbsp;&nbsp;&nbsp;&nbsp; 3665612 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138500 | &nbsp;&nbsp;&nbsp;&nbsp; 5231968 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp; 856966 |
| &nbsp;&nbsp;&nbsp;NIDEC Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89200 | &nbsp;&nbsp;&nbsp;&nbsp; 1124033 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp; 10001839 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp; 795183 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103500 | &nbsp;&nbsp;&nbsp;&nbsp; 674683 |
| &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900 | &nbsp;&nbsp;&nbsp;&nbsp; 614886 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516900 | &nbsp;&nbsp;&nbsp;&nbsp; 2080164 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43900 | &nbsp;&nbsp;&nbsp;&nbsp; 1390954 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243100 | &nbsp;&nbsp;&nbsp;&nbsp; 595785 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42800 | &nbsp;&nbsp;&nbsp;&nbsp; 740401 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72300 | &nbsp;&nbsp;&nbsp;&nbsp; 1786062 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321200 | &nbsp;&nbsp;&nbsp;&nbsp; 2420106 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40400 | &nbsp;&nbsp;&nbsp;&nbsp; 1624044 |
| &nbsp;&nbsp;&nbsp;NTT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3193900 | &nbsp;&nbsp;&nbsp;&nbsp; 3183274 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66800 | &nbsp;&nbsp;&nbsp;&nbsp; 1361245 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp; 1112833 |
| &nbsp;&nbsp;&nbsp;Olympus Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121800 | &nbsp;&nbsp;&nbsp;&nbsp; 1642908 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp; 360940 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115500 | &nbsp;&nbsp;&nbsp;&nbsp; 2227513 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124300 | &nbsp;&nbsp;&nbsp;&nbsp; 3390507 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp; 1333198 |
| &nbsp;&nbsp;&nbsp;Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp; 492350 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46400 | &nbsp;&nbsp;&nbsp;&nbsp; 2629391 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202900 | &nbsp;&nbsp;&nbsp;&nbsp; 1229954 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249200 | &nbsp;&nbsp;&nbsp;&nbsp; 3134825 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161900 | &nbsp;&nbsp;&nbsp;&nbsp; 988947 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 7754829 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179900 | &nbsp;&nbsp;&nbsp;&nbsp; 2130854 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221900 | &nbsp;&nbsp;&nbsp;&nbsp; 2257482 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071033 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp; 696899 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59600 | &nbsp;&nbsp;&nbsp;&nbsp; 1253894 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp; 722510 |
| &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp; 623178 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42300 | &nbsp;&nbsp;&nbsp;&nbsp; 1429949 |
| &nbsp;&nbsp;&nbsp;Seibu Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp;&nbsp;&nbsp; 695234 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 680570 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63800 | &nbsp;&nbsp;&nbsp;&nbsp; 1427848 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222700 | &nbsp;&nbsp;&nbsp;&nbsp; 3065630 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300 | &nbsp;&nbsp;&nbsp;&nbsp; 312749 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp;&nbsp; 736317 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 819552 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178800 | &nbsp;&nbsp;$5392622 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78900 | &nbsp;&nbsp;&nbsp;&nbsp; 1351611 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43600 | &nbsp;&nbsp;&nbsp;&nbsp; 621002 |
| &nbsp;&nbsp;&nbsp;SMC Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 2142237 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;3065600 | &nbsp;&nbsp;&nbsp;&nbsp; 4381211 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101700 | &nbsp;&nbsp;&nbsp;&nbsp; 10941668 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94900 | &nbsp;&nbsp;&nbsp;&nbsp; 3005206 |
| &nbsp;&nbsp;&nbsp;Sony Financial Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649500 | &nbsp;&nbsp;&nbsp;&nbsp; 614552 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655300 | &nbsp;&nbsp;&nbsp;&nbsp; 19219082 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62700 | &nbsp;&nbsp;&nbsp;&nbsp; 1405275 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116500 | &nbsp;&nbsp;&nbsp;&nbsp; 3651839 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76400 | &nbsp;&nbsp;&nbsp;&nbsp; 3001081 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp; 845231 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390500 | &nbsp;&nbsp;&nbsp;&nbsp; 11822632 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67600 | &nbsp;&nbsp;&nbsp;&nbsp; 1956042 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32100 | &nbsp;&nbsp;&nbsp;&nbsp; 1549883 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp; 481803 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168000 | &nbsp;&nbsp;&nbsp;&nbsp; 2624498 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;&nbsp;&nbsp; 526007 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp; 1070752 |
| &nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp; 1332856 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 4899301 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207800 | &nbsp;&nbsp;&nbsp;&nbsp; 3402572 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142400 | &nbsp;&nbsp;&nbsp;&nbsp; 2236597 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp; 765829 |
| &nbsp;&nbsp;&nbsp;Toho Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp; 621803 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195200 | &nbsp;&nbsp;&nbsp;&nbsp; 6881795 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp; 9812819 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp;&nbsp; 1361526 |
| &nbsp;&nbsp;&nbsp;Tokyo Metro Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;&nbsp;&nbsp; 313426 |
| &nbsp;&nbsp;&nbsp;Tokyu Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54500 | &nbsp;&nbsp;&nbsp;&nbsp; 635500 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200 | &nbsp;&nbsp;&nbsp;&nbsp; 812892 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148200 | &nbsp;&nbsp;&nbsp;&nbsp; 962757 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 1947449 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1009800 | &nbsp;&nbsp;&nbsp;&nbsp; 20390266 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | &nbsp;&nbsp;&nbsp;&nbsp; 2386769 |
| &nbsp;&nbsp;&nbsp;Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp; 678605 |
| &nbsp;&nbsp;&nbsp;Tsuruha Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28100 | &nbsp;&nbsp;&nbsp;&nbsp; 498060 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119400 | &nbsp;&nbsp;&nbsp;&nbsp; 699527 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43100 | &nbsp;&nbsp;&nbsp;&nbsp; 857015 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97900 | &nbsp;&nbsp;&nbsp;&nbsp; 709633 |
| &nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400 | &nbsp;&nbsp;&nbsp;&nbsp; 779445 |
| &nbsp;&nbsp;&nbsp;Yokohama Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110100 | &nbsp;&nbsp;&nbsp;&nbsp; 869893 |
| &nbsp;&nbsp;&nbsp;Zensho Holdings Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 632723 |
| &nbsp;&nbsp;&nbsp;ZOZO, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45700 | &nbsp;&nbsp;&nbsp;&nbsp; 392576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480430304 |
| **Jersey — 0.5%** | **Jersey — 0.5%** | **Jersey — 0.5%** |
| &nbsp;&nbsp;&nbsp;CVC Capital Partners PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23265 | &nbsp;&nbsp;&nbsp;&nbsp; 384596 |
| &nbsp;&nbsp;&nbsp;Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97257 | &nbsp;&nbsp;&nbsp;&nbsp; 4278831 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;1071078 | &nbsp;&nbsp;&nbsp;&nbsp; 5126856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9790283 |
| **Luxembourg — 0.6%** | **Luxembourg — 0.6%** | **Luxembourg — 0.6%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50134 | &nbsp;&nbsp;&nbsp;&nbsp; 2162212 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12499 | &nbsp;&nbsp;&nbsp;&nbsp; 851047 |
| &nbsp;&nbsp;&nbsp;InPost SA#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25237 | &nbsp;&nbsp;&nbsp;&nbsp; 295636 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16341 | &nbsp;&nbsp;&nbsp;&nbsp; 9786134 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40103 | &nbsp;&nbsp;&nbsp;&nbsp; 809587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13904616 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259600 | &nbsp;&nbsp;&nbsp;&nbsp; 710057 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Netherlands — 6.3%** | **Netherlands — 6.3%** | **Netherlands — 6.3%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62328 | &nbsp;&nbsp;$2112127 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694 | &nbsp;&nbsp;&nbsp;&nbsp; 4194271 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18859 | &nbsp;&nbsp;&nbsp;&nbsp; 2527106 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63315 | &nbsp;&nbsp;&nbsp;&nbsp; 14692651 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18254 | &nbsp;&nbsp;&nbsp;&nbsp; 1190374 |
| &nbsp;&nbsp;&nbsp;Argenx SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6541 | &nbsp;&nbsp;&nbsp;&nbsp; 5959260 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009 | &nbsp;&nbsp;&nbsp;&nbsp; 2780074 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41358 | &nbsp;&nbsp;&nbsp;&nbsp; 43890230 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16763 | &nbsp;&nbsp;&nbsp;&nbsp; 1129363 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7806 | &nbsp;&nbsp;&nbsp;&nbsp; 1187335 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67258 | &nbsp;&nbsp;&nbsp;&nbsp; 460422 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8076 | &nbsp;&nbsp;&nbsp;&nbsp; 1239961 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 | &nbsp;&nbsp;&nbsp;&nbsp; 829155 |
| &nbsp;&nbsp;&nbsp;Ferrari NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13368 | &nbsp;&nbsp;&nbsp;&nbsp; 5251662 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54899 | &nbsp;&nbsp;&nbsp;&nbsp; 3595024 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13795 | &nbsp;&nbsp;&nbsp;&nbsp; 985330 |
| &nbsp;&nbsp;&nbsp;Heineken NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30783 | &nbsp;&nbsp;&nbsp;&nbsp; 2507417 |
| &nbsp;&nbsp;&nbsp;IMCD NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6436 | &nbsp;&nbsp;&nbsp;&nbsp; 577018 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321286 | &nbsp;&nbsp;&nbsp;&nbsp; 8342738 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18263 | &nbsp;&nbsp;&nbsp;&nbsp; 670005 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95571 | &nbsp;&nbsp;&nbsp;&nbsp; 3952759 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415666 | &nbsp;&nbsp;&nbsp;&nbsp; 1898014 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82337 | &nbsp;&nbsp;&nbsp;&nbsp; 2321169 |
| &nbsp;&nbsp;&nbsp;Nebius Group NV#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22602 | &nbsp;&nbsp;&nbsp;&nbsp; 2144252 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28752 | &nbsp;&nbsp;&nbsp;&nbsp; 2086960 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139850 | &nbsp;&nbsp;&nbsp;&nbsp; 8806658 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23146 | &nbsp;&nbsp;&nbsp;&nbsp; 1104615 |
| &nbsp;&nbsp;&nbsp;Randstad NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11896 | &nbsp;&nbsp;&nbsp;&nbsp; 463641 |
| &nbsp;&nbsp;&nbsp;Stellantis NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215516 | &nbsp;&nbsp;&nbsp;&nbsp; 2304498 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71200 | &nbsp;&nbsp;&nbsp;&nbsp; 1638611 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117622 | &nbsp;&nbsp;&nbsp;&nbsp; 3013812 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24775 | &nbsp;&nbsp;&nbsp;&nbsp; 2633926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136490438 |
| **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;89514 | &nbsp;&nbsp;&nbsp;&nbsp; 495018 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62663 | &nbsp;&nbsp;&nbsp;&nbsp; 1342138 |
| &nbsp;&nbsp;&nbsp;Infratil, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107952 | &nbsp;&nbsp;&nbsp;&nbsp; 723288 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156636 | &nbsp;&nbsp;&nbsp;&nbsp; 506516 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17595 | &nbsp;&nbsp;&nbsp;&nbsp; 1413992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480952 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33286 | &nbsp;&nbsp;&nbsp;&nbsp; 810211 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94760 | &nbsp;&nbsp;&nbsp;&nbsp; 2531746 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81985 | &nbsp;&nbsp;&nbsp;&nbsp; 1880350 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21377 | &nbsp;&nbsp;&nbsp;&nbsp; 598341 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47008 | &nbsp;&nbsp;&nbsp;&nbsp; 1114388 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49744 | &nbsp;&nbsp;&nbsp;&nbsp; 1128847 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148029 | &nbsp;&nbsp;&nbsp;&nbsp; 1059090 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74926 | &nbsp;&nbsp;&nbsp;&nbsp; 801891 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126 | &nbsp;&nbsp;&nbsp;&nbsp; 416279 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65777 | &nbsp;&nbsp;&nbsp;&nbsp; 950454 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18107 | &nbsp;&nbsp;&nbsp;&nbsp; 661317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11952914 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| &nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805217 | &nbsp;&nbsp;&nbsp;&nbsp; 768334 |
| &nbsp;&nbsp;&nbsp;EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335405 | &nbsp;&nbsp;&nbsp;&nbsp; 1498324 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44049 | &nbsp;&nbsp;&nbsp;&nbsp; 885405 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30268 | &nbsp;&nbsp;&nbsp;&nbsp; 717910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869973 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Singapore — 1.7%** | **Singapore — 1.7%** | **Singapore — 1.7%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414200 | &nbsp;&nbsp;$899236 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625682 | &nbsp;&nbsp;&nbsp;&nbsp; 1136012 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255400 | &nbsp;&nbsp;&nbsp;&nbsp; 522967 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227500 | &nbsp;&nbsp;&nbsp;&nbsp; 9526138 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252906 | &nbsp;&nbsp;&nbsp;&nbsp; 1378338 |
| &nbsp;&nbsp;&nbsp;Keppel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155700 | &nbsp;&nbsp;&nbsp;&nbsp; 1228716 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362000 | &nbsp;&nbsp;&nbsp;&nbsp; 5170372 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40888 | &nbsp;&nbsp;&nbsp;&nbsp; 5683841 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98200 | &nbsp;&nbsp;&nbsp;&nbsp; 465464 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158300 | &nbsp;&nbsp;&nbsp;&nbsp; 792702 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93400 | &nbsp;&nbsp;&nbsp;&nbsp; 1217954 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166900 | &nbsp;&nbsp;&nbsp;&nbsp; 1071387 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794300 | &nbsp;&nbsp;&nbsp;&nbsp; 2895185 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133200 | &nbsp;&nbsp;&nbsp;&nbsp; 3495891 |
| &nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210700 | &nbsp;&nbsp;&nbsp;&nbsp; 527012 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276100 | &nbsp;&nbsp;&nbsp;&nbsp; 713354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36724569 |
| **Spain — 3.5%** | **Spain — 3.5%** | **Spain — 3.5%** |
| &nbsp;&nbsp;&nbsp;Acciona SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;&nbsp; 543043 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp; 1731374 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80163 | &nbsp;&nbsp;&nbsp;&nbsp; 2181861 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48151 | &nbsp;&nbsp;&nbsp;&nbsp; 3547614 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613978 | &nbsp;&nbsp;&nbsp;&nbsp; 13241328 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536967 | &nbsp;&nbsp;&nbsp;&nbsp; 1947829 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;1586069 | &nbsp;&nbsp;&nbsp;&nbsp; 16953020 |
| &nbsp;&nbsp;&nbsp;Bankinter SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72056 | &nbsp;&nbsp;&nbsp;&nbsp; 1135548 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416535 | &nbsp;&nbsp;&nbsp;&nbsp; 4635791 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\*# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52858 | &nbsp;&nbsp;&nbsp;&nbsp; 1586077 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34902 | &nbsp;&nbsp;&nbsp;&nbsp; 464901 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33949 | &nbsp;&nbsp;&nbsp;&nbsp; 1231506 |
| &nbsp;&nbsp;&nbsp;Grifols SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32648 | &nbsp;&nbsp;&nbsp;&nbsp; 399542 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676307 | &nbsp;&nbsp;&nbsp;&nbsp; 14289566 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116592 | &nbsp;&nbsp;&nbsp;&nbsp; 6537597 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132843 | &nbsp;&nbsp;&nbsp;&nbsp; 699133 |
| &nbsp;&nbsp;&nbsp;Mapfre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98440 | &nbsp;&nbsp;&nbsp;&nbsp; 455647 |
| &nbsp;&nbsp;&nbsp;Naturgy Energy Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15256 | &nbsp;&nbsp;&nbsp;&nbsp; 469587 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120231 | &nbsp;&nbsp;&nbsp;&nbsp; 2232487 |
| &nbsp;&nbsp;&nbsp;Telefonica SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393933 | &nbsp;&nbsp;&nbsp;&nbsp; 1707332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75990783 |
| **SupraNational — 0.1%** | **SupraNational — 0.1%** | **SupraNational — 0.1%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13014 | &nbsp;&nbsp;&nbsp;&nbsp; 1384029 |
| **Sweden — 3.1%** | **Sweden — 3.1%** | **Sweden — 3.1%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27496 | &nbsp;&nbsp;&nbsp;&nbsp; 946640 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30925 | &nbsp;&nbsp;&nbsp;&nbsp; 1460091 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107130 | &nbsp;&nbsp;&nbsp;&nbsp; 4079719 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287098 | &nbsp;&nbsp;&nbsp;&nbsp; 4892305 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166833 | &nbsp;&nbsp;&nbsp;&nbsp; 2554828 |
| &nbsp;&nbsp;&nbsp;Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41141 | &nbsp;&nbsp;&nbsp;&nbsp; 656354 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30379 | &nbsp;&nbsp;&nbsp;&nbsp; 1457016 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70423 | &nbsp;&nbsp;&nbsp;&nbsp; 1513226 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40627 | &nbsp;&nbsp;&nbsp;&nbsp; 782915 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52620 | &nbsp;&nbsp;&nbsp;&nbsp; 1815533 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64385 | &nbsp;&nbsp;&nbsp;&nbsp; 1781244 |
| &nbsp;&nbsp;&nbsp;Evolution AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14161 | &nbsp;&nbsp;&nbsp;&nbsp; 968191 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78671 | &nbsp;&nbsp;&nbsp;&nbsp; 566015 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52587 | &nbsp;&nbsp;&nbsp;&nbsp; 954360 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221911 | &nbsp;&nbsp;&nbsp;&nbsp; 2603078 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8027 | &nbsp;&nbsp;&nbsp;&nbsp; 293878 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13027 | &nbsp;&nbsp;&nbsp;&nbsp; 546004 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16973 | &nbsp;&nbsp;&nbsp;&nbsp; 712006 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30126 | &nbsp;&nbsp;&nbsp;&nbsp; 748257 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16339 | &nbsp;&nbsp;$390739 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194132 | &nbsp;&nbsp;&nbsp;&nbsp; 6617191 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8379 | &nbsp;&nbsp;&nbsp;&nbsp; 444804 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24659 | &nbsp;&nbsp;&nbsp;&nbsp; 906281 |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161983 | &nbsp;&nbsp;&nbsp;&nbsp; 599870 |
| &nbsp;&nbsp;&nbsp;Saab AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34236 | &nbsp;&nbsp;&nbsp;&nbsp; 1726427 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23951 | &nbsp;&nbsp;&nbsp;&nbsp; 512514 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113963 | &nbsp;&nbsp;&nbsp;&nbsp; 3449957 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52567 | &nbsp;&nbsp;&nbsp;&nbsp; 801623 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161813 | &nbsp;&nbsp;&nbsp;&nbsp; 3214571 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36266 | &nbsp;&nbsp;&nbsp;&nbsp; 931390 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36120 | &nbsp;&nbsp;&nbsp;&nbsp; 946015 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63825 | &nbsp;&nbsp;&nbsp;&nbsp; 829696 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155900 | &nbsp;&nbsp;&nbsp;&nbsp; 2161965 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90745 | &nbsp;&nbsp;&nbsp;&nbsp; 2892306 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21489 | &nbsp;&nbsp;&nbsp;&nbsp; 772047 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58118 | &nbsp;&nbsp;&nbsp;&nbsp; 924746 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299130 | &nbsp;&nbsp;&nbsp;&nbsp; 2883758 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250961 | &nbsp;&nbsp;&nbsp;&nbsp; 1007472 |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21311 | &nbsp;&nbsp;&nbsp;&nbsp; 895269 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169804 | &nbsp;&nbsp;&nbsp;&nbsp; 5093238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67333539 |
| **Switzerland — 9.5%** | **Switzerland — 9.5%** | **Switzerland — 9.5%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167521 | &nbsp;&nbsp;&nbsp;&nbsp; 12069459 |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52859 | &nbsp;&nbsp;&nbsp;&nbsp; 4211059 |
| &nbsp;&nbsp;&nbsp;Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9396 | &nbsp;&nbsp;&nbsp;&nbsp; 516341 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp; 1153346 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp; 405326 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 630984 |
| &nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;&nbsp;&nbsp; 1028009 |
| &nbsp;&nbsp;&nbsp;BKW AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp; 482451 |
| &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; 1640529 |
| &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;100 | &nbsp;&nbsp;&nbsp;&nbsp; 1473913 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57255 | &nbsp;&nbsp;&nbsp;&nbsp; 12169461 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23312 | &nbsp;&nbsp;&nbsp;&nbsp; 1168838 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18401 | &nbsp;&nbsp;&nbsp;&nbsp; 1511087 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 522066 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16528 | &nbsp;&nbsp;&nbsp;&nbsp; 3298224 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626 | &nbsp;&nbsp;&nbsp;&nbsp; 2829920 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp; 4120654 |
| &nbsp;&nbsp;&nbsp;Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965 | &nbsp;&nbsp;&nbsp;&nbsp; 1029509 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54531 | &nbsp;&nbsp;&nbsp;&nbsp; 5113773 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22018 | &nbsp;&nbsp;&nbsp;&nbsp; 1576314 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5147 | &nbsp;&nbsp;&nbsp;&nbsp; 1034489 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16257 | &nbsp;&nbsp;&nbsp;&nbsp; 1832751 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7506 | &nbsp;&nbsp;&nbsp;&nbsp; 5155163 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274535 | &nbsp;&nbsp;&nbsp;&nbsp; 27289769 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202576 | &nbsp;&nbsp;&nbsp;&nbsp; 26430467 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426 | &nbsp;&nbsp;&nbsp;&nbsp; 2866729 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74860 | &nbsp;&nbsp;&nbsp;&nbsp; 28646987 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421 | &nbsp;&nbsp;&nbsp;&nbsp; 1360445 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44678 | &nbsp;&nbsp;&nbsp;&nbsp; 3161123 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472 | &nbsp;&nbsp;&nbsp;&nbsp; 839791 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4352 | &nbsp;&nbsp;&nbsp;&nbsp; 1556810 |
| &nbsp;&nbsp;&nbsp;SGS SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17696 | &nbsp;&nbsp;&nbsp;&nbsp; 2031013 |
| &nbsp;&nbsp;&nbsp;Sika AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16295 | &nbsp;&nbsp;&nbsp;&nbsp; 3218503 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417 | &nbsp;&nbsp;&nbsp;&nbsp; 1353487 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11930 | &nbsp;&nbsp;&nbsp;&nbsp; 1361530 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG # | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3194 | &nbsp;&nbsp;&nbsp;&nbsp; 645570 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp; 3347018 |

---

---

| | | |
|:---|:---|:---|
| **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;8576 | &nbsp;&nbsp;$1265690 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31697 | &nbsp;&nbsp;&nbsp;&nbsp; 5574247 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768 | &nbsp;&nbsp;&nbsp;&nbsp; 1987247 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338214 | &nbsp;&nbsp;&nbsp;&nbsp; 13012391 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886 | &nbsp;&nbsp;&nbsp;&nbsp; 1273679 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15583 | &nbsp;&nbsp;&nbsp;&nbsp; 11209826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203405988 |
| **United Kingdom — 14.1%** | **United Kingdom — 14.1%** | **United Kingdom — 14.1%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104042 | &nbsp;&nbsp;&nbsp;&nbsp; 4354691 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27828 | &nbsp;&nbsp;&nbsp;&nbsp; 1168395 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119619 | &nbsp;&nbsp;&nbsp;&nbsp; 4527054 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42149 | &nbsp;&nbsp;&nbsp;&nbsp; 1542851 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44920 | &nbsp;&nbsp;&nbsp;&nbsp; 2875415 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34403 | &nbsp;&nbsp;&nbsp;&nbsp; 972800 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165231 | &nbsp;&nbsp;&nbsp;&nbsp; 30636619 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92220 | &nbsp;&nbsp;&nbsp;&nbsp; 780304 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326745 | &nbsp;&nbsp;&nbsp;&nbsp; 2821636 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320185 | &nbsp;&nbsp;&nbsp;&nbsp; 6999627 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;1487778 | &nbsp;&nbsp;&nbsp;&nbsp; 8455244 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150606 | &nbsp;&nbsp;&nbsp;&nbsp; 786939 |
| &nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;1676417 | &nbsp;&nbsp;&nbsp;&nbsp; 10081984 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232934 | &nbsp;&nbsp;&nbsp;&nbsp; 13642414 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639180 | &nbsp;&nbsp;&nbsp;&nbsp; 1532784 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35022 | &nbsp;&nbsp;&nbsp;&nbsp; 1003514 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519025 | &nbsp;&nbsp;&nbsp;&nbsp; 1178723 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22143 | &nbsp;&nbsp;&nbsp;&nbsp; 2030292 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181429 | &nbsp;&nbsp;&nbsp;&nbsp; 5699313 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237852 | &nbsp;&nbsp;&nbsp;&nbsp; 5451569 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20580 | &nbsp;&nbsp;&nbsp;&nbsp; 951704 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23012 | &nbsp;&nbsp;&nbsp;&nbsp; 803184 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433105 | &nbsp;&nbsp;&nbsp;&nbsp; 10277774 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948999 | &nbsp;&nbsp;&nbsp;&nbsp; 4659195 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578 | &nbsp;&nbsp;&nbsp;&nbsp; 1916216 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18324 | &nbsp;&nbsp;&nbsp;&nbsp; 377206 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;1834265 | &nbsp;&nbsp;&nbsp;&nbsp; 26049808 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81542 | &nbsp;&nbsp;&nbsp;&nbsp; 3463113 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136031 | &nbsp;&nbsp;&nbsp;&nbsp; 1729209 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15371 | &nbsp;&nbsp;&nbsp;&nbsp; 2038368 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16826 | &nbsp;&nbsp;&nbsp;&nbsp; 1031198 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180160 | &nbsp;&nbsp;&nbsp;&nbsp; 768583 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271975 | &nbsp;&nbsp;&nbsp;&nbsp; 278403 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193085 | &nbsp;&nbsp;&nbsp;&nbsp; 781541 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77736 | &nbsp;&nbsp;&nbsp;&nbsp; 623041 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599604 | &nbsp;&nbsp;&nbsp;&nbsp; 1961450 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;6308203 | &nbsp;&nbsp;&nbsp;&nbsp; 7991564 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49782 | &nbsp;&nbsp;&nbsp;&nbsp; 5873848 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240448 | &nbsp;&nbsp;&nbsp;&nbsp; 867573 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219796 | &nbsp;&nbsp;&nbsp;&nbsp; 1011738 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135922 | &nbsp;&nbsp;&nbsp;&nbsp; 1072607 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523927 | &nbsp;&nbsp;&nbsp;&nbsp; 7944085 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856165 | &nbsp;&nbsp;&nbsp;&nbsp; 7141689 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12247 | &nbsp;&nbsp;&nbsp;&nbsp; 2290884 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61715 | &nbsp;&nbsp;&nbsp;&nbsp; 814705 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76795 | &nbsp;&nbsp;&nbsp;&nbsp; 708306 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272951 | &nbsp;&nbsp;&nbsp;&nbsp; 3958898 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71936 | &nbsp;&nbsp;&nbsp;&nbsp; 5572474 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194473 | &nbsp;&nbsp;&nbsp;&nbsp; 7811025 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269994 | &nbsp;&nbsp;&nbsp;&nbsp; 1487542 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120632 | &nbsp;&nbsp;&nbsp;&nbsp; 8678774 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896787 | &nbsp;&nbsp;&nbsp;&nbsp; 12701629 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100529 | &nbsp;&nbsp;&nbsp;&nbsp; 1430202 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79889 | &nbsp;&nbsp;&nbsp;&nbsp; 411409 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;137434 | &nbsp;&nbsp;$1298426 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28932 | &nbsp;&nbsp;&nbsp;&nbsp; 1079095 |
| &nbsp;&nbsp;&nbsp;Shell PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617191 | &nbsp;&nbsp;&nbsp;&nbsp; 22706095 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85897 | &nbsp;&nbsp;&nbsp;&nbsp; 1427176 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35350 | &nbsp;&nbsp;&nbsp;&nbsp; 1144270 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8065 | &nbsp;&nbsp;&nbsp;&nbsp; 716240 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128488 | &nbsp;&nbsp;&nbsp;&nbsp; 3740563 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207360 | &nbsp;&nbsp;&nbsp;&nbsp; 4601526 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692612 | &nbsp;&nbsp;&nbsp;&nbsp; 4129971 |
| &nbsp;&nbsp;&nbsp;Unilever PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261255 | &nbsp;&nbsp;&nbsp;&nbsp; 15715532 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72883 | &nbsp;&nbsp;&nbsp;&nbsp; 1193260 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2040622 | &nbsp;&nbsp;&nbsp;&nbsp; 2549423 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19280 | &nbsp;&nbsp;&nbsp;&nbsp; 635987 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70385 | &nbsp;&nbsp;&nbsp;&nbsp; 821771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303780448 |
| **Total Long-Term Investment Securities<br> (cost $1,579,557,124)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2120007852 |
| **SHORT-TERM INVESTMENTS — 6.0%** | **SHORT-TERM INVESTMENTS — 6.0%** |  |
| **Unaffiliated Investment Companies — 6.0%** | **Unaffiliated Investment Companies — 6.0%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 3.94%(1) | &nbsp;&nbsp;&nbsp;&nbsp;6455112 | &nbsp;&nbsp;&nbsp;&nbsp; 6455112 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.02%(1)(2) | 123215845 | &nbsp;&nbsp;&nbsp;&nbsp; 123215845 |
| **Total Short-Term Investments<br> (cost $129,670,957)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129670957 |
| **TOTAL INVESTMENTS<br> (cost $1,709,228,081)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.5% | &nbsp;&nbsp;&nbsp;&nbsp;2249678809 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96440022) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2153238787 |

---

# The security or a portion thereof is out on loan (see Note 2). <br> † Non-income producing security

\* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Equities Index Fund has no right to demand registration of these securities. At November 30, 2025, the aggregate value of these securities was $23,478,103 representing 1.1% of net assets.

(1) The rate shown is the 7-day yield as of November 30, 2025.

(2) At November 30, 2025, the Fund had loaned securities with a total value of $153,244,691. This was secured by collateral of $123,215,845, which was received in cash and subsequently invested in short-term investments currently valued at $123,215,845 as reported in the Portfolio of Investments. Additional collateral of $38,132,483 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> November 30, 2025** |
| Government National Mtg. Assoc. | 2.30% to 5.50% | 11/16/2050 to 12/16/2057 | $2899 |
| United States Treasury Bills | 0.00% | 12/26/2025 to 02/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866061 |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 12/15/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;37263523 |

---

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

ADR—American Depositary Receipt <br> BR—Bearer Shares <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** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Pay/<br> Receive** | &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 & Co. LLC | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp;32782 | &nbsp;&nbsp; 2.19% (ESTR + 0.26%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/19/2026 | &nbsp;&nbsp;$572856 | &nbsp;&nbsp;$11411 | &nbsp;&nbsp;$11411 |
| BNP Paribas | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp; 9554 | &nbsp;&nbsp; 2.19% (ESTR + 0.26%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/17/2027 | &nbsp;&nbsp;&nbsp;166953 | &nbsp;&nbsp;&nbsp; 3326 | &nbsp;&nbsp;&nbsp; 3326 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;14737 | &nbsp;&nbsp;&nbsp;14737 |
| **Hong Kong** |  |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 3.25% (HONIA + 0.30%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp; 54306 | &nbsp;&nbsp;&nbsp;&nbsp;(1054) | &nbsp;&nbsp;&nbsp;&nbsp;(1054) |
| **Singapore** |  |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Pay | &nbsp;&nbsp; Singapore Exchange, Ltd. | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1.82% (SORA + 0.55%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/10/2028 | &nbsp;&nbsp;&nbsp; 23377 | &nbsp;&nbsp;&nbsp;&nbsp; (16) | &nbsp;&nbsp;&nbsp;&nbsp; (16) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;$13667 | &nbsp;&nbsp;$13667 |
| ESTR—Euro Short-Term Rate |  |  |  |  |  |  |  |  |  |
| HONIA—Hong Kong Overnight Index Average |  |  |  |  |  |  |  |  |  |
| SORA—Singapore Overnight Rate Average |  |  |  |  |  |  |  |  |  |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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** |
| 166 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Euro STOXX 50 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$10675119 | &nbsp;&nbsp;&nbsp;&nbsp;$10929151 | &nbsp;&nbsp;&nbsp;&nbsp;$254032 |
| 54 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6845613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6966424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120811 |
| 30 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SGX Nikkei 225 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4694846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4830671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135825 |
| 27 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SPI 200 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3757716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3813759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56043 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$566711 |

---

\* 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;15.5% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| 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 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Equities Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Holding Companies-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;104.5% |

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;$1028140 | &nbsp;&nbsp;$39906752 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$40934892 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8563099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13719436 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22282535 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479815752 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480430304 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9786134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118482 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13904616 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131819080 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136490438 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29662390 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36724569 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301750156 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303780448 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1085460050 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1085460050 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;129670957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129670957 |
| **Total Investments at Value** | &nbsp;&nbsp;$163426711 | &nbsp;&nbsp;$2086252098 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2249678809 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14737 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14737 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566711 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$566711 | &nbsp;&nbsp;$14737 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$581448 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1070 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1070 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Government Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 6.0%** | **CORPORATE BONDS & NOTES — 6.0%** | **CORPORATE BONDS & NOTES — 6.0%** |
| **Bahrain — 0.4%** | **Bahrain — 0.4%** | **Bahrain — 0.4%** |
| &nbsp;&nbsp;&nbsp;Gulf International Bank BSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/05/2029 | $400000 | &nbsp;&nbsp;$415956 |
| **Canada — 0.4%** | **Canada — 0.4%** | **Canada — 0.4%** |
| &nbsp;&nbsp;&nbsp;ERO Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2030 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402000 |
| **Cayman Islands — 0.9%** | **Cayman Islands — 0.9%** | **Cayman Islands — 0.9%** |
| &nbsp;&nbsp;&nbsp;Gaci First Investment Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/14/2035 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300227 |
| &nbsp;&nbsp;&nbsp;Sobha Sukuk, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 07/17/2028 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 519570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819797 |
| **Colombia — 0.5%** | **Colombia — 0.5%** | **Colombia — 0.5%** |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 445717 |
| **Luxembourg — 0.7%** | **Luxembourg — 0.7%** | **Luxembourg — 0.7%** |
| &nbsp;&nbsp;&nbsp;PRIO Luxembourg Holding Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/2030\*# | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 278565 |
| &nbsp;&nbsp;&nbsp;Raizen Fuels Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/08/2032\*# | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 346360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624925 |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/2032 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 465918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/21/2047 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 203436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669354 |
| **Morocco — 0.3%** | **Morocco — 0.3%** | **Morocco — 0.3%** |
| &nbsp;&nbsp;&nbsp;OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 03/01/2036\*# | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 298816 |
| **Netherlands — 0.8%** | **Netherlands — 0.8%** | **Netherlands — 0.8%** |
| &nbsp;&nbsp;&nbsp;Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/10/2036 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 785400 |
| **Singapore — 0.2%** | **Singapore — 0.2%** | **Singapore — 0.2%** |
| &nbsp;&nbsp;&nbsp;LLPL Capital Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/04/2039 | &nbsp;&nbsp; 140460 | &nbsp;&nbsp;&nbsp;&nbsp; 146264 |
| **Turkey — 1.1%** | **Turkey — 1.1%** | **Turkey — 1.1%** |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 01/24/2030\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 524011 |
| &nbsp;&nbsp;&nbsp;Turkiye Sinai Kalkinma Bankasi AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/02/2030\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 518189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1042200 |
| **Total Corporate Bonds & Notes<br> (cost $5,621,425)** |  | &nbsp;&nbsp;&nbsp;&nbsp;5650429 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 39.0%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 39.0%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 39.0%** |
| **United States — 39.0%** | **United States — 39.0%** | **United States — 39.0%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 997555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2043 to 05/15/2049 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 748113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2047 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 385957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 11/15/2043 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 420558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 to 08/15/2054 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2234984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 495781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2041 to 05/15/2055 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1171386 |
| &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; 476856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/15/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 08/31/2028# | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 957206 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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;1.25%, 12/31/2026 to 08/15/2031 |  | $1950000 | &nbsp;&nbsp;$1786188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 12/31/2028 |  | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1407773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031# |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 350469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/31/2027 |  | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2928281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2031# |  | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1530863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2029 |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 949961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2027 |  | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032# |  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2028 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 492754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2032# |  | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033# |  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 679438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/31/2029# |  | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 902320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2030 |  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/31/2027 to 08/15/2034 |  | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3417894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034# |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 604734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/31/2027 to 02/28/2027 |  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/30/2026 to 05/15/2035 |  | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/31/2029 to 11/30/2030 |  | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2271758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2034# |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 310148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 840219 |
| **Total U.S. Government & Agency Obligations<br> (cost $37,013,393)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;36434962 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 53.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 53.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 53.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 53.2%** |
| **Angola — 1.1%** | **Angola — 1.1%** | **Angola — 1.1%** | **Angola — 1.1%** |
| &nbsp;&nbsp;&nbsp;Republic of Angola |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/26/2029 |  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 677127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 10/15/2035\* |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 391605 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1068732 |
| **Argentina — 1.0%** | **Argentina — 1.0%** | **Argentina — 1.0%** | **Argentina — 1.0%** |
| &nbsp;&nbsp;&nbsp;Republic of Argentina |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 07/09/2030(1) |  | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 264320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/09/2041(1) |  | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 252225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/09/2035(1) |  | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 438867 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955412 |
| **Armenia — 0.3%** | **Armenia — 0.3%** | **Armenia — 0.3%** | **Armenia — 0.3%** |
| &nbsp;&nbsp;&nbsp;Republic of Armenia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/12/2035 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 310861 |
| **Australia — 2.6%** | **Australia — 2.6%** | **Australia — 2.6%** | **Australia — 2.6%** |
| &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; 327459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/21/2027 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 417318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/21/2041 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 762418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/21/2047 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 559000 | &nbsp;&nbsp;&nbsp;&nbsp; 269819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/21/2034 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 374485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/21/2037 | &nbsp;&nbsp;AUD | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 242280 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2393779 |
| **Bahamas — 0.5%** | **Bahamas — 0.5%** | **Bahamas — 0.5%** | **Bahamas — 0.5%** |
| &nbsp;&nbsp;&nbsp;Commonwealth of Bahamas |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/24/2036 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 434608 |
| **Belgium — 0.5%** | **Belgium — 0.5%** | **Belgium — 0.5%** | **Belgium — 0.5%** |
| &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; 442588 |
| **Benin — 0.8%** | **Benin — 0.8%** | **Benin — 0.8%** | **Benin — 0.8%** |
| &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; 305729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 02/13/2038 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 407638 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713367 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Government Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| &nbsp;&nbsp;&nbsp;Federative Republic of Brazil |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/27/2045 |  | $400000 | &nbsp;&nbsp;$323800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/06/2030 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203960 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527760 |
| **Canada — 0.8%** | **Canada — 0.8%** | **Canada — 0.8%** | **Canada — 0.8%** |
| &nbsp;&nbsp;&nbsp;Canadian Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/01/2030 | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 716426 |
| **Cayman Islands — 0.4%** | **Cayman Islands — 0.4%** | **Cayman Islands — 0.4%** | **Cayman Islands — 0.4%** |
| &nbsp;&nbsp;&nbsp;RAK Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/12/2035 |  | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 336342 |
| **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** |
| &nbsp;&nbsp;&nbsp;Republic of Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/15/2053 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 291260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/05/2036 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505225 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796485 |
| **Colombia — 1.2%** | **Colombia — 1.2%** | **Colombia — 1.2%** | **Colombia — 1.2%** |
| &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; 173600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 02/19/2036 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 552430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/02/2034 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 421300 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1147330 |
| **Ecuador — 0.9%** | **Ecuador — 0.9%** | **Ecuador — 0.9%** | **Ecuador — 0.9%** |
| &nbsp;&nbsp;&nbsp;Republic of Ecuador |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2040(1) |  | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 306270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 07/31/2035(1) |  | &nbsp;&nbsp; 650164 | &nbsp;&nbsp;&nbsp;&nbsp; 550689 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856959 |
| **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** |
| &nbsp;&nbsp;&nbsp;Arab Republic of Egypt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/30/2051 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 283899 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
| &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; 282000 |
| **France — 2.8%** | **France — 2.8%** | **France — 2.8%** | **France — 2.8%** |
| &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; 447120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 05/25/2066\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 138510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/25/2032\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 870606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/25/2030\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 577831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/25/2029\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 293047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/25/2054\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 320881 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2647995 |
| **Germany — 2.7%** | **Germany — 2.7%** | **Germany — 2.7%** | **Germany — 2.7%** |
| &nbsp;&nbsp;&nbsp;Federal Republic of Germany |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/15/2033 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 458338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 11/15/2030 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 582865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/15/2054 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/04/2037 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 129120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/04/2040 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 363024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/04/2031 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 534719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/04/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 248212 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2513539 |
| **Guatemala — 0.3%** | **Guatemala — 0.3%** | **Guatemala — 0.3%** | **Guatemala — 0.3%** |
| &nbsp;&nbsp;&nbsp;Republic of Guatemala |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/24/2032 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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 |  | $500000 | &nbsp;&nbsp;$442647 |
| **Italy — 4.4%** | **Italy — 4.4%** | **Italy — 4.4%** | **Italy — 4.4%** |
| &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; 514470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2028 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 538090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 675393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2047\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 442062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2029 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 355233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2028\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 172984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2044\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 642262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2039\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 529236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2031 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 270482 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4140212 |
| **Ivory Coast — 0.8%** | **Ivory Coast — 0.8%** | **Ivory Coast — 0.8%** | **Ivory Coast — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Ivory Coast |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/30/2037 |  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 733204 |
| **Japan — 7.1%** | **Japan — 7.1%** | **Japan — 7.1%** | **Japan — 7.1%** |
| &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; 419592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%, 06/20/2028 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 313492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%, 03/20/2056 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 435092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%, 09/20/2029 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp; 500732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 07/01/2027 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 638104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 03/20/2061 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;285000000 | &nbsp;&nbsp;&nbsp;&nbsp; 841507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 03/20/2047 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp; 341484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 03/20/2030 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 12/20/2034 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 917890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 03/20/2032 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 258284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 09/20/2032 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp;&nbsp;&nbsp; 388870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/20/2039 | &nbsp;&nbsp;JPY | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 323453 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6644913 |
| **Jordan — 0.9%** | **Jordan — 0.9%** | **Jordan — 0.9%** | **Jordan — 0.9%** |
| &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; 401348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/10/2047 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 397895 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799243 |
| **Kazakhstan — 1.5%** | **Kazakhstan — 1.5%** | **Kazakhstan — 1.5%** | **Kazakhstan — 1.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Kazakhstan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/30/2034 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 10/28/2030\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/21/2045 |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 669724 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1357239 |
| **Kenya — 0.5%** | **Kenya — 0.5%** | **Kenya — 0.5%** | **Kenya — 0.5%** |
| &nbsp;&nbsp;&nbsp;Republic of Kenya |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.80%, 10/09/2038\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 03/05/2036 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303570 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497160 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| &nbsp;&nbsp;&nbsp;State of Kuwait |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14%, 10/09/2030\*# |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200134 |
| **Kyrgyzstan — 0.5%** | **Kyrgyzstan — 0.5%** | **Kyrgyzstan — 0.5%** | **Kyrgyzstan — 0.5%** |
| &nbsp;&nbsp;&nbsp;Kyrgyzstan Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 06/03/2030\* |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 302640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 06/03/2030 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201760 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504400 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Government Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Mexico — 1.7%** | **Mexico — 1.7%** | **Mexico — 1.7%** | **Mexico — 1.7%** |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66%, 05/24/2031 |  | $700000 | &nbsp;&nbsp;$624750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/18/2038 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 833808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/20/2036 | &nbsp;&nbsp;MXN | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 176818 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1635376 |
| **Nigeria — 0.8%** | **Nigeria — 0.8%** | **Nigeria — 0.8%** | **Nigeria — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Nigeria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 09/28/2051 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 01/13/2046\* |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 530983 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724130 |
| **Pakistan — 0.3%** | **Pakistan — 0.3%** | **Pakistan — 0.3%** | **Pakistan — 0.3%** |
| &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; 294136 |
| **Panama — 0.8%** | **Panama — 0.8%** | **Panama — 0.8%** | **Panama — 0.8%** |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87%, 07/23/2060 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 328300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 02/14/2035 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 416240 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744540 |
| **Peru — 0.6%** | **Peru — 0.6%** | **Peru — 0.6%** | **Peru — 0.6%** |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84%, 06/20/2030 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 375600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/18/2050 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197780 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573380 |
| **Poland — 1.0%** | **Poland — 1.0%** | **Poland — 1.0%** | **Poland — 1.0%** |
| &nbsp;&nbsp;&nbsp;Republic of Poland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/12/2030 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/2035 | &nbsp;&nbsp;PLN | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 406948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/18/2054 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195171 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911918 |
| **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** |
| &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; 210032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/23/2048 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402243 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612275 |
| **Romania — 0.9%** | **Romania — 0.9%** | **Romania — 0.9%** | **Romania — 0.9%** |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/16/2030\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/16/2036 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/17/2053 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 329312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844197 |
| **Saudi Arabia — 1.8%** | **Saudi Arabia — 1.8%** | **Saudi Arabia — 1.8%** | **Saudi Arabia — 1.8%** |
| &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/22/2030# |  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 765168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 02/02/2061 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 198823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/13/2031 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 524074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/16/2054# |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204232 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1692297 |
| **South Africa — 0.6%** | **South Africa — 0.6%** | **South Africa — 0.6%** | **South Africa — 0.6%** |
| &nbsp;&nbsp;&nbsp;Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 11/19/2054 |  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 535920 |
| **Spain — 4.1%** | **Spain — 4.1%** | **Spain — 4.1%** | **Spain — 4.1%** |
| &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; 410040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/31/2050\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 297475 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 10/31/2026\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;$460984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 07/30/2030\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 453604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/31/2034\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 478149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 10/31/2033\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1209581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/30/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 548326 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3858159 |
| **Sri Lanka — 0.4%** | **Sri Lanka — 0.4%** | **Sri Lanka — 0.4%** | **Sri Lanka — 0.4%** |
| &nbsp;&nbsp;&nbsp;Republic of Sri Lanka |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/15/2035(1) |  | $550000 | &nbsp;&nbsp;&nbsp;&nbsp; 415152 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| &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; 407717 |
| **Trinidad and Tobago — 0.2%** | **Trinidad and Tobago — 0.2%** | **Trinidad and Tobago — 0.2%** | **Trinidad and Tobago — 0.2%** |
| &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/26/2034 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201544 |
| **Turkey — 1.2%** | **Turkey — 1.2%** | **Turkey — 1.2%** | **Turkey — 1.2%** |
| &nbsp;&nbsp;&nbsp;Republic of Turkiye |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/16/2043 |  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 538157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 09/16/2035 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/29/2032# |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 424872 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1167900 |
| **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** | **United Arab Emirates — 0.3%** |
| &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/16/2050 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 247904 |
| **United Kingdom — 2.5%** | **United Kingdom — 2.5%** | **United Kingdom — 2.5%** | **United Kingdom — 2.5%** |
| &nbsp;&nbsp;&nbsp;United Kingdom Gilt Treasury |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 10/22/2061 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 346198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/31/2046 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 468000 | &nbsp;&nbsp;&nbsp;&nbsp; 291515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/2033 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 373621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/07/2027 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 397074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/22/2031 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 462112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/31/2054 | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 464735 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2335255 |
| **Uruguay — 0.2%** | **Uruguay — 0.2%** | **Uruguay — 0.2%** | **Uruguay — 0.2%** |
| &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/18/2050 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190800 |
| **Zambia — 0.3%** | **Zambia — 0.3%** | **Zambia — 0.3%** | **Zambia — 0.3%** |
| &nbsp;&nbsp;&nbsp;Repubic of Zambia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/30/2033(1) |  | &nbsp;&nbsp; 282824 | &nbsp;&nbsp;&nbsp;&nbsp; 272205 |
| **Total Foreign Government Obligations<br> (cost $50,890,295)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;49713239 |
| **Total Long-Term Investment Securities<br> (cost $93,525,113)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;91798630 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Government Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |
| **Unaffiliated Investment Companies — 2.1%** | **Unaffiliated Investment Companies — 2.1%** | **Unaffiliated Investment Companies — 2.1%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(2)(3)<br> (cost $1,967,313) | &nbsp;&nbsp;&nbsp;&nbsp;1967313 | &nbsp;&nbsp;$1967313 |
| **TOTAL INVESTMENTS<br> (cost $95,492,426)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3% | &nbsp;&nbsp;&nbsp;&nbsp;93765943 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312073) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$93453870 |

---

\* 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 November 30, 2025, the aggregate value of these securities was $12,972,410 representing 13.9% of net assets.

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

(1) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of November 30, 2025.

(2) The rate shown is the 7-day yield as of November 30, 2025.

(3) At November 30, 2025, the Fund had loaned securities with a total value of $9,441,359. This was secured by collateral of $1,967,313, which was received in cash and subsequently invested in short-term investments currently valued at $1,967,313 as reported in the Portfolio of Investments. Additional collateral of $7,852,968 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> November 30, 2025** |
| Federal Home Loan Mtg. Corp. | 0.44% to 6.35% | 06/01/2029 to 12/25/2055 | $3665229 |
| Federal National Mtg. Assoc. | 1.41% to 7.05% | 01/01/2026 to 12/01/2055 | &nbsp;&nbsp;&nbsp;1455088 |
| Government National Mtg. Assoc. | 0.75% to 6.98% | 02/16/2034 to 03/20/2065 | &nbsp;&nbsp;&nbsp;2156512 |
| United States Treasury Notes/Bonds | 0.13% to 5.00% | 07/31/2026 to 05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;576139 |

---

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

---

| |
|:---|
| AUD—Australian Dollar |
| CAD—Canadian Dollar |
| EUR—Euro Currency |
| GBP—British Pound |
| JPY—Japanese Yen |
| MXN—Mexican Peso |
| PLN—Polish Zloty |
| SEK—Swedish Krona |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;53.2% |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;39.0 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;100.3% |

---

\* Calculated as a percentage of net assets

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Government Bond Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5650429 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5650429 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36434962 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36434962 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49713239 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49713239 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1967313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1967313 |
| **Total Investments at Value** | &nbsp;&nbsp;$1967313 | &nbsp;&nbsp;$91798630 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$93765943 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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%** |
| **Brazil — 2.2%** | **Brazil — 2.2%** | **Brazil — 2.2%** |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;453957 | &nbsp;&nbsp;$7894312 |
| **Canada — 6.9%** | **Canada — 6.9%** | **Canada — 6.9%** |
| &nbsp;&nbsp;&nbsp;Brookfield Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;200341 | &nbsp;&nbsp;&nbsp;&nbsp; 9416027 |
| &nbsp;&nbsp;&nbsp;Canada Goose Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;346252 | &nbsp;&nbsp;&nbsp;&nbsp; 4857915 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;69961 | &nbsp;&nbsp;&nbsp;&nbsp; 5067911 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;35406 | &nbsp;&nbsp;&nbsp;&nbsp; 5616808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24958661 |
| **Denmark — 7.6%** | **Denmark — 7.6%** | **Denmark — 7.6%** |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;119435 | &nbsp;&nbsp;&nbsp;&nbsp; 27220256 |
| **France — 23.3%** | **France — 23.3%** | **France — 23.3%** |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;26961 | &nbsp;&nbsp;&nbsp;&nbsp; 9662636 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;11310 | &nbsp;&nbsp;&nbsp;&nbsp; 27561648 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;36651 | &nbsp;&nbsp;&nbsp;&nbsp; 15976706 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;17520 | &nbsp;&nbsp;&nbsp;&nbsp; 13001818 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;64849 | &nbsp;&nbsp;&nbsp;&nbsp; 17445955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;83648763 |
| **Germany — 1.9%** | **Germany — 1.9%** | **Germany — 1.9%** |
| &nbsp;&nbsp;&nbsp;SAP SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;27526 | &nbsp;&nbsp;&nbsp;&nbsp; 6654411 |
| **Hong Kong — 2.2%** | **Hong Kong — 2.2%** | **Hong Kong — 2.2%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;764918 | &nbsp;&nbsp;&nbsp;&nbsp; 7970565 |
| **India — 8.6%** | **India — 8.6%** | **India — 8.6%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;967805 | &nbsp;&nbsp;&nbsp;&nbsp; 10910690 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;364487 | &nbsp;&nbsp;&nbsp;&nbsp; 11382929 |
| &nbsp;&nbsp;&nbsp;Tata Capital, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;986761 | &nbsp;&nbsp;&nbsp;&nbsp; 3613995 |
| &nbsp;&nbsp;&nbsp;Titan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113253 | &nbsp;&nbsp;&nbsp;&nbsp; 4938294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30845908 |
| **Italy — 6.0%** | **Italy — 6.0%** | **Italy — 6.0%** |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;317189 | &nbsp;&nbsp;&nbsp;&nbsp; 21445541 |
| **Japan — 5.8%** | **Japan — 5.8%** | **Japan — 5.8%** |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43600 | &nbsp;&nbsp;&nbsp;&nbsp; 14826970 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;172700 | &nbsp;&nbsp;&nbsp;&nbsp; 6172019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20998989 |
| **Luxembourg — 6.3%** | **Luxembourg — 6.3%** | **Luxembourg — 6.3%** |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;37704 | &nbsp;&nbsp;&nbsp;&nbsp; 22579794 |
| **Netherlands — 6.3%** | **Netherlands — 6.3%** | **Netherlands — 6.3%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 | &nbsp;&nbsp;&nbsp;&nbsp; 5072359 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;16642 | &nbsp;&nbsp;&nbsp;&nbsp; 17660941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22733300 |
| **Switzerland — 6.7%** | **Switzerland — 6.7%** | **Switzerland — 6.7%** |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 3430197 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;30414 | &nbsp;&nbsp;&nbsp;&nbsp; 6464448 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;135941 | &nbsp;&nbsp;&nbsp;&nbsp; 5980045 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;70563 | &nbsp;&nbsp;&nbsp;&nbsp; 8053113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23927803 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Taiwan — 6.7%** | **Taiwan — 6.7%** |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;526000 | &nbsp;&nbsp;$24179435 |
| **United Kingdom — 1.7%** | **United Kingdom — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;77651 | &nbsp;&nbsp;&nbsp;&nbsp; 3364618 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | &nbsp;&nbsp;&nbsp;&nbsp;384286 | &nbsp;&nbsp;&nbsp;&nbsp; 2791715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156333 |
| **United States — 6.7%** | **United States — 6.7%** |  |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;108668 | &nbsp;&nbsp;&nbsp;&nbsp; 10429955 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582 | &nbsp;&nbsp;&nbsp;&nbsp; 13636456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24066411 |
| **Total Long-Term Investment Securities<br> (cost $237,495,812)** |  | &nbsp;&nbsp;&nbsp;&nbsp;355280482 |
| **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> 4.02%(1)(2)<br> (cost $2,303,056) | 2303056 | &nbsp;&nbsp;&nbsp;&nbsp; 2303056 |
| **TOTAL INVESTMENTS<br> (cost $239,798,868)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.5% | &nbsp;&nbsp;&nbsp;&nbsp;357583538 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648437 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$359231975 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Growth Fund has no right to demand registration of these securities. At November 30, 2025, the aggregate value of these securities was $5,072,359 representing 1.4% of net assets. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (2) | &nbsp;&nbsp;At November 30, 2025, the Fund had loaned securities with a total value of $15,088,636. This was secured by collateral of $2,303,056, which was received in cash and subsequently invested in short-term investments currently valued at $2,303,056 as reported in the Portfolio of Investments. Additional collateral of $14,154,574 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> November 30, 2025** |
| United States Treasury Bills | 0.00% | 02/05/2026 to 10/29/2026 | $144512 |
| United States Treasury Notes/Bonds | 0.13% to 5.38% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;14010062 |

---

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

ADR—American Depositary Receipt

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Apparel | &nbsp;&nbsp;15.2% |
| Internet | &nbsp;&nbsp;12.5 |
| Semiconductors | &nbsp;&nbsp;11.6 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
|  | &nbsp;&nbsp;99.5% |

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;$7894312 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7894312 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;24958661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24958661 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654411 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;14996924 | &nbsp;&nbsp;&nbsp;&nbsp;15848984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30845908 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;22579794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22579794 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980045 | &nbsp;&nbsp;&nbsp;&nbsp;17947758 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23927803 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791715 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6156333 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;24066411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24066411 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;208196849 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;208196849 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303056 |
| **Total Investments at Value** | &nbsp;&nbsp;$112798232 | &nbsp;&nbsp;$244785306 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$357583538 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.9%** | **COMMON STOCKS — 97.9%** | **COMMON STOCKS — 97.9%** |
| **Australia — 5.0%** | **Australia — 5.0%** | **Australia — 5.0%** |
| &nbsp;&nbsp;&nbsp;ALS, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;109714 | &nbsp;&nbsp;$1609780 |
| &nbsp;&nbsp;&nbsp;Challenger, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;243303 | &nbsp;&nbsp;&nbsp;&nbsp; 1417252 |
| &nbsp;&nbsp;&nbsp;Charter Hall Group | &nbsp;&nbsp;&nbsp;&nbsp;136360 | &nbsp;&nbsp;&nbsp;&nbsp; 2222156 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7507 | &nbsp;&nbsp;&nbsp;&nbsp; 1373199 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89715 | &nbsp;&nbsp;&nbsp;&nbsp; 2111365 |
| &nbsp;&nbsp;&nbsp;Genesis Minerals, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;265687 | &nbsp;&nbsp;&nbsp;&nbsp; 1175701 |
| &nbsp;&nbsp;&nbsp;Judo Capital Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;608728 | &nbsp;&nbsp;&nbsp;&nbsp; 639393 |
| &nbsp;&nbsp;&nbsp;Liberty Financial Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;253582 | &nbsp;&nbsp;&nbsp;&nbsp; 708192 |
| &nbsp;&nbsp;&nbsp;NEXTDC, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71414 | &nbsp;&nbsp;&nbsp;&nbsp; 637779 |
| &nbsp;&nbsp;&nbsp;Nufarm, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95996 | &nbsp;&nbsp;&nbsp;&nbsp; 157305 |
| &nbsp;&nbsp;&nbsp;Orica, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47449 | &nbsp;&nbsp;&nbsp;&nbsp; 742857 |
| &nbsp;&nbsp;&nbsp;Orora, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;296590 | &nbsp;&nbsp;&nbsp;&nbsp; 433949 |
| &nbsp;&nbsp;&nbsp;PLS Group, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;276627 | &nbsp;&nbsp;&nbsp;&nbsp; 735312 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;114902 | &nbsp;&nbsp;&nbsp;&nbsp; 1185539 |
| &nbsp;&nbsp;&nbsp;SiteMinder, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85845 | &nbsp;&nbsp;&nbsp;&nbsp; 370061 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;481085 | &nbsp;&nbsp;&nbsp;&nbsp; 1901013 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59744 | &nbsp;&nbsp;&nbsp;&nbsp; 1147654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18568507 |
| **Austria — 1.7%** | **Austria — 1.7%** | **Austria — 1.7%** |
| &nbsp;&nbsp;&nbsp;Addiko Bank AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4937 | &nbsp;&nbsp;&nbsp;&nbsp; 122056 |
| &nbsp;&nbsp;&nbsp;ANDRITZ AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21942 | &nbsp;&nbsp;&nbsp;&nbsp; 1587078 |
| &nbsp;&nbsp;&nbsp;BAWAG Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25106 | &nbsp;&nbsp;&nbsp;&nbsp; 3352494 |
| &nbsp;&nbsp;&nbsp;Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31391 | &nbsp;&nbsp;&nbsp;&nbsp; 1077259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138887 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| &nbsp;&nbsp;&nbsp;Aedifica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp; 207548 |
| &nbsp;&nbsp;&nbsp;KBC Ancora | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13504 | &nbsp;&nbsp;&nbsp;&nbsp; 1124254 |
| &nbsp;&nbsp;&nbsp;VGP NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15469 | &nbsp;&nbsp;&nbsp;&nbsp; 1864355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196157 |
| **Bermuda — 0.2%** | **Bermuda — 0.2%** | **Bermuda — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hiscox, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43902 | &nbsp;&nbsp;&nbsp;&nbsp; 779305 |
| **Brazil — 4.1%** | **Brazil — 4.1%** | **Brazil — 4.1%** |
| &nbsp;&nbsp;&nbsp;Itausa SA (Preference Shares) | 1019458 | &nbsp;&nbsp;&nbsp;&nbsp; 2354865 |
| &nbsp;&nbsp;&nbsp;Odontoprev SA | &nbsp;&nbsp;&nbsp;&nbsp;464501 | &nbsp;&nbsp;&nbsp;&nbsp; 1009435 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;613108 | &nbsp;&nbsp;&nbsp;&nbsp; 2757800 |
| &nbsp;&nbsp;&nbsp;Rumo SA | &nbsp;&nbsp;&nbsp;&nbsp;520977 | &nbsp;&nbsp;&nbsp;&nbsp; 1644569 |
| &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;169080 | &nbsp;&nbsp;&nbsp;&nbsp; 802345 |
| &nbsp;&nbsp;&nbsp;TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp;455425 | &nbsp;&nbsp;&nbsp;&nbsp; 3651693 |
| &nbsp;&nbsp;&nbsp;WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;362214 | &nbsp;&nbsp;&nbsp;&nbsp; 3002701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15223408 |
| **Canada — 3.7%** | **Canada — 3.7%** | **Canada — 3.7%** |
| &nbsp;&nbsp;&nbsp;Advantage Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51560 | &nbsp;&nbsp;&nbsp;&nbsp; 464149 |
| &nbsp;&nbsp;&nbsp;Birchcliff Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111500 | &nbsp;&nbsp;&nbsp;&nbsp; 627135 |
| &nbsp;&nbsp;&nbsp;Canada Goose Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31988 | &nbsp;&nbsp;&nbsp;&nbsp; 446818 |
| &nbsp;&nbsp;&nbsp;CCL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32376 | &nbsp;&nbsp;&nbsp;&nbsp; 1979698 |
| &nbsp;&nbsp;&nbsp;Collective Mining, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67830 | &nbsp;&nbsp;&nbsp;&nbsp; 772731 |
| &nbsp;&nbsp;&nbsp;Faraday Copper Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;562968 | &nbsp;&nbsp;&nbsp;&nbsp; 797650 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29571 | &nbsp;&nbsp;&nbsp;&nbsp; 1097084 |
| &nbsp;&nbsp;&nbsp;LunR Royalties Corp.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30199 | &nbsp;&nbsp;&nbsp;&nbsp; 31119 |
| &nbsp;&nbsp;&nbsp;Marimaca Copper Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28747 | &nbsp;&nbsp;&nbsp;&nbsp; 226076 |
| &nbsp;&nbsp;&nbsp;Marimaca Copper Pipe† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67242 | &nbsp;&nbsp;&nbsp;&nbsp; 528813 |
| &nbsp;&nbsp;&nbsp;Methanex Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13660 | &nbsp;&nbsp;&nbsp;&nbsp; 491191 |
| &nbsp;&nbsp;&nbsp;Metro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15726 | &nbsp;&nbsp;&nbsp;&nbsp; 1128261 |
| &nbsp;&nbsp;&nbsp;Montage Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;174475 | &nbsp;&nbsp;&nbsp;&nbsp; 1059997 |
| &nbsp;&nbsp;&nbsp;NGEx Minerals, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;120797 | &nbsp;&nbsp;&nbsp;&nbsp; 2145466 |
| &nbsp;&nbsp;&nbsp;Peyto Exploration & Development Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11502 | &nbsp;&nbsp;&nbsp;&nbsp; 184532 |
| &nbsp;&nbsp;&nbsp;PrairieSky Royalty, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27811 | &nbsp;&nbsp;&nbsp;&nbsp; 533951 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| &nbsp;&nbsp;&nbsp;Sprott, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10569 | &nbsp;&nbsp;$968015 |
| &nbsp;&nbsp;&nbsp;Topaz Energy Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16110 | &nbsp;&nbsp;&nbsp;&nbsp; 326016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13808702 |
| **China — 1.2%** | **China — 1.2%** | **China — 1.2%** |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;121015 | &nbsp;&nbsp;&nbsp;&nbsp; 1104530 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72600 | &nbsp;&nbsp;&nbsp;&nbsp; 368316 |
| &nbsp;&nbsp;&nbsp;Kanzhun, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12731 | &nbsp;&nbsp;&nbsp;&nbsp; 281355 |
| &nbsp;&nbsp;&nbsp;Pony AI, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12667 | &nbsp;&nbsp;&nbsp;&nbsp; 173158 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;458328 | &nbsp;&nbsp;&nbsp;&nbsp; 327210 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp. | 1148000 | &nbsp;&nbsp;&nbsp;&nbsp; 1761383 |
| &nbsp;&nbsp;&nbsp;Zai Lab, Ltd. ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23691 | &nbsp;&nbsp;&nbsp;&nbsp; 483533 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50656 | &nbsp;&nbsp;&nbsp;&nbsp; 76338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575823 |
| **Denmark — 2.4%** | **Denmark — 2.4%** | **Denmark — 2.4%** |
| &nbsp;&nbsp;&nbsp;ALK-Abello A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27143 | &nbsp;&nbsp;&nbsp;&nbsp; 973833 |
| &nbsp;&nbsp;&nbsp;Alm Brand A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74496 | &nbsp;&nbsp;&nbsp;&nbsp; 209302 |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374 | &nbsp;&nbsp;&nbsp;&nbsp; 716401 |
| &nbsp;&nbsp;&nbsp;Chemometec A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19295 | &nbsp;&nbsp;&nbsp;&nbsp; 2344688 |
| &nbsp;&nbsp;&nbsp;FLSmidth & Co. A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22132 | &nbsp;&nbsp;&nbsp;&nbsp; 1415049 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12417 | &nbsp;&nbsp;&nbsp;&nbsp; 1484950 |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11884 | &nbsp;&nbsp;&nbsp;&nbsp; 401675 |
| &nbsp;&nbsp;&nbsp;Royal Unibrew A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14081 | &nbsp;&nbsp;&nbsp;&nbsp; 1220890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8766788 |
| **Finland — 1.6%** | **Finland — 1.6%** | **Finland — 1.6%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38318 | &nbsp;&nbsp;&nbsp;&nbsp; 1680554 |
| &nbsp;&nbsp;&nbsp;Kemira Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36063 | &nbsp;&nbsp;&nbsp;&nbsp; 806089 |
| &nbsp;&nbsp;&nbsp;Konecranes OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20999 | &nbsp;&nbsp;&nbsp;&nbsp; 2153019 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40087 | &nbsp;&nbsp;&nbsp;&nbsp; 1300814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940476 |
| **France — 4.0%** | **France — 4.0%** | **France — 4.0%** |
| &nbsp;&nbsp;&nbsp;Alten SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16204 | &nbsp;&nbsp;&nbsp;&nbsp; 1267547 |
| &nbsp;&nbsp;&nbsp;Ayvens SA\* | &nbsp;&nbsp;&nbsp;&nbsp;117343 | &nbsp;&nbsp;&nbsp;&nbsp; 1513672 |
| &nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10842 | &nbsp;&nbsp;&nbsp;&nbsp; 2169946 |
| &nbsp;&nbsp;&nbsp;Interparfums SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29966 | &nbsp;&nbsp;&nbsp;&nbsp; 851350 |
| &nbsp;&nbsp;&nbsp;JCDecaux SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89065 | &nbsp;&nbsp;&nbsp;&nbsp; 1587429 |
| &nbsp;&nbsp;&nbsp;Kaufman & Broad SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11124 | &nbsp;&nbsp;&nbsp;&nbsp; 387462 |
| &nbsp;&nbsp;&nbsp;Lectra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34896 | &nbsp;&nbsp;&nbsp;&nbsp; 984671 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14859 | &nbsp;&nbsp;&nbsp;&nbsp; 2253586 |
| &nbsp;&nbsp;&nbsp;Medincell SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26229 | &nbsp;&nbsp;&nbsp;&nbsp; 858466 |
| &nbsp;&nbsp;&nbsp;Neurones | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33069 | &nbsp;&nbsp;&nbsp;&nbsp; 1680261 |
| &nbsp;&nbsp;&nbsp;Thermador Groupe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5779 | &nbsp;&nbsp;&nbsp;&nbsp; 505625 |
| &nbsp;&nbsp;&nbsp;Valeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41193 | &nbsp;&nbsp;&nbsp;&nbsp; 520906 |
| &nbsp;&nbsp;&nbsp;Vetoquinol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp; 402617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14983538 |
| **Germany — 3.7%** | **Germany — 3.7%** | **Germany — 3.7%** |
| &nbsp;&nbsp;&nbsp;Atoss Software SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 735222 |
| &nbsp;&nbsp;&nbsp;Aumovio SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12686 | &nbsp;&nbsp;&nbsp;&nbsp; 546199 |
| &nbsp;&nbsp;&nbsp;Bertrandt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp; 49817 |
| &nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77378 | &nbsp;&nbsp;&nbsp;&nbsp; 4000516 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27780 | &nbsp;&nbsp;&nbsp;&nbsp; 2722408 |
| &nbsp;&nbsp;&nbsp;Fuchs SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34301 | &nbsp;&nbsp;&nbsp;&nbsp; 1565202 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24811 | &nbsp;&nbsp;&nbsp;&nbsp; 2631539 |
| &nbsp;&nbsp;&nbsp;United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43186 | &nbsp;&nbsp;&nbsp;&nbsp; 1298884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13549787 |
| **Greece — 0.6%** | **Greece — 0.6%** | **Greece — 0.6%** |
| &nbsp;&nbsp;&nbsp;Alpha Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;128873 | &nbsp;&nbsp;&nbsp;&nbsp; 525672 |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80162 | &nbsp;&nbsp;&nbsp;&nbsp; 1591628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117300 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;828000 | &nbsp;&nbsp;$1453601 |
| &nbsp;&nbsp;&nbsp;Dah Sing Financial Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;183916 | &nbsp;&nbsp;&nbsp;&nbsp; 854986 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | 1222000 | &nbsp;&nbsp;&nbsp;&nbsp; 1869045 |
| &nbsp;&nbsp;&nbsp;Hysan Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;648783 | &nbsp;&nbsp;&nbsp;&nbsp; 1479508 |
| &nbsp;&nbsp;&nbsp;Stella International Holdings, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;381053 | &nbsp;&nbsp;&nbsp;&nbsp; 802088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6459228 |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ashok Leyland, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;108630 | &nbsp;&nbsp;&nbsp;&nbsp; 192168 |
| **Indonesia — 1.5%** | **Indonesia — 1.5%** | **Indonesia — 1.5%** |
| &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur Tbk PT | 2208900 | &nbsp;&nbsp;&nbsp;&nbsp; 1120526 |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 6038900 | &nbsp;&nbsp;&nbsp;&nbsp; 599950 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 11858600 | &nbsp;&nbsp;&nbsp;&nbsp; 2509827 |
| &nbsp;&nbsp;&nbsp;United Tractors Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;691500 | &nbsp;&nbsp;&nbsp;&nbsp; 1163595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5393898 |
| **Ireland — 1.6%** | **Ireland — 1.6%** | **Ireland — 1.6%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;191580 | &nbsp;&nbsp;&nbsp;&nbsp; 1971284 |
| &nbsp;&nbsp;&nbsp;Bank of Cyprus Holdings PLC (ASE) | &nbsp;&nbsp;&nbsp;&nbsp;100210 | &nbsp;&nbsp;&nbsp;&nbsp; 930566 |
| &nbsp;&nbsp;&nbsp;Bank of Cyprus Holdings PLC (CSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13952 | &nbsp;&nbsp;&nbsp;&nbsp; 129190 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13040 | &nbsp;&nbsp;&nbsp;&nbsp; 2412400 |
| &nbsp;&nbsp;&nbsp;Irish Residential Properties REIT PLC | &nbsp;&nbsp;&nbsp;&nbsp;475454 | &nbsp;&nbsp;&nbsp;&nbsp; 534286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977726 |
| **Israel — 3.7%** | **Israel — 3.7%** | **Israel — 3.7%** |
| &nbsp;&nbsp;&nbsp;Camtek, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11932 | &nbsp;&nbsp;&nbsp;&nbsp; 1256380 |
| &nbsp;&nbsp;&nbsp;Cellebrite DI, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96048 | &nbsp;&nbsp;&nbsp;&nbsp; 1619369 |
| &nbsp;&nbsp;&nbsp;First International Bank of Israel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14320 | &nbsp;&nbsp;&nbsp;&nbsp; 1078294 |
| &nbsp;&nbsp;&nbsp;Fiverr International, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78052 | &nbsp;&nbsp;&nbsp;&nbsp; 1633628 |
| &nbsp;&nbsp;&nbsp;Melisron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11643 | &nbsp;&nbsp;&nbsp;&nbsp; 1450681 |
| &nbsp;&nbsp;&nbsp;Nova, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp; 1392138 |
| &nbsp;&nbsp;&nbsp;Oddity Tech, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18162 | &nbsp;&nbsp;&nbsp;&nbsp; 785688 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13276 | &nbsp;&nbsp;&nbsp;&nbsp; 534085 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8078 | &nbsp;&nbsp;&nbsp;&nbsp; 349535 |
| &nbsp;&nbsp;&nbsp;SimilarWeb, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;213734 | &nbsp;&nbsp;&nbsp;&nbsp; 1673537 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19318 | &nbsp;&nbsp;&nbsp;&nbsp; 2088469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13861804 |
| **Italy — 2.4%** | **Italy — 2.4%** | **Italy — 2.4%** |
| &nbsp;&nbsp;&nbsp;Azimut Holding SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp; 50917 |
| &nbsp;&nbsp;&nbsp;BFF Bank SpA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75011 | &nbsp;&nbsp;&nbsp;&nbsp; 954380 |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; 93529 |
| &nbsp;&nbsp;&nbsp;De' Longhi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26378 | &nbsp;&nbsp;&nbsp;&nbsp; 1122624 |
| &nbsp;&nbsp;&nbsp;Eurogroup Laminations SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5877 | &nbsp;&nbsp;&nbsp;&nbsp; 21949 |
| &nbsp;&nbsp;&nbsp;Interpump Group SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28927 | &nbsp;&nbsp;&nbsp;&nbsp; 1472388 |
| &nbsp;&nbsp;&nbsp;Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp;218848 | &nbsp;&nbsp;&nbsp;&nbsp; 2469722 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38001 | &nbsp;&nbsp;&nbsp;&nbsp; 2245952 |
| &nbsp;&nbsp;&nbsp;Saipem SpA# | &nbsp;&nbsp;&nbsp;&nbsp;134964 | &nbsp;&nbsp;&nbsp;&nbsp; 367963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8799424 |
| **Japan — 24.9%** | **Japan — 24.9%** | **Japan — 24.9%** |
| &nbsp;&nbsp;&nbsp;ABC-Mart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75223 | &nbsp;&nbsp;&nbsp;&nbsp; 1305524 |
| &nbsp;&nbsp;&nbsp;Activia Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 127663 |
| &nbsp;&nbsp;&nbsp;and ST HD Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54384 | &nbsp;&nbsp;&nbsp;&nbsp; 1023999 |
| &nbsp;&nbsp;&nbsp;As One Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp; 472456 |
| &nbsp;&nbsp;&nbsp;Asahi Intecc Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40744 | &nbsp;&nbsp;&nbsp;&nbsp; 763639 |
| &nbsp;&nbsp;&nbsp;ASKUL Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86842 | &nbsp;&nbsp;&nbsp;&nbsp; 795131 |
| &nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;288700 | &nbsp;&nbsp;&nbsp;&nbsp; 2719607 |
| &nbsp;&nbsp;&nbsp;BayCurrent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308 | &nbsp;&nbsp;&nbsp;&nbsp; 144881 |
| &nbsp;&nbsp;&nbsp;Canon Marketing Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36905 | &nbsp;&nbsp;&nbsp;&nbsp; 1615754 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp; 2713124 |
| &nbsp;&nbsp;&nbsp;Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp; 627615 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;eGuarantee, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60024 | &nbsp;&nbsp;$683084 |
| &nbsp;&nbsp;&nbsp;en, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48626 | &nbsp;&nbsp;&nbsp;&nbsp; 470550 |
| &nbsp;&nbsp;&nbsp;FP Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22805 | &nbsp;&nbsp;&nbsp;&nbsp; 395057 |
| &nbsp;&nbsp;&nbsp;Fujimi, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80700 | &nbsp;&nbsp;&nbsp;&nbsp; 1239822 |
| &nbsp;&nbsp;&nbsp;Fukui Computer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp;&nbsp;&nbsp; 579380 |
| &nbsp;&nbsp;&nbsp;Funai Soken Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp; 461578 |
| &nbsp;&nbsp;&nbsp;GMO Payment Gateway, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12478 | &nbsp;&nbsp;&nbsp;&nbsp; 802393 |
| &nbsp;&nbsp;&nbsp;Hachijuni Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67212 | &nbsp;&nbsp;&nbsp;&nbsp; 719816 |
| &nbsp;&nbsp;&nbsp;Harmonic Drive Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp; 361781 |
| &nbsp;&nbsp;&nbsp;Ibiden Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19280 | &nbsp;&nbsp;&nbsp;&nbsp; 1466115 |
| &nbsp;&nbsp;&nbsp;Japan Real Estate Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 881577 |
| &nbsp;&nbsp;&nbsp;Japan Steel Works, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11881 | &nbsp;&nbsp;&nbsp;&nbsp; 701877 |
| &nbsp;&nbsp;&nbsp;JCU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp; 393405 |
| &nbsp;&nbsp;&nbsp;Kadokawa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 199209 |
| &nbsp;&nbsp;&nbsp;Katitas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129598 | &nbsp;&nbsp;&nbsp;&nbsp; 2646116 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;254300 | &nbsp;&nbsp;&nbsp;&nbsp; 2328641 |
| &nbsp;&nbsp;&nbsp;Koito Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32281 | &nbsp;&nbsp;&nbsp;&nbsp; 468746 |
| &nbsp;&nbsp;&nbsp;Kokusai Electric Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp; 1428033 |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 310639 |
| &nbsp;&nbsp;&nbsp;Kyoto Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43990 | &nbsp;&nbsp;&nbsp;&nbsp; 957207 |
| &nbsp;&nbsp;&nbsp;Kyushu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225947 | &nbsp;&nbsp;&nbsp;&nbsp; 2520835 |
| &nbsp;&nbsp;&nbsp;Lixil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89900 | &nbsp;&nbsp;&nbsp;&nbsp; 1064003 |
| &nbsp;&nbsp;&nbsp;M3, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65215 | &nbsp;&nbsp;&nbsp;&nbsp; 1072036 |
| &nbsp;&nbsp;&nbsp;Marui Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38702 | &nbsp;&nbsp;&nbsp;&nbsp; 786519 |
| &nbsp;&nbsp;&nbsp;Maruwa Co. Ltd# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061 | &nbsp;&nbsp;&nbsp;&nbsp; 1531352 |
| &nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;420648 | &nbsp;&nbsp;&nbsp;&nbsp; 2744658 |
| &nbsp;&nbsp;&nbsp;MEC Co., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37648 | &nbsp;&nbsp;&nbsp;&nbsp; 1230708 |
| &nbsp;&nbsp;&nbsp;MEITEC Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp; 1796572 |
| &nbsp;&nbsp;&nbsp;MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216188 | &nbsp;&nbsp;&nbsp;&nbsp; 3130223 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52062 | &nbsp;&nbsp;&nbsp;&nbsp; 898811 |
| &nbsp;&nbsp;&nbsp;Nabtesco Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48991 | &nbsp;&nbsp;&nbsp;&nbsp; 1066145 |
| &nbsp;&nbsp;&nbsp;Nichias Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11713 | &nbsp;&nbsp;&nbsp;&nbsp; 466005 |
| &nbsp;&nbsp;&nbsp;Nifco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21733 | &nbsp;&nbsp;&nbsp;&nbsp; 668389 |
| &nbsp;&nbsp;&nbsp;Nissan Chemical Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13918 | &nbsp;&nbsp;&nbsp;&nbsp; 470243 |
| &nbsp;&nbsp;&nbsp;NOF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59900 | &nbsp;&nbsp;&nbsp;&nbsp; 1214852 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp;&nbsp;&nbsp; 1077336 |
| &nbsp;&nbsp;&nbsp;NS Solutions Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15044 | &nbsp;&nbsp;&nbsp;&nbsp; 367982 |
| &nbsp;&nbsp;&nbsp;NSD Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39800 | &nbsp;&nbsp;&nbsp;&nbsp; 922933 |
| &nbsp;&nbsp;&nbsp;Nxera Pharma Co., Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72750 | &nbsp;&nbsp;&nbsp;&nbsp; 414350 |
| &nbsp;&nbsp;&nbsp;OBIC Business Consultants Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp;&nbsp;&nbsp; 1220455 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74200 | &nbsp;&nbsp;&nbsp;&nbsp; 2386479 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85100 | &nbsp;&nbsp;&nbsp;&nbsp; 1147878 |
| &nbsp;&nbsp;&nbsp;PALTAC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31696 | &nbsp;&nbsp;&nbsp;&nbsp; 952469 |
| &nbsp;&nbsp;&nbsp;Penta-Ocean Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;176021 | &nbsp;&nbsp;&nbsp;&nbsp; 1942963 |
| &nbsp;&nbsp;&nbsp;Persol Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;355673 | &nbsp;&nbsp;&nbsp;&nbsp; 639461 |
| &nbsp;&nbsp;&nbsp;PILLAR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12683 | &nbsp;&nbsp;&nbsp;&nbsp; 385518 |
| &nbsp;&nbsp;&nbsp;Rakuten Bank, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp; 1100435 |
| &nbsp;&nbsp;&nbsp;Relo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22367 | &nbsp;&nbsp;&nbsp;&nbsp; 245649 |
| &nbsp;&nbsp;&nbsp;Resonac Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40477 | &nbsp;&nbsp;&nbsp;&nbsp; 1689882 |
| &nbsp;&nbsp;&nbsp;Resorttrust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149891 | &nbsp;&nbsp;&nbsp;&nbsp; 1865787 |
| &nbsp;&nbsp;&nbsp;Rohto Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21517 | &nbsp;&nbsp;&nbsp;&nbsp; 348548 |
| &nbsp;&nbsp;&nbsp;Sansan, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37251 | &nbsp;&nbsp;&nbsp;&nbsp; 401954 |
| &nbsp;&nbsp;&nbsp;Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84997 | &nbsp;&nbsp;&nbsp;&nbsp; 1458576 |
| &nbsp;&nbsp;&nbsp;Seria Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;110600 | &nbsp;&nbsp;&nbsp;&nbsp; 2314736 |
| &nbsp;&nbsp;&nbsp;Shikoku Kasei Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 133055 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 351035 |
| &nbsp;&nbsp;&nbsp;Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28711 | &nbsp;&nbsp;&nbsp;&nbsp; 2056720 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp; 1458165 |
| &nbsp;&nbsp;&nbsp;Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59500 | &nbsp;&nbsp;&nbsp;&nbsp; 1055153 |
| &nbsp;&nbsp;&nbsp;SHO-BOND Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41100 | &nbsp;&nbsp;&nbsp;&nbsp; 1329891 |
| &nbsp;&nbsp;&nbsp;Sinfonia Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857 | &nbsp;&nbsp;&nbsp;&nbsp; 269678 |
| &nbsp;&nbsp;&nbsp;SMS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp; 432910 |
| &nbsp;&nbsp;&nbsp;Sumitomo Rubber Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21247 | &nbsp;&nbsp;&nbsp;&nbsp; 296085 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Sysmex Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;129800 | &nbsp;&nbsp;$1243637 |
| &nbsp;&nbsp;&nbsp;Takeuchi Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 419692 |
| &nbsp;&nbsp;&nbsp;TKC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39100 | &nbsp;&nbsp;&nbsp;&nbsp; 1039535 |
| &nbsp;&nbsp;&nbsp;Tokyo Electric Power Co. Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;113200 | &nbsp;&nbsp;&nbsp;&nbsp; 574448 |
| &nbsp;&nbsp;&nbsp;Tokyotokeiba Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28333 | &nbsp;&nbsp;&nbsp;&nbsp; 999944 |
| &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;270351 | &nbsp;&nbsp;&nbsp;&nbsp; 2514760 |
| &nbsp;&nbsp;&nbsp;Toyo Suisan Kaisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47437 | &nbsp;&nbsp;&nbsp;&nbsp; 3406462 |
| &nbsp;&nbsp;&nbsp;Ulvac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31058 | &nbsp;&nbsp;&nbsp;&nbsp; 1331623 |
| &nbsp;&nbsp;&nbsp;USS Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp; 1482291 |
| &nbsp;&nbsp;&nbsp;Visional, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp; 467436 |
| &nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 249166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;92460847 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| &nbsp;&nbsp;&nbsp;Subsea 7 SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21604 | &nbsp;&nbsp;&nbsp;&nbsp; 416598 |
| **Mauritius — 0.3%** | **Mauritius — 0.3%** | **Mauritius — 0.3%** |
| &nbsp;&nbsp;&nbsp;Alphamin Resources Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;943468 | &nbsp;&nbsp;&nbsp;&nbsp; 749400 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833 | &nbsp;&nbsp;&nbsp;&nbsp; 487808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237208 |
| **Mexico — 0.8%** | **Mexico — 0.8%** | **Mexico — 0.8%** |
| &nbsp;&nbsp;&nbsp;Esentia Energy Development SAB de CV† | &nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp; 547115 |
| &nbsp;&nbsp;&nbsp;Gruma SAB de CV, Class B# | &nbsp;&nbsp;&nbsp;&nbsp;105725 | &nbsp;&nbsp;&nbsp;&nbsp; 1872155 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20730 | &nbsp;&nbsp;&nbsp;&nbsp; 626227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045497 |
| **Netherlands — 2.5%** | **Netherlands — 2.5%** | **Netherlands — 2.5%** |
| &nbsp;&nbsp;&nbsp;Arcadis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69069 | &nbsp;&nbsp;&nbsp;&nbsp; 3052598 |
| &nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14780 | &nbsp;&nbsp;&nbsp;&nbsp; 1325097 |
| &nbsp;&nbsp;&nbsp;Immatics NV#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54192 | &nbsp;&nbsp;&nbsp;&nbsp; 579312 |
| &nbsp;&nbsp;&nbsp;Koninklijke Vopak NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29388 | &nbsp;&nbsp;&nbsp;&nbsp; 1332036 |
| &nbsp;&nbsp;&nbsp;Pharvaris NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30419 | &nbsp;&nbsp;&nbsp;&nbsp; 863291 |
| &nbsp;&nbsp;&nbsp;Technip Energies NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15088 | &nbsp;&nbsp;&nbsp;&nbsp; 590075 |
| &nbsp;&nbsp;&nbsp;Wereldhave NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67710 | &nbsp;&nbsp;&nbsp;&nbsp; 1571007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9313416 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| &nbsp;&nbsp;&nbsp;Europris ASA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96812 | &nbsp;&nbsp;&nbsp;&nbsp; 868954 |
| &nbsp;&nbsp;&nbsp;Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48462 | &nbsp;&nbsp;&nbsp;&nbsp; 754083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623037 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| &nbsp;&nbsp;&nbsp;Alior Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15941 | &nbsp;&nbsp;&nbsp;&nbsp; 451814 |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781 | &nbsp;&nbsp;&nbsp;&nbsp; 335777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787591 |
| **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 — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| &nbsp;&nbsp;&nbsp;BOC Aviation, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53439 | &nbsp;&nbsp;&nbsp;&nbsp; 486268 |
| &nbsp;&nbsp;&nbsp;Keppel DC REIT | &nbsp;&nbsp;&nbsp;&nbsp;496053 | &nbsp;&nbsp;&nbsp;&nbsp; 885644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371912 |
| **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;22151 | &nbsp;&nbsp;&nbsp;&nbsp; 917563 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29109 | &nbsp;&nbsp;&nbsp;&nbsp; 573325 |
| &nbsp;&nbsp;&nbsp;Hudaco Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37388 | &nbsp;&nbsp;&nbsp;&nbsp; 405436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978761 |
| **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;28767 | &nbsp;&nbsp;&nbsp;&nbsp; 1682466 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| &nbsp;&nbsp;&nbsp;NICE Information Service Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57962 | &nbsp;&nbsp;$677824 |
| &nbsp;&nbsp;&nbsp;Park Systems Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994 | &nbsp;&nbsp;&nbsp;&nbsp; 805905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166195 |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| &nbsp;&nbsp;&nbsp;Almirall SA# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55902 | &nbsp;&nbsp;&nbsp;&nbsp; 821173 |
| &nbsp;&nbsp;&nbsp;Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | &nbsp;&nbsp;&nbsp;&nbsp;300008 | &nbsp;&nbsp;&nbsp;&nbsp; 397389 |
| &nbsp;&nbsp;&nbsp;Logista Integral SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34555 | &nbsp;&nbsp;&nbsp;&nbsp; 1180533 |
| &nbsp;&nbsp;&nbsp;Unicaja Banco SA\* | &nbsp;&nbsp;&nbsp;&nbsp;102947 | &nbsp;&nbsp;&nbsp;&nbsp; 302744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701839 |
| **Sweden — 4.2%** | **Sweden — 4.2%** | **Sweden — 4.2%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44890 | &nbsp;&nbsp;&nbsp;&nbsp; 1545486 |
| &nbsp;&nbsp;&nbsp;Billerud Aktiebolag | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60984 | &nbsp;&nbsp;&nbsp;&nbsp; 603367 |
| &nbsp;&nbsp;&nbsp;Camurus AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp;&nbsp;&nbsp; 416545 |
| &nbsp;&nbsp;&nbsp;Castellum AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51582 | &nbsp;&nbsp;&nbsp;&nbsp; 585692 |
| &nbsp;&nbsp;&nbsp;Cibus Nordic Real Estate AB publ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54594 | &nbsp;&nbsp;&nbsp;&nbsp; 947230 |
| &nbsp;&nbsp;&nbsp;Haypp Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43744 | &nbsp;&nbsp;&nbsp;&nbsp; 694793 |
| &nbsp;&nbsp;&nbsp;Hexpol AB | &nbsp;&nbsp;&nbsp;&nbsp;115499 | &nbsp;&nbsp;&nbsp;&nbsp; 1056659 |
| &nbsp;&nbsp;&nbsp;Karnov Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;100302 | &nbsp;&nbsp;&nbsp;&nbsp; 1086595 |
| &nbsp;&nbsp;&nbsp;Loomis AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37022 | &nbsp;&nbsp;&nbsp;&nbsp; 1490352 |
| &nbsp;&nbsp;&nbsp;MIPS AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23935 | &nbsp;&nbsp;&nbsp;&nbsp; 794132 |
| &nbsp;&nbsp;&nbsp;Mycronic AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92517 | &nbsp;&nbsp;&nbsp;&nbsp; 2139855 |
| &nbsp;&nbsp;&nbsp;NOBA Bank Group AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64221 | &nbsp;&nbsp;&nbsp;&nbsp; 809772 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;195959 | &nbsp;&nbsp;&nbsp;&nbsp; 2717488 |
| &nbsp;&nbsp;&nbsp;Thule Group AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31323 | &nbsp;&nbsp;&nbsp;&nbsp; 833692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15721658 |
| **Switzerland — 4.3%** | **Switzerland — 4.3%** | **Switzerland — 4.3%** |
| &nbsp;&nbsp;&nbsp;BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8203 | &nbsp;&nbsp;&nbsp;&nbsp; 1713223 |
| &nbsp;&nbsp;&nbsp;Cembra Money Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12363 | &nbsp;&nbsp;&nbsp;&nbsp; 1460547 |
| &nbsp;&nbsp;&nbsp;Flughafen Zurich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp; 620396 |
| &nbsp;&nbsp;&nbsp;Oculis Holding AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24364 | &nbsp;&nbsp;&nbsp;&nbsp; 462916 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;&nbsp; 4437167 |
| &nbsp;&nbsp;&nbsp;PSP Swiss Property AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789 | &nbsp;&nbsp;&nbsp;&nbsp; 493711 |
| &nbsp;&nbsp;&nbsp;Siegfried Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326 | &nbsp;&nbsp;&nbsp;&nbsp; 748777 |
| &nbsp;&nbsp;&nbsp;Sulzer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9170 | &nbsp;&nbsp;&nbsp;&nbsp; 1603013 |
| &nbsp;&nbsp;&nbsp;Tecan Group AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10691 | &nbsp;&nbsp;&nbsp;&nbsp; 1844904 |
| &nbsp;&nbsp;&nbsp;VZ Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12616 | &nbsp;&nbsp;&nbsp;&nbsp; 2347034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15731688 |
| **Taiwan — 2.7%** | **Taiwan — 2.7%** | **Taiwan — 2.7%** |
| &nbsp;&nbsp;&nbsp;Advantech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1887627 |
| &nbsp;&nbsp;&nbsp;Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31305 | &nbsp;&nbsp;&nbsp;&nbsp; 900592 |
| &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644 | &nbsp;&nbsp;&nbsp;&nbsp; 2262282 |
| &nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71455 | &nbsp;&nbsp;&nbsp;&nbsp; 1869413 |
| &nbsp;&nbsp;&nbsp;Minth Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34033 | &nbsp;&nbsp;&nbsp;&nbsp; 149275 |
| &nbsp;&nbsp;&nbsp;Nien Made Enterprise Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1780971 |
| &nbsp;&nbsp;&nbsp;Unimicron Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;204725 | &nbsp;&nbsp;&nbsp;&nbsp; 1221006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10071166 |
| **United Kingdom — 14.4%** | **United Kingdom — 14.4%** | **United Kingdom — 14.4%** |
| &nbsp;&nbsp;&nbsp;Allfunds Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;116015 | &nbsp;&nbsp;&nbsp;&nbsp; 1089240 |
| &nbsp;&nbsp;&nbsp;Babcock International Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78250 | &nbsp;&nbsp;&nbsp;&nbsp; 1175821 |
| &nbsp;&nbsp;&nbsp;Beazley PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74326 | &nbsp;&nbsp;&nbsp;&nbsp; 783662 |
| &nbsp;&nbsp;&nbsp;Bellway PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21677 | &nbsp;&nbsp;&nbsp;&nbsp; 813936 |
| &nbsp;&nbsp;&nbsp;BP Marsh & Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20331 | &nbsp;&nbsp;&nbsp;&nbsp; 178157 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90322 | &nbsp;&nbsp;&nbsp;&nbsp; 2588070 |
| &nbsp;&nbsp;&nbsp;Currys PLC | 1350636 | &nbsp;&nbsp;&nbsp;&nbsp; 2356253 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16999 | &nbsp;&nbsp;&nbsp;&nbsp; 1229978 |
| &nbsp;&nbsp;&nbsp;easyJet PLC | &nbsp;&nbsp;&nbsp;&nbsp;179834 | &nbsp;&nbsp;&nbsp;&nbsp; 1189236 |
| &nbsp;&nbsp;&nbsp;Elementis PLC | &nbsp;&nbsp;&nbsp;&nbsp;324971 | &nbsp;&nbsp;&nbsp;&nbsp; 701781 |
| &nbsp;&nbsp;&nbsp;Games Workshop Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 | &nbsp;&nbsp;&nbsp;&nbsp; 593322 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;290288 | &nbsp;&nbsp;$1269717 |
| &nbsp;&nbsp;&nbsp;Genus PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21849 | &nbsp;&nbsp;&nbsp;&nbsp; 760936 |
| &nbsp;&nbsp;&nbsp;Greggs PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61042 | &nbsp;&nbsp;&nbsp;&nbsp; 1261461 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40130 | &nbsp;&nbsp;&nbsp;&nbsp; 1895060 |
| &nbsp;&nbsp;&nbsp;Hammerson PLC | &nbsp;&nbsp;&nbsp;&nbsp;601323 | &nbsp;&nbsp;&nbsp;&nbsp; 2590109 |
| &nbsp;&nbsp;&nbsp;Hill & Smith PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57397 | &nbsp;&nbsp;&nbsp;&nbsp; 1715071 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;167694 | &nbsp;&nbsp;&nbsp;&nbsp; 1867404 |
| &nbsp;&nbsp;&nbsp;ICG PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25677 | &nbsp;&nbsp;&nbsp;&nbsp; 705553 |
| &nbsp;&nbsp;&nbsp;IMI PLC | &nbsp;&nbsp;&nbsp;&nbsp;119061 | &nbsp;&nbsp;&nbsp;&nbsp; 3838680 |
| &nbsp;&nbsp;&nbsp;Immunocore Holdings PLC ADR#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12837 | &nbsp;&nbsp;&nbsp;&nbsp; 507061 |
| &nbsp;&nbsp;&nbsp;Inchcape PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88441 | &nbsp;&nbsp;&nbsp;&nbsp; 902210 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29547 | &nbsp;&nbsp;&nbsp;&nbsp; 1810817 |
| &nbsp;&nbsp;&nbsp;JET2 PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23049 | &nbsp;&nbsp;&nbsp;&nbsp; 429041 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;148290 | &nbsp;&nbsp;&nbsp;&nbsp; 600226 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;255610 | &nbsp;&nbsp;&nbsp;&nbsp; 1176592 |
| &nbsp;&nbsp;&nbsp;Pennon Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94337 | &nbsp;&nbsp;&nbsp;&nbsp; 688795 |
| &nbsp;&nbsp;&nbsp;QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83288 | &nbsp;&nbsp;&nbsp;&nbsp; 458256 |
| &nbsp;&nbsp;&nbsp;Rathbones Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45646 | &nbsp;&nbsp;&nbsp;&nbsp; 1118520 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | &nbsp;&nbsp;&nbsp;&nbsp;161308 | &nbsp;&nbsp;&nbsp;&nbsp; 1171851 |
| &nbsp;&nbsp;&nbsp;Rotork PLC | &nbsp;&nbsp;&nbsp;&nbsp;753136 | &nbsp;&nbsp;&nbsp;&nbsp; 3357214 |
| &nbsp;&nbsp;&nbsp;Senior PLC | &nbsp;&nbsp;&nbsp;&nbsp;259914 | &nbsp;&nbsp;&nbsp;&nbsp; 630007 |
| &nbsp;&nbsp;&nbsp;Shawbrook Group PLC\*† | &nbsp;&nbsp;&nbsp;&nbsp;136419 | &nbsp;&nbsp;&nbsp;&nbsp; 753732 |
| &nbsp;&nbsp;&nbsp;SigmaRoc PLC† | 1107804 | &nbsp;&nbsp;&nbsp;&nbsp; 1754424 |
| &nbsp;&nbsp;&nbsp;Softcat PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73085 | &nbsp;&nbsp;&nbsp;&nbsp; 1402050 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35201 | &nbsp;&nbsp;&nbsp;&nbsp; 3126145 |
| &nbsp;&nbsp;&nbsp;St. James's Place PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29215 | &nbsp;&nbsp;&nbsp;&nbsp; 538946 |
| &nbsp;&nbsp;&nbsp;Synthomer PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75703 | &nbsp;&nbsp;&nbsp;&nbsp; 63129 |
| &nbsp;&nbsp;&nbsp;Tate & Lyle PLC | &nbsp;&nbsp;&nbsp;&nbsp;125446 | &nbsp;&nbsp;&nbsp;&nbsp; 622016 |
| &nbsp;&nbsp;&nbsp;Trainline PLC\*† | &nbsp;&nbsp;&nbsp;&nbsp;379526 | &nbsp;&nbsp;&nbsp;&nbsp; 1186652 |
| &nbsp;&nbsp;&nbsp;Weir Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68125 | &nbsp;&nbsp;&nbsp;&nbsp; 2504106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;53405237 |
| **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;13126 | &nbsp;&nbsp;&nbsp;&nbsp; 1615811 |
| **Total Common Stocks<br> (cost $322,942,343)** |  | &nbsp;&nbsp;&nbsp;&nbsp;362898950 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.8%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.8%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.8%** |
| **United States — 0.8%** | **United States — 0.8%** | **United States — 0.8%** |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE Small-Cap ETF#<br> (cost $2,919,981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38863 | &nbsp;&nbsp;&nbsp;&nbsp; 3010717 |
| **Total Long-Term Investment Securities<br> (cost $325,862,324)** |  | &nbsp;&nbsp;&nbsp;&nbsp;365909667 |
| **SHORT-TERM INVESTMENTS — 1.1%** | **SHORT-TERM INVESTMENTS — 1.1%** | **SHORT-TERM INVESTMENTS — 1.1%** |
| **Unaffiliated Investment Companies — 1.1%** | **Unaffiliated Investment Companies — 1.1%** | **Unaffiliated Investment Companies — 1.1%** |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(3)(4)<br> (cost $4,129,560) | 4129560 | &nbsp;&nbsp;&nbsp;&nbsp; 4129560 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.16% dated 11/28/2025, to be repurchased 12/01/2025 in the amount of $610,710 and collateralized by $633,200 of United States Treasury Notes, , bearing interest at 1.88% due 02/28/2027 and having an approximate value of $623,056<br> (cost $610,651) | $610651 | &nbsp;&nbsp;$610651 |
| **TOTAL INVESTMENTS<br> (cost $330,602,535)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;370649878 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90508 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$370740386 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The International Opportunities Fund has no right to demand registration of these securities. At November 30, 2025, the aggregate value of these securities was $10,620,904 representing 2.9% of net assets. |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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>** |
| LunR Royalties Corp. | 10/28/25 | &nbsp;&nbsp;30199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | $31119 | $1.03 | 0.0% |
| Moscow Exchange MICEX-RTS PJSC | 03/26/20, 03/27,20<br> 10/19/20 | 205642 | 256066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;0.00 | 0.0 |
|  |  |  |  | $31119 |  | 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 November 30, 2025.

(4) At November 30, 2025, the Fund had loaned securities with a total value of $29,799,168. This was secured by collateral of $4,129,560, which was received in cash and subsequently invested in short-term investments currently valued at $4,129,560 as reported in the Portfolio of Investments. Additional collateral of $27,275,172 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $10943 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162181 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11169 |
| Government National Mtg. Assoc. | 2.30% to 5.50% | 11/16/2050 to 12/16/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17473 |
| United States Treasury Bills | 0.00% | 12/11/2025 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584157 |
| United States Treasury Notes/Bonds | 0.13% to 6.25% | 12/15/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;26489249 |

---

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

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASE—Athens Stock Exchange |
| CSE—Cyprus Stock Exchange |
| ETF—Exchange Traded Fund |
| GDR—Global Depositary Receipt |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;7.1% |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;2.5% |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Housewares | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Oil & Gas Services | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Environmental Control | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;100.0% |

---

\* Calculated as a percentage of net assets

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Opportunities Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;$15223408 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15223408 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;13777583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31119 | &nbsp;&nbsp;&nbsp;&nbsp;13808702 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575823 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8050387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8766788 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2541590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977726 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;10798744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13861804 |
| &nbsp;&nbsp;&nbsp;Mauritius | &nbsp;&nbsp;&nbsp;&nbsp;1237208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237208 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;3045497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045497 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1442603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9313416 |
| &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;&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;462916 | &nbsp;&nbsp;&nbsp;&nbsp;15268772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15731688 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1260793 | &nbsp;&nbsp;&nbsp;&nbsp;52144444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53405237 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;1615811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615811 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;216335842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;216335842 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;3010717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010717 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;4129560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129560 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610651 |
| **Total Investments at Value** | &nbsp;&nbsp;$60200877 | &nbsp;&nbsp;$310417882 | &nbsp;&nbsp;$31119 | &nbsp;&nbsp;$370649878 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |
| **Australia — 5.4%** | **Australia — 5.4%** | **Australia — 5.4%** |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;117773 | &nbsp;&nbsp;$715111 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852 | &nbsp;&nbsp;&nbsp;&nbsp; 337557 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79984 | &nbsp;&nbsp;&nbsp;&nbsp; 1262155 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp; 392186 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29295 | &nbsp;&nbsp;&nbsp;&nbsp; 428374 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556 | &nbsp;&nbsp;&nbsp;&nbsp; 455822 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28543 | &nbsp;&nbsp;&nbsp;&nbsp; 671735 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19280 | &nbsp;&nbsp;&nbsp;&nbsp; 2351817 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99198 | &nbsp;&nbsp;&nbsp;&nbsp; 782701 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;62615 | &nbsp;&nbsp;&nbsp;&nbsp; 1218580 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;25379 | &nbsp;&nbsp;&nbsp;&nbsp; 241589 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17110 | &nbsp;&nbsp;&nbsp;&nbsp; 2215700 |
| &nbsp;&nbsp;&nbsp;Medibank Private, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16248 | &nbsp;&nbsp;&nbsp;&nbsp; 50594 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106276 | &nbsp;&nbsp;&nbsp;&nbsp; 1914556 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73263 | &nbsp;&nbsp;&nbsp;&nbsp; 560969 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 80085 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20794 | &nbsp;&nbsp;&nbsp;&nbsp; 136284 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;57944 | &nbsp;&nbsp;&nbsp;&nbsp; 731543 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;272778 | &nbsp;&nbsp;&nbsp;&nbsp; 729522 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;233777 | &nbsp;&nbsp;&nbsp;&nbsp; 440905 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50356 | &nbsp;&nbsp;&nbsp;&nbsp; 769437 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;556397 | &nbsp;&nbsp;&nbsp;&nbsp; 1174885 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;134404 | &nbsp;&nbsp;&nbsp;&nbsp; 531099 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58934 | &nbsp;&nbsp;&nbsp;&nbsp; 678606 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;30862 | &nbsp;&nbsp;&nbsp;&nbsp; 99507 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;207053 | &nbsp;&nbsp;&nbsp;&nbsp; 2026108 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;260754 | &nbsp;&nbsp;&nbsp;&nbsp; 420492 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59244 | &nbsp;&nbsp;&nbsp;&nbsp; 1469286 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33956 | &nbsp;&nbsp;&nbsp;&nbsp; 1824254 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151589 | &nbsp;&nbsp;&nbsp;&nbsp; 3740121 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;145926 | &nbsp;&nbsp;&nbsp;&nbsp; 2387950 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466 | &nbsp;&nbsp;&nbsp;&nbsp; 104999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30944529 |
| **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; 1654837 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;37891 | &nbsp;&nbsp;&nbsp;&nbsp; 2097942 |
| &nbsp;&nbsp;&nbsp;Raiffeisen Bank International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706 | &nbsp;&nbsp;&nbsp;&nbsp; 149920 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp; 186361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089060 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp; 273380 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp; 455174 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp; 108547 |
| &nbsp;&nbsp;&nbsp;Financiere de Tubize SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 137658 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;12784 | &nbsp;&nbsp;&nbsp;&nbsp; 1106822 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;15132 | &nbsp;&nbsp;&nbsp;&nbsp; 1866087 |
| &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 118895 |
| &nbsp;&nbsp;&nbsp;Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684 | &nbsp;&nbsp;&nbsp;&nbsp; 463911 |
| &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp; 416240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946714 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60528 | &nbsp;&nbsp;&nbsp;&nbsp; 486489 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 86533 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21300 | &nbsp;&nbsp;&nbsp;&nbsp; 135378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708400 |
| **Denmark — 1.4%** | **Denmark — 1.4%** | **Denmark — 1.4%** |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 1198495 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp; 257536 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;&nbsp; 138795 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123 | &nbsp;&nbsp;$1851301 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp; 1025007 |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;12875 | &nbsp;&nbsp;&nbsp;&nbsp; 803103 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\*† | &nbsp;&nbsp;&nbsp;&nbsp;43541 | &nbsp;&nbsp;&nbsp;&nbsp; 926513 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824 | &nbsp;&nbsp;&nbsp;&nbsp; 696492 |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9823 | &nbsp;&nbsp;&nbsp;&nbsp; 332014 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;39375 | &nbsp;&nbsp;&nbsp;&nbsp; 936555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8165811 |
| **Finland — 1.3%** | **Finland — 1.3%** | **Finland — 1.3%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp; 131355 |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp; 206967 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 564242 |
| &nbsp;&nbsp;&nbsp;Metso Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9703 | &nbsp;&nbsp;&nbsp;&nbsp; 159968 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;31325 | &nbsp;&nbsp;&nbsp;&nbsp; 605699 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;226054 | &nbsp;&nbsp;&nbsp;&nbsp; 1368780 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;94264 | &nbsp;&nbsp;&nbsp;&nbsp; 1676357 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;12380 | &nbsp;&nbsp;&nbsp;&nbsp; 886193 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;79532 | &nbsp;&nbsp;&nbsp;&nbsp; 935554 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;25250 | &nbsp;&nbsp;&nbsp;&nbsp; 689371 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7246 | &nbsp;&nbsp;&nbsp;&nbsp; 235131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7459617 |
| **France — 9.2%** | **France — 9.2%** | **France — 9.2%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001 | &nbsp;&nbsp;&nbsp;&nbsp; 434627 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 | &nbsp;&nbsp;&nbsp;&nbsp; 356331 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;29126 | &nbsp;&nbsp;&nbsp;&nbsp; 5579388 |
| &nbsp;&nbsp;&nbsp;Alstom SA† | &nbsp;&nbsp;&nbsp;&nbsp;24771 | &nbsp;&nbsp;&nbsp;&nbsp; 649414 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 | &nbsp;&nbsp;&nbsp;&nbsp; 279252 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;120628 | &nbsp;&nbsp;&nbsp;&nbsp; 5445911 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 197922 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6293 | &nbsp;&nbsp;&nbsp;&nbsp; 541492 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8771 | &nbsp;&nbsp;&nbsp;&nbsp; 280913 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp;&nbsp;&nbsp; 1296303 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6535 | &nbsp;&nbsp;&nbsp;&nbsp; 100272 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp; 205624 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;137890 | &nbsp;&nbsp;&nbsp;&nbsp; 2646702 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;34390 | &nbsp;&nbsp;&nbsp;&nbsp; 962898 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;16570 | &nbsp;&nbsp;&nbsp;&nbsp; 355500 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;11099 | &nbsp;&nbsp;&nbsp;&nbsp; 1531843 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;14661 | &nbsp;&nbsp;&nbsp;&nbsp; 5254401 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp; 226971 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;36038 | &nbsp;&nbsp;&nbsp;&nbsp; 651415 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 | &nbsp;&nbsp;&nbsp;&nbsp; 4111096 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8054 | &nbsp;&nbsp;&nbsp;&nbsp; 1162586 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | &nbsp;&nbsp;&nbsp;&nbsp; 1328277 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;16114 | &nbsp;&nbsp;&nbsp;&nbsp; 627167 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364 | &nbsp;&nbsp;&nbsp;&nbsp; 1268524 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;68021 | &nbsp;&nbsp;&nbsp;&nbsp; 1122372 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;14226 | &nbsp;&nbsp;&nbsp;&nbsp; 1387434 |
| &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;16485 | &nbsp;&nbsp;&nbsp;&nbsp; 627980 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948 | &nbsp;&nbsp;&nbsp;&nbsp; 493097 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp; 370471 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;21505 | &nbsp;&nbsp;&nbsp;&nbsp; 5785367 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;38430 | &nbsp;&nbsp;&nbsp;&nbsp; 2680859 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7791 | &nbsp;&nbsp;&nbsp;&nbsp; 411940 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;29665 | &nbsp;&nbsp;&nbsp;&nbsp; 4206405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52580754 |
| **Germany — 9.2%** | **Germany — 9.2%** | **Germany — 9.2%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 | &nbsp;&nbsp;&nbsp;&nbsp; 1242768 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;11586 | &nbsp;&nbsp;&nbsp;&nbsp; 5005673 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;33083 | &nbsp;&nbsp;&nbsp;&nbsp; 3379626 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7797 | &nbsp;&nbsp;&nbsp;&nbsp; 735171 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;15494 | &nbsp;&nbsp;$1667648 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761 | &nbsp;&nbsp;&nbsp;&nbsp; 215828 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;49319 | &nbsp;&nbsp;&nbsp;&nbsp; 1937529 |
| &nbsp;&nbsp;&nbsp;Covestro AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 | &nbsp;&nbsp;&nbsp;&nbsp; 147808 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;25966 | &nbsp;&nbsp;&nbsp;&nbsp; 1098776 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9618 | &nbsp;&nbsp;&nbsp;&nbsp; 2571328 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;10262 | &nbsp;&nbsp;&nbsp;&nbsp; 534495 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;67180 | &nbsp;&nbsp;&nbsp;&nbsp; 1196637 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;26479 | &nbsp;&nbsp;&nbsp;&nbsp; 407777 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034 | &nbsp;&nbsp;&nbsp;&nbsp; 145220 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;13396 | &nbsp;&nbsp;&nbsp;&nbsp; 735034 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6949 | &nbsp;&nbsp;&nbsp;&nbsp; 470944 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp; 1122077 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp; 330909 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;17854 | &nbsp;&nbsp;&nbsp;&nbsp; 1442259 |
| &nbsp;&nbsp;&nbsp;HOCHTIEF AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 154930 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;60409 | &nbsp;&nbsp;&nbsp;&nbsp; 2546970 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp; 187096 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;11713 | &nbsp;&nbsp;&nbsp;&nbsp; 1575511 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6098 | &nbsp;&nbsp;&nbsp;&nbsp; 3849601 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp; 259450 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;13738 | &nbsp;&nbsp;&nbsp;&nbsp; 698196 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;35033 | &nbsp;&nbsp;&nbsp;&nbsp; 8478874 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp; 322760 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;26901 | &nbsp;&nbsp;&nbsp;&nbsp; 7128496 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;21543 | &nbsp;&nbsp;&nbsp;&nbsp; 1071018 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp; 492771 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;25103 | &nbsp;&nbsp;&nbsp;&nbsp; 760760 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;12172 | &nbsp;&nbsp;&nbsp;&nbsp; 328106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;52242046 |
| **Hong Kong — 2.6%** | **Hong Kong — 2.6%** | **Hong Kong — 2.6%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;394200 | &nbsp;&nbsp;&nbsp;&nbsp; 4107626 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002803 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;161500 | &nbsp;&nbsp;&nbsp;&nbsp; 829463 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 | &nbsp;&nbsp;&nbsp;&nbsp; 311835 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp; 672357 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 528378 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp;&nbsp; 310488 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp; 588036 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp; 1807930 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;72400 | &nbsp;&nbsp;&nbsp;&nbsp; 343744 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;81500 | &nbsp;&nbsp;&nbsp;&nbsp; 323591 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68500 | &nbsp;&nbsp;&nbsp;&nbsp; 458152 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp; 233961 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;79500 | &nbsp;&nbsp;&nbsp;&nbsp; 1008575 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;59500 | &nbsp;&nbsp;&nbsp;&nbsp; 510963 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp; 571021 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | 1018500 | &nbsp;&nbsp;&nbsp;&nbsp; 1067437 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp; 72902 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 268401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15017663 |
| **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;62526 | &nbsp;&nbsp;&nbsp;&nbsp; 643368 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;83479 | &nbsp;&nbsp;&nbsp;&nbsp; 1542329 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7880 | &nbsp;&nbsp;&nbsp;&nbsp; 520121 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;15369 | &nbsp;&nbsp;&nbsp;&nbsp; 1425773 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp; 170268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301859 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;71791 | &nbsp;&nbsp;&nbsp;&nbsp; 1549885 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;80179 | &nbsp;&nbsp;$1678020 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981 | &nbsp;&nbsp;&nbsp;&nbsp; 369991 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp; 284784 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46403 | &nbsp;&nbsp;&nbsp;&nbsp; 256547 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;62143 | &nbsp;&nbsp;&nbsp;&nbsp; 649250 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8963 | &nbsp;&nbsp;&nbsp;&nbsp; 626554 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 170762 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp; 170831 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp; 142225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5898849 |
| **Italy — 3.2%** | **Italy — 3.2%** | **Italy — 3.2%** |
| &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9811 | &nbsp;&nbsp;&nbsp;&nbsp; 93055 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;73493 | &nbsp;&nbsp;&nbsp;&nbsp; 1061001 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;72942 | &nbsp;&nbsp;&nbsp;&nbsp; 880786 |
| &nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp; 133928 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;22561 | &nbsp;&nbsp;&nbsp;&nbsp; 552171 |
| &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;25898 | &nbsp;&nbsp;&nbsp;&nbsp; 1028387 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;51764 | &nbsp;&nbsp;&nbsp;&nbsp; 473427 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;604657 | &nbsp;&nbsp;&nbsp;&nbsp; 3929893 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;20870 | &nbsp;&nbsp;&nbsp;&nbsp; 1411047 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;12294 | &nbsp;&nbsp;&nbsp;&nbsp; 57378 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;13350 | &nbsp;&nbsp;&nbsp;&nbsp; 319584 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8362 | &nbsp;&nbsp;&nbsp;&nbsp; 836270 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;18231 | &nbsp;&nbsp;&nbsp;&nbsp; 1077497 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;59694 | &nbsp;&nbsp;&nbsp;&nbsp; 397232 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA† | &nbsp;&nbsp;&nbsp;&nbsp;498492 | &nbsp;&nbsp;&nbsp;&nbsp; 280704 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;119137 | &nbsp;&nbsp;&nbsp;&nbsp; 1257283 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;60081 | &nbsp;&nbsp;&nbsp;&nbsp; 4491289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18280932 |
| **Japan — 23.1%** | **Japan — 23.1%** | **Japan — 23.1%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 3053815 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;121200 | &nbsp;&nbsp;&nbsp;&nbsp; 2195732 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 320240 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43500 | &nbsp;&nbsp;&nbsp;&nbsp; 1008642 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp; 182955 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22800 | &nbsp;&nbsp;&nbsp;&nbsp; 190290 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 334541 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105500 | &nbsp;&nbsp;&nbsp;&nbsp; 1328776 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 357390 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52300 | &nbsp;&nbsp;&nbsp;&nbsp; 1541734 |
| &nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 122343 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp; 1304610 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp; 130506 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 81279 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 1525790 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 101494 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176300 | &nbsp;&nbsp;&nbsp;&nbsp; 1374807 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;66900 | &nbsp;&nbsp;&nbsp;&nbsp; 1651297 |
| &nbsp;&nbsp;&nbsp;Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 415193 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 341010 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 101065 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97900 | &nbsp;&nbsp;&nbsp;&nbsp; 1288801 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 727229 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp;&nbsp; 928459 |
| &nbsp;&nbsp;&nbsp;Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 339958 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27400 | &nbsp;&nbsp;&nbsp;&nbsp; 857359 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp; 612166 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 1163186 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp; 2454477 |
| &nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 99010 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010727 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;$987297 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52800 | &nbsp;&nbsp;&nbsp;&nbsp; 1414564 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 1470449 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;185400 | &nbsp;&nbsp;&nbsp;&nbsp; 1379319 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95900 | &nbsp;&nbsp;&nbsp;&nbsp; 2011138 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63500 | &nbsp;&nbsp;&nbsp;&nbsp; 1019517 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp; 2365879 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 106047 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp; 338133 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53800 | &nbsp;&nbsp;&nbsp;&nbsp; 646672 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp;&nbsp; 291795 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89900 | &nbsp;&nbsp;&nbsp;&nbsp; 1101895 |
| &nbsp;&nbsp;&nbsp;JX Advanced Metals Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15700 | &nbsp;&nbsp;&nbsp;&nbsp; 167631 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp;&nbsp; 1307371 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp; 1087028 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141300 | &nbsp;&nbsp;&nbsp;&nbsp; 2438874 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 2312463 |
| &nbsp;&nbsp;&nbsp;Kioxia Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 228478 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 1310044 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp; 606824 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;&nbsp; 529243 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp; 413948 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 398442 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 195618 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85200 | &nbsp;&nbsp;&nbsp;&nbsp; 2245871 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93200 | &nbsp;&nbsp;&nbsp;&nbsp; 525674 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56900 | &nbsp;&nbsp;&nbsp;&nbsp; 1549088 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58700 | &nbsp;&nbsp;&nbsp;&nbsp; 1391909 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp; 5410361 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;123600 | &nbsp;&nbsp;&nbsp;&nbsp; 1452799 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp; 303626 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102800 | &nbsp;&nbsp;&nbsp;&nbsp; 3621060 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61100 | &nbsp;&nbsp;&nbsp;&nbsp; 1365289 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68700 | &nbsp;&nbsp;&nbsp;&nbsp; 1412381 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36700 | &nbsp;&nbsp;&nbsp;&nbsp; 1386377 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 316493 |
| &nbsp;&nbsp;&nbsp;NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp; 210441 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp; 3009028 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp; 121899 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp; 98998 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 551312 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 103795 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp; 281620 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp; 103224 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 277374 |
| &nbsp;&nbsp;&nbsp;NTT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100900 | &nbsp;&nbsp;&nbsp;&nbsp; 100564 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp; 523713 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp; 308763 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp; 458612 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp; 810005 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59100 | &nbsp;&nbsp;&nbsp;&nbsp; 1612059 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp; 1034983 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp; 1348696 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp; 654682 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp; 110700 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp; 264493 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp;&nbsp;&nbsp; 2181692 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp; 504582 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102600 | &nbsp;&nbsp;&nbsp;&nbsp; 1043793 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 297509 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 60755 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp; 349239 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;$405659 |
| &nbsp;&nbsp;&nbsp;Seibu Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 183120 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 205897 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp; 678651 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 71942 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 255445 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76100 | &nbsp;&nbsp;&nbsp;&nbsp; 2295182 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59500 | &nbsp;&nbsp;&nbsp;&nbsp; 1019275 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22900 | &nbsp;&nbsp;&nbsp;&nbsp; 326168 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 561898 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | 1092100 | &nbsp;&nbsp;&nbsp;&nbsp; 1560778 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp; 3518118 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp; 842344 |
| &nbsp;&nbsp;&nbsp;Sony Financial Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;181600 | &nbsp;&nbsp;&nbsp;&nbsp; 171829 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;181600 | &nbsp;&nbsp;&nbsp;&nbsp; 5326088 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58700 | &nbsp;&nbsp;&nbsp;&nbsp; 1315624 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59800 | &nbsp;&nbsp;&nbsp;&nbsp; 1874506 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55900 | &nbsp;&nbsp;&nbsp;&nbsp; 2195817 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 233507 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154600 | &nbsp;&nbsp;&nbsp;&nbsp; 4680612 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 300930 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 222102 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 589575 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107800 | &nbsp;&nbsp;&nbsp;&nbsp; 1684053 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 44073 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 162893 |
| &nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 102527 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46900 | &nbsp;&nbsp;&nbsp;&nbsp; 1351631 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57800 | &nbsp;&nbsp;&nbsp;&nbsp; 946432 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp;&nbsp;&nbsp; 411509 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67300 | &nbsp;&nbsp;&nbsp;&nbsp; 2372668 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp; 2844893 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp; 871214 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 19355 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65700 | &nbsp;&nbsp;&nbsp;&nbsp; 426809 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 861802 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp; 500771 |
| &nbsp;&nbsp;&nbsp;Tsuruha Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 132934 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp; 185720 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 266450 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 869826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;131567636 |
| **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; 251249 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606 | &nbsp;&nbsp;&nbsp;&nbsp; 2758395 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;60135 | &nbsp;&nbsp;&nbsp;&nbsp; 1213987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4223631 |
| **Netherlands — 6.9%** | **Netherlands — 6.9%** | **Netherlands — 6.9%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\* | &nbsp;&nbsp;&nbsp;&nbsp;31505 | &nbsp;&nbsp;&nbsp;&nbsp; 1067619 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 1162999 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 | &nbsp;&nbsp;&nbsp;&nbsp; 421698 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;11652 | &nbsp;&nbsp;&nbsp;&nbsp; 759846 |
| &nbsp;&nbsp;&nbsp;Argenx SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp; 1951496 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 528375 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;12274 | &nbsp;&nbsp;&nbsp;&nbsp; 13025501 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 | &nbsp;&nbsp;&nbsp;&nbsp; 297449 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp; 217511 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 151234 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 | &nbsp;&nbsp;&nbsp;&nbsp; 224521 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199 | &nbsp;&nbsp;&nbsp;&nbsp; 2042444 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;46204 | &nbsp;&nbsp;&nbsp;&nbsp; 3025638 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;90671 | &nbsp;&nbsp;$2354427 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;34063 | &nbsp;&nbsp;&nbsp;&nbsp; 1249652 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;56194 | &nbsp;&nbsp;&nbsp;&nbsp; 2324150 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;146860 | &nbsp;&nbsp;&nbsp;&nbsp; 670592 |
| &nbsp;&nbsp;&nbsp;Nebius Group NV#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5958 | &nbsp;&nbsp;&nbsp;&nbsp; 565235 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;17789 | &nbsp;&nbsp;&nbsp;&nbsp; 1291212 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;51545 | &nbsp;&nbsp;&nbsp;&nbsp; 3245901 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;11519 | &nbsp;&nbsp;&nbsp;&nbsp; 549730 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;36153 | &nbsp;&nbsp;&nbsp;&nbsp; 832032 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;25864 | &nbsp;&nbsp;&nbsp;&nbsp; 662710 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 | &nbsp;&nbsp;&nbsp;&nbsp; 753340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39375312 |
| **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;8805 | &nbsp;&nbsp;&nbsp;&nbsp; 188588 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77092 | &nbsp;&nbsp;&nbsp;&nbsp; 249294 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp; 303934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741816 |
| **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;53557 | &nbsp;&nbsp;&nbsp;&nbsp; 1303626 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;25803 | &nbsp;&nbsp;&nbsp;&nbsp; 689391 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;32917 | &nbsp;&nbsp;&nbsp;&nbsp; 754961 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;38141 | &nbsp;&nbsp;&nbsp;&nbsp; 865538 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;63087 | &nbsp;&nbsp;&nbsp;&nbsp; 675185 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;30180 | &nbsp;&nbsp;&nbsp;&nbsp; 436090 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204 | &nbsp;&nbsp;&nbsp;&nbsp; 226587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951378 |
| **Portugal — 0.7%** | **Portugal — 0.7%** | **Portugal — 0.7%** |
| &nbsp;&nbsp;&nbsp;EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;292190 | &nbsp;&nbsp;&nbsp;&nbsp; 1305274 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;88298 | &nbsp;&nbsp;&nbsp;&nbsp; 1774830 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;40329 | &nbsp;&nbsp;&nbsp;&nbsp; 956541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036645 |
| **Singapore — 2.0%** | **Singapore — 2.0%** | **Singapore — 2.0%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 49933 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;174800 | &nbsp;&nbsp;&nbsp;&nbsp; 317374 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;90700 | &nbsp;&nbsp;&nbsp;&nbsp; 3797893 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;85903 | &nbsp;&nbsp;&nbsp;&nbsp; 468171 |
| &nbsp;&nbsp;&nbsp;Keppel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46700 | &nbsp;&nbsp;&nbsp;&nbsp; 368536 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;170100 | &nbsp;&nbsp;&nbsp;&nbsp; 2429504 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;12019 | &nbsp;&nbsp;&nbsp;&nbsp; 1670761 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp; 323397 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;154300 | &nbsp;&nbsp;&nbsp;&nbsp; 562416 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48200 | &nbsp;&nbsp;&nbsp;&nbsp; 1265030 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp; 291956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11544971 |
| **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; 406780 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;10986 | &nbsp;&nbsp;&nbsp;&nbsp; 1017159 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;85715 | &nbsp;&nbsp;&nbsp;&nbsp; 2332974 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;22347 | &nbsp;&nbsp;&nbsp;&nbsp; 1646456 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;554036 | &nbsp;&nbsp;&nbsp;&nbsp; 2009746 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;80192 | &nbsp;&nbsp;&nbsp;&nbsp; 1263765 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;244960 | &nbsp;&nbsp;&nbsp;&nbsp; 2726262 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;20733 | &nbsp;&nbsp;&nbsp;&nbsp; 622122 |
| &nbsp;&nbsp;&nbsp;Grifols SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917 | &nbsp;&nbsp;&nbsp;&nbsp; 109125 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;182065 | &nbsp;&nbsp;&nbsp;&nbsp; 958181 |
| &nbsp;&nbsp;&nbsp;Mapfre SA | &nbsp;&nbsp;&nbsp;&nbsp;26024 | &nbsp;&nbsp;&nbsp;&nbsp; 120457 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| &nbsp;&nbsp;&nbsp;Naturgy Energy Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;$119705 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474 | &nbsp;&nbsp;&nbsp;&nbsp; 101643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13434375 |
| **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; 607148 |
| **Sweden — 3.6%** | **Sweden — 3.6%** | **Sweden — 3.6%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp; 52124 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp; 190744 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;28787 | &nbsp;&nbsp;&nbsp;&nbsp; 1096265 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;103690 | &nbsp;&nbsp;&nbsp;&nbsp; 1766934 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;46706 | &nbsp;&nbsp;&nbsp;&nbsp; 715241 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp; 2388472 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;12571 | &nbsp;&nbsp;&nbsp;&nbsp; 270121 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;33990 | &nbsp;&nbsp;&nbsp;&nbsp; 655015 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683 | &nbsp;&nbsp;&nbsp;&nbsp; 334090 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;52353 | &nbsp;&nbsp;&nbsp;&nbsp; 1448373 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;60210 | &nbsp;&nbsp;&nbsp;&nbsp; 706280 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp; 79970 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681 | &nbsp;&nbsp;&nbsp;&nbsp; 196365 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;114997 | &nbsp;&nbsp;&nbsp;&nbsp; 3919792 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp; 50094 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;46829 | &nbsp;&nbsp;&nbsp;&nbsp; 1417636 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;97136 | &nbsp;&nbsp;&nbsp;&nbsp; 1929700 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796 | &nbsp;&nbsp;&nbsp;&nbsp; 97490 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865 | &nbsp;&nbsp;&nbsp;&nbsp; 101228 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8286 | &nbsp;&nbsp;&nbsp;&nbsp; 107714 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;87012 | &nbsp;&nbsp;&nbsp;&nbsp; 1206651 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6335 | &nbsp;&nbsp;&nbsp;&nbsp; 100800 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;24928 | &nbsp;&nbsp;&nbsp;&nbsp; 100072 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;47659 | &nbsp;&nbsp;&nbsp;&nbsp; 1429522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20360693 |
| **Switzerland — 9.5%** | **Switzerland — 9.5%** | **Switzerland — 9.5%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;86710 | &nbsp;&nbsp;&nbsp;&nbsp; 6247233 |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;24295 | &nbsp;&nbsp;&nbsp;&nbsp; 1935483 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp; 818284 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 240834 |
| &nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 284364 |
| &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; 298278 |
| &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; 412696 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;28434 | &nbsp;&nbsp;&nbsp;&nbsp; 1425650 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9365 | &nbsp;&nbsp;&nbsp;&nbsp; 769052 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp; 1021611 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4441 | &nbsp;&nbsp;&nbsp;&nbsp; 886218 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp; 906105 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 2463114 |
| &nbsp;&nbsp;&nbsp;Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp; 100744 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;15132 | &nbsp;&nbsp;&nbsp;&nbsp; 1419039 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5886 | &nbsp;&nbsp;&nbsp;&nbsp; 421391 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 | &nbsp;&nbsp;&nbsp;&nbsp; 803553 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;10692 | &nbsp;&nbsp;&nbsp;&nbsp; 1205375 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp; 1750667 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;78388 | &nbsp;&nbsp;&nbsp;&nbsp; 10227428 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp; 1852857 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;15641 | &nbsp;&nbsp;&nbsp;&nbsp; 1106655 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 113467 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5222 | &nbsp;&nbsp;&nbsp;&nbsp; 1868029 |
| &nbsp;&nbsp;&nbsp;SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;11982 | &nbsp;&nbsp;&nbsp;&nbsp; 1375203 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8897 | &nbsp;&nbsp;&nbsp;&nbsp; 1757289 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp; 639140 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp; 772066 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240 | &nbsp;&nbsp;$1261227 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1481467 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256 | &nbsp;&nbsp;&nbsp;&nbsp; 923292 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;16918 | &nbsp;&nbsp;&nbsp;&nbsp; 2975206 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 717936 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 473106 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 | &nbsp;&nbsp;&nbsp;&nbsp; 3296838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;54250897 |
| **United Kingdom — 12.6%** | **United Kingdom — 12.6%** | **United Kingdom — 12.6%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;59889 | &nbsp;&nbsp;&nbsp;&nbsp; 2506662 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9707 | &nbsp;&nbsp;&nbsp;&nbsp; 407561 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 507131 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;74610 | &nbsp;&nbsp;&nbsp;&nbsp; 2731076 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;23641 | &nbsp;&nbsp;&nbsp;&nbsp; 1513306 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;33977 | &nbsp;&nbsp;&nbsp;&nbsp; 960754 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;63684 | &nbsp;&nbsp;&nbsp;&nbsp; 11808090 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;40872 | &nbsp;&nbsp;&nbsp;&nbsp; 345831 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;335955 | &nbsp;&nbsp;&nbsp;&nbsp; 2901170 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;97429 | &nbsp;&nbsp;&nbsp;&nbsp; 509081 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;36752 | &nbsp;&nbsp;&nbsp;&nbsp; 1053085 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;471021 | &nbsp;&nbsp;&nbsp;&nbsp; 1069704 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;19610 | &nbsp;&nbsp;&nbsp;&nbsp; 1798041 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;98381 | &nbsp;&nbsp;&nbsp;&nbsp; 3090488 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5437 | &nbsp;&nbsp;&nbsp;&nbsp; 251429 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | &nbsp;&nbsp;&nbsp;&nbsp;16584 | &nbsp;&nbsp;&nbsp;&nbsp; 578829 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;20881 | &nbsp;&nbsp;&nbsp;&nbsp; 495515 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;298408 | &nbsp;&nbsp;&nbsp;&nbsp; 1465061 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;31063 | &nbsp;&nbsp;&nbsp;&nbsp; 1466889 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;29760 | &nbsp;&nbsp;&nbsp;&nbsp; 612620 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;114123 | &nbsp;&nbsp;&nbsp;&nbsp; 1450717 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;13100 | &nbsp;&nbsp;&nbsp;&nbsp; 1737208 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;13487 | &nbsp;&nbsp;&nbsp;&nbsp; 826564 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;344064 | &nbsp;&nbsp;&nbsp;&nbsp; 352196 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;285409 | &nbsp;&nbsp;&nbsp;&nbsp; 1155236 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;97015 | &nbsp;&nbsp;&nbsp;&nbsp; 777559 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;443375 | &nbsp;&nbsp;&nbsp;&nbsp; 1450387 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;19956 | &nbsp;&nbsp;&nbsp;&nbsp; 2354636 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;220155 | &nbsp;&nbsp;&nbsp;&nbsp; 794353 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;99158 | &nbsp;&nbsp;&nbsp;&nbsp; 456432 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;311485 | &nbsp;&nbsp;&nbsp;&nbsp; 4722916 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;66907 | &nbsp;&nbsp;&nbsp;&nbsp; 883245 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;126522 | &nbsp;&nbsp;&nbsp;&nbsp; 1166955 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;161810 | &nbsp;&nbsp;&nbsp;&nbsp; 2346902 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;84746 | &nbsp;&nbsp;&nbsp;&nbsp; 3403831 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;193090 | &nbsp;&nbsp;&nbsp;&nbsp; 1063837 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;57507 | &nbsp;&nbsp;$818138 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;155152 | &nbsp;&nbsp;&nbsp;&nbsp; 798996 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;90738 | &nbsp;&nbsp;&nbsp;&nbsp; 857259 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 | &nbsp;&nbsp;&nbsp;&nbsp; 99286 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;86653 | &nbsp;&nbsp;&nbsp;&nbsp; 1439737 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;46446 | &nbsp;&nbsp;&nbsp;&nbsp; 1503445 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 496972 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;94851 | &nbsp;&nbsp;&nbsp;&nbsp; 2761317 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;18243 | &nbsp;&nbsp;&nbsp;&nbsp; 404830 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;10628 | &nbsp;&nbsp;&nbsp;&nbsp; 174005 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;30845 | &nbsp;&nbsp;&nbsp;&nbsp; 1017481 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17608 | &nbsp;&nbsp;&nbsp;&nbsp; 205580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;71592343 |
| **Total Long-Term Investment Securities<br> (cost $415,749,139)** |  | &nbsp;&nbsp;&nbsp;&nbsp;561323079 |
| **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 3.94%(1) | 1566650 | &nbsp;&nbsp;&nbsp;&nbsp; 1566650 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.02%(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;576437 | &nbsp;&nbsp;&nbsp;&nbsp; 576437 |
| **Total Short-Term Investments<br> (cost $2,143,087)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143087 |
| **TOTAL INVESTMENTS<br> (cost $417,892,226)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.9% | &nbsp;&nbsp;&nbsp;&nbsp;563466166 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6183749 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$569649915 |

---

---

| | |
|:---|:---|
| † | &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 November 30, 2025, the aggregate value of these securities was $10,678,600 representing 1.9% of net assets. |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (2) | &nbsp;&nbsp;At November 30, 2025, the Fund had loaned securities with a total value of $565,235. This was secured by collateral of $576,437, which was received in cash and subsequently invested in short-term investments currently valued at $576,437 as reported in the Portfolio of Investments. |
| (3) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

ADR—American Depositary Receipt <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** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Pay/<br> Receive** | &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;Pay | &nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp;11724 | &nbsp;&nbsp; 2.38% (ESTR + 0.45%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/10/2028 | &nbsp;&nbsp;$207161 | &nbsp;&nbsp;$1360 | &nbsp;&nbsp;$1360 |
| **Hong Kong** |  |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 1.55% (HONIA + 0.30%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp;314973 | &nbsp;&nbsp;&nbsp;&nbsp;(6110) | &nbsp;&nbsp;&nbsp;&nbsp;(6110) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;$(4750) | &nbsp;&nbsp;$(4750) |
| ESTR—Euro Short-Term Rate |  |  |  |  |  |  |  |  |  |
| HONIA—Hong Kong Overnight Index Average |  |  |  |  |  |  |  |  |  |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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** |
| 41 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Euro STOXX 50 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2661846 | &nbsp;&nbsp;&nbsp;&nbsp;$2699368 | &nbsp;&nbsp;&nbsp;&nbsp;$37522 |
| 13 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280 |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SGX Nikkei 225 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12992 |
| 6 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SPI 200 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4068 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$68862 |

---

\* 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;13.7% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7.4 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Pipelines | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;98.9% |

---

\* 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 November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;$311835 | &nbsp;&nbsp;$14705828 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15017663 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4931087 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5898849 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171829 | &nbsp;&nbsp;&nbsp;&nbsp;131395807 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;131567636 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;2758395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465236 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4223631 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986933 | &nbsp;&nbsp;&nbsp;&nbsp;38388379 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39375312 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;2138932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9406039 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11544971 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1798041 | &nbsp;&nbsp;&nbsp;&nbsp;69794302 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;71592343 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;282102674 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;282102674 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2143087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143087 |
| **Total Investments at Value** | &nbsp;&nbsp;$11276814 | &nbsp;&nbsp;$552189352 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$563466166 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1360 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1360 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68862 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$68862 | &nbsp;&nbsp;$1360 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$70222 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6110 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6110 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 1.7%** | **Australia — 1.7%** | **Australia — 1.7%** |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;228827 | &nbsp;&nbsp;$4122306 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;279295 | &nbsp;&nbsp;&nbsp;&nbsp; 1495952 |
| &nbsp;&nbsp;&nbsp;Santos, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;332779 | &nbsp;&nbsp;&nbsp;&nbsp; 1411303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029561 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| &nbsp;&nbsp;&nbsp;Galapagos NV ADR† | &nbsp;&nbsp;&nbsp;&nbsp;26209 | &nbsp;&nbsp;&nbsp;&nbsp; 820866 |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;601584 | &nbsp;&nbsp;&nbsp;&nbsp; 2532404 |
| **Canada — 2.3%** | **Canada — 2.3%** | **Canada — 2.3%** |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47475 | &nbsp;&nbsp;&nbsp;&nbsp; 683640 |
| &nbsp;&nbsp;&nbsp;Finning International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28556 | &nbsp;&nbsp;&nbsp;&nbsp; 1527673 |
| &nbsp;&nbsp;&nbsp;NexGen Energy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;130135 | &nbsp;&nbsp;&nbsp;&nbsp; 1166010 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13025 | &nbsp;&nbsp;&nbsp;&nbsp; 757664 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51075 | &nbsp;&nbsp;&nbsp;&nbsp; 2332595 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;37901 | &nbsp;&nbsp;&nbsp;&nbsp; 1625574 |
| &nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165911 | &nbsp;&nbsp;&nbsp;&nbsp; 1537995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9631151 |
| **China — 0.9%** | **China — 0.9%** | **China — 0.9%** |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;493500 | &nbsp;&nbsp;&nbsp;&nbsp; 3609202 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;78491 | &nbsp;&nbsp;&nbsp;&nbsp; 2142947 |
| **France — 10.5%** | **France — 10.5%** | **France — 10.5%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;55713 | &nbsp;&nbsp;&nbsp;&nbsp; 3026415 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;77375 | &nbsp;&nbsp;&nbsp;&nbsp; 3493197 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;27403 | &nbsp;&nbsp;&nbsp;&nbsp; 2357939 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;22802 | &nbsp;&nbsp;&nbsp;&nbsp; 3566397 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112 | &nbsp;&nbsp;&nbsp;&nbsp; 610689 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8960 | &nbsp;&nbsp;&nbsp;&nbsp; 1236626 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;147156 | &nbsp;&nbsp;&nbsp;&nbsp; 2428128 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;38051 | &nbsp;&nbsp;&nbsp;&nbsp; 3792007 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;21416 | &nbsp;&nbsp;&nbsp;&nbsp; 5761424 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;38825 | &nbsp;&nbsp;&nbsp;&nbsp; 2708414 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;167582 | &nbsp;&nbsp;&nbsp;&nbsp; 11012987 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;21640 | &nbsp;&nbsp;&nbsp;&nbsp; 3068485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43062708 |
| **Germany — 5.5%** | **Germany — 5.5%** | **Germany — 5.5%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;195098 | &nbsp;&nbsp;&nbsp;&nbsp; 6287486 |
| &nbsp;&nbsp;&nbsp;Duerr AG | &nbsp;&nbsp;&nbsp;&nbsp;37888 | &nbsp;&nbsp;&nbsp;&nbsp; 856459 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;205100 | &nbsp;&nbsp;&nbsp;&nbsp; 3653324 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;42457 | &nbsp;&nbsp;&nbsp;&nbsp; 2032176 |
| &nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;24175 | &nbsp;&nbsp;&nbsp;&nbsp; 1810392 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;30481 | &nbsp;&nbsp;&nbsp;&nbsp; 8077161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22716998 |
| **Greece — 1.0%** | **Greece — 1.0%** | **Greece — 1.0%** |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;494960 | &nbsp;&nbsp;&nbsp;&nbsp; 4062874 |
| **Guernsey — 0.3%** | **Guernsey — 0.3%** | **Guernsey — 0.3%** |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129816 | &nbsp;&nbsp;&nbsp;&nbsp; 1242339 |
| **Hong Kong — 2.3%** | **Hong Kong — 2.3%** | **Hong Kong — 2.3%** |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;586000 | &nbsp;&nbsp;&nbsp;&nbsp; 2825205 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;283500 | &nbsp;&nbsp;&nbsp;&nbsp; 3596615 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | 2965500 | &nbsp;&nbsp;&nbsp;&nbsp; 3107988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9529808 |
| **Ireland — 1.9%** | **Ireland — 1.9%** | **Ireland — 1.9%** |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;244281 | &nbsp;&nbsp;&nbsp;&nbsp; 4513249 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453 | &nbsp;&nbsp;&nbsp;&nbsp; 721021 |

---

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;9885 | &nbsp;&nbsp;$1744999 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;26152 | &nbsp;&nbsp;&nbsp;&nbsp; 933365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7912634 |
| **Israel — 1.0%** | **Israel — 1.0%** | **Israel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;21188 | &nbsp;&nbsp;&nbsp;&nbsp; 3957283 |
| **Italy — 3.1%** | **Italy — 3.1%** | **Italy — 3.1%** |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;358586 | &nbsp;&nbsp;&nbsp;&nbsp; 4329982 |
| &nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;20525 | &nbsp;&nbsp;&nbsp;&nbsp; 1266763 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;498280 | &nbsp;&nbsp;&nbsp;&nbsp; 5152088 |
| &nbsp;&nbsp;&nbsp;PRADA SpA | &nbsp;&nbsp;&nbsp;&nbsp;302400 | &nbsp;&nbsp;&nbsp;&nbsp; 1793654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12542487 |
| **Japan — 20.2%** | **Japan — 20.2%** | **Japan — 20.2%** |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252800 | &nbsp;&nbsp;&nbsp;&nbsp; 1971363 |
| &nbsp;&nbsp;&nbsp;Daiwabo Holdings Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;116500 | &nbsp;&nbsp;&nbsp;&nbsp; 2268113 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp; 6381252 |
| &nbsp;&nbsp;&nbsp;Iyogin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856488 |
| &nbsp;&nbsp;&nbsp;Kinden Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42700 | &nbsp;&nbsp;&nbsp;&nbsp; 1771813 |
| &nbsp;&nbsp;&nbsp;Macnica Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp; 1766650 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;136900 | &nbsp;&nbsp;&nbsp;&nbsp; 2528946 |
| &nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;521700 | &nbsp;&nbsp;&nbsp;&nbsp; 3404005 |
| &nbsp;&nbsp;&nbsp;Medipal Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99300 | &nbsp;&nbsp;&nbsp;&nbsp; 1731489 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;155200 | &nbsp;&nbsp;&nbsp;&nbsp; 3190706 |
| &nbsp;&nbsp;&nbsp;Nippon Television Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93900 | &nbsp;&nbsp;&nbsp;&nbsp; 2405540 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;402200 | &nbsp;&nbsp;&nbsp;&nbsp; 10970732 |
| &nbsp;&nbsp;&nbsp;Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;187900 | &nbsp;&nbsp;&nbsp;&nbsp; 3249600 |
| &nbsp;&nbsp;&nbsp;Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030037 |
| &nbsp;&nbsp;&nbsp;Shimamura Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40200 | &nbsp;&nbsp;&nbsp;&nbsp; 2879738 |
| &nbsp;&nbsp;&nbsp;Ship Healthcare Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48300 | &nbsp;&nbsp;&nbsp;&nbsp; 800406 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135500 | &nbsp;&nbsp;&nbsp;&nbsp; 3036917 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97900 | &nbsp;&nbsp;&nbsp;&nbsp; 3068799 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297600 | &nbsp;&nbsp;&nbsp;&nbsp; 9010026 |
| &nbsp;&nbsp;&nbsp;Sundrug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32100 | &nbsp;&nbsp;&nbsp;&nbsp; 889403 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100600 | &nbsp;&nbsp;&nbsp;&nbsp; 2899234 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp; 2803663 |
| &nbsp;&nbsp;&nbsp;Tokyo Tatemono Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;123300 | &nbsp;&nbsp;&nbsp;&nbsp; 2725171 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72800 | &nbsp;&nbsp;&nbsp;&nbsp; 2348354 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;294300 | &nbsp;&nbsp;&nbsp;&nbsp; 5942618 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40600 | &nbsp;&nbsp;&nbsp;&nbsp; 1313046 |
| &nbsp;&nbsp;&nbsp;TV Asahi Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42900 | &nbsp;&nbsp;&nbsp;&nbsp; 921210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;83165319 |
| **Jersey — 0.9%** | **Jersey — 0.9%** | **Jersey — 0.9%** |
| &nbsp;&nbsp;&nbsp;TP ICAP Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;717215 | &nbsp;&nbsp;&nbsp;&nbsp; 2416362 |
| &nbsp;&nbsp;&nbsp;Yellow Cake PLC\*† | &nbsp;&nbsp;&nbsp;&nbsp;208641 | &nbsp;&nbsp;&nbsp;&nbsp; 1448105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864467 |
| **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;15811 | &nbsp;&nbsp;&nbsp;&nbsp; 1222348 |
| **Marshall Islands — 0.3%** | **Marshall Islands — 0.3%** | **Marshall Islands — 0.3%** |
| &nbsp;&nbsp;&nbsp;Star Bulk Carriers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62132 | &nbsp;&nbsp;&nbsp;&nbsp; 1236427 |
| **Netherlands — 5.7%** | **Netherlands — 5.7%** | **Netherlands — 5.7%** |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;52716 | &nbsp;&nbsp;&nbsp;&nbsp; 3551602 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;372978 | &nbsp;&nbsp;&nbsp;&nbsp; 9685009 |
| &nbsp;&nbsp;&nbsp;JBS NV, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;133707 | &nbsp;&nbsp;&nbsp;&nbsp; 1964156 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;176687 | &nbsp;&nbsp;&nbsp;&nbsp; 7307668 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;17030 | &nbsp;&nbsp;&nbsp;&nbsp; 1072416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23580851 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;109296 | &nbsp;&nbsp;$2920111 |
| &nbsp;&nbsp;&nbsp;Leroy Seafood Group ASA | &nbsp;&nbsp;&nbsp;&nbsp;461869 | &nbsp;&nbsp;&nbsp;&nbsp; 2145427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065538 |
| **Poland — 0.5%** | **Poland — 0.5%** | **Poland — 0.5%** |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;&nbsp;&nbsp;98513 | &nbsp;&nbsp;&nbsp;&nbsp; 2089043 |
| **Singapore — 3.2%** | **Singapore — 3.2%** | **Singapore — 3.2%** |
| &nbsp;&nbsp;&nbsp;BW LPG, Ltd. (NYSE)\* | &nbsp;&nbsp;&nbsp;&nbsp;82408 | &nbsp;&nbsp;&nbsp;&nbsp; 1045758 |
| &nbsp;&nbsp;&nbsp;BW LPG, Ltd. (OSEAX)\* | &nbsp;&nbsp;&nbsp;&nbsp;24980 | &nbsp;&nbsp;&nbsp;&nbsp; 317243 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129400 | &nbsp;&nbsp;&nbsp;&nbsp; 5418383 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;294700 | &nbsp;&nbsp;&nbsp;&nbsp; 3842946 |
| &nbsp;&nbsp;&nbsp;Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;201600 | &nbsp;&nbsp;&nbsp;&nbsp; 2326893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12951223 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;106795 | &nbsp;&nbsp;&nbsp;&nbsp; 1340846 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| &nbsp;&nbsp;&nbsp;Youngone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21922 | &nbsp;&nbsp;&nbsp;&nbsp; 1305024 |
| **Spain — 5.6%** | **Spain — 5.6%** | **Spain — 5.6%** |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;286922 | &nbsp;&nbsp;&nbsp;&nbsp; 6187890 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;609030 | &nbsp;&nbsp;&nbsp;&nbsp; 6509741 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;54890 | &nbsp;&nbsp;&nbsp;&nbsp; 1991145 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;191771 | &nbsp;&nbsp;&nbsp;&nbsp; 4051894 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;80274 | &nbsp;&nbsp;&nbsp;&nbsp; 4501158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23241828 |
| **Switzerland — 5.8%** | **Switzerland — 5.8%** | **Switzerland — 5.8%** |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;26384 | &nbsp;&nbsp;&nbsp;&nbsp; 2622665 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;47886 | &nbsp;&nbsp;&nbsp;&nbsp; 6247775 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp; 2476778 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697 | &nbsp;&nbsp;&nbsp;&nbsp; 1797420 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;21336 | &nbsp;&nbsp;&nbsp;&nbsp; 3752158 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9464 | &nbsp;&nbsp;&nbsp;&nbsp; 6808047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23704843 |
| **Taiwan — 0.7%** | **Taiwan — 0.7%** | **Taiwan — 0.7%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp; 2850048 |
| **United Arab Emirates — 0.8%** | **United Arab Emirates — 0.8%** | **United Arab Emirates — 0.8%** |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;952645 | &nbsp;&nbsp;&nbsp;&nbsp; 3449130 |
| **United Kingdom — 20.4%** | **United Kingdom — 20.4%** | **United Kingdom — 20.4%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;59884 | &nbsp;&nbsp;&nbsp;&nbsp; 2506452 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;54021 | &nbsp;&nbsp;&nbsp;&nbsp; 3457923 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;44782 | &nbsp;&nbsp;&nbsp;&nbsp; 8303339 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;19301 | &nbsp;&nbsp;&nbsp;&nbsp; 1789589 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;803016 | &nbsp;&nbsp;&nbsp;&nbsp; 1823676 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;66360 | &nbsp;&nbsp;&nbsp;&nbsp; 6084548 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;148300 | &nbsp;&nbsp;&nbsp;&nbsp; 4658616 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;712442 | &nbsp;&nbsp;&nbsp;&nbsp; 10117937 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;118407 | &nbsp;&nbsp;&nbsp;&nbsp; 5028780 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | 1290884 | &nbsp;&nbsp;$1321394 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;572727 | &nbsp;&nbsp;&nbsp;&nbsp; 2636306 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;452508 | &nbsp;&nbsp;&nbsp;&nbsp; 6861189 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;833489 | &nbsp;&nbsp;&nbsp;&nbsp; 6952538 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;99678 | &nbsp;&nbsp;&nbsp;&nbsp; 7171255 |
| &nbsp;&nbsp;&nbsp;Shell PLC† | &nbsp;&nbsp;&nbsp;&nbsp;370847 | &nbsp;&nbsp;&nbsp;&nbsp; 13643244 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 1279609 | &nbsp;&nbsp;&nbsp;&nbsp; 1598662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;83955448 |
| **United States — 0.9%** | **United States — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Diversified Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;123064 | &nbsp;&nbsp;&nbsp;&nbsp; 1850883 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109141 | &nbsp;&nbsp;&nbsp;&nbsp; 1712422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563305 |
| **Total Common Stocks<br> (cost $334,219,961)** |  | &nbsp;&nbsp;&nbsp;&nbsp;407378950 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** |  |
| **United States — 0.0%** | **United States — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI EAFE Value ETF<br> (cost $40,892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp; 42021 |
| **Total Long-Term Investment Securities<br> (cost $334,260,853)** |  | &nbsp;&nbsp;&nbsp;&nbsp;407420971 |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Allspring Government Money Market Fund, Institutional Shares Class 3.57%(1) | &nbsp;&nbsp;&nbsp;&nbsp;635837 | &nbsp;&nbsp;&nbsp;&nbsp; 635837 |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 3.94%(1) | &nbsp;&nbsp;&nbsp;&nbsp;370387 | &nbsp;&nbsp;&nbsp;&nbsp; 370387 |
| **Total Short-Term Investments<br> (cost $1,006,224)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006224 |
| **TOTAL INVESTMENTS<br> (cost $335,267,077)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2% | &nbsp;&nbsp;&nbsp;&nbsp;408427195 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419386 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$411846581 |

---

---

| | |
|:---|:---|
| † | &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 November 30, 2025, the aggregate value of these securities was $5,919,094 representing 1.4% of net assets. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (2) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

---

| |
|:---|
| ADR—American Depositary Receipt |
| ETF—Exchange Traded Fund |
| NYSE—New York Stock Exchange |
| 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;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211525 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(9) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1267016 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11139 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626880 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| Citibank, N.A. | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837505 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4412) |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;2249000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1276577 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15767) |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;11585656 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;17794000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;$72763 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;8066397 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;6181000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;120415 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1030824 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;160926000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3464 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1034128 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;9857000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12140 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;208782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20179) |
| HSBC Bank PLC | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;13371000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;9505063 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (82426) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1033560 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;6686000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7310 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82426) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419469 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (402) |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;JPY | &nbsp;&nbsp;948991000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6194893 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95630 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;1278000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825839 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11492) |
|  | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;1184000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847949 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1021) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7472221 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 27844 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12513) |
| UBS AG | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;2956000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2271269 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15759) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;9092777 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;7885000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70985 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839423 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;129175000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9202) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1466565 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;13896000 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8421 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24961) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$430694 | &nbsp;&nbsp;$(140490) |

---

---

| |
|:---|
| AUD—Australian Dollar |
| CAD—Canadian Dollar |
| CHF—Swiss Franc |
| DKK—Danish Krone |
| EUR—Euro Currency |
| GBP—British Pound |

---

---

| |
|:---|
| JPY—Japanese Yen |
| NZD—New Zealand Dollar |
| SEK—Swedish Krona |
| SGD—Singapore Dollar |
| USD—United States Dollar |

---

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;21.3% |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;7.2 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I International Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.7% |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Forest Products & Paper | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Gas | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
|  | &nbsp;&nbsp;99.2% |

---

\* 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 November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;$820866 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$820866 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;2532404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532404 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;9631151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9631151 |
| &nbsp;&nbsp;&nbsp;Guernsey | &nbsp;&nbsp;&nbsp;&nbsp;1242339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242339 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;3399385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513249 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7912634 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;3957283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957283 |
| &nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;1222348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222348 |
| &nbsp;&nbsp;&nbsp;Marshall Islands | &nbsp;&nbsp;&nbsp;&nbsp;1236427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236427 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1964156 | &nbsp;&nbsp;&nbsp;&nbsp;21616695 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23580851 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;1045758 | &nbsp;&nbsp;&nbsp;&nbsp;11905465 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12951223 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;7874137 | &nbsp;&nbsp;&nbsp;&nbsp;76081311 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;83955448 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3563305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563305 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;254772671 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;254772671 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42021 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1006224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006224 |
| **Total Investments at Value** | &nbsp;&nbsp;$39537804 | &nbsp;&nbsp;$368889391 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$408427195 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$430694 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$430694 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$140490 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$140490 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Large Cap Core Fund^

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2097 | &nbsp;&nbsp;$82957 |
| **Aerospace/Defense — 2.3%** | **Aerospace/Defense — 2.3%** | **Aerospace/Defense — 2.3%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;7685 | &nbsp;&nbsp;&nbsp;&nbsp; 1452465 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;9146 | &nbsp;&nbsp;&nbsp;&nbsp; 2729624 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 22410 | &nbsp;&nbsp;&nbsp;&nbsp; 4584862 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp;&nbsp;&nbsp; 642102 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 15002 | &nbsp;&nbsp;&nbsp;&nbsp; 8584894 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3649 | &nbsp;&nbsp;&nbsp;&nbsp; 638247 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 466538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19098732 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 10035 | &nbsp;&nbsp;&nbsp;&nbsp; 592165 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 12669 | &nbsp;&nbsp;&nbsp;&nbsp; 1995114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587279 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp; 383370 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2411 | &nbsp;&nbsp;&nbsp;&nbsp; 155823 |
| **Auto Manufacturers — 1.9%** | **Auto Manufacturers — 1.9%** | **Auto Manufacturers — 1.9%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 592596 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;5249 | &nbsp;&nbsp;&nbsp;&nbsp; 385907 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp; 334181 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | 34046 | &nbsp;&nbsp;&nbsp;&nbsp; 14645568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15958252 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 58086 | &nbsp;&nbsp;&nbsp;&nbsp; 3116314 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7628 | &nbsp;&nbsp;&nbsp;&nbsp; 855099 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 22786 | &nbsp;&nbsp;&nbsp;&nbsp; 2360630 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4321 | &nbsp;&nbsp;&nbsp;&nbsp; 461051 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 10462 | &nbsp;&nbsp;&nbsp;&nbsp; 454678 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; 1432353 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 27423 | &nbsp;&nbsp;&nbsp;&nbsp; 446995 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 18403 | &nbsp;&nbsp;&nbsp;&nbsp; 5761611 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 17783 | &nbsp;&nbsp;&nbsp;&nbsp; 326852 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 37714 | &nbsp;&nbsp;&nbsp;&nbsp; 6398557 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 117119 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp; 268152 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp; 89884 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 78813 | &nbsp;&nbsp;&nbsp;&nbsp; 3865778 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 142830 | &nbsp;&nbsp;&nbsp;&nbsp; 12261955 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 238068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38455096 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 34269 | &nbsp;&nbsp;&nbsp;&nbsp; 2505749 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 20123 | &nbsp;&nbsp;&nbsp;&nbsp; 561432 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;6861 | &nbsp;&nbsp;&nbsp;&nbsp; 514506 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6960 | &nbsp;&nbsp;&nbsp;&nbsp; 1035231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616918 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 325769 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5012 | &nbsp;&nbsp;&nbsp;&nbsp; 338160 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 15062 | &nbsp;&nbsp;&nbsp;&nbsp; 1895402 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5063 | &nbsp;&nbsp;&nbsp;&nbsp; 3950102 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp;&nbsp;&nbsp; 4180000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10689433 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Materials — 2.0%** | **Building Materials — 2.0%** | **Building Materials — 2.0%** |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 45139 | &nbsp;&nbsp;$2477228 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;4934 | &nbsp;&nbsp;&nbsp;&nbsp; 573874 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 49887 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 14374 | &nbsp;&nbsp;&nbsp;&nbsp; 6058353 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 23228 | &nbsp;&nbsp;&nbsp;&nbsp; 6904291 |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp; 280071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16343704 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp; 113721 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2329 | &nbsp;&nbsp;&nbsp;&nbsp; 55547 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp;&nbsp;&nbsp; 617734 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;4574 | &nbsp;&nbsp;&nbsp;&nbsp; 1876804 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;3390 | &nbsp;&nbsp;&nbsp;&nbsp; 83021 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp; 50837 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;1871 | &nbsp;&nbsp;&nbsp;&nbsp; 643044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440708 |
| **Commercial Services — 1.0%** | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;9469 | &nbsp;&nbsp;&nbsp;&nbsp; 374594 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 106971 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | 16273 | &nbsp;&nbsp;&nbsp;&nbsp; 1087036 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp; 98399 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp; 595636 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp; 1027313 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1687 | &nbsp;&nbsp;&nbsp;&nbsp; 358268 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 39926 |
| &nbsp;&nbsp;&nbsp;Klarna Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1516 | &nbsp;&nbsp;&nbsp;&nbsp; 47709 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp; 841688 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2147 | &nbsp;&nbsp;&nbsp;&nbsp; 1070988 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2223 | &nbsp;&nbsp;&nbsp;&nbsp; 1812145 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp; 505507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7966180 |
| **Computers — 8.3%** | **Computers — 8.3%** | **Computers — 8.3%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp;&nbsp;&nbsp; 1163250 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 221029 | &nbsp;&nbsp;&nbsp;&nbsp; 61633937 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1874 | &nbsp;&nbsp;&nbsp;&nbsp; 954166 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp; 176955 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8367 | &nbsp;&nbsp;&nbsp;&nbsp; 678815 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6969 | &nbsp;&nbsp;&nbsp;&nbsp; 2150494 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 200952 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp; 821769 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp;&nbsp;&nbsp; 530332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;68310670 |
| **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;9084 | &nbsp;&nbsp;&nbsp;&nbsp; 730263 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp; 185474 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4352 | &nbsp;&nbsp;&nbsp;&nbsp; 409393 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 14606 | &nbsp;&nbsp;&nbsp;&nbsp; 253414 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 18904 | &nbsp;&nbsp;&nbsp;&nbsp; 2800816 |
| &nbsp;&nbsp;&nbsp;Unilever PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;9516 | &nbsp;&nbsp;&nbsp;&nbsp; 576574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955934 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 55784 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp; 259563 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp; 595740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911087 |
| **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | 32809 | &nbsp;&nbsp;&nbsp;&nbsp; 11984143 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5171 | &nbsp;&nbsp;&nbsp;&nbsp; 2356631 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Large Cap Core Fund^

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3828 | &nbsp;&nbsp;$504722 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3078 | &nbsp;&nbsp;&nbsp;&nbsp; 482784 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp; 1160408 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;&nbsp;&nbsp; 501013 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 107915 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 20597 | &nbsp;&nbsp;&nbsp;&nbsp; 1909960 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4384 | &nbsp;&nbsp;&nbsp;&nbsp; 1233921 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2066 | &nbsp;&nbsp;&nbsp;&nbsp; 324982 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 25852 | &nbsp;&nbsp;&nbsp;&nbsp; 14232302 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A | 15764 | &nbsp;&nbsp;&nbsp;&nbsp; 314965 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6887 | &nbsp;&nbsp;&nbsp;&nbsp; 406884 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;&nbsp; 824614 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 14220 | &nbsp;&nbsp;&nbsp;&nbsp; 4755737 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5023 | &nbsp;&nbsp;&nbsp;&nbsp; 353117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41454098 |
| **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 10761 | &nbsp;&nbsp;&nbsp;&nbsp; 747567 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3678 | &nbsp;&nbsp;&nbsp;&nbsp; 391155 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp; 381726 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7202 | &nbsp;&nbsp;&nbsp;&nbsp; 722793 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp; 783010 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;3101 | &nbsp;&nbsp;&nbsp;&nbsp; 424930 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 23831 | &nbsp;&nbsp;&nbsp;&nbsp; 2323999 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 98349 | &nbsp;&nbsp;&nbsp;&nbsp; 8486535 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 53590 | &nbsp;&nbsp;&nbsp;&nbsp; 863871 |
| &nbsp;&nbsp;&nbsp;Sempra | 10776 | &nbsp;&nbsp;&nbsp;&nbsp; 1020703 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 54794 | &nbsp;&nbsp;&nbsp;&nbsp; 4992829 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4028 | &nbsp;&nbsp;&nbsp;&nbsp; 720448 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 15220 | &nbsp;&nbsp;&nbsp;&nbsp; 1249714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23109280 |
| **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 16937 | &nbsp;&nbsp;&nbsp;&nbsp; 5858339 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;2613 | &nbsp;&nbsp;&nbsp;&nbsp; 348522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6206861 |
| **Electronics — 1.2%** | **Electronics — 1.2%** | **Electronics — 1.2%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 36813 | &nbsp;&nbsp;&nbsp;&nbsp; 5186952 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 11418 | &nbsp;&nbsp;&nbsp;&nbsp; 610635 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 691884 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp; 651028 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6276 | &nbsp;&nbsp;&nbsp;&nbsp; 1242334 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 221508 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;4343 | &nbsp;&nbsp;&nbsp;&nbsp; 982169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9586510 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp; 252178 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;&nbsp;&nbsp; 389913 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 91098 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp;&nbsp;&nbsp; 388940 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp; 440751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920789 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp; 39925 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 77224 | &nbsp;&nbsp;&nbsp;&nbsp; 4445786 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp; 159521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645232 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 11662 | &nbsp;&nbsp;$460416 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3253 | &nbsp;&nbsp;&nbsp;&nbsp; 573732 |
| **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;2080 | &nbsp;&nbsp;&nbsp;&nbsp; 148762 |
| **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 14791 | &nbsp;&nbsp;&nbsp;&nbsp; 1906560 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | 10803 | &nbsp;&nbsp;&nbsp;&nbsp; 1097369 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7191 | &nbsp;&nbsp;&nbsp;&nbsp; 1630775 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | 66552 | &nbsp;&nbsp;&nbsp;&nbsp; 5768062 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 451728 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3516 | &nbsp;&nbsp;&nbsp;&nbsp; 2016356 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 63456 | &nbsp;&nbsp;&nbsp;&nbsp; 6683820 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp; 472774 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 20053 | &nbsp;&nbsp;&nbsp;&nbsp; 7443272 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3531 | &nbsp;&nbsp;&nbsp;&nbsp; 2086221 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 161368 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 249525 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp; 261061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30228891 |
| **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;4080 | &nbsp;&nbsp;&nbsp;&nbsp; 160507 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp; 714273 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp; 265196 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 169517 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 262582 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;3284 | &nbsp;&nbsp;&nbsp;&nbsp; 712103 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6977 | &nbsp;&nbsp;&nbsp;&nbsp; 2300805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584983 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 638120 |
| **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;835 | &nbsp;&nbsp;&nbsp;&nbsp; 91115 |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6758 | &nbsp;&nbsp;&nbsp;&nbsp; 1439319 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 12360 | &nbsp;&nbsp;&nbsp;&nbsp; 941338 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 27315 | &nbsp;&nbsp;&nbsp;&nbsp; 6763740 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2501 | &nbsp;&nbsp;&nbsp;&nbsp; 255702 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;8596 | &nbsp;&nbsp;&nbsp;&nbsp; 4416711 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6747 | &nbsp;&nbsp;&nbsp;&nbsp; 1998326 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9190 | &nbsp;&nbsp;&nbsp;&nbsp; 429081 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4029 | &nbsp;&nbsp;&nbsp;&nbsp; 552094 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7662 | &nbsp;&nbsp;&nbsp;&nbsp; 1405594 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 12991 | &nbsp;&nbsp;&nbsp;&nbsp; 994591 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 20005 | &nbsp;&nbsp;&nbsp;&nbsp; 4576944 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp; 243410 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 11800 | &nbsp;&nbsp;&nbsp;&nbsp; 3455748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27472598 |
| **Internet — 13.8%** | **Internet — 13.8%** | **Internet — 13.8%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 90970 | &nbsp;&nbsp;&nbsp;&nbsp; 29126774 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 43324 | &nbsp;&nbsp;&nbsp;&nbsp; 13868879 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 149486 | &nbsp;&nbsp;&nbsp;&nbsp; 34863125 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2701 | &nbsp;&nbsp;&nbsp;&nbsp; 1619195 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 1317137 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp; 124318 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | 14007 | &nbsp;&nbsp;&nbsp;&nbsp; 2778568 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4691 | &nbsp;&nbsp;&nbsp;&nbsp; 388368 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 35737 | &nbsp;&nbsp;&nbsp;&nbsp; 23155789 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Large Cap Core Fund^

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Netflix, Inc.† | 35820 | &nbsp;&nbsp;$3853516 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6977 | &nbsp;&nbsp;&nbsp;&nbsp; 1326537 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp; 230431 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4363 | &nbsp;&nbsp;&nbsp;&nbsp; 560602 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp; 609051 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1322 | &nbsp;&nbsp;&nbsp;&nbsp; 115728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;113938018 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2981 | &nbsp;&nbsp;&nbsp;&nbsp; 500301 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2456 | &nbsp;&nbsp;&nbsp;&nbsp; 653910 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3306 | &nbsp;&nbsp;&nbsp;&nbsp; 942309 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4793 | &nbsp;&nbsp;&nbsp;&nbsp; 326691 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7310 | &nbsp;&nbsp;&nbsp;&nbsp; 2228015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497015 |
| **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4321 | &nbsp;&nbsp;&nbsp;&nbsp; 2487859 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp; 767106 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3852 | &nbsp;&nbsp;&nbsp;&nbsp; 692320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947285 |
| **Machinery-Diversified — 0.9%** | **Machinery-Diversified — 0.9%** | **Machinery-Diversified — 0.9%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 11386 | &nbsp;&nbsp;&nbsp;&nbsp; 5288683 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3948 | &nbsp;&nbsp;&nbsp;&nbsp; 731485 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3618 | &nbsp;&nbsp;&nbsp;&nbsp; 406084 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4872 | &nbsp;&nbsp;&nbsp;&nbsp; 391417 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2588 | &nbsp;&nbsp;&nbsp;&nbsp; 305902 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp; 142217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7265788 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 84291 | &nbsp;&nbsp;&nbsp;&nbsp; 8805881 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 104658 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;&nbsp; 664563 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 10573 | &nbsp;&nbsp;&nbsp;&nbsp; 454428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223649 |
| **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;2097 | &nbsp;&nbsp;&nbsp;&nbsp; 360789 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp; 1303752 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;&nbsp;&nbsp; 884150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548691 |
| **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 15775 | &nbsp;&nbsp;&nbsp;&nbsp; 2384076 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 15008 | &nbsp;&nbsp;&nbsp;&nbsp; 1331059 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3417 | &nbsp;&nbsp;&nbsp;&nbsp; 521400 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3724 | &nbsp;&nbsp;&nbsp;&nbsp; 401633 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6032 | &nbsp;&nbsp;&nbsp;&nbsp; 367108 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp; 333722 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 26280 | &nbsp;&nbsp;&nbsp;&nbsp; 3046378 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp; 360144 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;&nbsp;&nbsp; 420159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9165679 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 181840 | &nbsp;&nbsp;$9128368 |
| &nbsp;&nbsp;&nbsp;SLB, Ltd. | 11526 | &nbsp;&nbsp;&nbsp;&nbsp; 417702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9546070 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4988 | &nbsp;&nbsp;&nbsp;&nbsp; 247056 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 72853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319909 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 38296 | &nbsp;&nbsp;&nbsp;&nbsp; 8719999 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp; 112865 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2598 | &nbsp;&nbsp;&nbsp;&nbsp; 551451 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2147 | &nbsp;&nbsp;&nbsp;&nbsp; 792093 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. ADR | 23143 | &nbsp;&nbsp;&nbsp;&nbsp; 618381 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 12455 | &nbsp;&nbsp;&nbsp;&nbsp; 1000884 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 13707 | &nbsp;&nbsp;&nbsp;&nbsp; 14741467 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 14637 | &nbsp;&nbsp;&nbsp;&nbsp; 3028688 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 615903 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 16046 | &nbsp;&nbsp;&nbsp;&nbsp; 1682102 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 14069 | &nbsp;&nbsp;&nbsp;&nbsp; 362136 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 45504 | &nbsp;&nbsp;&nbsp;&nbsp; 486438 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 217906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32930313 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3395 | &nbsp;&nbsp;&nbsp;&nbsp; 595178 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 16881 | &nbsp;&nbsp;&nbsp;&nbsp; 1028559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623737 |
| **Private Equity — 0.9%** | **Private Equity — 0.9%** | **Private Equity — 0.9%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 48613 | &nbsp;&nbsp;&nbsp;&nbsp; 7117915 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6268 | &nbsp;&nbsp;&nbsp;&nbsp; 766639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7884554 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp; 561712 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp; 66942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628654 |
| **REITS — 1.2%** | **REITS — 1.2%** | **REITS — 1.2%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4306 | &nbsp;&nbsp;&nbsp;&nbsp; 780549 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 300019 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp; 131333 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;6718 | &nbsp;&nbsp;&nbsp;&nbsp; 250111 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp; 867813 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 62870 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 313444 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6593 | &nbsp;&nbsp;&nbsp;&nbsp; 136211 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 32331 | &nbsp;&nbsp;&nbsp;&nbsp; 4155503 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp; 412634 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp; 134350 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 15361 | &nbsp;&nbsp;&nbsp;&nbsp; 639171 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp; 361275 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 116471 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp; 261403 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5425 | &nbsp;&nbsp;&nbsp;&nbsp; 1129594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10052751 |
| **Retail — 5.6%** | **Retail — 5.6%** | **Retail — 5.6%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 731551 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 301473 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | 74224 | &nbsp;&nbsp;&nbsp;&nbsp; 2562212 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3072 | &nbsp;&nbsp;&nbsp;&nbsp; 2806548 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Large Cap Core Fund^

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;$121037 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 120853 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8144 | &nbsp;&nbsp;&nbsp;&nbsp; 2906756 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 45322 | &nbsp;&nbsp;&nbsp;&nbsp; 10989679 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 31864 | &nbsp;&nbsp;&nbsp;&nbsp; 9935833 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8917 | &nbsp;&nbsp;&nbsp;&nbsp; 906859 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4755 | &nbsp;&nbsp;&nbsp;&nbsp; 838592 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6763 | &nbsp;&nbsp;&nbsp;&nbsp; 1027435 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp; 311444 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 116279 | &nbsp;&nbsp;&nbsp;&nbsp; 12849992 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp; 286438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46696702 |
| **Semiconductors — 14.4%** | **Semiconductors — 14.4%** | **Semiconductors — 14.4%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | 14631 | &nbsp;&nbsp;&nbsp;&nbsp; 3182681 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4237 | &nbsp;&nbsp;&nbsp;&nbsp; 1068783 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 75961 | &nbsp;&nbsp;&nbsp;&nbsp; 30609245 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | 31877 | &nbsp;&nbsp;&nbsp;&nbsp; 1292931 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1727941 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8935 | &nbsp;&nbsp;&nbsp;&nbsp; 1393860 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5857 | &nbsp;&nbsp;&nbsp;&nbsp; 523616 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 11038 | &nbsp;&nbsp;&nbsp;&nbsp; 2610266 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp; 1369979 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 372798 | &nbsp;&nbsp;&nbsp;&nbsp; 65985246 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 37206 | &nbsp;&nbsp;&nbsp;&nbsp; 7252938 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9033 | &nbsp;&nbsp;&nbsp;&nbsp; 1518357 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp; 292115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;118827958 |
| **Software — 10.8%** | **Software — 10.8%** | **Software — 10.8%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1387 | &nbsp;&nbsp;&nbsp;&nbsp; 444020 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 207788 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;5582 | &nbsp;&nbsp;&nbsp;&nbsp; 893176 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp; 82713 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6202 | &nbsp;&nbsp;&nbsp;&nbsp; 511169 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 224253 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 130020 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1759 | &nbsp;&nbsp;&nbsp;&nbsp; 108126 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 73464 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9249 | &nbsp;&nbsp;&nbsp;&nbsp; 5864606 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 120226 | &nbsp;&nbsp;&nbsp;&nbsp; 59152394 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 45157 | &nbsp;&nbsp;&nbsp;&nbsp; 9119456 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | 16451 | &nbsp;&nbsp;$2771171 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1972 | &nbsp;&nbsp;&nbsp;&nbsp; 345948 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5351 | &nbsp;&nbsp;&nbsp;&nbsp; 2387723 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4597 | &nbsp;&nbsp;&nbsp;&nbsp; 1059792 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7449 | &nbsp;&nbsp;&nbsp;&nbsp; 6051642 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 137997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;89565458 |
| **Telecommunications — 0.9%** | **Telecommunications — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9142 | &nbsp;&nbsp;&nbsp;&nbsp; 1194677 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4646 | &nbsp;&nbsp;&nbsp;&nbsp; 120889 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 23136 | &nbsp;&nbsp;&nbsp;&nbsp; 1780084 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5879 | &nbsp;&nbsp;&nbsp;&nbsp; 495012 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 16945 | &nbsp;&nbsp;&nbsp;&nbsp; 3541674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7132336 |
| **Transportation — 0.4%** | **Transportation — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;4351 | &nbsp;&nbsp;&nbsp;&nbsp; 417217 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 24933 | &nbsp;&nbsp;&nbsp;&nbsp; 881631 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6558 | &nbsp;&nbsp;&nbsp;&nbsp; 887232 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp; 667860 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp; 245276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099216 |
| **Total Long-Term Investment Securities<br> (cost $734,872,564)** |  | &nbsp;&nbsp;&nbsp;&nbsp;824573496 |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Unaffiliated Investment Companies — 0.1%** | **Unaffiliated Investment Companies — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 4.02%<br> (cost $552,747) | 552747 | &nbsp;&nbsp;&nbsp;&nbsp; 552747 |
| **TOTAL INVESTMENTS<br> (cost $735,425,311)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;825126243 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756976 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$826883219 |

---

^ Prior to September 29, 2025, the Fund was known as Large Capital Growth Fund. <br> † Non-income producing security <br> (1) See Note 4 for cost of investments on a tax basis.

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$824573496 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$824573496 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552747 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552747 |
| **Total Investments at Value** | &nbsp;&nbsp;$825126243 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$825126243 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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%** |
| **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25935 | &nbsp;&nbsp;$7247795 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;111875 | &nbsp;&nbsp;&nbsp;&nbsp; 11277000 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30633 | &nbsp;&nbsp;&nbsp;&nbsp; 17285895 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64755 | &nbsp;&nbsp;&nbsp;&nbsp; 4936274 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;137087 | &nbsp;&nbsp;&nbsp;&nbsp; 10432321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51179285 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;127621 | &nbsp;&nbsp;&nbsp;&nbsp; 4672205 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93729 | &nbsp;&nbsp;&nbsp;&nbsp; 4017225 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;536454 | &nbsp;&nbsp;&nbsp;&nbsp; 7537179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11554404 |
| **Apparel — 0.6%** | **Apparel — 0.6%** | **Apparel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97450 | &nbsp;&nbsp;&nbsp;&nbsp; 2472306 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21165 | &nbsp;&nbsp;&nbsp;&nbsp; 1136772 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44320 | &nbsp;&nbsp;&nbsp;&nbsp; 3766314 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39176 | &nbsp;&nbsp;&nbsp;&nbsp; 3320558 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;155563 | &nbsp;&nbsp;&nbsp;&nbsp; 718701 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94938 | &nbsp;&nbsp;&nbsp;&nbsp; 420575 |
| &nbsp;&nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;266388 | &nbsp;&nbsp;&nbsp;&nbsp; 4661790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16497016 |
| **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57581 | &nbsp;&nbsp;&nbsp;&nbsp; 6793982 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;176789 | &nbsp;&nbsp;&nbsp;&nbsp; 4036093 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;235057 | &nbsp;&nbsp;&nbsp;&nbsp; 2035594 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43342 | &nbsp;&nbsp;&nbsp;&nbsp; 4653197 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22059 | &nbsp;&nbsp;&nbsp;&nbsp; 2277592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19796458 |
| **Banks — 6.4%** | **Banks — 6.4%** | **Banks — 6.4%** |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132068 | &nbsp;&nbsp;&nbsp;&nbsp; 3472068 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86348 | &nbsp;&nbsp;&nbsp;&nbsp; 3973735 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;133378 | &nbsp;&nbsp;&nbsp;&nbsp; 5313780 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243132 | &nbsp;&nbsp;&nbsp;&nbsp; 6739619 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104326 | &nbsp;&nbsp;&nbsp;&nbsp; 8385724 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100588 | &nbsp;&nbsp;&nbsp;&nbsp; 5422699 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52339 | &nbsp;&nbsp;&nbsp;&nbsp; 6475381 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112052 | &nbsp;&nbsp;&nbsp;&nbsp; 11955948 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105274 | &nbsp;&nbsp;&nbsp;&nbsp; 3288760 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;412809 | &nbsp;&nbsp;&nbsp;&nbsp; 9222153 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241303 | &nbsp;&nbsp;&nbsp;&nbsp; 2953549 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292683 | &nbsp;&nbsp;&nbsp;&nbsp; 4870245 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104399 | &nbsp;&nbsp;&nbsp;&nbsp; 4416078 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68875 | &nbsp;&nbsp;&nbsp;&nbsp; 4173136 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148255 | &nbsp;&nbsp;&nbsp;&nbsp; 4160035 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44281 | &nbsp;&nbsp;&nbsp;&nbsp; 2943801 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;283206 | &nbsp;&nbsp;&nbsp;&nbsp; 6154066 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62324 | &nbsp;&nbsp;&nbsp;&nbsp; 5713864 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77567 | &nbsp;&nbsp;&nbsp;&nbsp; 5329629 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82089 | &nbsp;&nbsp;&nbsp;&nbsp; 7347786 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112311 | &nbsp;&nbsp;&nbsp;&nbsp; 5413390 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36908 | &nbsp;&nbsp;&nbsp;&nbsp; 3327994 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58088 | &nbsp;&nbsp;&nbsp;&nbsp; 6452415 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114881 | &nbsp;&nbsp;&nbsp;&nbsp; 4278169 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;391368 | &nbsp;&nbsp;&nbsp;&nbsp; 4430286 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134848 | &nbsp;&nbsp;&nbsp;&nbsp; 8036941 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84303 | &nbsp;&nbsp;&nbsp;&nbsp; 6873224 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54571 | &nbsp;&nbsp;$7313605 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;120021 | &nbsp;&nbsp;&nbsp;&nbsp; 6388718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164826798 |
| **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;6502 | &nbsp;&nbsp;&nbsp;&nbsp; 1266590 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;129456 | &nbsp;&nbsp;&nbsp;&nbsp; 5299929 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48728 | &nbsp;&nbsp;&nbsp;&nbsp; 7940227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14506746 |
| **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;156112 | &nbsp;&nbsp;&nbsp;&nbsp; 8731344 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14868 | &nbsp;&nbsp;&nbsp;&nbsp; 4830019 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97422 | &nbsp;&nbsp;&nbsp;&nbsp; 6637361 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;218867 | &nbsp;&nbsp;&nbsp;&nbsp; 9667355 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95182 | &nbsp;&nbsp;&nbsp;&nbsp; 6795995 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;124961 | &nbsp;&nbsp;&nbsp;&nbsp; 16426123 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;349774 | &nbsp;&nbsp;&nbsp;&nbsp; 7278797 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36770 | &nbsp;&nbsp;&nbsp;&nbsp; 17870220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78237214 |
| **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;54943 | &nbsp;&nbsp;&nbsp;&nbsp; 5136072 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34676 | &nbsp;&nbsp;&nbsp;&nbsp; 11029395 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26335 | &nbsp;&nbsp;&nbsp;&nbsp; 5891666 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97988 | &nbsp;&nbsp;&nbsp;&nbsp; 5059121 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45718 | &nbsp;&nbsp;&nbsp;&nbsp; 3421535 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51642 | &nbsp;&nbsp;&nbsp;&nbsp; 4235160 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67991 | &nbsp;&nbsp;&nbsp;&nbsp; 7699301 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33760 | &nbsp;&nbsp;&nbsp;&nbsp; 5650749 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87261 | &nbsp;&nbsp;&nbsp;&nbsp; 3052390 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47664 | &nbsp;&nbsp;&nbsp;&nbsp; 4432275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55607664 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36738 | &nbsp;&nbsp;&nbsp;&nbsp; 1943440 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;176723 | &nbsp;&nbsp;&nbsp;&nbsp; 5324664 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42897 | &nbsp;&nbsp;&nbsp;&nbsp; 2684065 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366 | &nbsp;&nbsp;&nbsp;&nbsp; 4860632 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92976 | &nbsp;&nbsp;&nbsp;&nbsp; 1961794 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104372 | &nbsp;&nbsp;&nbsp;&nbsp; 11193897 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27107 | &nbsp;&nbsp;&nbsp;&nbsp; 1811019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29779511 |
| **Commercial Services — 3.3%** | **Commercial Services — 3.3%** | **Commercial Services — 3.3%** |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;300931 | &nbsp;&nbsp;&nbsp;&nbsp; 11904830 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13712 | &nbsp;&nbsp;&nbsp;&nbsp; 1863187 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33802 | &nbsp;&nbsp;&nbsp;&nbsp; 3796979 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32506 | &nbsp;&nbsp;&nbsp;&nbsp; 2408369 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25807 | &nbsp;&nbsp;&nbsp;&nbsp; 4210412 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 | &nbsp;&nbsp;&nbsp;&nbsp; 3056153 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22586 | &nbsp;&nbsp;&nbsp;&nbsp; 3562716 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93453 | &nbsp;&nbsp;&nbsp;&nbsp; 4741805 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108423 | &nbsp;&nbsp;&nbsp;&nbsp; 4566777 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29614 | &nbsp;&nbsp;&nbsp;&nbsp; 1047447 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19905 | &nbsp;&nbsp;&nbsp;&nbsp; 4276788 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36192 | &nbsp;&nbsp;&nbsp;&nbsp; 5332167 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;113671 | &nbsp;&nbsp;&nbsp;&nbsp; 9028887 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54652 | &nbsp;&nbsp;&nbsp;&nbsp; 4032225 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;158376 | &nbsp;&nbsp;&nbsp;&nbsp; 13469879 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;102803 | &nbsp;&nbsp;&nbsp;&nbsp; 3218762 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27883 | &nbsp;&nbsp;&nbsp;&nbsp; 4136722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84654105 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Computers — 3.9%** | **Computers — 3.9%** | **Computers — 3.9%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36030 | &nbsp;&nbsp;$1621710 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17839 | &nbsp;&nbsp;&nbsp;&nbsp; 11008447 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40366 | &nbsp;&nbsp;&nbsp;&nbsp; 2272606 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;130773 | &nbsp;&nbsp;&nbsp;&nbsp; 5195611 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;131304 | &nbsp;&nbsp;&nbsp;&nbsp; 5785254 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105046 | &nbsp;&nbsp;&nbsp;&nbsp; 4329996 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;186952 | &nbsp;&nbsp;&nbsp;&nbsp; 4828970 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56728 | &nbsp;&nbsp;&nbsp;&nbsp; 18445677 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45752 | &nbsp;&nbsp;&nbsp;&nbsp; 3938790 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;135779 | &nbsp;&nbsp;&nbsp;&nbsp; 10907127 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43308 | &nbsp;&nbsp;&nbsp;&nbsp; 3667321 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;252435 | &nbsp;&nbsp;&nbsp;&nbsp; 22456618 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29330 | &nbsp;&nbsp;&nbsp;&nbsp; 4131131 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37957 | &nbsp;&nbsp;&nbsp;&nbsp; 3272273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101861531 |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;302005 | &nbsp;&nbsp;&nbsp;&nbsp; 1002657 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48214 | &nbsp;&nbsp;&nbsp;&nbsp; 3672460 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;111833 | &nbsp;&nbsp;&nbsp;&nbsp; 1492971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168088 |
| **Distribution/Wholesale — 1.6%** | **Distribution/Wholesale — 1.6%** | **Distribution/Wholesale — 1.6%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;153994 | &nbsp;&nbsp;&nbsp;&nbsp; 7444070 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;150896 | &nbsp;&nbsp;&nbsp;&nbsp; 14817987 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28377 | &nbsp;&nbsp;&nbsp;&nbsp; 9829793 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39418 | &nbsp;&nbsp;&nbsp;&nbsp; 10540767 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42632617 |
| **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23025 | &nbsp;&nbsp;&nbsp;&nbsp; 6189811 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226798 | &nbsp;&nbsp;&nbsp;&nbsp; 9366757 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31277 | &nbsp;&nbsp;&nbsp;&nbsp; 10010829 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59738 | &nbsp;&nbsp;&nbsp;&nbsp; 2997055 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32843 | &nbsp;&nbsp;&nbsp;&nbsp; 4070397 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44203 | &nbsp;&nbsp;&nbsp;&nbsp; 7753206 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;101615 | &nbsp;&nbsp;&nbsp;&nbsp; 4441592 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133854 | &nbsp;&nbsp;&nbsp;&nbsp; 7704636 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76387 | &nbsp;&nbsp;&nbsp;&nbsp; 6176653 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;169855 | &nbsp;&nbsp;&nbsp;&nbsp; 4976752 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82862 | &nbsp;&nbsp;&nbsp;&nbsp; 10109164 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78192 | &nbsp;&nbsp;&nbsp;&nbsp; 5496898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79293750 |
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47182 | &nbsp;&nbsp;&nbsp;&nbsp; 3190447 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59380 | &nbsp;&nbsp;&nbsp;&nbsp; 4381650 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43837 | &nbsp;&nbsp;&nbsp;&nbsp; 5776840 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49944 | &nbsp;&nbsp;&nbsp;&nbsp; 3450631 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163232 | &nbsp;&nbsp;&nbsp;&nbsp; 7472761 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49571 | &nbsp;&nbsp;&nbsp;&nbsp; 5597062 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88677 | &nbsp;&nbsp;&nbsp;&nbsp; 4506565 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37143 | &nbsp;&nbsp;&nbsp;&nbsp; 14644371 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77181 | &nbsp;&nbsp;&nbsp;&nbsp; 4511229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53531556 |
| **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;24697 | &nbsp;&nbsp;&nbsp;&nbsp; 9049475 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32337 | &nbsp;&nbsp;&nbsp;&nbsp; 3667016 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30423 | &nbsp;&nbsp;&nbsp;&nbsp; 4353835 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20100 | &nbsp;&nbsp;&nbsp;&nbsp; 5146002 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29342 | &nbsp;&nbsp;$3335012 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36106 | &nbsp;&nbsp;&nbsp;&nbsp; 4294086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29845426 |
| **Electronics — 3.6%** | **Electronics — 3.6%** | **Electronics — 3.6%** |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42041 | &nbsp;&nbsp;&nbsp;&nbsp; 4540849 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67771 | &nbsp;&nbsp;&nbsp;&nbsp; 3219800 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;126377 | &nbsp;&nbsp;&nbsp;&nbsp; 20758686 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;305147 | &nbsp;&nbsp;&nbsp;&nbsp; 18037239 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;130853 | &nbsp;&nbsp;&nbsp;&nbsp; 14036601 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;118113 | &nbsp;&nbsp;&nbsp;&nbsp; 3787884 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62230 | &nbsp;&nbsp;&nbsp;&nbsp; 9488831 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;119580 | &nbsp;&nbsp;&nbsp;&nbsp; 4338362 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48741 | &nbsp;&nbsp;&nbsp;&nbsp; 14623762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92832014 |
| **Energy-Alternate Sources — 0.4%** | **Energy-Alternate Sources — 0.4%** | **Energy-Alternate Sources — 0.4%** |
| &nbsp;&nbsp;&nbsp;Nextpower, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;120298 | &nbsp;&nbsp;&nbsp;&nbsp; 11021703 |
| **Engineering & Construction — 3.0%** | **Engineering & Construction — 3.0%** | **Engineering & Construction — 3.0%** |
| &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;107681 | &nbsp;&nbsp;&nbsp;&nbsp; 11105141 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28620 | &nbsp;&nbsp;&nbsp;&nbsp; 27960023 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41296 | &nbsp;&nbsp;&nbsp;&nbsp; 2985701 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;131216 | &nbsp;&nbsp;&nbsp;&nbsp; 5633103 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49774 | &nbsp;&nbsp;&nbsp;&nbsp; 10645663 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24767 | &nbsp;&nbsp;&nbsp;&nbsp; 8527526 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22683 | &nbsp;&nbsp;&nbsp;&nbsp; 10264057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77121214 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53904 | &nbsp;&nbsp;&nbsp;&nbsp; 5880387 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22760 | &nbsp;&nbsp;&nbsp;&nbsp; 1242696 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30270 | &nbsp;&nbsp;&nbsp;&nbsp; 4244157 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;118317 | &nbsp;&nbsp;&nbsp;&nbsp; 3341272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14708512 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41067 | &nbsp;&nbsp;&nbsp;&nbsp; 9345206 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212520 | &nbsp;&nbsp;&nbsp;&nbsp; 7382945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16728151 |
| **Food — 2.1%** | **Food — 2.1%** | **Food — 2.1%** |
| &nbsp;&nbsp;&nbsp;Marzetti Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16464 | &nbsp;&nbsp;&nbsp;&nbsp; 2748500 |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;327261 | &nbsp;&nbsp;&nbsp;&nbsp; 5998694 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173600 | &nbsp;&nbsp;&nbsp;&nbsp; 1862728 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52133 | &nbsp;&nbsp;&nbsp;&nbsp; 5606383 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;127253 | &nbsp;&nbsp;&nbsp;&nbsp; 12352449 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34272 | &nbsp;&nbsp;&nbsp;&nbsp; 1303707 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38845 | &nbsp;&nbsp;&nbsp;&nbsp; 4041045 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79320 | &nbsp;&nbsp;&nbsp;&nbsp; 6647809 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;183069 | &nbsp;&nbsp;&nbsp;&nbsp; 14402038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54963353 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;213650 | &nbsp;&nbsp;&nbsp;&nbsp; 7941370 |
| **Gas — 1.1%** | **Gas — 1.1%** | **Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73466 | &nbsp;&nbsp;&nbsp;&nbsp; 6057272 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81061 | &nbsp;&nbsp;&nbsp;&nbsp; 3897413 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48417 | &nbsp;&nbsp;&nbsp;&nbsp; 4054439 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52061 | &nbsp;&nbsp;&nbsp;&nbsp; 4323666 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47980 | &nbsp;&nbsp;&nbsp;&nbsp; 4253907 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;174408 | &nbsp;&nbsp;&nbsp;&nbsp; 6897836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29484533 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hand/Machine Tools — 0.6%** | **Hand/Machine Tools — 0.6%** | **Hand/Machine Tools — 0.6%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44823 | &nbsp;&nbsp;$10731971 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30037 | &nbsp;&nbsp;&nbsp;&nbsp; 4844968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15576939 |
| **Healthcare-Products — 2.1%** | **Healthcare-Products — 2.1%** | **Healthcare-Products — 2.1%** |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;555945 | &nbsp;&nbsp;&nbsp;&nbsp; 6521235 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90471 | &nbsp;&nbsp;&nbsp;&nbsp; 4415890 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161848 | &nbsp;&nbsp;&nbsp;&nbsp; 1835356 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;134062 | &nbsp;&nbsp;&nbsp;&nbsp; 2801896 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91525 | &nbsp;&nbsp;&nbsp;&nbsp; 8332436 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38901 | &nbsp;&nbsp;&nbsp;&nbsp; 3164597 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54982 | &nbsp;&nbsp;&nbsp;&nbsp; 3236790 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44400 | &nbsp;&nbsp;&nbsp;&nbsp; 2833164 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37410 | &nbsp;&nbsp;&nbsp;&nbsp; 5328306 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31660 | &nbsp;&nbsp;&nbsp;&nbsp; 9281762 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42995 | &nbsp;&nbsp;&nbsp;&nbsp; 7353005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55104437 |
| **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11787 | &nbsp;&nbsp;&nbsp;&nbsp; 5176732 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81629 | &nbsp;&nbsp;&nbsp;&nbsp; 9486922 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46567 | &nbsp;&nbsp;&nbsp;&nbsp; 8640041 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70306 | &nbsp;&nbsp;&nbsp;&nbsp; 7394785 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18019 | &nbsp;&nbsp;&nbsp;&nbsp; 10675537 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;131516 | &nbsp;&nbsp;&nbsp;&nbsp; 4090148 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.† | &nbsp;&nbsp;&nbsp;&nbsp;169643 | &nbsp;&nbsp;&nbsp;&nbsp; 2965360 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71831 | &nbsp;&nbsp;&nbsp;&nbsp; 15575834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64005359 |
| **Home Builders — 0.9%** | **Home Builders — 0.9%** | **Home Builders — 0.9%** |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55149 | &nbsp;&nbsp;&nbsp;&nbsp; 3547735 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80708 | &nbsp;&nbsp;&nbsp;&nbsp; 5059585 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43361 | &nbsp;&nbsp;&nbsp;&nbsp; 4579789 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79823 | &nbsp;&nbsp;&nbsp;&nbsp; 11161650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24348759 |
| **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;49442 | &nbsp;&nbsp;&nbsp;&nbsp; 3334863 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;170643 | &nbsp;&nbsp;&nbsp;&nbsp; 15617247 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45276 | &nbsp;&nbsp;&nbsp;&nbsp; 3502099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22454209 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36100 | &nbsp;&nbsp;&nbsp;&nbsp; 2043982 |
| **Insurance — 4.9%** | **Insurance — 4.9%** | **Insurance — 4.9%** |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56168 | &nbsp;&nbsp;&nbsp;&nbsp; 7735457 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46536 | &nbsp;&nbsp;&nbsp;&nbsp; 3050435 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78460 | &nbsp;&nbsp;&nbsp;&nbsp; 3211368 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187555 | &nbsp;&nbsp;&nbsp;&nbsp; 8756943 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80381 | &nbsp;&nbsp;&nbsp;&nbsp; 5044711 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;207661 | &nbsp;&nbsp;&nbsp;&nbsp; 12341293 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83146 | &nbsp;&nbsp;&nbsp;&nbsp; 5467681 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29217 | &nbsp;&nbsp;&nbsp;&nbsp; 5421214 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51150 | &nbsp;&nbsp;&nbsp;&nbsp; 2082828 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17938 | &nbsp;&nbsp;&nbsp;&nbsp; 6904336 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;186497 | &nbsp;&nbsp;&nbsp;&nbsp; 5287190 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;185469 | &nbsp;&nbsp;&nbsp;&nbsp; 8550121 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26402 | &nbsp;&nbsp;&nbsp;&nbsp; 6793763 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53701 | &nbsp;&nbsp;&nbsp;&nbsp; 10196209 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45611 | &nbsp;&nbsp;&nbsp;&nbsp; 11912225 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74832 | &nbsp;&nbsp;&nbsp;&nbsp; 4614141 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91100 | &nbsp;&nbsp;&nbsp;&nbsp; 5290177 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49158 | &nbsp;&nbsp;$3861852 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;126946 | &nbsp;&nbsp;&nbsp;&nbsp; 9644088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126166032 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;181436 | &nbsp;&nbsp;&nbsp;&nbsp; 6308530 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;167934 | &nbsp;&nbsp;&nbsp;&nbsp; 6677056 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;149632 | &nbsp;&nbsp;&nbsp;&nbsp; 6286040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19271626 |
| **Iron/Steel — 1.4%** | **Iron/Steel — 1.4%** | **Iron/Steel — 1.4%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40504 | &nbsp;&nbsp;&nbsp;&nbsp; 12902144 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;465519 | &nbsp;&nbsp;&nbsp;&nbsp; 6070368 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90627 | &nbsp;&nbsp;&nbsp;&nbsp; 5780190 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42760 | &nbsp;&nbsp;&nbsp;&nbsp; 11943723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36696425 |
| **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;52982 | &nbsp;&nbsp;&nbsp;&nbsp; 3502640 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97929 | &nbsp;&nbsp;&nbsp;&nbsp; 2398281 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68289 | &nbsp;&nbsp;&nbsp;&nbsp; 7646319 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43711 | &nbsp;&nbsp;&nbsp;&nbsp; 2900662 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65458 | &nbsp;&nbsp;&nbsp;&nbsp; 2715198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19163100 |
| **Lodging — 0.8%** | **Lodging — 0.8%** | **Lodging — 0.8%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48177 | &nbsp;&nbsp;&nbsp;&nbsp; 4013144 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16993 | &nbsp;&nbsp;&nbsp;&nbsp; 1550781 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50715 | &nbsp;&nbsp;&nbsp;&nbsp; 2172123 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34245 | &nbsp;&nbsp;&nbsp;&nbsp; 5629536 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52590 | &nbsp;&nbsp;&nbsp;&nbsp; 3606622 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61624 | &nbsp;&nbsp;&nbsp;&nbsp; 4510877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21483083 |
| **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;74309 | &nbsp;&nbsp;&nbsp;&nbsp; 13292394 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52103 | &nbsp;&nbsp;&nbsp;&nbsp; 6678563 |
| &nbsp;&nbsp;&nbsp;Terex Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53139 | &nbsp;&nbsp;&nbsp;&nbsp; 2455553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22426510 |
| **Machinery-Diversified — 3.4%** | **Machinery-Diversified — 3.4%** | **Machinery-Diversified — 3.4%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50137 | &nbsp;&nbsp;&nbsp;&nbsp; 5312516 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30910 | &nbsp;&nbsp;&nbsp;&nbsp; 8000126 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36028 | &nbsp;&nbsp;&nbsp;&nbsp; 7347910 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;719682 | &nbsp;&nbsp;&nbsp;&nbsp; 6786601 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136276 | &nbsp;&nbsp;&nbsp;&nbsp; 5192116 |
| &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39633 | &nbsp;&nbsp;&nbsp;&nbsp; 7262747 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46415 | &nbsp;&nbsp;&nbsp;&nbsp; 5209620 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106219 | &nbsp;&nbsp;&nbsp;&nbsp; 7578726 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134713 | &nbsp;&nbsp;&nbsp;&nbsp; 11105740 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38074 | &nbsp;&nbsp;&nbsp;&nbsp; 4500347 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53819 | &nbsp;&nbsp;&nbsp;&nbsp; 7857036 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80120 | &nbsp;&nbsp;&nbsp;&nbsp; 5587569 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22280 | &nbsp;&nbsp;&nbsp;&nbsp; 6146606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87887660 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;131387 | &nbsp;&nbsp;&nbsp;&nbsp; 8474461 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23211 | &nbsp;&nbsp;&nbsp;&nbsp; 4459762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12934223 |
| **Metal Fabricate/Hardware — 1.6%** | **Metal Fabricate/Hardware — 1.6%** | **Metal Fabricate/Hardware — 1.6%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58134 | &nbsp;&nbsp;&nbsp;&nbsp; 8858459 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89700 | &nbsp;&nbsp;&nbsp;&nbsp; 9855339 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 (continued)** | **Metal Fabricate/Hardware (continued)** | **Metal Fabricate/Hardware (continued)** |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25529 | &nbsp;&nbsp;$11359639 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51444 | &nbsp;&nbsp;&nbsp;&nbsp; 4187027 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16047 | &nbsp;&nbsp;&nbsp;&nbsp; 6626930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40887394 |
| **Mining — 1.1%** | **Mining — 1.1%** | **Mining — 1.1%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;209968 | &nbsp;&nbsp;&nbsp;&nbsp; 8764064 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;109207 | &nbsp;&nbsp;&nbsp;&nbsp; 6765374 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65671 | &nbsp;&nbsp;&nbsp;&nbsp; 13386377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28915815 |
| **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74064 | &nbsp;&nbsp;&nbsp;&nbsp; 2265618 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94606 | &nbsp;&nbsp;&nbsp;&nbsp; 8505079 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;123254 | &nbsp;&nbsp;&nbsp;&nbsp; 9507814 |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29131 | &nbsp;&nbsp;&nbsp;&nbsp; 13383073 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63416 | &nbsp;&nbsp;&nbsp;&nbsp; 11678690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45340274 |
| **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;238369 | &nbsp;&nbsp;&nbsp;&nbsp; 8683783 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46591 | &nbsp;&nbsp;&nbsp;&nbsp; 4373031 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68567 | &nbsp;&nbsp;&nbsp;&nbsp; 2013813 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;114980 | &nbsp;&nbsp;&nbsp;&nbsp; 4465823 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129503 | &nbsp;&nbsp;&nbsp;&nbsp; 6852004 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95159 | &nbsp;&nbsp;&nbsp;&nbsp; 4034742 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;109074 | &nbsp;&nbsp;&nbsp;&nbsp; 3498003 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208772 | &nbsp;&nbsp;&nbsp;&nbsp; 8551301 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66275 | &nbsp;&nbsp;&nbsp;&nbsp; 2285162 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;570104 | &nbsp;&nbsp;&nbsp;&nbsp; 8260807 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;193003 | &nbsp;&nbsp;&nbsp;&nbsp; 7621688 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54135 | &nbsp;&nbsp;&nbsp;&nbsp; 3053755 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;136504 | &nbsp;&nbsp;&nbsp;&nbsp; 4986491 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58387 | &nbsp;&nbsp;&nbsp;&nbsp; 4367348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73047751 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;302306 | &nbsp;&nbsp;&nbsp;&nbsp; 4643420 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;334164 | &nbsp;&nbsp;&nbsp;&nbsp; 15124263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19767683 |
| **Packaging & Containers — 1.1%** | **Packaging & Containers — 1.1%** | **Packaging & Containers — 1.1%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53631 | &nbsp;&nbsp;&nbsp;&nbsp; 6690467 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93195 | &nbsp;&nbsp;&nbsp;&nbsp; 9024072 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co.# | &nbsp;&nbsp;&nbsp;&nbsp;241225 | &nbsp;&nbsp;&nbsp;&nbsp; 3903020 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21492 | &nbsp;&nbsp;&nbsp;&nbsp; 1410520 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71712 | &nbsp;&nbsp;&nbsp;&nbsp; 2842664 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80545 | &nbsp;&nbsp;&nbsp;&nbsp; 3396583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27267326 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;101706 | &nbsp;&nbsp;&nbsp;&nbsp; 3141698 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;401972 | &nbsp;&nbsp;&nbsp;&nbsp; 9353889 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49395 | &nbsp;&nbsp;&nbsp;&nbsp; 8719699 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80637 | &nbsp;&nbsp;&nbsp;&nbsp; 12269726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33485012 |
| **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;273417 | &nbsp;&nbsp;&nbsp;&nbsp; 4924240 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82345 | &nbsp;&nbsp;&nbsp;&nbsp; 10001624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14925864 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;211546 | &nbsp;&nbsp;$11535603 |
| **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;38522 | &nbsp;&nbsp;&nbsp;&nbsp; 12546230 |
| **REITS — 6.7%** | **REITS — 6.7%** | **REITS — 6.7%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89814 | &nbsp;&nbsp;&nbsp;&nbsp; 6755809 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;264916 | &nbsp;&nbsp;&nbsp;&nbsp; 8509102 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;522021 | &nbsp;&nbsp;&nbsp;&nbsp; 11902079 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249182 | &nbsp;&nbsp;&nbsp;&nbsp; 6513617 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91347 | &nbsp;&nbsp;&nbsp;&nbsp; 2807093 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137387 | &nbsp;&nbsp;&nbsp;&nbsp; 3541837 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;184648 | &nbsp;&nbsp;&nbsp;&nbsp; 6874445 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43188 | &nbsp;&nbsp;&nbsp;&nbsp; 7824802 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62012 | &nbsp;&nbsp;&nbsp;&nbsp; 3241367 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;157233 | &nbsp;&nbsp;&nbsp;&nbsp; 9885239 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107453 | &nbsp;&nbsp;&nbsp;&nbsp; 6150610 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229882 | &nbsp;&nbsp;&nbsp;&nbsp; 10006763 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;284495 | &nbsp;&nbsp;&nbsp;&nbsp; 5186344 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191222 | &nbsp;&nbsp;&nbsp;&nbsp; 3279457 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88168 | &nbsp;&nbsp;&nbsp;&nbsp; 3781526 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;178555 | &nbsp;&nbsp;&nbsp;&nbsp; 4131763 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70569 | &nbsp;&nbsp;&nbsp;&nbsp; 9342630 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57854 | &nbsp;&nbsp;&nbsp;&nbsp; 1703800 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153574 | &nbsp;&nbsp;&nbsp;&nbsp; 6350285 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239554 | &nbsp;&nbsp;&nbsp;&nbsp; 11000320 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;164405 | &nbsp;&nbsp;&nbsp;&nbsp; 1778862 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57750 | &nbsp;&nbsp;&nbsp;&nbsp; 2323860 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110943 | &nbsp;&nbsp;&nbsp;&nbsp; 2464044 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;191767 | &nbsp;&nbsp;&nbsp;&nbsp; 7979425 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194490 | &nbsp;&nbsp;&nbsp;&nbsp; 3794500 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151429 | &nbsp;&nbsp;&nbsp;&nbsp; 5948131 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279219 | &nbsp;&nbsp;&nbsp;&nbsp; 5120876 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;130406 | &nbsp;&nbsp;&nbsp;&nbsp; 4801549 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177849 | &nbsp;&nbsp;&nbsp;&nbsp; 11981687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174981822 |
| **Retail — 5.5%** | **Retail — 5.5%** | **Retail — 5.5%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38780 | &nbsp;&nbsp;&nbsp;&nbsp; 3795398 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23084 | &nbsp;&nbsp;&nbsp;&nbsp; 4877418 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172134 | &nbsp;&nbsp;&nbsp;&nbsp; 2996853 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;107197 | &nbsp;&nbsp;&nbsp;&nbsp; 9565188 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50660 | &nbsp;&nbsp;&nbsp;&nbsp; 12777972 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30229 | &nbsp;&nbsp;&nbsp;&nbsp; 17244435 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80408 | &nbsp;&nbsp;&nbsp;&nbsp; 3931147 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54324 | &nbsp;&nbsp;&nbsp;&nbsp; 11221709 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31853 | &nbsp;&nbsp;&nbsp;&nbsp; 5045834 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44863 | &nbsp;&nbsp;&nbsp;&nbsp; 7397460 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87419 | &nbsp;&nbsp;&nbsp;&nbsp; 5561597 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;333230 | &nbsp;&nbsp;&nbsp;&nbsp; 7507672 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;184895 | &nbsp;&nbsp;&nbsp;&nbsp; 5005108 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20857 | &nbsp;&nbsp;&nbsp;&nbsp; 6650046 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220714 | &nbsp;&nbsp;&nbsp;&nbsp; 4935165 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36845 | &nbsp;&nbsp;&nbsp;&nbsp; 3277731 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14211 | &nbsp;&nbsp;&nbsp;&nbsp; 5472230 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49871 | &nbsp;&nbsp;&nbsp;&nbsp; 6139619 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15018 | &nbsp;&nbsp;&nbsp;&nbsp; 2428711 |
| &nbsp;&nbsp;&nbsp;RH#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12502 | &nbsp;&nbsp;&nbsp;&nbsp; 1970190 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54112 | &nbsp;&nbsp;&nbsp;&nbsp; 9483128 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22642 | &nbsp;&nbsp;&nbsp;&nbsp; 5994017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143278628 |
| **Semiconductors — 2.3%** | **Semiconductors — 2.3%** | **Semiconductors — 2.3%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99844 | &nbsp;&nbsp;&nbsp;&nbsp; 2664836 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92704 | &nbsp;&nbsp;&nbsp;&nbsp; 3373499 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41520 | &nbsp;&nbsp;$4996517 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20828 | &nbsp;&nbsp;&nbsp;&nbsp; 1658742 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;111057 | &nbsp;&nbsp;&nbsp;&nbsp; 7797312 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52215 | &nbsp;&nbsp;&nbsp;&nbsp; 9137103 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54477 | &nbsp;&nbsp;&nbsp;&nbsp; 8519658 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39647 | &nbsp;&nbsp;&nbsp;&nbsp; 5675864 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45704 | &nbsp;&nbsp;&nbsp;&nbsp; 1535654 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87061 | &nbsp;&nbsp;&nbsp;&nbsp; 8320420 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26579 | &nbsp;&nbsp;&nbsp;&nbsp; 3390949 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31224 | &nbsp;&nbsp;&nbsp;&nbsp; 2139156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59209710 |
| **Software — 4.5%** | **Software — 4.5%** | **Software — 4.5%** |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18626 | &nbsp;&nbsp;&nbsp;&nbsp; 4251943 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;121210 | &nbsp;&nbsp;&nbsp;&nbsp; 5085972 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74321 | &nbsp;&nbsp;&nbsp;&nbsp; 3727198 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30452 | &nbsp;&nbsp;&nbsp;&nbsp; 1716884 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36053 | &nbsp;&nbsp;&nbsp;&nbsp; 4452546 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36792 | &nbsp;&nbsp;&nbsp;&nbsp; 1332238 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;164281 | &nbsp;&nbsp;&nbsp;&nbsp; 11392887 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;111345 | &nbsp;&nbsp;&nbsp;&nbsp; 5727587 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;150663 | &nbsp;&nbsp;&nbsp;&nbsp; 4501810 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32247 | &nbsp;&nbsp;&nbsp;&nbsp; 6172398 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;245130 | &nbsp;&nbsp;&nbsp;&nbsp; 10922993 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68452 | &nbsp;&nbsp;&nbsp;&nbsp; 14784263 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49014 | &nbsp;&nbsp;&nbsp;&nbsp; 8648520 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;217952 | &nbsp;&nbsp;&nbsp;&nbsp; 10418106 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75197 | &nbsp;&nbsp;&nbsp;&nbsp; 4118540 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;124745 | &nbsp;&nbsp;&nbsp;&nbsp; 16178179 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;225723 | &nbsp;&nbsp;&nbsp;&nbsp; 2239172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115671236 |
| **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;114934 | &nbsp;&nbsp;&nbsp;&nbsp; 23470672 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;109241 | &nbsp;&nbsp;&nbsp;&nbsp; 8006273 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;203018 | &nbsp;&nbsp;&nbsp;&nbsp; 7698443 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86253 | &nbsp;&nbsp;&nbsp;&nbsp; 1414549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40589937 |
| **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;262587 | &nbsp;&nbsp;&nbsp;&nbsp; 5545837 |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45391 | &nbsp;&nbsp;&nbsp;&nbsp; 5152786 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131694 | &nbsp;&nbsp;&nbsp;&nbsp; 6031585 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28084 | &nbsp;&nbsp;&nbsp;&nbsp; 3674511 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33120 | &nbsp;&nbsp;&nbsp;&nbsp; 5736715 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21652 | &nbsp;&nbsp;&nbsp;&nbsp; 6096337 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95741 | &nbsp;&nbsp;&nbsp;&nbsp; 13600967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40292901 |

---

---

| | | |
|:---|:---|:---|
| **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;29025 | &nbsp;&nbsp;$4641968 |
| **Water — 0.3%** | **Water — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228027 | &nbsp;&nbsp;&nbsp;&nbsp; 9027589 |
| **Total Long-Term Investment Securities<br> (cost $1,873,735,241)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2579966148 |
| **SHORT-TERM INVESTMENTS — 1.5%** | **SHORT-TERM INVESTMENTS — 1.5%** |  |
| **Unaffiliated Investment Companies — 1.5%** | **Unaffiliated Investment Companies — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.94%(1) | 12532064 | &nbsp;&nbsp;&nbsp;&nbsp; 12532064 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(1)(2) | 26657810 | &nbsp;&nbsp;&nbsp;&nbsp; 26657810 |
| **Total Short-Term Investments<br> (cost $39,189,874)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39189874 |
| **TOTAL INVESTMENTS<br> (cost $1,912,925,115)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.0% | &nbsp;&nbsp;&nbsp;&nbsp;2619156022 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25288452) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$2593867570 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (2) | &nbsp;&nbsp;At November 30, 2025, the Fund had loaned securities with a total value of $133,461,428. This was secured by collateral of $26,657,810, which was received in cash and subsequently invested in short-term investments currently valued at $26,657,810 as reported in the Portfolio of Investments. Additional collateral of $114,066,004 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $161432 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392496 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164772 |
| United States Treasury Bills | 0.00% | 12/04/2025 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290985 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;111056319 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Pay/<br> Receive** | &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** |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp; 3192 | &nbsp;&nbsp; 4.28% (OBFR + 0.40%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;$137001 | &nbsp;&nbsp;$12034 | &nbsp;&nbsp;$12034 |
| BNP Paribas | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;49236 | &nbsp;&nbsp; 4.08% (OBFR + 0.20%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp;2113209 | &nbsp;&nbsp;&nbsp;185620 | &nbsp;&nbsp;&nbsp;185620 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;197654 | &nbsp;&nbsp;&nbsp;197654 |
| **Banks** |  |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;17653 | &nbsp;&nbsp; 4.28% (OBFR + 0.40%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 683877 | &nbsp;&nbsp;&nbsp; 19418 | &nbsp;&nbsp;&nbsp;&nbsp;19418 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** | **Contracts For Difference Swaps — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Pay/<br> Receive** | &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;$217072 | &nbsp;&nbsp;$217072 |
| OBFR—Overnight Bank Funding Rate |  |  |  |  |  |  |  |  |  |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 35 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P Mid Cap 400 E-Mini Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$11200972 | &nbsp;&nbsp;&nbsp;&nbsp;$11600400 | &nbsp;&nbsp;&nbsp;&nbsp;$399428 |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$2579966148 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2579966148 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39189874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39189874 |
| **Total Investments at Value** | &nbsp;&nbsp;$2619156022 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2619156022 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$217072 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$217072 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399428 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$399428 | &nbsp;&nbsp;$217072 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$616500 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Strategic Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** |
| **Aerospace/Defense — 5.4%** | **Aerospace/Defense — 5.4%** | **Aerospace/Defense — 5.4%** |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38234 | &nbsp;&nbsp;$10684874 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;270179 | &nbsp;&nbsp;&nbsp;&nbsp; 2104694 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37690 | &nbsp;&nbsp;&nbsp;&nbsp; 11944338 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115110 | &nbsp;&nbsp;&nbsp;&nbsp; 23550355 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;181749 | &nbsp;&nbsp;&nbsp;&nbsp; 2622638 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221945 | &nbsp;&nbsp;&nbsp;&nbsp; 7583861 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;147380 | &nbsp;&nbsp;&nbsp;&nbsp; 6210593 |
| &nbsp;&nbsp;&nbsp;StandardAero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;109294 | &nbsp;&nbsp;&nbsp;&nbsp; 2854759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67556112 |
| **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;107032 | &nbsp;&nbsp;&nbsp;&nbsp; 7295301 |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;142415 | &nbsp;&nbsp;&nbsp;&nbsp; 7949605 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;200244 | &nbsp;&nbsp;&nbsp;&nbsp; 8808734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16758339 |
| **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19765 | &nbsp;&nbsp;&nbsp;&nbsp; 9842575 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68894 | &nbsp;&nbsp;&nbsp;&nbsp; 7262805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17105380 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65795 | &nbsp;&nbsp;&nbsp;&nbsp; 2693647 |
| **Biotechnology — 4.7%** | **Biotechnology — 4.7%** | **Biotechnology — 4.7%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26895 | &nbsp;&nbsp;&nbsp;&nbsp; 12135831 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6508 | &nbsp;&nbsp;&nbsp;&nbsp; 5935166 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25577 | &nbsp;&nbsp;&nbsp;&nbsp; 1841800 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95715 | &nbsp;&nbsp;&nbsp;&nbsp; 6457891 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24542 | &nbsp;&nbsp;&nbsp;&nbsp; 3226046 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;103879 | &nbsp;&nbsp;&nbsp;&nbsp; 21582940 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39984 | &nbsp;&nbsp;&nbsp;&nbsp; 3109156 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;106587 | &nbsp;&nbsp;&nbsp;&nbsp; 4265611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58554441 |
| **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;&nbsp; 4138314 |
| **Commercial Services — 4.3%** | **Commercial Services — 4.3%** | **Commercial Services — 4.3%** |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;254262 | &nbsp;&nbsp;&nbsp;&nbsp; 10058605 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37943 | &nbsp;&nbsp;&nbsp;&nbsp; 2612375 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32122 | &nbsp;&nbsp;&nbsp;&nbsp; 14932875 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;329208 | &nbsp;&nbsp;&nbsp;&nbsp; 1813784 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC ADR# | &nbsp;&nbsp;&nbsp;&nbsp;140146 | &nbsp;&nbsp;&nbsp;&nbsp; 3875037 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40161 | &nbsp;&nbsp;&nbsp;&nbsp; 3415693 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28613 | &nbsp;&nbsp;&nbsp;&nbsp; 2609792 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8810 | &nbsp;&nbsp;&nbsp;&nbsp; 7181736 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53188 | &nbsp;&nbsp;&nbsp;&nbsp; 7890972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54390869 |
| **Computers — 2.1%** | **Computers — 2.1%** | **Computers — 2.1%** |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;403678 | &nbsp;&nbsp;&nbsp;&nbsp; 7435749 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;177746 | &nbsp;&nbsp;&nbsp;&nbsp; 5878060 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49595 | &nbsp;&nbsp;&nbsp;&nbsp; 12473142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25786951 |
| **Cosmetics/Personal Care — 0.5%** | **Cosmetics/Personal Care — 0.5%** | **Cosmetics/Personal Care — 0.5%** |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87024 | &nbsp;&nbsp;&nbsp;&nbsp; 6628618 |
| **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** |
| &nbsp;&nbsp;&nbsp;Fermi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;117534 | &nbsp;&nbsp;&nbsp;&nbsp; 1938135 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58324 | &nbsp;&nbsp;&nbsp;&nbsp; 5727417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7665552 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25011 | &nbsp;&nbsp;$11398513 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11543 | &nbsp;&nbsp;&nbsp;&nbsp; 2980056 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43556 | &nbsp;&nbsp;&nbsp;&nbsp; 4038948 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27595 | &nbsp;&nbsp;&nbsp;&nbsp; 7528468 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31119 | &nbsp;&nbsp;&nbsp;&nbsp; 11079609 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;416569 | &nbsp;&nbsp;&nbsp;&nbsp; 8323049 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68583 | &nbsp;&nbsp;&nbsp;&nbsp; 7465945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52814588 |
| **Electric — 3.4%** | **Electric — 3.4%** | **Electric — 3.4%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139669 | &nbsp;&nbsp;&nbsp;&nbsp; 9702806 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65461 | &nbsp;&nbsp;&nbsp;&nbsp; 6961777 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44308 | &nbsp;&nbsp;&nbsp;&nbsp; 6071525 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;110564 | &nbsp;&nbsp;&nbsp;&nbsp; 19775477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42511585 |
| **Electronics — 4.0%** | **Electronics — 4.0%** | **Electronics — 4.0%** |
| &nbsp;&nbsp;&nbsp;Celestica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35505 | &nbsp;&nbsp;&nbsp;&nbsp; 12228277 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;313977 | &nbsp;&nbsp;&nbsp;&nbsp; 18559180 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47805 | &nbsp;&nbsp;&nbsp;&nbsp; 9337273 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;190810 | &nbsp;&nbsp;&nbsp;&nbsp; 6119277 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18078 | &nbsp;&nbsp;&nbsp;&nbsp; 4088340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50332347 |
| **Energy-Alternate Sources — 1.7%** | **Energy-Alternate Sources — 1.7%** | **Energy-Alternate Sources — 1.7%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43950 | &nbsp;&nbsp;&nbsp;&nbsp; 11994834 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A† | 1078260 | &nbsp;&nbsp;&nbsp;&nbsp; 9046601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21041435 |
| **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp; 14473366 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| &nbsp;&nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;241129 | &nbsp;&nbsp;&nbsp;&nbsp; 2480517 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95656 | &nbsp;&nbsp;&nbsp;&nbsp; 12573981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15054498 |
| **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27602 | &nbsp;&nbsp;&nbsp;&nbsp; 6281111 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33647 | &nbsp;&nbsp;&nbsp;&nbsp; 3405749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9686860 |
| **Food Service — 0.6%** | **Food Service — 0.6%** | **Food Service — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;198867 | &nbsp;&nbsp;&nbsp;&nbsp; 7391886 |
| **Healthcare-Products — 8.5%** | **Healthcare-Products — 8.5%** | **Healthcare-Products — 8.5%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;101105 | &nbsp;&nbsp;&nbsp;&nbsp; 10270246 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27386 | &nbsp;&nbsp;&nbsp;&nbsp; 2134191 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43716 | &nbsp;&nbsp;&nbsp;&nbsp; 3979905 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26447 | &nbsp;&nbsp;&nbsp;&nbsp; 3925793 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13392 | &nbsp;&nbsp;&nbsp;&nbsp; 10082569 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33338 | &nbsp;&nbsp;&nbsp;&nbsp; 10907860 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22035 | &nbsp;&nbsp;&nbsp;&nbsp; 1297200 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59921 | &nbsp;&nbsp;&nbsp;&nbsp; 14309734 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30327 | &nbsp;&nbsp;&nbsp;&nbsp; 8890967 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56295 | &nbsp;&nbsp;&nbsp;&nbsp; 9627571 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;109723 | &nbsp;&nbsp;&nbsp;&nbsp; 11456178 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14834 | &nbsp;&nbsp;&nbsp;&nbsp; 3949998 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64317 | &nbsp;&nbsp;&nbsp;&nbsp; 7359151 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19127 | &nbsp;&nbsp;&nbsp;&nbsp; 7716214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105907577 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Strategic Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 1.5%** | **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;205295 | &nbsp;&nbsp;$7423467 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53898 | &nbsp;&nbsp;&nbsp;&nbsp; 11687243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19110710 |
| **Home Builders — 0.7%** | **Home Builders — 0.7%** | **Home Builders — 0.7%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56843 | &nbsp;&nbsp;&nbsp;&nbsp; 9038605 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31764 | &nbsp;&nbsp;&nbsp;&nbsp; 7865401 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67022 | &nbsp;&nbsp;&nbsp;&nbsp; 13687845 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;231454 | &nbsp;&nbsp;&nbsp;&nbsp; 6561721 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50026 | &nbsp;&nbsp;&nbsp;&nbsp; 3886520 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12223 | &nbsp;&nbsp;&nbsp;&nbsp; 3923583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35925070 |
| **Internet — 4.2%** | **Internet — 4.2%** | **Internet — 4.2%** |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28084 | &nbsp;&nbsp;&nbsp;&nbsp; 16835796 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30063 | &nbsp;&nbsp;&nbsp;&nbsp; 4335686 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30367 | &nbsp;&nbsp;&nbsp;&nbsp; 6023902 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;154148 | &nbsp;&nbsp;&nbsp;&nbsp; 19806477 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42699 | &nbsp;&nbsp;&nbsp;&nbsp; 4731049 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35733 | &nbsp;&nbsp;&nbsp;&nbsp; 1172757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52905667 |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group#† | &nbsp;&nbsp;&nbsp;&nbsp;205424 | &nbsp;&nbsp;&nbsp;&nbsp; 2754736 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63484 | &nbsp;&nbsp;&nbsp;&nbsp; 2856780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611516 |
| **Iron/Steel — 0.8%** | **Iron/Steel — 0.8%** | **Iron/Steel — 0.8%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29591 | &nbsp;&nbsp;&nbsp;&nbsp; 9425917 |
| **Leisure Time — 1.8%** | **Leisure Time — 1.8%** | **Leisure Time — 1.8%** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82360 | &nbsp;&nbsp;&nbsp;&nbsp; 21928350 |
| **Lodging — 1.7%** | **Lodging — 1.7%** | **Lodging — 1.7%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74755 | &nbsp;&nbsp;&nbsp;&nbsp; 21307418 |
| **Machinery-Construction & Mining — 1.6%** | **Machinery-Construction & Mining — 1.6%** | **Machinery-Construction & Mining — 1.6%** |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;108674 | &nbsp;&nbsp;&nbsp;&nbsp; 19531978 |
| **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92092 | &nbsp;&nbsp;&nbsp;&nbsp; 7398671 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24030 | &nbsp;&nbsp;&nbsp;&nbsp; 9512516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16911187 |
| **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;13784 | &nbsp;&nbsp;&nbsp;&nbsp; 1211338 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92979 | &nbsp;&nbsp;&nbsp;&nbsp; 8924124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10135462 |
| **Miscellaneous Manufacturing — 2.3%** | **Miscellaneous Manufacturing — 2.3%** | **Miscellaneous Manufacturing — 2.3%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11085 | &nbsp;&nbsp;&nbsp;&nbsp; 5987452 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15360 | &nbsp;&nbsp;&nbsp;&nbsp; 13235712 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19957 | &nbsp;&nbsp;&nbsp;&nbsp; 9968921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29192085 |
| **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43653 | &nbsp;&nbsp;&nbsp;&nbsp; 9268842 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58180 | &nbsp;&nbsp;&nbsp;&nbsp; 21464347 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58752 | &nbsp;&nbsp;&nbsp;&nbsp; 2914687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33647876 |
| **Pipelines — 1.8%** | **Pipelines — 1.8%** | **Pipelines — 1.8%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51820 | &nbsp;&nbsp;&nbsp;&nbsp; 10802397 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23872 | &nbsp;&nbsp;$1738359 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53630 | &nbsp;&nbsp;&nbsp;&nbsp; 9401876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21942632 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;100599 | &nbsp;&nbsp;&nbsp;&nbsp; 6921211 |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15438 | &nbsp;&nbsp;&nbsp;&nbsp; 2421450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9342661 |
| **REITS — 0.5%** | **REITS — 0.5%** | **REITS — 0.5%** |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42030 | &nbsp;&nbsp;&nbsp;&nbsp; 5564352 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36928 | &nbsp;&nbsp;&nbsp;&nbsp; 1322761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6887113 |
| **Retail — 6.8%** | **Retail — 6.8%** | **Retail — 6.8%** |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10908 | &nbsp;&nbsp;&nbsp;&nbsp; 2751325 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66532 | &nbsp;&nbsp;&nbsp;&nbsp; 2572127 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39065 | &nbsp;&nbsp;&nbsp;&nbsp; 14629842 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;116868 | &nbsp;&nbsp;&nbsp;&nbsp; 5713677 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37431 | &nbsp;&nbsp;&nbsp;&nbsp; 6721859 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28215 | &nbsp;&nbsp;&nbsp;&nbsp; 3126504 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54616 | &nbsp;&nbsp;&nbsp;&nbsp; 13745209 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;107905 | &nbsp;&nbsp;&nbsp;&nbsp; 10973938 |
| &nbsp;&nbsp;&nbsp;QXO, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;257455 | &nbsp;&nbsp;&nbsp;&nbsp; 4822132 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60440 | &nbsp;&nbsp;&nbsp;&nbsp; 10592110 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34701 | &nbsp;&nbsp;&nbsp;&nbsp; 9186396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84835119 |
| **Semiconductors — 4.9%** | **Semiconductors — 4.9%** | **Semiconductors — 4.9%** |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71894 | &nbsp;&nbsp;&nbsp;&nbsp; 11328338 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597 | &nbsp;&nbsp;&nbsp;&nbsp; 4228166 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191035 | &nbsp;&nbsp;&nbsp;&nbsp; 10235655 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22512 | &nbsp;&nbsp;&nbsp;&nbsp; 20894963 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37659 | &nbsp;&nbsp;&nbsp;&nbsp; 7341245 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;150853 | &nbsp;&nbsp;&nbsp;&nbsp; 7578855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61607222 |
| **Software — 11.4%** | **Software — 11.4%** | **Software — 11.4%** |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33652 | &nbsp;&nbsp;&nbsp;&nbsp; 7675685 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;120078 | &nbsp;&nbsp;&nbsp;&nbsp; 24040816 |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp;&nbsp; 10910718 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;115845 | &nbsp;&nbsp;&nbsp;&nbsp; 8004889 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23674 | &nbsp;&nbsp;&nbsp;&nbsp; 1951211 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50805 | &nbsp;&nbsp;&nbsp;&nbsp; 2263871 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85186 | &nbsp;&nbsp;&nbsp;&nbsp; 6008169 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33825 | &nbsp;&nbsp;&nbsp;&nbsp; 7305524 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49624 | &nbsp;&nbsp;&nbsp;&nbsp; 8705538 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;109065 | &nbsp;&nbsp;&nbsp;&nbsp; 10364447 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;268765 | &nbsp;&nbsp;&nbsp;&nbsp; 10221133 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50405 | &nbsp;&nbsp;&nbsp;&nbsp; 12663752 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183013 | &nbsp;&nbsp;&nbsp;&nbsp; 15728137 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39630 | &nbsp;&nbsp;&nbsp;&nbsp; 9751754 |
| &nbsp;&nbsp;&nbsp;Topicus.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21064 | &nbsp;&nbsp;&nbsp;&nbsp; 1983177 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20229 | &nbsp;&nbsp;&nbsp;&nbsp; 4361777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141940598 |
| **Transportation — 2.4%** | **Transportation — 2.4%** | **Transportation — 2.4%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78208 | &nbsp;&nbsp;&nbsp;&nbsp; 12424905 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64133 | &nbsp;&nbsp;&nbsp;&nbsp; 4654132 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Strategic Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 55558 | &nbsp;&nbsp;$9664870 |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. | &nbsp;&nbsp; 37374 | &nbsp;&nbsp;&nbsp;&nbsp; 3269851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30013758 |
| **Total Long-Term Investment Securities<br> (cost $1,006,611,753)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1229028610 |
| **SHORT-TERM INVESTMENTS — 2.4%** | **SHORT-TERM INVESTMENTS — 2.4%** |  |
| **Commercial Paper — 0.2%** | **Commercial Paper — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 12/01/2025 | $2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2899061 |
| **Unaffiliated Investment Companies — 2.2%** | **Unaffiliated Investment Companies — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(1)(2) | &nbsp;&nbsp;26701994 | &nbsp;&nbsp;&nbsp;&nbsp; 26701994 |
| **Total Short-Term Investments<br> (cost $29,601,994)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29601055 |
| **TOTAL INVESTMENTS<br> (cost $1,036,213,747)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.7% | &nbsp;&nbsp;&nbsp;&nbsp;1258629665 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9151620) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1249478045 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan (see Note 2).

(1) The rate shown is the 7-day yield as of November 30, 2025.

(2) At November 30, 2025, the Fund had loaned securities with a total value of $49,749,771. This was secured by collateral of $26,701,994, which was received in cash and subsequently invested in short-term investments currently valued at $26,701,994 as reported in the Portfolio of Investments. Additional collateral of $23,830,762 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $61260 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907906 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62528 |
| United States Treasury Bills | 0.00% | 12/04/2025 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45972 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;22753096 |

---

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;$52577085 | &nbsp;&nbsp;$1813784 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$54390869 |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12573981 | &nbsp;&nbsp;&nbsp;&nbsp;2480517 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15054498 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;1159583243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1159583243 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2899061 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899061 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26701994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26701994 |
| **Total Investments at Value** | &nbsp;&nbsp;$1251436303 | &nbsp;&nbsp;$7193362 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1258629665 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 2.2%** | **Aerospace/Defense — 2.2%** | **Aerospace/Defense — 2.2%** |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20063 | &nbsp;&nbsp;$1839577 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18355 | &nbsp;&nbsp;&nbsp;&nbsp; 3755249 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8472 | &nbsp;&nbsp;&nbsp;&nbsp; 2361062 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13946 | &nbsp;&nbsp;&nbsp;&nbsp; 3203117 |
| &nbsp;&nbsp;&nbsp;StandardAero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;90307 | &nbsp;&nbsp;&nbsp;&nbsp; 2358819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13517824 |
| **Apparel — 1.1%** | **Apparel — 1.1%** | **Apparel — 1.1%** |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8006 | &nbsp;&nbsp;&nbsp;&nbsp; 2940844 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88387 | &nbsp;&nbsp;&nbsp;&nbsp; 3692809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633653 |
| **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13036 | &nbsp;&nbsp;&nbsp;&nbsp; 1155772 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66025 | &nbsp;&nbsp;&nbsp;&nbsp; 1507351 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;308046 | &nbsp;&nbsp;&nbsp;&nbsp; 2667678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330801 |
| **Banks — 6.5%** | **Banks — 6.5%** | **Banks — 6.5%** |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;39017 | &nbsp;&nbsp;&nbsp;&nbsp; 2955928 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;67586 | &nbsp;&nbsp;&nbsp;&nbsp; 2692626 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152643 | &nbsp;&nbsp;&nbsp;&nbsp; 4231264 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34322 | &nbsp;&nbsp;&nbsp;&nbsp; 3662157 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;51156 | &nbsp;&nbsp;&nbsp;&nbsp; 2223240 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;242195 | &nbsp;&nbsp;&nbsp;&nbsp; 3947778 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;64698 | &nbsp;&nbsp;&nbsp;&nbsp; 2407413 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;94160 | &nbsp;&nbsp;&nbsp;&nbsp; 2971690 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43205 | &nbsp;&nbsp;&nbsp;&nbsp; 3867280 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98357 | &nbsp;&nbsp;&nbsp;&nbsp; 4740807 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32951 | &nbsp;&nbsp;&nbsp;&nbsp; 3660197 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50038 | &nbsp;&nbsp;&nbsp;&nbsp; 2982265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;40342645 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23746 | &nbsp;&nbsp;&nbsp;&nbsp; 3869411 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;21007 | &nbsp;&nbsp;&nbsp;&nbsp; 1926132 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54421 | &nbsp;&nbsp;&nbsp;&nbsp; 853865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6649408 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10934 | &nbsp;&nbsp;&nbsp;&nbsp; 1990972 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816 | &nbsp;&nbsp;&nbsp;&nbsp; 914806 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 | &nbsp;&nbsp;&nbsp;&nbsp; 2099520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005298 |
| **Building Materials — 3.7%** | **Building Materials — 3.7%** | **Building Materials — 3.7%** |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;48439 | &nbsp;&nbsp;&nbsp;&nbsp; 3692989 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18741 | &nbsp;&nbsp;&nbsp;&nbsp; 2103302 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;160959 | &nbsp;&nbsp;&nbsp;&nbsp; 2647776 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC† | &nbsp;&nbsp;&nbsp;&nbsp;208770 | &nbsp;&nbsp;&nbsp;&nbsp; 4129471 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12493 | &nbsp;&nbsp;&nbsp;&nbsp; 1024551 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58399 | &nbsp;&nbsp;&nbsp;&nbsp; 3788343 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;76956 | &nbsp;&nbsp;&nbsp;&nbsp; 853442 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;17154 | &nbsp;&nbsp;&nbsp;&nbsp; 2781178 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20731 | &nbsp;&nbsp;&nbsp;&nbsp; 1927776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22948828 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40158 | &nbsp;&nbsp;&nbsp;&nbsp; 3160435 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28113 | &nbsp;&nbsp;&nbsp;&nbsp; 1118054 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;59346 | &nbsp;&nbsp;&nbsp;&nbsp; 3099642 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14057 | &nbsp;&nbsp;$1139882 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;26738 | &nbsp;&nbsp;&nbsp;&nbsp; 3685833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12203846 |
| **Commercial Services — 2.2%** | **Commercial Services — 2.2%** | **Commercial Services — 2.2%** |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34866 | &nbsp;&nbsp;&nbsp;&nbsp; 1468556 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;50868 | &nbsp;&nbsp;&nbsp;&nbsp; 4326323 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16436 | &nbsp;&nbsp;&nbsp;&nbsp; 963150 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;169777 | &nbsp;&nbsp;&nbsp;&nbsp; 5315718 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9768 | &nbsp;&nbsp;&nbsp;&nbsp; 1449180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13522927 |
| **Computers — 4.2%** | **Computers — 4.2%** | **Computers — 4.2%** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37687 | &nbsp;&nbsp;&nbsp;&nbsp; 2882302 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;13109 | &nbsp;&nbsp;&nbsp;&nbsp; 8089564 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;&nbsp;&nbsp; 3273891 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9189 | &nbsp;&nbsp;&nbsp;&nbsp; 1225353 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13839 | &nbsp;&nbsp;&nbsp;&nbsp; 2587893 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12910 | &nbsp;&nbsp;&nbsp;&nbsp; 2467101 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29171 | &nbsp;&nbsp;&nbsp;&nbsp; 3254317 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8317 | &nbsp;&nbsp;&nbsp;&nbsp; 2301231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26081652 |
| **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71742 | &nbsp;&nbsp;&nbsp;&nbsp; 2130020 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;29554 | &nbsp;&nbsp;&nbsp;&nbsp; 2902203 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46859 | &nbsp;&nbsp;&nbsp;&nbsp; 1545878 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16744 | &nbsp;&nbsp;&nbsp;&nbsp; 4477513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11055614 |
| **Diversified Financial Services — 8.2%** | **Diversified Financial Services — 8.2%** | **Diversified Financial Services — 8.2%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12946 | &nbsp;&nbsp;&nbsp;&nbsp; 3480273 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83959 | &nbsp;&nbsp;&nbsp;&nbsp; 3467507 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13271 | &nbsp;&nbsp;&nbsp;&nbsp; 6048125 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44751 | &nbsp;&nbsp;&nbsp;&nbsp; 3030985 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp;&nbsp;&nbsp; 1864973 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9538 | &nbsp;&nbsp;&nbsp;&nbsp; 3052828 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17050 | &nbsp;&nbsp;&nbsp;&nbsp; 6070482 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;112145 | &nbsp;&nbsp;&nbsp;&nbsp; 1816749 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;149253 | &nbsp;&nbsp;&nbsp;&nbsp; 2982075 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48989 | &nbsp;&nbsp;&nbsp;&nbsp; 1435378 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60438 | &nbsp;&nbsp;&nbsp;&nbsp; 7373436 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;43485 | &nbsp;&nbsp;&nbsp;&nbsp; 3363999 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24961 | &nbsp;&nbsp;&nbsp;&nbsp; 1474696 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83129 | &nbsp;&nbsp;&nbsp;&nbsp; 5843969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;51305475 |
| **Electric — 2.6%** | **Electric — 2.6%** | **Electric — 2.6%** |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38680 | &nbsp;&nbsp;&nbsp;&nbsp; 1546426 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;28594 | &nbsp;&nbsp;&nbsp;&nbsp; 3918236 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27307 | &nbsp;&nbsp;&nbsp;&nbsp; 2662979 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44387 | &nbsp;&nbsp;&nbsp;&nbsp; 2118148 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8575 | &nbsp;&nbsp;&nbsp;&nbsp; 1453377 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64366 | &nbsp;&nbsp;&nbsp;&nbsp; 2946675 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22248 | &nbsp;&nbsp;&nbsp;&nbsp; 1826783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16472624 |
| **Electrical Components & Equipment — 1.3%** | **Electrical Components & Equipment — 1.3%** | **Electrical Components & Equipment — 1.3%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11468 | &nbsp;&nbsp;&nbsp;&nbsp; 2269403 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24785 | &nbsp;&nbsp;&nbsp;&nbsp; 2810619 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20777 | &nbsp;&nbsp;&nbsp;&nbsp; 3150416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8230438 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electronics — 3.8%** | **Electronics — 3.8%** | **Electronics — 3.8%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;29442 | &nbsp;&nbsp;$4888255 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15348 | &nbsp;&nbsp;&nbsp;&nbsp; 1657737 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45716 | &nbsp;&nbsp;&nbsp;&nbsp; 2313687 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;116859 | &nbsp;&nbsp;&nbsp;&nbsp; 6907535 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8498 | &nbsp;&nbsp;&nbsp;&nbsp; 1790614 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23380 | &nbsp;&nbsp;&nbsp;&nbsp; 4628071 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7992 | &nbsp;&nbsp;&nbsp;&nbsp; 1807391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23993290 |
| **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;37629 | &nbsp;&nbsp;&nbsp;&nbsp; 1615413 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48994 | &nbsp;&nbsp;&nbsp;&nbsp; 2642246 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7669 | &nbsp;&nbsp;&nbsp;&nbsp; 3470223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7727882 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC# | &nbsp;&nbsp;&nbsp;&nbsp;119386 | &nbsp;&nbsp;&nbsp;&nbsp; 1867197 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14037 | &nbsp;&nbsp;&nbsp;&nbsp; 1531296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398493 |
| **Food — 2.3%** | **Food — 2.3%** | **Food — 2.3%** |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23189 | &nbsp;&nbsp;&nbsp;&nbsp; 1369542 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38652 | &nbsp;&nbsp;&nbsp;&nbsp; 2945283 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;129715 | &nbsp;&nbsp;&nbsp;&nbsp; 10204679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14519504 |
| **Gas — 1.2%** | **Gas — 1.2%** | **Gas — 1.2%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26678 | &nbsp;&nbsp;&nbsp;&nbsp; 3709842 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43343 | &nbsp;&nbsp;&nbsp;&nbsp; 3629543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7339385 |
| **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;9496 | &nbsp;&nbsp;&nbsp;&nbsp; 2273627 |
| **Healthcare-Products — 3.2%** | **Healthcare-Products — 3.2%** | **Healthcare-Products — 3.2%** |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39050 | &nbsp;&nbsp;&nbsp;&nbsp; 3043166 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31743 | &nbsp;&nbsp;&nbsp;&nbsp; 2539123 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23730 | &nbsp;&nbsp;&nbsp;&nbsp; 3522481 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;40827 | &nbsp;&nbsp;&nbsp;&nbsp; 2605171 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV# | &nbsp;&nbsp;&nbsp;&nbsp;45032 | &nbsp;&nbsp;&nbsp;&nbsp; 2150278 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;46524 | &nbsp;&nbsp;&nbsp;&nbsp; 3966636 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7184 | &nbsp;&nbsp;&nbsp;&nbsp; 1912956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19739811 |
| **Healthcare-Services — 4.0%** | **Healthcare-Services — 4.0%** | **Healthcare-Services — 4.0%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;78836 | &nbsp;&nbsp;&nbsp;&nbsp; 1355978 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;45449 | &nbsp;&nbsp;&nbsp;&nbsp; 1787964 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;11020 | &nbsp;&nbsp;&nbsp;&nbsp; 3055625 |
| &nbsp;&nbsp;&nbsp;Evotec SE† | &nbsp;&nbsp;&nbsp;&nbsp;346014 | &nbsp;&nbsp;&nbsp;&nbsp; 1152226 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;29385 | &nbsp;&nbsp;&nbsp;&nbsp; 5436225 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17266 | &nbsp;&nbsp;&nbsp;&nbsp; 3971353 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791 | &nbsp;&nbsp;&nbsp;&nbsp; 1556505 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12744 | &nbsp;&nbsp;&nbsp;&nbsp; 2410910 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;19719 | &nbsp;&nbsp;&nbsp;&nbsp; 4275868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25002654 |
| **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;3347 | &nbsp;&nbsp;&nbsp;&nbsp; 1993640 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29138 | &nbsp;&nbsp;&nbsp;&nbsp; 1902420 |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18001 | &nbsp;&nbsp;&nbsp;&nbsp; 2862339 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp; 3746138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10504537 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Home Furnishings — 1.3%** | **Home Furnishings — 1.3%** | **Home Furnishings — 1.3%** |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91845 | &nbsp;&nbsp;$8405654 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39085 | &nbsp;&nbsp;&nbsp;&nbsp; 1824879 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10820 | &nbsp;&nbsp;&nbsp;&nbsp; 3400618 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38138 | &nbsp;&nbsp;&nbsp;&nbsp; 2507955 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82998 | &nbsp;&nbsp;&nbsp;&nbsp; 3379678 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 | &nbsp;&nbsp;&nbsp;&nbsp; 4412613 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534 | &nbsp;&nbsp;&nbsp;&nbsp; 1445315 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7872 | &nbsp;&nbsp;&nbsp;&nbsp; 2305394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19276452 |
| **Internet — 1.9%** | **Internet — 1.9%** | **Internet — 1.9%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27049 | &nbsp;&nbsp;&nbsp;&nbsp; 3901007 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49418 | &nbsp;&nbsp;&nbsp;&nbsp; 4091316 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108208 | &nbsp;&nbsp;&nbsp;&nbsp; 2853445 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;13107 | &nbsp;&nbsp;&nbsp;&nbsp; 1254471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12100239 |
| **Iron/Steel — 1.6%** | **Iron/Steel — 1.6%** | **Iron/Steel — 1.6%** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;34144 | &nbsp;&nbsp;&nbsp;&nbsp; 2177704 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28677 | &nbsp;&nbsp;&nbsp;&nbsp; 8010060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10187764 |
| **Leisure Time — 0.9%** | **Leisure Time — 0.9%** | **Leisure Time — 0.9%** |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;112248 | &nbsp;&nbsp;&nbsp;&nbsp; 3186721 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;108193 | &nbsp;&nbsp;&nbsp;&nbsp; 2209301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396022 |
| **Lodging — 1.5%** | **Lodging — 1.5%** | **Lodging — 1.5%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32106 | &nbsp;&nbsp;&nbsp;&nbsp; 2674430 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609 | &nbsp;&nbsp;&nbsp;&nbsp; 1709567 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67036 | &nbsp;&nbsp;&nbsp;&nbsp; 4907035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9291032 |
| **Machinery-Diversified — 1.1%** | **Machinery-Diversified — 1.1%** | **Machinery-Diversified — 1.1%** |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9354 | &nbsp;&nbsp;&nbsp;&nbsp; 1733109 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15199 | &nbsp;&nbsp;&nbsp;&nbsp; 2643562 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10142 | &nbsp;&nbsp;&nbsp;&nbsp; 2797975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174646 |
| **Metal Fabricate/Hardware — 0.5%** | **Metal Fabricate/Hardware — 0.5%** | **Metal Fabricate/Hardware — 0.5%** |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54100 | &nbsp;&nbsp;&nbsp;&nbsp; 2920859 |
| **Miscellaneous Manufacturing — 2.6%** | **Miscellaneous Manufacturing — 2.6%** | **Miscellaneous Manufacturing — 2.6%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;17324 | &nbsp;&nbsp;&nbsp;&nbsp; 2980594 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53775 | &nbsp;&nbsp;&nbsp;&nbsp; 1644977 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7787 | &nbsp;&nbsp;&nbsp;&nbsp; 1434054 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26349 | &nbsp;&nbsp;&nbsp;&nbsp; 3702825 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp; 1601039 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57536 | &nbsp;&nbsp;&nbsp;&nbsp; 4784694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16148183 |
| **Office/Business Equipment — 0.4%** | **Office/Business Equipment — 0.4%** | **Office/Business Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10593 | &nbsp;&nbsp;&nbsp;&nbsp; 2677381 |
| **Oil & Gas — 4.7%** | **Oil & Gas — 4.7%** | **Oil & Gas — 4.7%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;126184 | &nbsp;&nbsp;&nbsp;&nbsp; 4596883 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21672 | &nbsp;&nbsp;&nbsp;&nbsp; 2034134 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78203 | &nbsp;&nbsp;&nbsp;&nbsp; 2098969 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15882 | &nbsp;&nbsp;&nbsp;&nbsp; 2423435 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50543 | &nbsp;&nbsp;&nbsp;&nbsp; 3076047 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24674 | &nbsp;&nbsp;&nbsp;&nbsp; 4780094 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;186006 | &nbsp;&nbsp;&nbsp;&nbsp; 2695227 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;12842 | &nbsp;&nbsp;&nbsp;&nbsp; 1758840 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;88284 | &nbsp;&nbsp;$3486335 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;70172 | &nbsp;&nbsp;&nbsp;&nbsp; 2563383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29513347 |
| **Oil & Gas Services — 0.9%** | **Oil & Gas Services — 0.9%** | **Oil & Gas Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;77310 | &nbsp;&nbsp;&nbsp;&nbsp; 1079248 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;104894 | &nbsp;&nbsp;&nbsp;&nbsp; 4747502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5826750 |
| **Packaging & Containers — 1.6%** | **Packaging & Containers — 1.6%** | **Packaging & Containers — 1.6%** |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53466 | &nbsp;&nbsp;&nbsp;&nbsp; 2648171 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;18598 | &nbsp;&nbsp;&nbsp;&nbsp; 3795294 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;82836 | &nbsp;&nbsp;&nbsp;&nbsp; 3283619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9727084 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15722 | &nbsp;&nbsp;&nbsp;&nbsp; 5800317 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;&nbsp;&nbsp; 2665388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465705 |
| **Private Equity — 0.5%** | **Private Equity — 0.5%** | **Private Equity — 0.5%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62976 | &nbsp;&nbsp;&nbsp;&nbsp; 3434081 |
| **REITS — 7.6%** | **REITS — 7.6%** | **REITS — 7.6%** |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42379 | &nbsp;&nbsp;&nbsp;&nbsp; 2152006 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167855 | &nbsp;&nbsp;&nbsp;&nbsp; 4387730 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39164 | &nbsp;&nbsp;&nbsp;&nbsp; 2833907 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;37655 | &nbsp;&nbsp;&nbsp;&nbsp; 4004233 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84865 | &nbsp;&nbsp;&nbsp;&nbsp; 3184983 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155801 | &nbsp;&nbsp;&nbsp;&nbsp; 1899214 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13466 | &nbsp;&nbsp;&nbsp;&nbsp; 2439770 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32415 | &nbsp;&nbsp;&nbsp;&nbsp; 2037931 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;27206 | &nbsp;&nbsp;&nbsp;&nbsp; 1679970 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98850 | &nbsp;&nbsp;&nbsp;&nbsp; 3129591 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7242 | &nbsp;&nbsp;&nbsp;&nbsp; 1909136 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11313 | &nbsp;&nbsp;&nbsp;&nbsp; 1506552 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61085 | &nbsp;&nbsp;&nbsp;&nbsp; 3496505 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25648 | &nbsp;&nbsp;&nbsp;&nbsp; 3395539 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39235 | &nbsp;&nbsp;&nbsp;&nbsp; 2791963 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27311 | &nbsp;&nbsp;&nbsp;&nbsp; 5088585 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50246 | &nbsp;&nbsp;&nbsp;&nbsp; 1448090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47385705 |
| **Retail — 3.8%** | **Retail — 3.8%** | **Retail — 3.8%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp; 6358562 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9587 | &nbsp;&nbsp;&nbsp;&nbsp; 1858152 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 | &nbsp;&nbsp;&nbsp;&nbsp; 1236947 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20704 | &nbsp;&nbsp;&nbsp;&nbsp; 4276825 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12675 | &nbsp;&nbsp;&nbsp;&nbsp; 2089981 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19734 | &nbsp;&nbsp;&nbsp;&nbsp; 1755537 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15355 | &nbsp;&nbsp;&nbsp;&nbsp; 2708008 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14572 | &nbsp;&nbsp;&nbsp;&nbsp; 2623106 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5615 | &nbsp;&nbsp;&nbsp;&nbsp; 860274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23767392 |
| **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62052 | &nbsp;&nbsp;&nbsp;&nbsp; 3324746 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31537 | &nbsp;&nbsp;&nbsp;&nbsp; 4932072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8256818 |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149430 | &nbsp;&nbsp;&nbsp;&nbsp; 1848449 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25142 | &nbsp;&nbsp;&nbsp;&nbsp; 1377028 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;54300 | &nbsp;&nbsp;&nbsp;&nbsp; 2248563 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp; 13077 | &nbsp;&nbsp;$2294098 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 30463 | &nbsp;&nbsp;&nbsp;&nbsp; 2617990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10386128 |
| **Telecommunications — 0.9%** | **Telecommunications — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc.# | &nbsp;&nbsp; 8109 | &nbsp;&nbsp;&nbsp;&nbsp; 2900995 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp; 138842 | &nbsp;&nbsp;&nbsp;&nbsp; 2490825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391820 |
| **Transportation — 2.6%** | **Transportation — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 28965 | &nbsp;&nbsp;&nbsp;&nbsp; 4254958 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp; 14333 | &nbsp;&nbsp;&nbsp;&nbsp; 1875330 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 23092 | &nbsp;&nbsp;&nbsp;&nbsp; 3124117 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp; 15386 | &nbsp;&nbsp;&nbsp;&nbsp; 2665009 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp; 30747 | &nbsp;&nbsp;&nbsp;&nbsp; 4367919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16287333 |
| **Total Long-Term Investment Securities<br> (cost $559,579,461)** |  | &nbsp;&nbsp;&nbsp;&nbsp;615820611 |
| **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** |  |
| **Unaffiliated Investment Companies — 1.3%** | **Unaffiliated Investment Companies — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund<br> 3.69%(1) | &nbsp;&nbsp;7134035 | &nbsp;&nbsp;&nbsp;&nbsp; 7134035 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(1)(2) | &nbsp;&nbsp; 800869 | &nbsp;&nbsp;&nbsp;&nbsp; 800869 |
| **Total Short-Term Investments<br> (cost $7,934,904)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934904 |
| **REPURCHASE AGREEMENTS — 0.0%** | **REPURCHASE AGREEMENTS — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.16% dated 11/28/2025, to be repurchased 12/01/2025 in the amount of $180,791 and collateralized by $187,500 of United States Treasury Notes,, bearing interest at 1.88% due 02/28/2027 and having an approximate value of $184,547<br> (cost $180,773) | $180773 | &nbsp;&nbsp;&nbsp;&nbsp; 180773 |
| **TOTAL INVESTMENTS<br> (cost $567,695,138)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;623936288 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698766) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$623237522 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan (see Note 2).

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Mid Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

(1) The rate shown is the 7-day yield as of November 30, 2025.

(2) At November 30, 2025, the Fund had loaned securities with a total value of $19,626,590. This was secured by collateral of $800,869, which was received in cash and subsequently invested in short-term investments currently valued at $800,869 as reported in the Portfolio of Investments. Additional collateral of $19,755,171 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $21950 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325315 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22404 |
| Government National Mtg. Assoc. | 2.65% | 11/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280453 |
| United States Treasury Bills | 0.00% | 02/05/2026 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56333 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;19048716 |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$615820611 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$615820611 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934904 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;180773 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180773 |
| **Total Investments at Value** | &nbsp;&nbsp;$623755515 | &nbsp;&nbsp;$180773 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$623936288 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Moderate Allocation Lifestyle Fund^

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 98.9%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 98.9%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 98.9%** |
| **Domestic Fixed Income Investment Companies — 42.1%** | **Domestic Fixed Income Investment Companies — 42.1%** | **Domestic Fixed Income Investment Companies — 42.1%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Core Bond Fund | 41945949 | &nbsp;&nbsp;$427429223 |
| &nbsp;&nbsp;&nbsp;VALIC Company I High Yield Bond Fund | 1468432 | &nbsp;&nbsp;&nbsp;&nbsp; 10807657 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $411,222,269)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438236880 |
| **Domestic Equity Investment Companies — 41.9%** | **Domestic Equity Investment Companies — 41.9%** | **Domestic Equity Investment Companies — 41.9%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Large Cap Core Fund | 5546427 | &nbsp;&nbsp;&nbsp;&nbsp; 101610547 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Growth Fund | 1054935 | &nbsp;&nbsp;&nbsp;&nbsp; 18978286 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Small Cap Value Fund | 1399177 | &nbsp;&nbsp;&nbsp;&nbsp; 18637033 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Stock Index Fund | 2220671 | &nbsp;&nbsp;&nbsp;&nbsp; 150961228 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Growth Fund | 3532963 | &nbsp;&nbsp;&nbsp;&nbsp; 76382660 |
| &nbsp;&nbsp;&nbsp;VALIC Company I Systematic Value Fund | 4171478 | &nbsp;&nbsp;&nbsp;&nbsp; 68704232 |
| **Total Domestic Equity Investment Companies<br> (cost $360,361,555)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435273986 |
| **International Equity Investment Companies — 14.9%** | **International Equity Investment Companies — 14.9%** | **International Equity Investment Companies — 14.9%** |
| &nbsp;&nbsp;&nbsp;VALIC Company I Emerging Economies Fund | &nbsp;&nbsp;&nbsp;&nbsp;323938 | &nbsp;&nbsp;&nbsp;&nbsp; 2523478 |
| &nbsp;&nbsp;&nbsp;VALIC Company I International Equities Index Fund | 15555908 | &nbsp;&nbsp;&nbsp;&nbsp; 152759014 |
| **Total International Equity Investment Companies<br> (cost $117,375,887)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155282492 |
| **Total Long-Term Investment Securities<br> (cost $888,959,711)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1028793358 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 1.1%** | **SHORT-TERM INVESTMENTS — 1.1%** |  |
| **Unaffiliated Investment Companies — 1.1%** | **Unaffiliated Investment Companies — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.94%(2)<br> (cost $11,153,741) | 11153741 | &nbsp;&nbsp;$11153741 |
| **TOTAL INVESTMENTS<br> (cost $900,113,452)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;1039947099 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26430) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1039920669 |

---

---

| | |
|:---|:---|
| ^ | &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 8. |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (3) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$1028793358 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1028793358 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11153741 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11153741 |
| **Total Investments at Value** | &nbsp;&nbsp;$1039947099 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1039947099 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Nasdaq-100® Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;26604 | &nbsp;&nbsp;$1052454 |
| **Auto Manufacturers — 3.6%** | **Auto Manufacturers — 3.6%** | **Auto Manufacturers — 3.6%** |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31047 | &nbsp;&nbsp;&nbsp;&nbsp; 3272975 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;88022 | &nbsp;&nbsp;&nbsp;&nbsp; 37864424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41137399 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;27201 | &nbsp;&nbsp;&nbsp;&nbsp; 2494060 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80270 | &nbsp;&nbsp;&nbsp;&nbsp; 2239533 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;58200 | &nbsp;&nbsp;&nbsp;&nbsp; 4364418 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81345 | &nbsp;&nbsp;&nbsp;&nbsp; 12099255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21197266 |
| **Biotechnology — 2.9%** | **Biotechnology — 2.9%** | **Biotechnology — 2.9%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31987 | &nbsp;&nbsp;&nbsp;&nbsp; 11050229 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8753 | &nbsp;&nbsp;&nbsp;&nbsp; 1593834 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73724 | &nbsp;&nbsp;&nbsp;&nbsp; 9277428 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;&nbsp;&nbsp; 4828596 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15234 | &nbsp;&nbsp;&nbsp;&nbsp; 6605615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33355702 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;27861 | &nbsp;&nbsp;&nbsp;&nbsp; 11431926 |
| **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24115 | &nbsp;&nbsp;&nbsp;&nbsp; 6156559 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23943 | &nbsp;&nbsp;&nbsp;&nbsp; 4453877 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56710 | &nbsp;&nbsp;&nbsp;&nbsp; 3555150 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8357 | &nbsp;&nbsp;&nbsp;&nbsp; 1880910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16046496 |
| **Computers — 10.1%** | **Computers — 10.1%** | **Computers — 10.1%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;358400 | &nbsp;&nbsp;&nbsp;&nbsp; 99939840 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;28898 | &nbsp;&nbsp;&nbsp;&nbsp; 2245664 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14903 | &nbsp;&nbsp;&nbsp;&nbsp; 7588011 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45567 | &nbsp;&nbsp;&nbsp;&nbsp; 3696851 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9207 | &nbsp;&nbsp;&nbsp;&nbsp; 2315560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115785926 |
| **Distribution/Wholesale — 0.4%** | **Distribution/Wholesale — 0.4%** | **Distribution/Wholesale — 0.4%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;57299 | &nbsp;&nbsp;&nbsp;&nbsp; 2233515 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;68560 | &nbsp;&nbsp;&nbsp;&nbsp; 2769824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003339 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31808 | &nbsp;&nbsp;&nbsp;&nbsp; 3936876 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18513 | &nbsp;&nbsp;&nbsp;&nbsp; 6745397 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59649 | &nbsp;&nbsp;&nbsp;&nbsp; 2810661 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35315 | &nbsp;&nbsp;&nbsp;&nbsp; 2899714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16392648 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37679 | &nbsp;&nbsp;&nbsp;&nbsp; 7241527 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;70129 | &nbsp;&nbsp;&nbsp;&nbsp; 1788991 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;76693 | &nbsp;&nbsp;&nbsp;&nbsp; 4415216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204207 |
| **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27070 | &nbsp;&nbsp;&nbsp;&nbsp; 2165329 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766 | &nbsp;&nbsp;&nbsp;&nbsp; 3588226 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21299 | &nbsp;&nbsp;&nbsp;&nbsp; 12214551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17968106 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet — 23.3%** | **Internet — 23.3%** | **Internet — 23.3%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;25539 | &nbsp;&nbsp;$2987808 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;140482 | &nbsp;&nbsp;&nbsp;&nbsp; 44979527 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;131136 | &nbsp;&nbsp;&nbsp;&nbsp; 41979256 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;257561 | &nbsp;&nbsp;&nbsp;&nbsp; 60068376 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;18279 | &nbsp;&nbsp;&nbsp;&nbsp; 10957895 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp; 9465693 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7752 | &nbsp;&nbsp;&nbsp;&nbsp; 1117993 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;23891 | &nbsp;&nbsp;&nbsp;&nbsp; 4739258 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;&nbsp;&nbsp; 6240201 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;52381 | &nbsp;&nbsp;&nbsp;&nbsp; 33940269 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;252474 | &nbsp;&nbsp;&nbsp;&nbsp; 27161153 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39736 | &nbsp;&nbsp;&nbsp;&nbsp; 7555006 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;39754 | &nbsp;&nbsp;&nbsp;&nbsp; 4614644 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;72512 | &nbsp;&nbsp;&nbsp;&nbsp; 11503304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267310383 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16168 | &nbsp;&nbsp;&nbsp;&nbsp; 4927845 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8101 | &nbsp;&nbsp;&nbsp;&nbsp; 1621172 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;218815 | &nbsp;&nbsp;&nbsp;&nbsp; 5840172 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;26878 | &nbsp;&nbsp;&nbsp;&nbsp; 3640088 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;147801 | &nbsp;&nbsp;&nbsp;&nbsp; 3547224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14648656 |
| **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639 | &nbsp;&nbsp;&nbsp;&nbsp; 2505709 |
| **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17088 | &nbsp;&nbsp;&nbsp;&nbsp; 2607458 |
| **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;58617 | &nbsp;&nbsp;&nbsp;&nbsp; 2942573 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;35093 | &nbsp;&nbsp;&nbsp;&nbsp; 3253823 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23330 | &nbsp;&nbsp;&nbsp;&nbsp; 1480755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4734578 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25347 | &nbsp;&nbsp;&nbsp;&nbsp; 1743874 |
| **Retail — 3.5%** | **Retail — 3.5%** | **Retail — 3.5%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26350 | &nbsp;&nbsp;&nbsp;&nbsp; 24073096 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6731 | &nbsp;&nbsp;&nbsp;&nbsp; 1239716 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;50355 | &nbsp;&nbsp;&nbsp;&nbsp; 5121104 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19440 | &nbsp;&nbsp;&nbsp;&nbsp; 3428438 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67683 | &nbsp;&nbsp;&nbsp;&nbsp; 5895866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39758220 |
| **Semiconductors — 26.7%** | **Semiconductors — 26.7%** | **Semiconductors — 26.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;96423 | &nbsp;&nbsp;&nbsp;&nbsp; 20974895 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29167 | &nbsp;&nbsp;&nbsp;&nbsp; 7739172 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47333 | &nbsp;&nbsp;&nbsp;&nbsp; 11939749 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8057 | &nbsp;&nbsp;&nbsp;&nbsp; 1092207 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5054 | &nbsp;&nbsp;&nbsp;&nbsp; 5357240 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187868 | &nbsp;&nbsp;&nbsp;&nbsp; 75703289 |
| &nbsp;&nbsp;&nbsp;GlobalFoundries, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;32942 | &nbsp;&nbsp;&nbsp;&nbsp; 1180641 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;260064 | &nbsp;&nbsp;&nbsp;&nbsp; 10548196 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7841 | &nbsp;&nbsp;&nbsp;&nbsp; 9216860 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75198 | &nbsp;&nbsp;&nbsp;&nbsp; 11730888 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51445 | &nbsp;&nbsp;&nbsp;&nbsp; 4599183 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31800 | &nbsp;&nbsp;&nbsp;&nbsp; 1703844 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66494 | &nbsp;&nbsp;&nbsp;&nbsp; 15724501 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;586853 | &nbsp;&nbsp;&nbsp;&nbsp; 103872981 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp; 2904606 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Nasdaq-100® Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;24593 | &nbsp;&nbsp;$1235553 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64110 | &nbsp;&nbsp;&nbsp;&nbsp; 10776250 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54017 | &nbsp;&nbsp;&nbsp;&nbsp; 9089441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305389496 |
| **Software — 14.3%** | **Software — 14.3%** | **Software — 14.3%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25199 | &nbsp;&nbsp;&nbsp;&nbsp; 8066956 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9972 | &nbsp;&nbsp;&nbsp;&nbsp; 1491013 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12685 | &nbsp;&nbsp;&nbsp;&nbsp; 3847868 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16185 | &nbsp;&nbsp;&nbsp;&nbsp; 5047130 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19312 | &nbsp;&nbsp;&nbsp;&nbsp; 3090113 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14785 | &nbsp;&nbsp;&nbsp;&nbsp; 2987014 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16574 | &nbsp;&nbsp;&nbsp;&nbsp; 10509242 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179513 | &nbsp;&nbsp;&nbsp;&nbsp; 88322191 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;135128 | &nbsp;&nbsp;&nbsp;&nbsp; 22762312 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21234 | &nbsp;&nbsp;&nbsp;&nbsp; 2371626 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6388 | &nbsp;&nbsp;&nbsp;&nbsp; 2850453 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;15635 | &nbsp;&nbsp;&nbsp;&nbsp; 2770209 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10970 | &nbsp;&nbsp;&nbsp;&nbsp; 4585570 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11014 | &nbsp;&nbsp;&nbsp;&nbsp; 2710215 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;12929 | &nbsp;&nbsp;&nbsp;&nbsp; 2787751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164199663 |
| **Telecommunications — 2.8%** | **Telecommunications — 2.8%** | **Telecommunications — 2.8%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235287 | &nbsp;&nbsp;&nbsp;&nbsp; 18102982 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66868 | &nbsp;&nbsp;&nbsp;&nbsp; 13976080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32079062 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111209 | &nbsp;&nbsp;&nbsp;&nbsp; 3932350 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12531 | &nbsp;&nbsp;&nbsp;&nbsp; 1695319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627669 |
| **Total Common Stocks<br> (cost $469,997,554)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1141292182 |
| **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; 6192 |
| **Total Long-Term Investment Securities<br> (cost $470,002,270)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1141298374 |

---

---

| | | |
|:---|:---|:---|
| **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> 3.94%(1)<br> (cost $3,834,316) | 3834316 | &nbsp;&nbsp;$3834317 |
| **TOTAL INVESTMENTS<br> (cost $473,836,586)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;1145132691 |
| 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;772213 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1145904904 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan.<br> At November 30, 2025, the Fund had loaned securities with a total value of $7,837,886. This was secured by collateral of $8,265,098 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $1405 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20827 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 |
| United States Treasury Bills | 0.00% | 02/05/2026 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;120545 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;8120887 |

---

(1) The rate shown is the 7-day yield as of November 30, 2025.

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

ADR—American Depositary Receipt

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 9 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;NASDAQ 100 E-Mini Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$4538798 | &nbsp;&nbsp;&nbsp;&nbsp;$4586760 | &nbsp;&nbsp;&nbsp;&nbsp;$47962 |

---

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

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Nasdaq-100® Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$1141292182 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1141292182 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6192 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6192 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834317 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834317 |
| **Total Investments at Value** | &nbsp;&nbsp;$1145132691 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1145132691 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$47962 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$47962 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Science & Technology Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** |
| **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26798 | &nbsp;&nbsp;$7488969 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;122314 | &nbsp;&nbsp;&nbsp;&nbsp; 9308095 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;125190 | &nbsp;&nbsp;&nbsp;&nbsp; 5275507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22072571 |
| **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** | **Auto Manufacturers — 0.8%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;56524 | &nbsp;&nbsp;&nbsp;&nbsp; 24314929 |
| **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;28713 | &nbsp;&nbsp;&nbsp;&nbsp; 9188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9198 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Klarna Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;138269 | &nbsp;&nbsp;&nbsp;&nbsp; 4351325 |
| **Computers — 12.2%** | **Computers — 12.2%** | **Computers — 12.2%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;724009 | &nbsp;&nbsp;&nbsp;&nbsp; 201889910 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;120660 | &nbsp;&nbsp;&nbsp;&nbsp; 61435246 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;15211 | &nbsp;&nbsp;&nbsp;&nbsp; 6975612 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27786 | &nbsp;&nbsp;&nbsp;&nbsp; 8574204 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;27580 | &nbsp;&nbsp;&nbsp;&nbsp; 8967913 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;108757 | &nbsp;&nbsp;&nbsp;&nbsp; 8736450 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;332478 | &nbsp;&nbsp;&nbsp;&nbsp; 23047375 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;597434 | &nbsp;&nbsp;&nbsp;&nbsp; 11004734 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;42495 | &nbsp;&nbsp;&nbsp;&nbsp; 9488284 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;35135 | &nbsp;&nbsp;&nbsp;&nbsp; 9721503 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98615 | &nbsp;&nbsp;&nbsp;&nbsp; 16106788 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;78815 | &nbsp;&nbsp;&nbsp;&nbsp; 19821972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385769991 |
| **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** | **Diversified Financial Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41051 | &nbsp;&nbsp;&nbsp;&nbsp; 11554215 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;31060 | &nbsp;&nbsp;&nbsp;&nbsp; 8473789 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;52361 | &nbsp;&nbsp;&nbsp;&nbsp; 8883567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28911571 |
| **Electronics — 3.2%** | **Electronics — 3.2%** | **Electronics — 3.2%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;378548 | &nbsp;&nbsp;&nbsp;&nbsp; 53337413 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;57165 | &nbsp;&nbsp;&nbsp;&nbsp; 19688198 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;53870 | &nbsp;&nbsp;&nbsp;&nbsp; 8848686 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;308963 | &nbsp;&nbsp;&nbsp;&nbsp; 18262803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100137100 |
| **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; 2007088 |
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc. (Lockup Shares)†(2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;54478 | &nbsp;&nbsp;&nbsp;&nbsp; 1390817 |
| **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; 242065 |
| **Internet — 18.9%** | **Internet — 18.9%** | **Internet — 18.9%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;179421 | &nbsp;&nbsp;&nbsp;&nbsp; 57447016 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;540185 | &nbsp;&nbsp;&nbsp;&nbsp; 172924022 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;106166 | &nbsp;&nbsp;&nbsp;&nbsp; 24760034 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;51279 | &nbsp;&nbsp;&nbsp;&nbsp; 30740735 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;38819 | &nbsp;&nbsp;&nbsp;&nbsp; 7700525 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 | &nbsp;&nbsp;&nbsp;&nbsp; 16619819 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;175343 | &nbsp;&nbsp;&nbsp;&nbsp; 113613497 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;180240 | &nbsp;&nbsp;&nbsp;&nbsp; 19390219 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;198798 | &nbsp;&nbsp;&nbsp;&nbsp; 37797464 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;36821 | &nbsp;&nbsp;&nbsp;&nbsp; 7970642 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;222179 | &nbsp;&nbsp;&nbsp;&nbsp; 28547780 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;212962 | &nbsp;&nbsp;$33784291 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;56079 | &nbsp;&nbsp;&nbsp;&nbsp; 33584031 |
| &nbsp;&nbsp;&nbsp;Stubhub Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;312922 | &nbsp;&nbsp;&nbsp;&nbsp; 3670575 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115600 | &nbsp;&nbsp;&nbsp;&nbsp; 9135940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597686590 |
| **Machinery-Construction & Mining — 1.6%** | **Machinery-Construction & Mining — 1.6%** | **Machinery-Construction & Mining — 1.6%** |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;67190 | &nbsp;&nbsp;&nbsp;&nbsp; 7339836 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83281 | &nbsp;&nbsp;&nbsp;&nbsp; 14897305 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;121813 | &nbsp;&nbsp;&nbsp;&nbsp; 16298855 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;65639 | &nbsp;&nbsp;&nbsp;&nbsp; 11797297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50333293 |
| **Semiconductors — 34.6%** | **Semiconductors — 34.6%** | **Semiconductors — 34.6%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;104965 | &nbsp;&nbsp;&nbsp;&nbsp; 22833037 |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;229600 | &nbsp;&nbsp;&nbsp;&nbsp; 30485043 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119475 | &nbsp;&nbsp;&nbsp;&nbsp; 31701497 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60004 | &nbsp;&nbsp;&nbsp;&nbsp; 15136009 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;81968 | &nbsp;&nbsp;&nbsp;&nbsp; 11111582 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;13818 | &nbsp;&nbsp;&nbsp;&nbsp; 7669208 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;12111 | &nbsp;&nbsp;&nbsp;&nbsp; 12852521 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;651666 | &nbsp;&nbsp;&nbsp;&nbsp; 262595331 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35986 | &nbsp;&nbsp;&nbsp;&nbsp; 42300463 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;442073 | &nbsp;&nbsp;&nbsp;&nbsp; 68963388 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241931 | &nbsp;&nbsp;&nbsp;&nbsp; 57211843 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33894 | &nbsp;&nbsp;&nbsp;&nbsp; 31459394 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2225574 | &nbsp;&nbsp;&nbsp;&nbsp; 393926598 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;66762 | &nbsp;&nbsp;&nbsp;&nbsp; 13014584 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;464449 | &nbsp;&nbsp;&nbsp;&nbsp; 31728066 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;219743 | &nbsp;&nbsp;&nbsp;&nbsp; 64057282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1097045846 |
| **Software — 21.8%** | **Software — 21.8%** | **Software — 21.8%** |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;37277 | &nbsp;&nbsp;&nbsp;&nbsp; 11307605 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;61062 | &nbsp;&nbsp;&nbsp;&nbsp; 19041574 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;116729 | &nbsp;&nbsp;&nbsp;&nbsp; 23370313 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;69690 | &nbsp;&nbsp;&nbsp;&nbsp; 5095733 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;89030 | &nbsp;&nbsp;&nbsp;&nbsp; 14245690 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;148701 | &nbsp;&nbsp;&nbsp;&nbsp; 10487882 |
| &nbsp;&nbsp;&nbsp;Figma, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;126101 | &nbsp;&nbsp;&nbsp;&nbsp; 4535853 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35707 | &nbsp;&nbsp;&nbsp;&nbsp; 7711998 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;187270 | &nbsp;&nbsp;&nbsp;&nbsp; 9232411 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;333685 | &nbsp;&nbsp;&nbsp;&nbsp; 9530044 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;521915 | &nbsp;&nbsp;&nbsp;&nbsp; 256787399 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;73470 | &nbsp;&nbsp;&nbsp;&nbsp; 24419224 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;339901 | &nbsp;&nbsp;&nbsp;&nbsp; 68643007 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;337758 | &nbsp;&nbsp;&nbsp;&nbsp; 56895335 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;668317 | &nbsp;&nbsp;&nbsp;&nbsp; 25416095 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257 | &nbsp;&nbsp;&nbsp;&nbsp; 1030302 |
| &nbsp;&nbsp;&nbsp;SAP SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;29390 | &nbsp;&nbsp;&nbsp;&nbsp; 7105032 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29438 | &nbsp;&nbsp;&nbsp;&nbsp; 23915726 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;367869 | &nbsp;&nbsp;&nbsp;&nbsp; 92423408 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;74549 | &nbsp;&nbsp;&nbsp;&nbsp; 18344272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689538903 |
| **Telecommunications — 2.4%** | **Telecommunications — 2.4%** | **Telecommunications — 2.4%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;317485 | &nbsp;&nbsp;&nbsp;&nbsp; 41488940 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88043 | &nbsp;&nbsp;&nbsp;&nbsp; 6774029 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;261500 | &nbsp;&nbsp;&nbsp;&nbsp; 28134181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76397150 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Science & Technology Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 0.3%** | **Toys/Games/Hobbies — 0.3%** | **Toys/Games/Hobbies — 0.3%** |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp; 125900 | &nbsp;&nbsp;$10671454 |
| **Total Common Stocks<br> (cost $1,927,446,658)** |  | &nbsp;&nbsp;&nbsp;&nbsp;3090879891 |
| **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; 1540782 |
| &nbsp;&nbsp;&nbsp;Waymo LLC<br> Series B-2(1)(2) | &nbsp;&nbsp; 10055 | &nbsp;&nbsp;&nbsp;&nbsp; 747287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288069 |
| **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; 234613 |
| &nbsp;&nbsp;&nbsp;Freenome Holdings, Inc.<br> Series C(1)(2) | &nbsp;&nbsp; 53807 | &nbsp;&nbsp;&nbsp;&nbsp; 168954 |
| &nbsp;&nbsp;&nbsp;Insitro, Inc.<br> Series B(1)(2) | &nbsp;&nbsp; 52029 | &nbsp;&nbsp;&nbsp;&nbsp; 520810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924377 |
| **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; 1234949 |
| &nbsp;&nbsp;&nbsp;Rappi, Inc.<br> Series F(1)(2) | &nbsp;&nbsp; 14609 | &nbsp;&nbsp;&nbsp;&nbsp; 460427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695376 |
| **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; 874630 |
| **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; 255446 |
| **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; 161978 |
| **Total Convertible Preferred Stocks<br> (cost $9,974,555)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753816 |
| **UNAFFILIATED INVESTMENT COMPANIES — 1.6%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.6%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.6%** |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF #<br> (cost $49,708,656) | &nbsp;&nbsp;1376772 | &nbsp;&nbsp;&nbsp;&nbsp; 51725324 |
| **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; 123175 |
| &nbsp;&nbsp;&nbsp;Exact Sciences FDA Milestone †(1) | &nbsp;&nbsp; 108048 | &nbsp;&nbsp;&nbsp;&nbsp; 69151 |
| **Total Escrows and Litigation Trusts<br> (cost $0)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192326 |

---

---

| | | |
|:---|:---|:---|
| **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 $1,987,129,869)** |  | &nbsp;&nbsp;&nbsp;&nbsp;3149551357 |
| **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> 3.94%(4) | 9869164 | &nbsp;&nbsp;&nbsp;&nbsp; 9869163 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(4)(5) | 2001494 | &nbsp;&nbsp;&nbsp;&nbsp; 2001494 |
| **Total Short-Term Investments<br> (cost $11,870,657)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11870657 |
| **TOTAL INVESTMENTS<br> (cost $1,999,000,526)(6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;3161422014 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5714847 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$3167136861 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (2) | &nbsp;&nbsp;Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | $1390817 | $25.53 | 0.0% |
| Epic Games, Inc. | 06/18/20, 03/29/21 | &nbsp;&nbsp;&nbsp;&nbsp;3719 | 2457490 | &nbsp;&nbsp;&nbsp;&nbsp;2007088 | &nbsp;&nbsp;539.69 | 0.1 |
| PrognomiQ, Inc., Class A | 11/15/19, 05/12/20, 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;242065 | &nbsp;&nbsp;&nbsp;&nbsp;34.65 | 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;161978 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | 0.0 |
| Freenome Holdings, Inc.<br> Series B | 06/24/19 | &nbsp;&nbsp;94602 | &nbsp;&nbsp;&nbsp;431111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234613 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | 0.0 |
| Freenome Holdings, Inc.<br> Series C | 08/14/20 | &nbsp;&nbsp;53807 | &nbsp;&nbsp;&nbsp;355842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168954 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | 0.0 |
| Honor Tech, Inc.<br> Series D | 10/16/20 | 180527 | &nbsp;&nbsp;&nbsp;434723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255446 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | 0.0 |
| Insitro, Inc.<br> Series B | 05/21/20 | &nbsp;&nbsp;52029 | &nbsp;&nbsp;&nbsp;324177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520810 | &nbsp;&nbsp;&nbsp;&nbsp;10.01 | 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 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Science & Technology Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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>** |
| National Resilience, Inc.<br> Series B | 10/23/20 | &nbsp;&nbsp;69360 | $947457 | $874630 | $12.61 | 0.0% |
| Rappi, Inc.<br> Series E | 09/08/20 | &nbsp;&nbsp;39184 | 2341089 | &nbsp;&nbsp;&nbsp;&nbsp;1234949 | &nbsp;&nbsp;&nbsp;&nbsp;31.52 | 0.1 |
| Rappi, Inc.<br> Series F | 07/08/21 | &nbsp;&nbsp;14609 | &nbsp;&nbsp;&nbsp;941157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460427 | &nbsp;&nbsp;&nbsp;&nbsp;31.52 | 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;1540782 | &nbsp;&nbsp;&nbsp;&nbsp;73.17 | 0.1 |
| Waymo LLC<br> Series B-2 | 06/11/21 | &nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;922265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747287 | &nbsp;&nbsp;&nbsp;&nbsp;74.32 | 0.0 |
|  |  |  |  | $10402974 |  | 0.3%\*\* |

---

\*\* 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 November 30, 2025.

(5) At November 30, 2025, the Fund had loaned securities with a total value of $17,461,608. This was secured by collateral of $2,001,494, which was received in cash and subsequently invested in short-term investments currently valued at $2,001,494 as reported in the Portfolio of Investments. Additional collateral of $15,576,475 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $14530 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215339 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14830 |
| United States Treasury Bills | 0.00% | 02/05/2026 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198804 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;15132972 |

---

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

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

CAD—Canadian Dollar

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Science & Technology Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9198 | &nbsp;&nbsp;$9198 |
| &nbsp;&nbsp;&nbsp;Entertainment Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2007088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007088 |
| &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;242065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242065 |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588550650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9135940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597686590 |
| &nbsp;&nbsp;&nbsp;Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34034438 | &nbsp;&nbsp;&nbsp;&nbsp;16298855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50333293 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;1014311008 | &nbsp;&nbsp;&nbsp;&nbsp;82734838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1097045846 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688508601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689538903 |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48262969 | &nbsp;&nbsp;&nbsp;&nbsp;28134181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76397150 |
| &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;10671454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10671454 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566948304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566948304 |
| 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;6753816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753816 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51725324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51725324 |
| 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;192326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192326 |
| 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;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;11870657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11870657 |
| **Total Investments at Value** | &nbsp;&nbsp;$3004211951 | &nbsp;&nbsp;$148005570 | &nbsp;&nbsp;$9204493 | &nbsp;&nbsp;$3161422014 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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%** |
| **Aerospace/Defense — 5.4%** | **Aerospace/Defense — 5.4%** | **Aerospace/Defense — 5.4%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;55060 | &nbsp;&nbsp;$4581543 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;55674 | &nbsp;&nbsp;&nbsp;&nbsp; 3038130 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;64714 | &nbsp;&nbsp;&nbsp;&nbsp; 6523171 |
| &nbsp;&nbsp;&nbsp;Firefly Aerospace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26932 | &nbsp;&nbsp;&nbsp;&nbsp; 476966 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101010 | &nbsp;&nbsp;&nbsp;&nbsp; 7699992 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45904 | &nbsp;&nbsp;&nbsp;&nbsp; 3076945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25396747 |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| &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;72335 | &nbsp;&nbsp;&nbsp;&nbsp; 2365355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365355 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;54336 | &nbsp;&nbsp;&nbsp;&nbsp; 2328841 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;70122 | &nbsp;&nbsp;&nbsp;&nbsp; 4492716 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;28606 | &nbsp;&nbsp;&nbsp;&nbsp; 3185278 |
| &nbsp;&nbsp;&nbsp;Dogwood State Bank† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 10251 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;49446 | &nbsp;&nbsp;&nbsp;&nbsp; 2700246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10388491 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;50883 | &nbsp;&nbsp;&nbsp;&nbsp; 2083150 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27638 | &nbsp;&nbsp;&nbsp;&nbsp; 1476146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559296 |
| **Biotechnology — 10.9%** | **Biotechnology — 10.9%** | **Biotechnology — 10.9%** |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;296277 | &nbsp;&nbsp;&nbsp;&nbsp; 5682593 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;50346 | &nbsp;&nbsp;&nbsp;&nbsp; 2736808 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28766 | &nbsp;&nbsp;&nbsp;&nbsp; 2091576 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;107143 | &nbsp;&nbsp;&nbsp;&nbsp; 3283933 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;49285 | &nbsp;&nbsp;&nbsp;&nbsp; 494328 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;84183 | &nbsp;&nbsp;&nbsp;&nbsp; 6062018 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;53833 | &nbsp;&nbsp;&nbsp;&nbsp; 1454568 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;69761 | &nbsp;&nbsp;&nbsp;&nbsp; 3178311 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32382 | &nbsp;&nbsp;&nbsp;&nbsp; 2206186 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;82518 | &nbsp;&nbsp;&nbsp;&nbsp; 2148769 |
| &nbsp;&nbsp;&nbsp;Evommune, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;31161 | &nbsp;&nbsp;&nbsp;&nbsp; 645344 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;31001 | &nbsp;&nbsp;&nbsp;&nbsp; 2564713 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;52020 | &nbsp;&nbsp;&nbsp;&nbsp; 2243102 |
| &nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV#† | &nbsp;&nbsp;&nbsp;&nbsp;28213 | &nbsp;&nbsp;&nbsp;&nbsp; 1165197 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;28206 | &nbsp;&nbsp;&nbsp;&nbsp; 3084326 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33097 | &nbsp;&nbsp;&nbsp;&nbsp; 2573623 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;56976 | &nbsp;&nbsp;&nbsp;&nbsp; 2510362 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;61859 | &nbsp;&nbsp;&nbsp;&nbsp; 1782158 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;54192 | &nbsp;&nbsp;&nbsp;&nbsp; 1828980 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22775 | &nbsp;&nbsp;&nbsp;&nbsp; 838348 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;53700 | &nbsp;&nbsp;&nbsp;&nbsp; 2401464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50976707 |
| **Building Materials — 3.4%** | **Building Materials — 3.4%** | **Building Materials — 3.4%** |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52777 | &nbsp;&nbsp;&nbsp;&nbsp; 2724877 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;436303 | &nbsp;&nbsp;&nbsp;&nbsp; 7177184 |
| &nbsp;&nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;184376 | &nbsp;&nbsp;&nbsp;&nbsp; 2994266 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;93181 | &nbsp;&nbsp;&nbsp;&nbsp; 3259471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16155798 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144600 | &nbsp;&nbsp;&nbsp;&nbsp; 3748032 |
| **Coal — 0.2%** | **Coal — 0.2%** | **Coal — 0.2%** |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;53511 | &nbsp;&nbsp;&nbsp;&nbsp; 839588 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services — 3.6%** | **Commercial Services — 3.6%** | **Commercial Services — 3.6%** |
| &nbsp;&nbsp;&nbsp;Colliers International Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;25985 | &nbsp;&nbsp;$3741580 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;228338 | &nbsp;&nbsp;&nbsp;&nbsp; 1815287 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;153405 | &nbsp;&nbsp;&nbsp;&nbsp; 2129261 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39836 | &nbsp;&nbsp;&nbsp;&nbsp; 5348780 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;168347 | &nbsp;&nbsp;&nbsp;&nbsp; 3673332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16708240 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Netskope, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17859 | &nbsp;&nbsp;&nbsp;&nbsp; 328248 |
| **Distribution/Wholesale — 1.7%** | **Distribution/Wholesale — 1.7%** | **Distribution/Wholesale — 1.7%** |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;163314 | &nbsp;&nbsp;&nbsp;&nbsp; 4154708 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27868 | &nbsp;&nbsp;&nbsp;&nbsp; 3742115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7896823 |
| **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** |
| &nbsp;&nbsp;&nbsp;Dave, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15540 | &nbsp;&nbsp;&nbsp;&nbsp; 3391760 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;30958 | &nbsp;&nbsp;&nbsp;&nbsp; 3836780 |
| &nbsp;&nbsp;&nbsp;Miami International Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;71160 | &nbsp;&nbsp;&nbsp;&nbsp; 3245608 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;10156 | &nbsp;&nbsp;&nbsp;&nbsp; 3411400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13885548 |
| **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;14308 | &nbsp;&nbsp;&nbsp;&nbsp; 5641215 |
| &nbsp;&nbsp;&nbsp;TransAlta Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;354876 | &nbsp;&nbsp;&nbsp;&nbsp; 5160171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10801386 |
| **Electrical Components & Equipment — 1.4%** | **Electrical Components & Equipment — 1.4%** | **Electrical Components & Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13904 | &nbsp;&nbsp;&nbsp;&nbsp; 3559702 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;26351 | &nbsp;&nbsp;&nbsp;&nbsp; 2995055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6554757 |
| **Electronics — 3.2%** | **Electronics — 3.2%** | **Electronics — 3.2%** |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20258 | &nbsp;&nbsp;&nbsp;&nbsp; 2006352 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;146260 | &nbsp;&nbsp;&nbsp;&nbsp; 3805685 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;39962 | &nbsp;&nbsp;&nbsp;&nbsp; 5712568 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24033 | &nbsp;&nbsp;&nbsp;&nbsp; 3664552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15189157 |
| **Engineering & Construction — 4.0%** | **Engineering & Construction — 4.0%** | **Engineering & Construction — 4.0%** |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12478 | &nbsp;&nbsp;&nbsp;&nbsp; 4931305 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;61927 | &nbsp;&nbsp;&nbsp;&nbsp; 6750043 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20286 | &nbsp;&nbsp;&nbsp;&nbsp; 6984673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18666021 |
| **Environmental Control — 1.2%** | **Environmental Control — 1.2%** | **Environmental Control — 1.2%** |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;111188 | &nbsp;&nbsp;&nbsp;&nbsp; 5798454 |
| **Healthcare-Products — 4.3%** | **Healthcare-Products — 4.3%** | **Healthcare-Products — 4.3%** |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;470654 | &nbsp;&nbsp;&nbsp;&nbsp; 10613248 |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc. (Lockup Shares)†(2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481 | &nbsp;&nbsp;&nbsp;&nbsp; 114400 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;166660 | &nbsp;&nbsp;&nbsp;&nbsp; 3243204 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;68405 | &nbsp;&nbsp;&nbsp;&nbsp; 2189644 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18379 | &nbsp;&nbsp;&nbsp;&nbsp; 4166335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20326831 |
| **Healthcare-Services — 4.9%** | **Healthcare-Services — 4.9%** | **Healthcare-Services — 4.9%** |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26159 | &nbsp;&nbsp;&nbsp;&nbsp; 3040199 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp; 4211758 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;53793 | &nbsp;&nbsp;&nbsp;&nbsp; 5657948 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;59845 | &nbsp;&nbsp;&nbsp;&nbsp; 1999421 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;113795 | &nbsp;&nbsp;&nbsp;&nbsp; 2741321 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;46606 | &nbsp;&nbsp;&nbsp;&nbsp; 3858511 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20441 | &nbsp;&nbsp;&nbsp;&nbsp; 1509568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23018726 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **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;$52225 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;97218 | &nbsp;&nbsp;&nbsp;&nbsp; 2707521 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15195 | &nbsp;&nbsp;&nbsp;&nbsp; 2700911 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 | &nbsp;&nbsp;&nbsp;&nbsp; 2716240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124672 |
| **Internet — 4.2%** | **Internet — 4.2%** | **Internet — 4.2%** |
| &nbsp;&nbsp;&nbsp;Etoro Group, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;59927 | &nbsp;&nbsp;&nbsp;&nbsp; 2515136 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;286815 | &nbsp;&nbsp;&nbsp;&nbsp; 4213312 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;82299 | &nbsp;&nbsp;&nbsp;&nbsp; 5936227 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;208141 | &nbsp;&nbsp;&nbsp;&nbsp; 3013882 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;35446 | &nbsp;&nbsp;&nbsp;&nbsp; 3927417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19605974 |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;93511 | &nbsp;&nbsp;&nbsp;&nbsp; 1579401 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;87135 | &nbsp;&nbsp;&nbsp;&nbsp; 1405487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984888 |
| **Iron/Steel — 1.4%** | **Iron/Steel — 1.4%** | **Iron/Steel — 1.4%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20095 | &nbsp;&nbsp;&nbsp;&nbsp; 6401061 |
| **Leisure Time — 2.1%** | **Leisure Time — 2.1%** | **Leisure Time — 2.1%** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;163709 | &nbsp;&nbsp;&nbsp;&nbsp; 4570756 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;116267 | &nbsp;&nbsp;&nbsp;&nbsp; 2374172 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;27359 | &nbsp;&nbsp;&nbsp;&nbsp; 3063387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10008315 |
| **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;82704 | &nbsp;&nbsp;&nbsp;&nbsp; 1654080 |
| **Machinery-Diversified — 2.1%** | **Machinery-Diversified — 2.1%** | **Machinery-Diversified — 2.1%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12381 | &nbsp;&nbsp;&nbsp;&nbsp; 3204450 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62367 | &nbsp;&nbsp;&nbsp;&nbsp; 2376183 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28141 | &nbsp;&nbsp;&nbsp;&nbsp; 4108305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9688938 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;48242 | &nbsp;&nbsp;&nbsp;&nbsp; 3111609 |
| **Metal Fabricate/Hardware — 1.4%** | **Metal Fabricate/Hardware — 1.4%** | **Metal Fabricate/Hardware — 1.4%** |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15192 | &nbsp;&nbsp;&nbsp;&nbsp; 6759984 |
| **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9086 | &nbsp;&nbsp;&nbsp;&nbsp; 2356000 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;132462 | &nbsp;&nbsp;&nbsp;&nbsp; 3083715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5439715 |
| **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp; 5230383 |
| **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** | **Oil & Gas — 0.7%** |
| &nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;809355 | &nbsp;&nbsp;&nbsp;&nbsp; 906478 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;578598 | &nbsp;&nbsp;&nbsp;&nbsp; 2551617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458095 |
| **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** | **Oil & Gas Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV#† | &nbsp;&nbsp;&nbsp;&nbsp;246322 | &nbsp;&nbsp;&nbsp;&nbsp; 3436192 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;111116 | &nbsp;&nbsp;&nbsp;&nbsp; 1797857 |
| **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;85614 | &nbsp;&nbsp;&nbsp;&nbsp; 2532462 |
| &nbsp;&nbsp;&nbsp;Centessa Pharmaceuticals PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;88088 | &nbsp;&nbsp;&nbsp;&nbsp; 2557195 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12488 | &nbsp;&nbsp;&nbsp;&nbsp; 7455086 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38793 | &nbsp;&nbsp;$3491370 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25880 | &nbsp;&nbsp;&nbsp;&nbsp; 1283907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17320020 |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;206385 | &nbsp;&nbsp;&nbsp;&nbsp; 1935891 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 1934096 |
| **REITS — 0.6%** | **REITS — 0.6%** | **REITS — 0.6%** |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59991 | &nbsp;&nbsp;&nbsp;&nbsp; 3046343 |
| **Retail — 5.1%** | **Retail — 5.1%** | **Retail — 5.1%** |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35791 | &nbsp;&nbsp;&nbsp;&nbsp; 6937012 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27024 | &nbsp;&nbsp;&nbsp;&nbsp; 4455987 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;165379 | &nbsp;&nbsp;&nbsp;&nbsp; 4771184 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17460 | &nbsp;&nbsp;&nbsp;&nbsp; 2149501 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;22073 | &nbsp;&nbsp;&nbsp;&nbsp; 2717186 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36383 | &nbsp;&nbsp;&nbsp;&nbsp; 2694889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23725759 |
| **Semiconductors — 6.4%** | **Semiconductors — 6.4%** | **Semiconductors — 6.4%** |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26156 | &nbsp;&nbsp;&nbsp;&nbsp; 4495432 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4237 | &nbsp;&nbsp;&nbsp;&nbsp; 191131 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;21198 | &nbsp;&nbsp;&nbsp;&nbsp; 1488311 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29834 | &nbsp;&nbsp;&nbsp;&nbsp; 5220652 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28699 | &nbsp;&nbsp;&nbsp;&nbsp; 4488237 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17002 | &nbsp;&nbsp;&nbsp;&nbsp; 2434006 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39717 | &nbsp;&nbsp;&nbsp;&nbsp; 5067095 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;18839 | &nbsp;&nbsp;&nbsp;&nbsp; 5608370 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;44396 | &nbsp;&nbsp;&nbsp;&nbsp; 1297695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30290929 |
| **Software — 6.6%** | **Software — 6.6%** | **Software — 6.6%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;62124 | &nbsp;&nbsp;&nbsp;&nbsp; 2911131 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;42637 | &nbsp;&nbsp;&nbsp;&nbsp; 5242646 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;94116 | &nbsp;&nbsp;&nbsp;&nbsp; 5363671 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;26734 | &nbsp;&nbsp;&nbsp;&nbsp; 1885549 |
| &nbsp;&nbsp;&nbsp;Klaviyo, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;150005 | &nbsp;&nbsp;&nbsp;&nbsp; 4284143 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;23122 | &nbsp;&nbsp;&nbsp;&nbsp; 1840742 |
| &nbsp;&nbsp;&nbsp;Onestream, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;92458 | &nbsp;&nbsp;&nbsp;&nbsp; 1925900 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62017 | &nbsp;&nbsp;&nbsp;&nbsp; 3396671 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;81049 | &nbsp;&nbsp;&nbsp;&nbsp; 1660694 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;85674 | &nbsp;&nbsp;&nbsp;&nbsp; 1504435 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;332448 | &nbsp;&nbsp;&nbsp;&nbsp; 1123674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31139256 |
| **Telecommunications — 2.8%** | **Telecommunications — 2.8%** | **Telecommunications — 2.8%** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;59018 | &nbsp;&nbsp;&nbsp;&nbsp; 10481597 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;45913 | &nbsp;&nbsp;&nbsp;&nbsp; 2789215 |
| &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;13270812 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cargojet, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;35856 | &nbsp;&nbsp;&nbsp;&nbsp; 2083186 |
| **Total Common Stocks<br> (cost $410,994,493)** |  | &nbsp;&nbsp;&nbsp;&nbsp;467433326 |
| **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 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |  |
| **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;$15461 |
| **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; 45366 |
| **Human Resources — 0.1%** | **Human Resources — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Checkr, Inc.<br> Series C †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8994 | &nbsp;&nbsp;&nbsp;&nbsp; 80047 |
| &nbsp;&nbsp;&nbsp;Checkr, Inc.<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;12252 | &nbsp;&nbsp;&nbsp;&nbsp; 109043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189090 |
| **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; 86933 |
| **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; 69305 |
| **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; 61019 |
| **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;529694 |
| **Total Long-Term Investment Securities<br> (cost $411,715,772)** |  | &nbsp;&nbsp;&nbsp;&nbsp;467963020 |
| **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> 3.94%(4) | 1656365 | &nbsp;&nbsp;&nbsp;&nbsp; 1656365 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(4)(5) | 2357817 | &nbsp;&nbsp;&nbsp;&nbsp; 2357817 |
| **Total Short-Term Investments<br> (cost $4,014,182)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014182 |
| **TOTAL INVESTMENTS<br> (cost $415,729,954)(6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.5% | &nbsp;&nbsp;&nbsp;&nbsp;471977202 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2383540) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$469593662 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan (see Note 2).

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | $114400 | $25.53 | 0.0% |
| Checkr, Inc. | 06/29/18, 12/02/19 | &nbsp;&nbsp;5868 | &nbsp;&nbsp;44688 | &nbsp;&nbsp;&nbsp;&nbsp;52225 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | 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 |
| **<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;80047 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | 0.0 |
| Checkr, Inc.<br> Series D | 09/06/19 | 12252 | 123526 | &nbsp;&nbsp;109043 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | 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;15461 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | 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;61019 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | 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;69305 | &nbsp;&nbsp;12.61 | 0.0 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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>** |
| Nuro, Inc.<br> Series C | 10/30/20 | &nbsp;&nbsp;6234 | $81383 | $86933 | $13.95 | 0.0% |
| Sila Nanotechnologies, Inc.<br> Series F | 01/07/21 | &nbsp;&nbsp;2608 | 107640 | &nbsp;&nbsp;&nbsp;&nbsp;45366 | &nbsp;&nbsp;17.40 | 0.0 |
|  |  |  |  | $696319 |  | 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 November 30, 2025.

(5) At November 30, 2025, the Fund had loaned securities with a total value of $36,684,319. This was secured by collateral of $2,357,817, which was received in cash and subsequently invested in short-term investments currently valued at $2,357,817 as reported in the Portfolio of Investments. Additional collateral of $35,374,086 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $55450 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821788 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56597 |
| United States Treasury Bills | 0.00% | 12/11/2025 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645990 |
| United States Treasury Notes/Bonds | 0.13% to 6.25% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;33794261 |

---

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

ADR—American Depositary Receipt

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Bank of America, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216709 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303356 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;$620 | &nbsp;&nbsp;$— |
| Citibank, N.A. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;13839785 | &nbsp;&nbsp;USD | &nbsp;&nbsp;10017299 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;102239 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1649236 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;2304779 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1948 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;104187 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$104807 | &nbsp;&nbsp;$— |

---

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

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agriculture | &nbsp;&nbsp;$2365355 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2365355 |
| &nbsp;&nbsp;&nbsp;Human Resources | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52225 |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;13270812 | &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;13270812 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;451744934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;451744934 |
| 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;529694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529694 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014182 |
| **Total Investments at Value** | &nbsp;&nbsp;$471395283 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$581919 | &nbsp;&nbsp;$471977202 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$104807 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$104807 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **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;$36391 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854 | &nbsp;&nbsp;&nbsp;&nbsp; 110055 |
| &nbsp;&nbsp;&nbsp;National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26068 | &nbsp;&nbsp;&nbsp;&nbsp; 112353 |
| &nbsp;&nbsp;&nbsp;Nexxen International, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14413 | &nbsp;&nbsp;&nbsp;&nbsp; 93252 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41775 | &nbsp;&nbsp;&nbsp;&nbsp; 223914 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10795 | &nbsp;&nbsp;&nbsp;&nbsp; 56458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632423 |
| **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13442 | &nbsp;&nbsp;&nbsp;&nbsp; 1118509 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12023 | &nbsp;&nbsp;&nbsp;&nbsp; 3359948 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13079 | &nbsp;&nbsp;&nbsp;&nbsp; 84621 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35318 | &nbsp;&nbsp;&nbsp;&nbsp; 399800 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;232719 | &nbsp;&nbsp;&nbsp;&nbsp; 1812881 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11476 | &nbsp;&nbsp;&nbsp;&nbsp; 626245 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343 | &nbsp;&nbsp;&nbsp;&nbsp; 489900 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20761 | &nbsp;&nbsp;&nbsp;&nbsp; 81798 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41959 | &nbsp;&nbsp;&nbsp;&nbsp; 398610 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;173960 | &nbsp;&nbsp;&nbsp;&nbsp; 2510243 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62559 | &nbsp;&nbsp;&nbsp;&nbsp; 4760740 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19711 | &nbsp;&nbsp;&nbsp;&nbsp; 1377602 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10586 | &nbsp;&nbsp;&nbsp;&nbsp; 2431392 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp; 189765 |
| &nbsp;&nbsp;&nbsp;Red Cat Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29553 | &nbsp;&nbsp;&nbsp;&nbsp; 219283 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13076 | &nbsp;&nbsp;&nbsp;&nbsp; 72049 |
| &nbsp;&nbsp;&nbsp;Voyager Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267 | &nbsp;&nbsp;&nbsp;&nbsp; 118402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20051788 |
| **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; 75575 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp; 629536 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26233 | &nbsp;&nbsp;&nbsp;&nbsp; 379854 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12847 | &nbsp;&nbsp;&nbsp;&nbsp; 464291 |
| &nbsp;&nbsp;&nbsp;Ispire Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7662 | &nbsp;&nbsp;&nbsp;&nbsp; 18695 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773 | &nbsp;&nbsp;&nbsp;&nbsp; 94077 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8001 | &nbsp;&nbsp;&nbsp;&nbsp; 129856 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6441 | &nbsp;&nbsp;&nbsp;&nbsp; 645130 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8988 | &nbsp;&nbsp;&nbsp;&nbsp; 474207 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12880 | &nbsp;&nbsp;&nbsp;&nbsp; 421176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332397 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375 | &nbsp;&nbsp;&nbsp;&nbsp; 408500 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32078 | &nbsp;&nbsp;&nbsp;&nbsp; 146276 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;125174 | &nbsp;&nbsp;&nbsp;&nbsp; 572045 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15309 | &nbsp;&nbsp;&nbsp;&nbsp; 1554169 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19981 | &nbsp;&nbsp;&nbsp;&nbsp; 273740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954730 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43570 | &nbsp;&nbsp;&nbsp;&nbsp; 1105371 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13518 | &nbsp;&nbsp;&nbsp;&nbsp; 431359 |
| &nbsp;&nbsp;&nbsp;Ermenegildo Zegna NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23974 | &nbsp;&nbsp;&nbsp;&nbsp; 255803 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20880 | &nbsp;&nbsp;&nbsp;&nbsp; 1552428 |
| &nbsp;&nbsp;&nbsp;Lakeland Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 | &nbsp;&nbsp;&nbsp;&nbsp; 56530 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509 | &nbsp;&nbsp;&nbsp;&nbsp; 210223 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871 | &nbsp;&nbsp;&nbsp;&nbsp; 87192 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27052 | &nbsp;&nbsp;&nbsp;&nbsp; 1130233 |
| &nbsp;&nbsp;&nbsp;Superior Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 44712 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9630 | &nbsp;&nbsp;&nbsp;&nbsp; 12519 |

---

---

| | | |
|:---|:---|:---|
| **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;$64654 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29878 | &nbsp;&nbsp;&nbsp;&nbsp; 484322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435346 |
| **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;11789 | &nbsp;&nbsp;&nbsp;&nbsp; 615622 |
| &nbsp;&nbsp;&nbsp;Faraday Future Intelligent Electric, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36191 | &nbsp;&nbsp;&nbsp;&nbsp; 41620 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42041 | &nbsp;&nbsp;&nbsp;&nbsp; 79037 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18260 | &nbsp;&nbsp;&nbsp;&nbsp; 972710 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15707 | &nbsp;&nbsp;&nbsp;&nbsp; 132567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841556 |
| **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31044 | &nbsp;&nbsp;&nbsp;&nbsp; 604116 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11381 | &nbsp;&nbsp;&nbsp;&nbsp; 126898 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44625 | &nbsp;&nbsp;&nbsp;&nbsp; 293186 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6601 | &nbsp;&nbsp;&nbsp;&nbsp; 206281 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49676 | &nbsp;&nbsp;&nbsp;&nbsp; 1113239 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10453 | &nbsp;&nbsp;&nbsp;&nbsp; 1382618 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8590 | &nbsp;&nbsp;&nbsp;&nbsp; 277543 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15770 | &nbsp;&nbsp;&nbsp;&nbsp; 233238 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49420 | &nbsp;&nbsp;&nbsp;&nbsp; 816913 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11373 | &nbsp;&nbsp;&nbsp;&nbsp; 405675 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97995 | &nbsp;&nbsp;&nbsp;&nbsp; 848637 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24217 | &nbsp;&nbsp;&nbsp;&nbsp; 103165 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72651 | &nbsp;&nbsp;&nbsp;&nbsp; 258638 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16357 | &nbsp;&nbsp;&nbsp;&nbsp; 14824 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13772 | &nbsp;&nbsp;&nbsp;&nbsp; 104392 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77827 | &nbsp;&nbsp;&nbsp;&nbsp; 273951 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;&nbsp;&nbsp; 165071 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096 | &nbsp;&nbsp;&nbsp;&nbsp; 67165 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp; 778896 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55660 | &nbsp;&nbsp;&nbsp;&nbsp; 289432 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7825 | &nbsp;&nbsp;&nbsp;&nbsp; 293751 |
| &nbsp;&nbsp;&nbsp;Strattec Security Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp; 118200 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18692 | &nbsp;&nbsp;&nbsp;&nbsp; 151218 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10338 | &nbsp;&nbsp;&nbsp;&nbsp; 1067399 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8909 | &nbsp;&nbsp;&nbsp;&nbsp; 414090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10408536 |
| **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** |
| &nbsp;&nbsp;&nbsp;Mechanics Bancorp, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952 | &nbsp;&nbsp;&nbsp;&nbsp; 108034 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7030 | &nbsp;&nbsp;&nbsp;&nbsp; 438953 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 | &nbsp;&nbsp;&nbsp;&nbsp; 191035 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8617 | &nbsp;&nbsp;&nbsp;&nbsp; 185610 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 255345 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13434 | &nbsp;&nbsp;&nbsp;&nbsp; 252694 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24818 | &nbsp;&nbsp;&nbsp;&nbsp; 1880212 |
| &nbsp;&nbsp;&nbsp;Ames National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617 | &nbsp;&nbsp;&nbsp;&nbsp; 78923 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224 | &nbsp;&nbsp;&nbsp;&nbsp; 187654 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp;&nbsp;&nbsp; 1635238 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53472 | &nbsp;&nbsp;&nbsp;&nbsp; 1808958 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7732 | &nbsp;&nbsp;&nbsp;&nbsp; 857015 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17096 | &nbsp;&nbsp;&nbsp;&nbsp; 1095341 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368 | &nbsp;&nbsp;&nbsp;&nbsp; 420091 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14761 | &nbsp;&nbsp;&nbsp;&nbsp; 967436 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583 | &nbsp;&nbsp;&nbsp;&nbsp; 151048 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15547 | &nbsp;&nbsp;&nbsp;&nbsp; 722003 |
| &nbsp;&nbsp;&nbsp;Bank7 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 69685 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28344 | &nbsp;&nbsp;&nbsp;&nbsp; 1224744 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759 | &nbsp;&nbsp;&nbsp;&nbsp; 126638 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12640 | &nbsp;&nbsp;&nbsp;&nbsp; 793918 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608 | &nbsp;&nbsp;&nbsp;&nbsp; 167343 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072 | &nbsp;&nbsp;&nbsp;&nbsp; 118821 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;$50441 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7295 | &nbsp;&nbsp;&nbsp;&nbsp; 82871 |
| &nbsp;&nbsp;&nbsp;Blue Ridge Bankshares, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26121 | &nbsp;&nbsp;&nbsp;&nbsp; 113104 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253 | &nbsp;&nbsp;&nbsp;&nbsp; 142859 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 332724 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10714 | &nbsp;&nbsp;&nbsp;&nbsp; 278778 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10727 | &nbsp;&nbsp;&nbsp;&nbsp; 299498 |
| &nbsp;&nbsp;&nbsp;C & F Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp; 86187 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64831 | &nbsp;&nbsp;&nbsp;&nbsp; 2582867 |
| &nbsp;&nbsp;&nbsp;California Bancorp† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8519 | &nbsp;&nbsp;&nbsp;&nbsp; 165354 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945 | &nbsp;&nbsp;&nbsp;&nbsp; 240416 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp; 124322 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350 | &nbsp;&nbsp;&nbsp;&nbsp; 224272 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8764 | &nbsp;&nbsp;&nbsp;&nbsp; 160995 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25385 | &nbsp;&nbsp;&nbsp;&nbsp; 1229649 |
| &nbsp;&nbsp;&nbsp;CB Financial Services, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 | &nbsp;&nbsp;&nbsp;&nbsp; 67213 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9772 | &nbsp;&nbsp;&nbsp;&nbsp; 290619 |
| &nbsp;&nbsp;&nbsp;Chain Bridge Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 30207 |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp; 89170 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464 | &nbsp;&nbsp;&nbsp;&nbsp; 166324 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553 | &nbsp;&nbsp;&nbsp;&nbsp; 111948 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp; 98981 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 | &nbsp;&nbsp;&nbsp;&nbsp; 644641 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061 | &nbsp;&nbsp;&nbsp;&nbsp; 137827 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10826 | &nbsp;&nbsp;&nbsp;&nbsp; 280610 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801 | &nbsp;&nbsp;&nbsp;&nbsp; 534591 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454 | &nbsp;&nbsp;&nbsp;&nbsp; 110686 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20116 | &nbsp;&nbsp;&nbsp;&nbsp; 1141784 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp; 328560 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658 | &nbsp;&nbsp;&nbsp;&nbsp; 150804 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18407 | &nbsp;&nbsp;&nbsp;&nbsp; 465145 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10903 | &nbsp;&nbsp;&nbsp;&nbsp; 751217 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50298 | &nbsp;&nbsp;&nbsp;&nbsp; 989865 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15397 | &nbsp;&nbsp;&nbsp;&nbsp; 436505 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10693 | &nbsp;&nbsp;&nbsp;&nbsp; 202846 |
| &nbsp;&nbsp;&nbsp;Eagle Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 70181 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83509 | &nbsp;&nbsp;&nbsp;&nbsp; 1572474 |
| &nbsp;&nbsp;&nbsp;ECB Bancorp, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129 | &nbsp;&nbsp;&nbsp;&nbsp; 54445 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13570 | &nbsp;&nbsp;&nbsp;&nbsp; 741058 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp; 235769 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723 | &nbsp;&nbsp;&nbsp;&nbsp; 277909 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 | &nbsp;&nbsp;&nbsp;&nbsp; 122525 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13979 | &nbsp;&nbsp;&nbsp;&nbsp; 189975 |
| &nbsp;&nbsp;&nbsp;FB Bancorp, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7252 | &nbsp;&nbsp;&nbsp;&nbsp; 91738 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15524 | &nbsp;&nbsp;&nbsp;&nbsp; 867171 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp; 84627 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6834 | &nbsp;&nbsp;&nbsp;&nbsp; 209120 |
| &nbsp;&nbsp;&nbsp;Finwise Bancorp† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685 | &nbsp;&nbsp;&nbsp;&nbsp; 66514 |
| &nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14893 | &nbsp;&nbsp;&nbsp;&nbsp; 759692 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp; 101951 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60963 | &nbsp;&nbsp;&nbsp;&nbsp; 1205239 |
| &nbsp;&nbsp;&nbsp;First Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp;&nbsp;&nbsp; 130246 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31611 | &nbsp;&nbsp;&nbsp;&nbsp; 744123 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;&nbsp;&nbsp; 164023 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39450 | &nbsp;&nbsp;&nbsp;&nbsp; 641062 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693 | &nbsp;&nbsp;&nbsp;&nbsp; 190260 |
| &nbsp;&nbsp;&nbsp;First Community Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp; 87292 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35529 | &nbsp;&nbsp;&nbsp;&nbsp; 883962 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50591 | &nbsp;&nbsp;&nbsp;&nbsp; 1580463 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307 | &nbsp;&nbsp;&nbsp;&nbsp; 251400 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25022 | &nbsp;&nbsp;&nbsp;&nbsp; 133117 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068 | &nbsp;&nbsp;&nbsp;&nbsp; 58445 |

---

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| | | |
|:---|:---|:---|
| **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;33810 | &nbsp;&nbsp;$1110320 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21681 | &nbsp;&nbsp;&nbsp;&nbsp; 798728 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160 | &nbsp;&nbsp;&nbsp;&nbsp; 310570 |
| &nbsp;&nbsp;&nbsp;First National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp; 77665 |
| &nbsp;&nbsp;&nbsp;First United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp; 93465 |
| &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855 | &nbsp;&nbsp;&nbsp;&nbsp; 162303 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009 | &nbsp;&nbsp;&nbsp;&nbsp; 207250 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114248 | &nbsp;&nbsp;&nbsp;&nbsp; 1398396 |
| &nbsp;&nbsp;&nbsp;Franklin Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 | &nbsp;&nbsp;&nbsp;&nbsp; 91181 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68553 | &nbsp;&nbsp;&nbsp;&nbsp; 1244237 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6225 | &nbsp;&nbsp;&nbsp;&nbsp; 79120 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13569 | &nbsp;&nbsp;&nbsp;&nbsp; 538689 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48276 | &nbsp;&nbsp;&nbsp;&nbsp; 2042075 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314 | &nbsp;&nbsp;&nbsp;&nbsp; 199370 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32344 | &nbsp;&nbsp;&nbsp;&nbsp; 1959723 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11518 | &nbsp;&nbsp;&nbsp;&nbsp; 318127 |
| &nbsp;&nbsp;&nbsp;Hanover Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp; 43817 |
| &nbsp;&nbsp;&nbsp;Hawthorn Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364 | &nbsp;&nbsp;&nbsp;&nbsp; 80376 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196 | &nbsp;&nbsp;&nbsp;&nbsp; 101543 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21488 | &nbsp;&nbsp;&nbsp;&nbsp; 234004 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12309 | &nbsp;&nbsp;&nbsp;&nbsp; 294677 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17138 | &nbsp;&nbsp;&nbsp;&nbsp; 588176 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70603 | &nbsp;&nbsp;&nbsp;&nbsp; 1981120 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45248 | &nbsp;&nbsp;&nbsp;&nbsp; 480534 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15899 | &nbsp;&nbsp;&nbsp;&nbsp; 272509 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18365 | &nbsp;&nbsp;&nbsp;&nbsp; 1323198 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7173 | &nbsp;&nbsp;&nbsp;&nbsp; 234198 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20540 | &nbsp;&nbsp;&nbsp;&nbsp; 1365499 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp; 84221 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp;&nbsp;&nbsp; 102800 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21607 | &nbsp;&nbsp;&nbsp;&nbsp; 148440 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9635 | &nbsp;&nbsp;&nbsp;&nbsp; 561335 |
| &nbsp;&nbsp;&nbsp;Landmark Bancorp, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp; 53608 |
| &nbsp;&nbsp;&nbsp;LCNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473 | &nbsp;&nbsp;&nbsp;&nbsp; 86857 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747 | &nbsp;&nbsp;&nbsp;&nbsp; 66652 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13662 | &nbsp;&nbsp;&nbsp;&nbsp; 436091 |
| &nbsp;&nbsp;&nbsp;MainStreet Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 55741 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6019 | &nbsp;&nbsp;&nbsp;&nbsp; 276754 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941 | &nbsp;&nbsp;&nbsp;&nbsp; 324971 |
| &nbsp;&nbsp;&nbsp;Meridian Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688 | &nbsp;&nbsp;&nbsp;&nbsp; 58934 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002 | &nbsp;&nbsp;&nbsp;&nbsp; 186603 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516 | &nbsp;&nbsp;&nbsp;&nbsp; 262329 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7010 | &nbsp;&nbsp;&nbsp;&nbsp; 204622 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971 | &nbsp;&nbsp;&nbsp;&nbsp; 103391 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;&nbsp; 130047 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6296 | &nbsp;&nbsp;&nbsp;&nbsp; 249133 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242 | &nbsp;&nbsp;&nbsp;&nbsp; 114789 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14168 | &nbsp;&nbsp;&nbsp;&nbsp; 527191 |
| &nbsp;&nbsp;&nbsp;National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 | &nbsp;&nbsp;&nbsp;&nbsp; 74770 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15191 | &nbsp;&nbsp;&nbsp;&nbsp; 297592 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18962 | &nbsp;&nbsp;&nbsp;&nbsp; 786165 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9593 | &nbsp;&nbsp;&nbsp;&nbsp; 102453 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095 | &nbsp;&nbsp;&nbsp;&nbsp; 641868 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;&nbsp;&nbsp; 257396 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793 | &nbsp;&nbsp;&nbsp;&nbsp; 101420 |
| &nbsp;&nbsp;&nbsp;Northpointe Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp; 74852 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8132 | &nbsp;&nbsp;&nbsp;&nbsp; 199722 |
| &nbsp;&nbsp;&nbsp;Norwood Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp; 89620 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp; 78118 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16606 | &nbsp;&nbsp;&nbsp;&nbsp; 659756 |
| &nbsp;&nbsp;&nbsp;Ohio Valley Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp; 59915 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;131262 | &nbsp;&nbsp;&nbsp;&nbsp; 2852323 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16546 | &nbsp;&nbsp;&nbsp;&nbsp; 311892 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;OP Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp;$64426 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162 | &nbsp;&nbsp;&nbsp;&nbsp; 112832 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11481 | &nbsp;&nbsp;&nbsp;&nbsp; 417794 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735 | &nbsp;&nbsp;&nbsp;&nbsp; 240844 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5537 | &nbsp;&nbsp;&nbsp;&nbsp; 850206 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp; 92361 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874 | &nbsp;&nbsp;&nbsp;&nbsp; 638041 |
| &nbsp;&nbsp;&nbsp;Patriot National Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17868 | &nbsp;&nbsp;&nbsp;&nbsp; 25551 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141 | &nbsp;&nbsp;&nbsp;&nbsp; 89943 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165 | &nbsp;&nbsp;&nbsp;&nbsp; 166455 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp; 56101 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12349 | &nbsp;&nbsp;&nbsp;&nbsp; 365901 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | &nbsp;&nbsp;&nbsp;&nbsp; 167545 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575 | &nbsp;&nbsp;&nbsp;&nbsp; 60848 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp; 90987 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7484 | &nbsp;&nbsp;&nbsp;&nbsp; 119295 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8462 | &nbsp;&nbsp;&nbsp;&nbsp; 95028 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 | &nbsp;&nbsp;&nbsp;&nbsp; 74179 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6139 | &nbsp;&nbsp;&nbsp;&nbsp; 501127 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367 | &nbsp;&nbsp;&nbsp;&nbsp; 126130 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 123008 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35550 | &nbsp;&nbsp;&nbsp;&nbsp; 1259892 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176 | &nbsp;&nbsp;&nbsp;&nbsp; 219176 |
| &nbsp;&nbsp;&nbsp;Rhinebeck Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 | &nbsp;&nbsp;&nbsp;&nbsp; 19994 |
| &nbsp;&nbsp;&nbsp;Richmond Mutual BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703 | &nbsp;&nbsp;&nbsp;&nbsp; 50990 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280 | &nbsp;&nbsp;&nbsp;&nbsp; 563774 |
| &nbsp;&nbsp;&nbsp;SB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp; 51669 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31879 | &nbsp;&nbsp;&nbsp;&nbsp; 1006101 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19533 | &nbsp;&nbsp;&nbsp;&nbsp; 1389382 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10157 | &nbsp;&nbsp;&nbsp;&nbsp; 177443 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776 | &nbsp;&nbsp;&nbsp;&nbsp; 148343 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53030 | &nbsp;&nbsp;&nbsp;&nbsp; 983706 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 | &nbsp;&nbsp;&nbsp;&nbsp; 203962 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5014 | &nbsp;&nbsp;&nbsp;&nbsp; 189479 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp; 152686 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp; 301336 |
| &nbsp;&nbsp;&nbsp;SR Bancorp, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 49248 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17766 | &nbsp;&nbsp;&nbsp;&nbsp; 561583 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9972 | &nbsp;&nbsp;&nbsp;&nbsp; 659847 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17154 | &nbsp;&nbsp;&nbsp;&nbsp; 1546776 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951 | &nbsp;&nbsp;&nbsp;&nbsp; 188683 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254 | &nbsp;&nbsp;&nbsp;&nbsp; 363104 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27647 | &nbsp;&nbsp;&nbsp;&nbsp; 927557 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp; 547618 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 | &nbsp;&nbsp;&nbsp;&nbsp; 473359 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283 | &nbsp;&nbsp;&nbsp;&nbsp; 306833 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21087 | &nbsp;&nbsp;&nbsp;&nbsp; 820284 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27270 | &nbsp;&nbsp;&nbsp;&nbsp; 3029152 |
| &nbsp;&nbsp;&nbsp;Union Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp; 34232 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53151 | &nbsp;&nbsp;&nbsp;&nbsp; 1979343 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46248 | &nbsp;&nbsp;&nbsp;&nbsp; 1413339 |
| &nbsp;&nbsp;&nbsp;United Security Bancshare/Ca | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp;&nbsp;&nbsp; 55681 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp; 140985 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11054 | &nbsp;&nbsp;&nbsp;&nbsp; 351517 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;182157 | &nbsp;&nbsp;&nbsp;&nbsp; 2062017 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp; 78602 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12354 | &nbsp;&nbsp;&nbsp;&nbsp; 798563 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6388 | &nbsp;&nbsp;&nbsp;&nbsp; 181419 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35691 | &nbsp;&nbsp;&nbsp;&nbsp; 1151749 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 124343 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9395 | &nbsp;&nbsp;$450772 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 | &nbsp;&nbsp;&nbsp;&nbsp; 91506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96233288 |
| **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; 32027 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391 | &nbsp;&nbsp;&nbsp;&nbsp; 122969 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9255 | &nbsp;&nbsp;&nbsp;&nbsp; 315225 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15578 | &nbsp;&nbsp;&nbsp;&nbsp; 832021 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14656 | &nbsp;&nbsp;&nbsp;&nbsp; 63754 |
| &nbsp;&nbsp;&nbsp;Zevia PBC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12831 | &nbsp;&nbsp;&nbsp;&nbsp; 34387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400383 |
| **Biotechnology — 8.4%** | **Biotechnology — 8.4%** | **Biotechnology — 8.4%** |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16007 | &nbsp;&nbsp;&nbsp;&nbsp; 186642 |
| &nbsp;&nbsp;&nbsp;Aardvark Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp;&nbsp;&nbsp; 22994 |
| &nbsp;&nbsp;&nbsp;Abeona Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16323 | &nbsp;&nbsp;&nbsp;&nbsp; 82758 |
| &nbsp;&nbsp;&nbsp;Absci Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41473 | &nbsp;&nbsp;&nbsp;&nbsp; 131470 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47273 | &nbsp;&nbsp;&nbsp;&nbsp; 1183716 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29457 | &nbsp;&nbsp;&nbsp;&nbsp; 126665 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86955 | &nbsp;&nbsp;&nbsp;&nbsp; 1667797 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26328 | &nbsp;&nbsp;&nbsp;&nbsp; 1431190 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21450 | &nbsp;&nbsp;&nbsp;&nbsp; 117546 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61653 | &nbsp;&nbsp;&nbsp;&nbsp; 90013 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 | &nbsp;&nbsp;&nbsp;&nbsp; 20643 |
| &nbsp;&nbsp;&nbsp;Altimmune, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30194 | &nbsp;&nbsp;&nbsp;&nbsp; 158820 |
| &nbsp;&nbsp;&nbsp;Alumis Inc#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18311 | &nbsp;&nbsp;&nbsp;&nbsp; 140445 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;105922 | &nbsp;&nbsp;&nbsp;&nbsp; 1051805 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546 | &nbsp;&nbsp;&nbsp;&nbsp; 314291 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31884 | &nbsp;&nbsp;&nbsp;&nbsp; 122116 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827 | &nbsp;&nbsp;&nbsp;&nbsp; 579271 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36633 | &nbsp;&nbsp;&nbsp;&nbsp; 164848 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12030 | &nbsp;&nbsp;&nbsp;&nbsp; 865799 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58841 | &nbsp;&nbsp;&nbsp;&nbsp; 259489 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12874 | &nbsp;&nbsp;&nbsp;&nbsp; 936068 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9614 | &nbsp;&nbsp;&nbsp;&nbsp; 65279 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25848 | &nbsp;&nbsp;&nbsp;&nbsp; 674633 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40624 | &nbsp;&nbsp;&nbsp;&nbsp; 1245126 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87897 | &nbsp;&nbsp;&nbsp;&nbsp; 509803 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 | &nbsp;&nbsp;&nbsp;&nbsp; 204120 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45663 | &nbsp;&nbsp;&nbsp;&nbsp; 2406440 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20812 | &nbsp;&nbsp;&nbsp;&nbsp; 198546 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13632 | &nbsp;&nbsp;&nbsp;&nbsp; 172445 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp; 93930 |
| &nbsp;&nbsp;&nbsp;Atlantic International Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579 | &nbsp;&nbsp;&nbsp;&nbsp; 9364 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15246 | &nbsp;&nbsp;&nbsp;&nbsp; 100624 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42647 | &nbsp;&nbsp;&nbsp;&nbsp; 687470 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38274 | &nbsp;&nbsp;&nbsp;&nbsp; 2744246 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15275 | &nbsp;&nbsp;&nbsp;&nbsp; 2314162 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34959 | &nbsp;&nbsp;&nbsp;&nbsp; 885511 |
| &nbsp;&nbsp;&nbsp;Benitec Biopharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;&nbsp; 76257 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13004 | &nbsp;&nbsp;&nbsp;&nbsp; 241354 |
| &nbsp;&nbsp;&nbsp;BioAge Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9646 | &nbsp;&nbsp;&nbsp;&nbsp; 91540 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78686 | &nbsp;&nbsp;&nbsp;&nbsp; 564965 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34832 | &nbsp;&nbsp;&nbsp;&nbsp; 349365 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58691 | &nbsp;&nbsp;&nbsp;&nbsp; 4226339 |
| &nbsp;&nbsp;&nbsp;Bright Minds Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp; 130900 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14790 | &nbsp;&nbsp;&nbsp;&nbsp; 79126 |
| &nbsp;&nbsp;&nbsp;Cardiff Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24027 | &nbsp;&nbsp;&nbsp;&nbsp; 54782 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 | &nbsp;&nbsp;&nbsp;&nbsp; 26545 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc. CVR#†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44751 | &nbsp;&nbsp;&nbsp;&nbsp; 11188 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10915 | &nbsp;&nbsp;&nbsp;&nbsp; 1103943 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24522 | &nbsp;&nbsp;&nbsp;&nbsp; 662584 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;CG oncology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20583 | &nbsp;&nbsp;$922942 |
| &nbsp;&nbsp;&nbsp;Chinook Therapeutics, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22455 | &nbsp;&nbsp;&nbsp;&nbsp; 3817 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51804 | &nbsp;&nbsp;&nbsp;&nbsp; 2083557 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36234 | &nbsp;&nbsp;&nbsp;&nbsp; 210157 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34144 | &nbsp;&nbsp;&nbsp;&nbsp; 1555601 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31327 | &nbsp;&nbsp;&nbsp;&nbsp; 1675055 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19389 | &nbsp;&nbsp;&nbsp;&nbsp; 220453 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44843 | &nbsp;&nbsp;&nbsp;&nbsp; 253363 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44017 | &nbsp;&nbsp;&nbsp;&nbsp; 2998878 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27724 | &nbsp;&nbsp;&nbsp;&nbsp; 263101 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48595 | &nbsp;&nbsp;&nbsp;&nbsp; 946145 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9163 | &nbsp;&nbsp;&nbsp;&nbsp; 86041 |
| &nbsp;&nbsp;&nbsp;DiaMedica Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10741 | &nbsp;&nbsp;&nbsp;&nbsp; 92695 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303 | &nbsp;&nbsp;&nbsp;&nbsp; 277206 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8607 | &nbsp;&nbsp;&nbsp;&nbsp; 803549 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38487 | &nbsp;&nbsp;&nbsp;&nbsp; 437597 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40599 | &nbsp;&nbsp;&nbsp;&nbsp; 889118 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25884 | &nbsp;&nbsp;&nbsp;&nbsp; 674019 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34316 | &nbsp;&nbsp;&nbsp;&nbsp; 82702 |
| &nbsp;&nbsp;&nbsp;Eledon Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19778 | &nbsp;&nbsp;&nbsp;&nbsp; 32238 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20476 | &nbsp;&nbsp;&nbsp;&nbsp; 228717 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11437 | &nbsp;&nbsp;&nbsp;&nbsp; 117458 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61155 | &nbsp;&nbsp;&nbsp;&nbsp; 193861 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76178 | &nbsp;&nbsp;&nbsp;&nbsp; 305474 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20602 | &nbsp;&nbsp;&nbsp;&nbsp; 147510 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22507 | &nbsp;&nbsp;&nbsp;&nbsp; 333779 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38835 | &nbsp;&nbsp;&nbsp;&nbsp; 44272 |
| &nbsp;&nbsp;&nbsp;Forafric Global PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 | &nbsp;&nbsp;&nbsp;&nbsp; 21023 |
| &nbsp;&nbsp;&nbsp;Geron Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;209533 | &nbsp;&nbsp;&nbsp;&nbsp; 247249 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72599 | &nbsp;&nbsp;&nbsp;&nbsp; 242481 |
| &nbsp;&nbsp;&nbsp;Greenwich Lifesciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp; 22611 |
| &nbsp;&nbsp;&nbsp;GTX, Inc. CVR#†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50962 | &nbsp;&nbsp;&nbsp;&nbsp; 68799 |
| &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;30007 | &nbsp;&nbsp;&nbsp;&nbsp; 1068849 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89732 | &nbsp;&nbsp;&nbsp;&nbsp; 211767 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28971 | &nbsp;&nbsp;&nbsp;&nbsp; 533646 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25491 | &nbsp;&nbsp;&nbsp;&nbsp; 615608 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 277596 |
| &nbsp;&nbsp;&nbsp;Inhibrx. Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13726 | &nbsp;&nbsp;&nbsp;&nbsp; 22511 |
| &nbsp;&nbsp;&nbsp;Inmune Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;&nbsp;&nbsp; 12408 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23445 | &nbsp;&nbsp;&nbsp;&nbsp; 509460 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38072 | &nbsp;&nbsp;&nbsp;&nbsp; 342267 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99663 | &nbsp;&nbsp;&nbsp;&nbsp; 246168 |
| &nbsp;&nbsp;&nbsp;Jade Biosciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11869 | &nbsp;&nbsp;&nbsp;&nbsp; 152161 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14677 | &nbsp;&nbsp;&nbsp;&nbsp; 500339 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13347 | &nbsp;&nbsp;&nbsp;&nbsp; 233306 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp; 280907 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp; 13047 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9343 | &nbsp;&nbsp;&nbsp;&nbsp; 2036774 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31263 | &nbsp;&nbsp;&nbsp;&nbsp; 379533 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18275 | &nbsp;&nbsp;&nbsp;&nbsp; 1240507 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15445 | &nbsp;&nbsp;&nbsp;&nbsp; 54675 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202 | &nbsp;&nbsp;&nbsp;&nbsp; 189285 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8458 | &nbsp;&nbsp;&nbsp;&nbsp; 83396 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7228 | &nbsp;&nbsp;&nbsp;&nbsp; 1468585 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23612 | &nbsp;&nbsp;&nbsp;&nbsp; 770460 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38311 | &nbsp;&nbsp;&nbsp;&nbsp; 138686 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7494 | &nbsp;&nbsp;&nbsp;&nbsp; 282898 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5697 | &nbsp;&nbsp;&nbsp;&nbsp; 196489 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15772 | &nbsp;&nbsp;&nbsp;&nbsp; 130908 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp; 363055 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14643 | &nbsp;&nbsp;$631406 |
| &nbsp;&nbsp;&nbsp;Monopar Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp; 109966 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16984 | &nbsp;&nbsp;&nbsp;&nbsp; 274631 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35368 | &nbsp;&nbsp;&nbsp;&nbsp; 269858 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48405 | &nbsp;&nbsp;&nbsp;&nbsp; 585700 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20341 | &nbsp;&nbsp;&nbsp;&nbsp; 137709 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12557 | &nbsp;&nbsp;&nbsp;&nbsp; 23733 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58087 | &nbsp;&nbsp;&nbsp;&nbsp; 409513 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28113 | &nbsp;&nbsp;&nbsp;&nbsp; 497038 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 1902690 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93668 | &nbsp;&nbsp;&nbsp;&nbsp; 752154 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22357 | &nbsp;&nbsp;&nbsp;&nbsp; 633150 |
| &nbsp;&nbsp;&nbsp;Omeros Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20742 | &nbsp;&nbsp;&nbsp;&nbsp; 200990 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25562 | &nbsp;&nbsp;&nbsp;&nbsp; 132411 |
| &nbsp;&nbsp;&nbsp;Oruka Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 | &nbsp;&nbsp;&nbsp;&nbsp; 310632 |
| &nbsp;&nbsp;&nbsp;Palvella Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp; 263451 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23144 | &nbsp;&nbsp;&nbsp;&nbsp; 54388 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15071 | &nbsp;&nbsp;&nbsp;&nbsp; 235409 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7787 | &nbsp;&nbsp;&nbsp;&nbsp; 1529834 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56514 | &nbsp;&nbsp;&nbsp;&nbsp; 216449 |
| &nbsp;&nbsp;&nbsp;Prime Medicine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23070 | &nbsp;&nbsp;&nbsp;&nbsp; 88127 |
| &nbsp;&nbsp;&nbsp;Protalix BioTherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28351 | &nbsp;&nbsp;&nbsp;&nbsp; 50465 |
| &nbsp;&nbsp;&nbsp;Protara Therapeutic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13134 | &nbsp;&nbsp;&nbsp;&nbsp; 96929 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15186 | &nbsp;&nbsp;&nbsp;&nbsp; 163249 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29172 | &nbsp;&nbsp;&nbsp;&nbsp; 2508500 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15939 | &nbsp;&nbsp;&nbsp;&nbsp; 80492 |
| &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;6280 | &nbsp;&nbsp;&nbsp;&nbsp; 186579 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;132500 | &nbsp;&nbsp;&nbsp;&nbsp; 613475 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17993 | &nbsp;&nbsp;&nbsp;&nbsp; 240926 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49131 | &nbsp;&nbsp;&nbsp;&nbsp; 389117 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25953 | &nbsp;&nbsp;&nbsp;&nbsp; 259530 |
| &nbsp;&nbsp;&nbsp;Rezolute, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25325 | &nbsp;&nbsp;&nbsp;&nbsp; 246159 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869 | &nbsp;&nbsp;&nbsp;&nbsp; 346816 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32577 | &nbsp;&nbsp;&nbsp;&nbsp; 111413 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52742 | &nbsp;&nbsp;&nbsp;&nbsp; 226791 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43923 | &nbsp;&nbsp;&nbsp;&nbsp; 276276 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30167 | &nbsp;&nbsp;&nbsp;&nbsp; 1329158 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180 | &nbsp;&nbsp;&nbsp;&nbsp; 237384 |
| &nbsp;&nbsp;&nbsp;Sionna Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452 | &nbsp;&nbsp;&nbsp;&nbsp; 193974 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15480 | &nbsp;&nbsp;&nbsp;&nbsp; 780966 |
| &nbsp;&nbsp;&nbsp;Solid Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21622 | &nbsp;&nbsp;&nbsp;&nbsp; 117407 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15805 | &nbsp;&nbsp;&nbsp;&nbsp; 488533 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32821 | &nbsp;&nbsp;&nbsp;&nbsp; 650512 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26885 | &nbsp;&nbsp;&nbsp;&nbsp; 293315 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14713 | &nbsp;&nbsp;&nbsp;&nbsp; 1176451 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63355 | &nbsp;&nbsp;&nbsp;&nbsp; 300303 |
| &nbsp;&nbsp;&nbsp;Tectonic Therapeutic, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp; 95772 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26451 | &nbsp;&nbsp;&nbsp;&nbsp; 743538 |
| &nbsp;&nbsp;&nbsp;Tevogen Bio Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11524 | &nbsp;&nbsp;&nbsp;&nbsp; 5084 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54851 | &nbsp;&nbsp;&nbsp;&nbsp; 1824344 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14931 | &nbsp;&nbsp;&nbsp;&nbsp; 303099 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33385 | &nbsp;&nbsp;&nbsp;&nbsp; 1182163 |
| &nbsp;&nbsp;&nbsp;TriSalus Life Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488 | &nbsp;&nbsp;&nbsp;&nbsp; 44573 |
| &nbsp;&nbsp;&nbsp;Tvardi Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 5719 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8314 | &nbsp;&nbsp;&nbsp;&nbsp; 187564 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12042 | &nbsp;&nbsp;&nbsp;&nbsp; 344401 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14290 | &nbsp;&nbsp;&nbsp;&nbsp; 411695 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19133 | &nbsp;&nbsp;&nbsp;&nbsp; 645739 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29419 | &nbsp;&nbsp;&nbsp;&nbsp; 1392695 |
| &nbsp;&nbsp;&nbsp;Verastem, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17108 | &nbsp;&nbsp;&nbsp;&nbsp; 182029 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18433 | &nbsp;&nbsp;&nbsp;&nbsp; 741928 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35046 | &nbsp;&nbsp;&nbsp;&nbsp; 224995 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Viridian Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26129 | &nbsp;&nbsp;$835083 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41629 | &nbsp;&nbsp;&nbsp;&nbsp; 323041 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26283 | &nbsp;&nbsp;&nbsp;&nbsp; 455222 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28547 | &nbsp;&nbsp;&nbsp;&nbsp; 1276622 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499 | &nbsp;&nbsp;&nbsp;&nbsp; 112423 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681 | &nbsp;&nbsp;&nbsp;&nbsp; 220593 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc. #† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20256 | &nbsp;&nbsp;&nbsp;&nbsp; 170758 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19184 | &nbsp;&nbsp;&nbsp;&nbsp; 512405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91290792 |
| **Building Materials — 1.5%** | **Building Materials — 1.5%** | **Building Materials — 1.5%** |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp; 204584 |
| &nbsp;&nbsp;&nbsp;AirJoule Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737 | &nbsp;&nbsp;&nbsp;&nbsp; 28483 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417 | &nbsp;&nbsp;&nbsp;&nbsp; 298639 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp; 286510 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25594 | &nbsp;&nbsp;&nbsp;&nbsp; 82413 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14181 | &nbsp;&nbsp;&nbsp;&nbsp; 1081160 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11295 | &nbsp;&nbsp;&nbsp;&nbsp; 564298 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14437 | &nbsp;&nbsp;&nbsp;&nbsp; 1082775 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33614 | &nbsp;&nbsp;&nbsp;&nbsp; 89749 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21598 | &nbsp;&nbsp;&nbsp;&nbsp; 1616394 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10361 | &nbsp;&nbsp;&nbsp;&nbsp; 189503 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47793 | &nbsp;&nbsp;&nbsp;&nbsp; 530024 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19663 | &nbsp;&nbsp;&nbsp;&nbsp; 3187962 |
| &nbsp;&nbsp;&nbsp;Smith-Midland Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp; 38581 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18110 | &nbsp;&nbsp;&nbsp;&nbsp; 3894374 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9346 | &nbsp;&nbsp;&nbsp;&nbsp; 465244 |
| &nbsp;&nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9188 | &nbsp;&nbsp;&nbsp;&nbsp; 149213 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22719 | &nbsp;&nbsp;&nbsp;&nbsp; 2112640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902546 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10384 | &nbsp;&nbsp;&nbsp;&nbsp; 159810 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596 | &nbsp;&nbsp;&nbsp;&nbsp; 49377 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12377 | &nbsp;&nbsp;&nbsp;&nbsp; 1933411 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20506 | &nbsp;&nbsp;&nbsp;&nbsp; 1283060 |
| &nbsp;&nbsp;&nbsp;Calumet, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26583 | &nbsp;&nbsp;&nbsp;&nbsp; 513052 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55778 | &nbsp;&nbsp;&nbsp;&nbsp; 713401 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32365 | &nbsp;&nbsp;&nbsp;&nbsp; 55992 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42699 | &nbsp;&nbsp;&nbsp;&nbsp; 392831 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20570 | &nbsp;&nbsp;&nbsp;&nbsp; 1198820 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261 | &nbsp;&nbsp;&nbsp;&nbsp; 944075 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13366 | &nbsp;&nbsp;&nbsp;&nbsp; 698106 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9251 | &nbsp;&nbsp;&nbsp;&nbsp; 691605 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077 | &nbsp;&nbsp;&nbsp;&nbsp; 103148 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876 | &nbsp;&nbsp;&nbsp;&nbsp; 204011 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp; 44996 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20576 | &nbsp;&nbsp;&nbsp;&nbsp; 256994 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11761 | &nbsp;&nbsp;&nbsp;&nbsp; 689783 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp; 203568 |
| &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21603 | &nbsp;&nbsp;&nbsp;&nbsp; 109743 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52408 | &nbsp;&nbsp;&nbsp;&nbsp; 1461135 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123 | &nbsp;&nbsp;&nbsp;&nbsp; 706206 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24153 | &nbsp;&nbsp;&nbsp;&nbsp; 157719 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp; 583737 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15878 | &nbsp;&nbsp;&nbsp;&nbsp; 1547946 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8317 | &nbsp;&nbsp;&nbsp;&nbsp; 377010 |
| &nbsp;&nbsp;&nbsp;Trinseo PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13843 | &nbsp;&nbsp;&nbsp;&nbsp; 13487 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46746 | &nbsp;&nbsp;&nbsp;&nbsp; 193528 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp; 12515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15299066 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Coal — 0.5%** | **Coal — 0.5%** | **Coal — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4306 | &nbsp;&nbsp;$685558 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19752 | &nbsp;&nbsp;&nbsp;&nbsp; 1580160 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11941 | &nbsp;&nbsp;&nbsp;&nbsp; 243477 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 78149 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46079 | &nbsp;&nbsp;&nbsp;&nbsp; 1255192 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11112 | &nbsp;&nbsp;&nbsp;&nbsp; 174347 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30182 | &nbsp;&nbsp;&nbsp;&nbsp; 196787 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19649 | &nbsp;&nbsp;&nbsp;&nbsp; 1538320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751990 |
| **Commercial Services — 3.7%** | **Commercial Services — 3.7%** | **Commercial Services — 3.7%** |
| &nbsp;&nbsp;&nbsp;Chaince Digital Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11557 | &nbsp;&nbsp;&nbsp;&nbsp; 111409 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23284 | &nbsp;&nbsp;&nbsp;&nbsp; 1001212 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13907 | &nbsp;&nbsp;&nbsp;&nbsp; 52012 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13476 | &nbsp;&nbsp;&nbsp;&nbsp; 1247339 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193 | &nbsp;&nbsp;&nbsp;&nbsp; 18331 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17814 | &nbsp;&nbsp;&nbsp;&nbsp; 925615 |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;165740 | &nbsp;&nbsp;&nbsp;&nbsp; 382859 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8264 | &nbsp;&nbsp;&nbsp;&nbsp; 40328 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6286 | &nbsp;&nbsp;&nbsp;&nbsp; 218847 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13728 | &nbsp;&nbsp;&nbsp;&nbsp; 228571 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37428 | &nbsp;&nbsp;&nbsp;&nbsp; 542706 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9625 | &nbsp;&nbsp;&nbsp;&nbsp; 337741 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23796 | &nbsp;&nbsp;&nbsp;&nbsp; 300305 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15786 | &nbsp;&nbsp;&nbsp;&nbsp; 1773241 |
| &nbsp;&nbsp;&nbsp;Cadiz, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18690 | &nbsp;&nbsp;&nbsp;&nbsp; 104103 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552 | &nbsp;&nbsp;&nbsp;&nbsp; 240402 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp;&nbsp; 169848 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18560 | &nbsp;&nbsp;&nbsp;&nbsp; 903872 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp; 383839 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17197 | &nbsp;&nbsp;&nbsp;&nbsp; 341704 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39993 | &nbsp;&nbsp;&nbsp;&nbsp; 721874 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51877 | &nbsp;&nbsp;&nbsp;&nbsp; 412422 |
| &nbsp;&nbsp;&nbsp;CPI Card Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp;&nbsp;&nbsp; 32465 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp; 442613 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11959 | &nbsp;&nbsp;&nbsp;&nbsp; 122699 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22836 | &nbsp;&nbsp;&nbsp;&nbsp; 145922 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16302 | &nbsp;&nbsp;&nbsp;&nbsp; 331257 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986 | &nbsp;&nbsp;&nbsp;&nbsp; 110651 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22235 | &nbsp;&nbsp;&nbsp;&nbsp; 324853 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp;&nbsp;&nbsp; 20716 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8716 | &nbsp;&nbsp;&nbsp;&nbsp; 152007 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11876 | &nbsp;&nbsp;&nbsp;&nbsp; 45960 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23852 | &nbsp;&nbsp;&nbsp;&nbsp; 689323 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30698 | &nbsp;&nbsp;&nbsp;&nbsp; 426088 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43912 | &nbsp;&nbsp;&nbsp;&nbsp; 614329 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp; 28839 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327 | &nbsp;&nbsp;&nbsp;&nbsp; 68020 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50646 | &nbsp;&nbsp;&nbsp;&nbsp; 798181 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp; 1339971 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20861 | &nbsp;&nbsp;&nbsp;&nbsp; 262223 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9274 | &nbsp;&nbsp;&nbsp;&nbsp; 171291 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28142 | &nbsp;&nbsp;&nbsp;&nbsp; 528507 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7665 | &nbsp;&nbsp;&nbsp;&nbsp; 451239 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12373 | &nbsp;&nbsp;&nbsp;&nbsp; 1661323 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42260 | &nbsp;&nbsp;&nbsp;&nbsp; 221442 |
| &nbsp;&nbsp;&nbsp;HireQuest, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp; 19561 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6383 | &nbsp;&nbsp;&nbsp;&nbsp; 1050706 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6923 | &nbsp;&nbsp;&nbsp;&nbsp; 540271 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12992 | &nbsp;&nbsp;&nbsp;&nbsp; 69897 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13622 | &nbsp;&nbsp;&nbsp;&nbsp; 481810 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15472 | &nbsp;&nbsp;&nbsp;&nbsp; 562562 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11534 | &nbsp;&nbsp;&nbsp;&nbsp; 99654 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719 | &nbsp;&nbsp;$197539 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12823 | &nbsp;&nbsp;&nbsp;&nbsp; 51036 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19440 | &nbsp;&nbsp;&nbsp;&nbsp; 1278569 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48518 | &nbsp;&nbsp;&nbsp;&nbsp; 1499206 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42838 | &nbsp;&nbsp;&nbsp;&nbsp; 399679 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11221 | &nbsp;&nbsp;&nbsp;&nbsp; 88646 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11082 | &nbsp;&nbsp;&nbsp;&nbsp; 228068 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp; 14406 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;142335 | &nbsp;&nbsp;&nbsp;&nbsp; 681785 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11727 | &nbsp;&nbsp;&nbsp;&nbsp; 287781 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 | &nbsp;&nbsp;&nbsp;&nbsp; 41719 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38746 | &nbsp;&nbsp;&nbsp;&nbsp; 206904 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11467 | &nbsp;&nbsp;&nbsp;&nbsp; 214548 |
| &nbsp;&nbsp;&nbsp;National Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995 | &nbsp;&nbsp;&nbsp;&nbsp; 84865 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29818 | &nbsp;&nbsp;&nbsp;&nbsp; 367060 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;104963 | &nbsp;&nbsp;&nbsp;&nbsp; 606686 |
| &nbsp;&nbsp;&nbsp;Paysafe, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12464 | &nbsp;&nbsp;&nbsp;&nbsp; 95848 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22802 | &nbsp;&nbsp;&nbsp;&nbsp; 637544 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10151 | &nbsp;&nbsp;&nbsp;&nbsp; 59383 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14961 | &nbsp;&nbsp;&nbsp;&nbsp; 430578 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28007 | &nbsp;&nbsp;&nbsp;&nbsp; 738545 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11294 | &nbsp;&nbsp;&nbsp;&nbsp; 64828 |
| &nbsp;&nbsp;&nbsp;RCM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp; 39101 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61180 | &nbsp;&nbsp;&nbsp;&nbsp; 828683 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29634 | &nbsp;&nbsp;&nbsp;&nbsp; 98385 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11991 | &nbsp;&nbsp;&nbsp;&nbsp; 57976 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp;&nbsp;&nbsp; 349505 |
| &nbsp;&nbsp;&nbsp;SoundThinking, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884 | &nbsp;&nbsp;&nbsp;&nbsp; 24158 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11159 | &nbsp;&nbsp;&nbsp;&nbsp; 91392 |
| &nbsp;&nbsp;&nbsp;StoneCo., Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94454 | &nbsp;&nbsp;&nbsp;&nbsp; 1591550 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8704 | &nbsp;&nbsp;&nbsp;&nbsp; 679086 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16247 | &nbsp;&nbsp;&nbsp;&nbsp; 1032172 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12571 | &nbsp;&nbsp;&nbsp;&nbsp; 98054 |
| &nbsp;&nbsp;&nbsp;TIC Solutions, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63023 | &nbsp;&nbsp;&nbsp;&nbsp; 612584 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239 | &nbsp;&nbsp;&nbsp;&nbsp; 183133 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11012 | &nbsp;&nbsp;&nbsp;&nbsp; 645303 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10809 | &nbsp;&nbsp;&nbsp;&nbsp; 52964 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38155 | &nbsp;&nbsp;&nbsp;&nbsp; 193827 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17323 | &nbsp;&nbsp;&nbsp;&nbsp; 398775 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19978 | &nbsp;&nbsp;&nbsp;&nbsp; 358006 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912 | &nbsp;&nbsp;&nbsp;&nbsp; 69594 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60155 | &nbsp;&nbsp;&nbsp;&nbsp; 1312582 |
| &nbsp;&nbsp;&nbsp;Vestis Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45218 | &nbsp;&nbsp;&nbsp;&nbsp; 293013 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333 | &nbsp;&nbsp;&nbsp;&nbsp; 538100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40096126 |
| **Computers — 1.9%** | **Computers — 1.9%** | **Computers — 1.9%** |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51572 | &nbsp;&nbsp;&nbsp;&nbsp; 107270 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15851 | &nbsp;&nbsp;&nbsp;&nbsp; 713454 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20695 | &nbsp;&nbsp;&nbsp;&nbsp; 220816 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56716 | &nbsp;&nbsp;&nbsp;&nbsp; 110029 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17898 | &nbsp;&nbsp;&nbsp;&nbsp; 116695 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18722 | &nbsp;&nbsp;&nbsp;&nbsp; 88742 |
| &nbsp;&nbsp;&nbsp;CSP, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822 | &nbsp;&nbsp;&nbsp;&nbsp; 32340 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9495 | &nbsp;&nbsp;&nbsp;&nbsp; 612617 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;115914 | &nbsp;&nbsp;&nbsp;&nbsp; 2627770 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23674 | &nbsp;&nbsp;&nbsp;&nbsp; 207384 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10822 | &nbsp;&nbsp;&nbsp;&nbsp; 936861 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29799 | &nbsp;&nbsp;&nbsp;&nbsp; 306334 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21240 | &nbsp;&nbsp;&nbsp;&nbsp; 1828552 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17599 | &nbsp;&nbsp;&nbsp;&nbsp; 155927 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27499 | &nbsp;&nbsp;&nbsp;&nbsp; 1019388 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52613 | &nbsp;&nbsp;$531917 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25640 | &nbsp;&nbsp;&nbsp;&nbsp; 689203 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34115 | &nbsp;&nbsp;&nbsp;&nbsp; 484774 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14009 | &nbsp;&nbsp;&nbsp;&nbsp; 170910 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15346 | &nbsp;&nbsp;&nbsp;&nbsp; 529591 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43608 | &nbsp;&nbsp;&nbsp;&nbsp; 429975 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13712 | &nbsp;&nbsp;&nbsp;&nbsp; 1931335 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24768 | &nbsp;&nbsp;&nbsp;&nbsp; 388362 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;119886 | &nbsp;&nbsp;&nbsp;&nbsp; 3065485 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19844 | &nbsp;&nbsp;&nbsp;&nbsp; 75606 |
| &nbsp;&nbsp;&nbsp;Telos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20730 | &nbsp;&nbsp;&nbsp;&nbsp; 119819 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45858 | &nbsp;&nbsp;&nbsp;&nbsp; 1216154 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084 | &nbsp;&nbsp;&nbsp;&nbsp; 27162 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27133 | &nbsp;&nbsp;&nbsp;&nbsp; 72717 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6632 | &nbsp;&nbsp;&nbsp;&nbsp; 363765 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41998 | &nbsp;&nbsp;&nbsp;&nbsp; 1388874 |
| &nbsp;&nbsp;&nbsp;Vuzix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26115 | &nbsp;&nbsp;&nbsp;&nbsp; 70249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20640077 |
| **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46494 | &nbsp;&nbsp;&nbsp;&nbsp; 68811 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16971 | &nbsp;&nbsp;&nbsp;&nbsp; 303102 |
| &nbsp;&nbsp;&nbsp;Honest Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35770 | &nbsp;&nbsp;&nbsp;&nbsp; 96221 |
| &nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821 | &nbsp;&nbsp;&nbsp;&nbsp; 554343 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54467 | &nbsp;&nbsp;&nbsp;&nbsp; 62092 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18687 | &nbsp;&nbsp;&nbsp;&nbsp; 1112811 |
| &nbsp;&nbsp;&nbsp;Solesence, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7648 | &nbsp;&nbsp;&nbsp;&nbsp; 17514 |
| &nbsp;&nbsp;&nbsp;Waldencast PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17220 | &nbsp;&nbsp;&nbsp;&nbsp; 43395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258289 |
| **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** |
| &nbsp;&nbsp;&nbsp;Gold.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7247 | &nbsp;&nbsp;&nbsp;&nbsp; 208062 |
| &nbsp;&nbsp;&nbsp;EVI Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062 | &nbsp;&nbsp;&nbsp;&nbsp; 42147 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14696 | &nbsp;&nbsp;&nbsp;&nbsp; 428388 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5618 | &nbsp;&nbsp;&nbsp;&nbsp; 160900 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp; 100742 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39988 | &nbsp;&nbsp;&nbsp;&nbsp; 1017295 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51757 | &nbsp;&nbsp;&nbsp;&nbsp; 1707463 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23015 | &nbsp;&nbsp;&nbsp;&nbsp; 1198161 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176 | &nbsp;&nbsp;&nbsp;&nbsp; 169503 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8052 | &nbsp;&nbsp;&nbsp;&nbsp; 331098 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35804 | &nbsp;&nbsp;&nbsp;&nbsp; 269246 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074 | &nbsp;&nbsp;&nbsp;&nbsp; 149531 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8547 | &nbsp;&nbsp;&nbsp;&nbsp; 1540084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7322620 |
| **Diversified Financial Services — 2.7%** | **Diversified Financial Services — 2.7%** | **Diversified Financial Services — 2.7%** |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10297 | &nbsp;&nbsp;&nbsp;&nbsp; 461718 |
| &nbsp;&nbsp;&nbsp;AlTi Global, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17306 | &nbsp;&nbsp;&nbsp;&nbsp; 69916 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23718 | &nbsp;&nbsp;&nbsp;&nbsp; 983823 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp; 118018 |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 32881 |
| &nbsp;&nbsp;&nbsp;Better Home & Finance Holding Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp; 96695 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;137357 | &nbsp;&nbsp;&nbsp;&nbsp; 1195006 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6237 | &nbsp;&nbsp;&nbsp;&nbsp; 422432 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8727 | &nbsp;&nbsp;&nbsp;&nbsp; 304223 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75069 | &nbsp;&nbsp;&nbsp;&nbsp; 718410 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10327 | &nbsp;&nbsp;&nbsp;&nbsp; 653183 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 | &nbsp;&nbsp;&nbsp;&nbsp; 149989 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp;&nbsp; 31310 |
| &nbsp;&nbsp;&nbsp;Dave, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp; 749723 |
| &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; 114106 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11176 | &nbsp;&nbsp;&nbsp;&nbsp; 432623 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8670 | &nbsp;&nbsp;&nbsp;&nbsp; 449886 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9082 | &nbsp;&nbsp;$1190559 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mtg. Corp., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496 | &nbsp;&nbsp;&nbsp;&nbsp; 600473 |
| &nbsp;&nbsp;&nbsp;Finance Of America Cos, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 43248 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp; 73756 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919 | &nbsp;&nbsp;&nbsp;&nbsp; 173847 |
| &nbsp;&nbsp;&nbsp;GBank Financial Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 | &nbsp;&nbsp;&nbsp;&nbsp; 115869 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17150 | &nbsp;&nbsp;&nbsp;&nbsp; 188307 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696 | &nbsp;&nbsp;&nbsp;&nbsp; 163007 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4456 | &nbsp;&nbsp;&nbsp;&nbsp; 93442 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41690 | &nbsp;&nbsp;&nbsp;&nbsp; 754589 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282 | &nbsp;&nbsp;&nbsp;&nbsp; 244203 |
| &nbsp;&nbsp;&nbsp;loanDepot, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33200 | &nbsp;&nbsp;&nbsp;&nbsp; 93956 |
| &nbsp;&nbsp;&nbsp;Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20017 | &nbsp;&nbsp;&nbsp;&nbsp; 696391 |
| &nbsp;&nbsp;&nbsp;Medallion Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp; 65743 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18951 | &nbsp;&nbsp;&nbsp;&nbsp; 1216086 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26150 | &nbsp;&nbsp;&nbsp;&nbsp; 324260 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4949 | &nbsp;&nbsp;&nbsp;&nbsp; 639609 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15844 | &nbsp;&nbsp;&nbsp;&nbsp; 237818 |
| &nbsp;&nbsp;&nbsp;Onity Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 109593 |
| &nbsp;&nbsp;&nbsp;Oportun Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13614 | &nbsp;&nbsp;&nbsp;&nbsp; 70384 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9863 | &nbsp;&nbsp;&nbsp;&nbsp; 97644 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66834 | &nbsp;&nbsp;&nbsp;&nbsp; 700420 |
| &nbsp;&nbsp;&nbsp;Paysign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12020 | &nbsp;&nbsp;&nbsp;&nbsp; 62624 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11023 | &nbsp;&nbsp;&nbsp;&nbsp; 1483365 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23390 | &nbsp;&nbsp;&nbsp;&nbsp; 427101 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6583 | &nbsp;&nbsp;&nbsp;&nbsp; 2211230 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8647 | &nbsp;&nbsp;&nbsp;&nbsp; 1452783 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14082 | &nbsp;&nbsp;&nbsp;&nbsp; 228128 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50838 | &nbsp;&nbsp;&nbsp;&nbsp; 1807291 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 | &nbsp;&nbsp;&nbsp;&nbsp; 133216 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 283514 |
| &nbsp;&nbsp;&nbsp;Security National Financial Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6286 | &nbsp;&nbsp;&nbsp;&nbsp; 54311 |
| &nbsp;&nbsp;&nbsp;Siebert Financial Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751 | &nbsp;&nbsp;&nbsp;&nbsp; 18461 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;&nbsp;&nbsp; 44974 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26098 | &nbsp;&nbsp;&nbsp;&nbsp; 1648350 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17317 | &nbsp;&nbsp;&nbsp;&nbsp; 1569093 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp; 20987 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31897 | &nbsp;&nbsp;&nbsp;&nbsp; 1434089 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405 | &nbsp;&nbsp;&nbsp;&nbsp; 65819 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16644 | &nbsp;&nbsp;&nbsp;&nbsp; 1046741 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp; 406316 |
| &nbsp;&nbsp;&nbsp;Vroom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 8987 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp; 51311 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45163 | &nbsp;&nbsp;&nbsp;&nbsp; 498600 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp; 154815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29989252 |
| **Electric — 1.9%** | **Electric — 1.9%** | **Electric — 1.9%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22059 | &nbsp;&nbsp;&nbsp;&nbsp; 1491630 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11924 | &nbsp;&nbsp;&nbsp;&nbsp; 413882 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30343 | &nbsp;&nbsp;&nbsp;&nbsp; 1255593 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27252 | &nbsp;&nbsp;&nbsp;&nbsp; 2010925 |
| &nbsp;&nbsp;&nbsp;Genie Energy, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8172 | &nbsp;&nbsp;&nbsp;&nbsp; 118331 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64268 | &nbsp;&nbsp;&nbsp;&nbsp; 755792 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13911 | &nbsp;&nbsp;&nbsp;&nbsp; 1152109 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23284 | &nbsp;&nbsp;&nbsp;&nbsp; 1608691 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40968 | &nbsp;&nbsp;&nbsp;&nbsp; 3743656 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23024 | &nbsp;&nbsp;&nbsp;&nbsp; 2599640 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14511 | &nbsp;&nbsp;&nbsp;&nbsp; 1192804 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41405 | &nbsp;&nbsp;&nbsp;&nbsp; 2104202 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36657 | &nbsp;&nbsp;$2142602 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5963 | &nbsp;&nbsp;&nbsp;&nbsp; 299521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20889378 |
| **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16765 | &nbsp;&nbsp;&nbsp;&nbsp; 521224 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11158 | &nbsp;&nbsp;&nbsp;&nbsp; 1176276 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14933 | &nbsp;&nbsp;&nbsp;&nbsp; 1693402 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25012 | &nbsp;&nbsp;&nbsp;&nbsp; 455969 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14418 | &nbsp;&nbsp;&nbsp;&nbsp; 2063360 |
| &nbsp;&nbsp;&nbsp;Graham Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886 | &nbsp;&nbsp;&nbsp;&nbsp; 223445 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146 | &nbsp;&nbsp;&nbsp;&nbsp; 218525 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17921 | &nbsp;&nbsp;&nbsp;&nbsp; 631357 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13556 | &nbsp;&nbsp;&nbsp;&nbsp; 1540775 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 1163592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9687925 |
| **Electronics — 2.7%** | **Electronics — 2.7%** | **Electronics — 2.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14213 | &nbsp;&nbsp;&nbsp;&nbsp; 3001643 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608 | &nbsp;&nbsp;&nbsp;&nbsp; 302047 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20754 | &nbsp;&nbsp;&nbsp;&nbsp; 555792 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12562 | &nbsp;&nbsp;&nbsp;&nbsp; 841026 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31449 | &nbsp;&nbsp;&nbsp;&nbsp; 1591634 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11221 | &nbsp;&nbsp;&nbsp;&nbsp; 2003397 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 66296 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp; 599331 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13407 | &nbsp;&nbsp;&nbsp;&nbsp; 602377 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11107 | &nbsp;&nbsp;&nbsp;&nbsp; 470159 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61478 | &nbsp;&nbsp;&nbsp;&nbsp; 478914 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9747 | &nbsp;&nbsp;&nbsp;&nbsp; 2075234 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43034 | &nbsp;&nbsp;&nbsp;&nbsp; 274987 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17018 | &nbsp;&nbsp;&nbsp;&nbsp; 1685463 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9366 | &nbsp;&nbsp;&nbsp;&nbsp; 270677 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31840 | &nbsp;&nbsp;&nbsp;&nbsp; 715763 |
| &nbsp;&nbsp;&nbsp;Kopin Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55976 | &nbsp;&nbsp;&nbsp;&nbsp; 136581 |
| &nbsp;&nbsp;&nbsp;KULR Technology Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13409 | &nbsp;&nbsp;&nbsp;&nbsp; 43445 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;&nbsp;&nbsp; 158475 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89724 | &nbsp;&nbsp;&nbsp;&nbsp; 84511 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88428 | &nbsp;&nbsp;&nbsp;&nbsp; 2300897 |
| &nbsp;&nbsp;&nbsp;M-Tron Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;&nbsp; 51567 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13104 | &nbsp;&nbsp;&nbsp;&nbsp; 529402 |
| &nbsp;&nbsp;&nbsp;Neonode, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818 | &nbsp;&nbsp;&nbsp;&nbsp; 8514 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 | &nbsp;&nbsp;&nbsp;&nbsp; 107163 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046 | &nbsp;&nbsp;&nbsp;&nbsp; 1637559 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10092 | &nbsp;&nbsp;&nbsp;&nbsp; 1442651 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19703 | &nbsp;&nbsp;&nbsp;&nbsp; 3076919 |
| &nbsp;&nbsp;&nbsp;SKYX Platforms Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24896 | &nbsp;&nbsp;&nbsp;&nbsp; 53526 |
| &nbsp;&nbsp;&nbsp;Standard BioTools, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;113627 | &nbsp;&nbsp;&nbsp;&nbsp; 170441 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37955 | &nbsp;&nbsp;&nbsp;&nbsp; 2663682 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6084 | &nbsp;&nbsp;&nbsp;&nbsp; 84446 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532 | &nbsp;&nbsp;&nbsp;&nbsp; 762334 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44574 | &nbsp;&nbsp;&nbsp;&nbsp; 609327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29456180 |
| **Energy-Alternate Sources — 1.1%** | **Energy-Alternate Sources — 1.1%** | **Energy-Alternate Sources — 1.1%** |
| &nbsp;&nbsp;&nbsp;Nextpower, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54778 | &nbsp;&nbsp;&nbsp;&nbsp; 5018760 |
| &nbsp;&nbsp;&nbsp;SunPower, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24517 | &nbsp;&nbsp;&nbsp;&nbsp; 42414 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57428 | &nbsp;&nbsp;&nbsp;&nbsp; 431284 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29390 | &nbsp;&nbsp;&nbsp;&nbsp; 182806 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;109505 | &nbsp;&nbsp;&nbsp;&nbsp; 1648050 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28677 | &nbsp;&nbsp;&nbsp;&nbsp; 563216 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527 | &nbsp;&nbsp;&nbsp;&nbsp; 24839 |
| &nbsp;&nbsp;&nbsp;Gevo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88455 | &nbsp;&nbsp;&nbsp;&nbsp; 189294 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23193 | &nbsp;&nbsp;&nbsp;&nbsp; 239584 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 (continued)** | **Energy-Alternate Sources (continued)** | **Energy-Alternate Sources (continued)** |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27358 | &nbsp;&nbsp;$44594 |
| &nbsp;&nbsp;&nbsp;OPAL Fuels, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8596 | &nbsp;&nbsp;&nbsp;&nbsp; 20716 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;400896 | &nbsp;&nbsp;&nbsp;&nbsp; 805801 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11001 | &nbsp;&nbsp;&nbsp;&nbsp; 362923 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63086 | &nbsp;&nbsp;&nbsp;&nbsp; 529292 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79364 | &nbsp;&nbsp;&nbsp;&nbsp; 1607121 |
| &nbsp;&nbsp;&nbsp;T1 Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38990 | &nbsp;&nbsp;&nbsp;&nbsp; 160639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11871333 |
| **Engineering & Construction — 2.7%** | **Engineering & Construction — 2.7%** | **Engineering & Construction — 2.7%** |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11133 | &nbsp;&nbsp;&nbsp;&nbsp; 70694 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200 | &nbsp;&nbsp;&nbsp;&nbsp; 1939028 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978 | &nbsp;&nbsp;&nbsp;&nbsp; 1967306 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 | &nbsp;&nbsp;&nbsp;&nbsp; 196313 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26975 | &nbsp;&nbsp;&nbsp;&nbsp; 606668 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9129 | &nbsp;&nbsp;&nbsp;&nbsp; 57421 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17652 | &nbsp;&nbsp;&nbsp;&nbsp; 1924068 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10528 | &nbsp;&nbsp;&nbsp;&nbsp; 3806188 |
| &nbsp;&nbsp;&nbsp;Energy Services of America Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | &nbsp;&nbsp;&nbsp;&nbsp; 43005 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19186 | &nbsp;&nbsp;&nbsp;&nbsp; 1387148 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61507 | &nbsp;&nbsp;&nbsp;&nbsp; 2640495 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28178 | &nbsp;&nbsp;&nbsp;&nbsp; 1519639 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16406 | &nbsp;&nbsp;&nbsp;&nbsp; 1764137 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26007 | &nbsp;&nbsp;&nbsp;&nbsp; 332109 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393 | &nbsp;&nbsp;&nbsp;&nbsp; 1420208 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16958 | &nbsp;&nbsp;&nbsp;&nbsp; 121250 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp;&nbsp;&nbsp; 290216 |
| &nbsp;&nbsp;&nbsp;Mistras Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693 | &nbsp;&nbsp;&nbsp;&nbsp; 80249 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858 | &nbsp;&nbsp;&nbsp;&nbsp; 1314067 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14485 | &nbsp;&nbsp;&nbsp;&nbsp; 144850 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20276 | &nbsp;&nbsp;&nbsp;&nbsp; 2566131 |
| &nbsp;&nbsp;&nbsp;Southland Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp; 13753 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11244 | &nbsp;&nbsp;&nbsp;&nbsp; 3871422 |
| &nbsp;&nbsp;&nbsp;TSS, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018 | &nbsp;&nbsp;&nbsp;&nbsp; 67583 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16743 | &nbsp;&nbsp;&nbsp;&nbsp; 1147733 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52900 | &nbsp;&nbsp;&nbsp;&nbsp; 336973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29628654 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21197 | &nbsp;&nbsp;&nbsp;&nbsp; 217057 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;168675 | &nbsp;&nbsp;&nbsp;&nbsp; 413254 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 90408 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16947 | &nbsp;&nbsp;&nbsp;&nbsp; 674491 |
| &nbsp;&nbsp;&nbsp;Bally's Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983 | &nbsp;&nbsp;&nbsp;&nbsp; 52053 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41038 | &nbsp;&nbsp;&nbsp;&nbsp; 641834 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39164 | &nbsp;&nbsp;&nbsp;&nbsp; 1072310 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592 | &nbsp;&nbsp;&nbsp;&nbsp; 227912 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16673 | &nbsp;&nbsp;&nbsp;&nbsp; 618568 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9325 | &nbsp;&nbsp;&nbsp;&nbsp; 76652 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74245 | &nbsp;&nbsp;&nbsp;&nbsp; 553868 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14537 | &nbsp;&nbsp;&nbsp;&nbsp; 719145 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10388 | &nbsp;&nbsp;&nbsp;&nbsp; 567185 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp; 462425 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8292 | &nbsp;&nbsp;&nbsp;&nbsp; 284664 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 | &nbsp;&nbsp;&nbsp;&nbsp; 81484 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18373 | &nbsp;&nbsp;&nbsp;&nbsp; 1076107 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8277 | &nbsp;&nbsp;&nbsp;&nbsp; 63071 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33587 | &nbsp;&nbsp;&nbsp;&nbsp; 619344 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35688 | &nbsp;&nbsp;&nbsp;&nbsp; 541744 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp; 55091 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58637 | &nbsp;&nbsp;&nbsp;&nbsp; 635039 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10542 | &nbsp;&nbsp;$380461 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 101543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10225710 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| &nbsp;&nbsp;&nbsp;Arq, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12507 | &nbsp;&nbsp;&nbsp;&nbsp; 46526 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23587 | &nbsp;&nbsp;&nbsp;&nbsp; 2273551 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10910 | &nbsp;&nbsp;&nbsp;&nbsp; 568956 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20336 | &nbsp;&nbsp;&nbsp;&nbsp; 293855 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28423 | &nbsp;&nbsp;&nbsp;&nbsp; 521278 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12061 | &nbsp;&nbsp;&nbsp;&nbsp; 309365 |
| &nbsp;&nbsp;&nbsp;Perma-Fix Environmental Services, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;&nbsp; 86319 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8052 | &nbsp;&nbsp;&nbsp;&nbsp; 91632 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49132 | &nbsp;&nbsp;&nbsp;&nbsp; 432362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623844 |
| **Food — 0.9%** | **Food — 0.9%** | **Food — 0.9%** |
| &nbsp;&nbsp;&nbsp;Marzetti Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7529 | &nbsp;&nbsp;&nbsp;&nbsp; 1256891 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31027 | &nbsp;&nbsp;&nbsp;&nbsp; 143034 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29948 | &nbsp;&nbsp;&nbsp;&nbsp; 29403 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457 | &nbsp;&nbsp;&nbsp;&nbsp; 132304 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17381 | &nbsp;&nbsp;&nbsp;&nbsp; 1448185 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13684 | &nbsp;&nbsp;&nbsp;&nbsp; 839103 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35542 | &nbsp;&nbsp;&nbsp;&nbsp; 395582 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30290 | &nbsp;&nbsp;&nbsp;&nbsp; 33319 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14789 | &nbsp;&nbsp;&nbsp;&nbsp; 37120 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616 | &nbsp;&nbsp;&nbsp;&nbsp; 431983 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5826 | &nbsp;&nbsp;&nbsp;&nbsp; 538031 |
| &nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp; 217745 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089 | &nbsp;&nbsp;&nbsp;&nbsp; 51776 |
| &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12529 | &nbsp;&nbsp;&nbsp;&nbsp; 141828 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16368 | &nbsp;&nbsp;&nbsp;&nbsp; 196743 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp; 99087 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932 | &nbsp;&nbsp;&nbsp;&nbsp; 136863 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp; 213840 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34333 | &nbsp;&nbsp;&nbsp;&nbsp; 675673 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37251 | &nbsp;&nbsp;&nbsp;&nbsp; 140064 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6619 | &nbsp;&nbsp;&nbsp;&nbsp; 253905 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18830 | &nbsp;&nbsp;&nbsp;&nbsp; 449849 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22048 | &nbsp;&nbsp;&nbsp;&nbsp; 822611 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27766 | &nbsp;&nbsp;&nbsp;&nbsp; 269053 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp; 118472 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238 | &nbsp;&nbsp;&nbsp;&nbsp; 405283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9477747 |
| **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; 180554 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12867 | &nbsp;&nbsp;&nbsp;&nbsp; 609510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790064 |
| **Gas — 1.1%** | **Gas — 1.1%** | **Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45271 | &nbsp;&nbsp;&nbsp;&nbsp; 2066621 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8608 | &nbsp;&nbsp;&nbsp;&nbsp; 1197028 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37901 | &nbsp;&nbsp;&nbsp;&nbsp; 1822280 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14811 | &nbsp;&nbsp;&nbsp;&nbsp; 732700 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22470 | &nbsp;&nbsp;&nbsp;&nbsp; 1881638 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp; 75960 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24317 | &nbsp;&nbsp;&nbsp;&nbsp; 2019527 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21985 | &nbsp;&nbsp;&nbsp;&nbsp; 1949190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11744944 |
| **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; 465809 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20108 | &nbsp;&nbsp;&nbsp;&nbsp; 761490 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hand/Machine Tools (continued)** | **Hand/Machine Tools (continued)** | **Hand/Machine Tools (continued)** |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14986 | &nbsp;&nbsp;$1425918 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27854 | &nbsp;&nbsp;&nbsp;&nbsp; 770999 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10238 | &nbsp;&nbsp;&nbsp;&nbsp; 127975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552191 |
| **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39244 | &nbsp;&nbsp;&nbsp;&nbsp; 738180 |
| &nbsp;&nbsp;&nbsp;Accuray, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27911 | &nbsp;&nbsp;&nbsp;&nbsp; 30144 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55097 | &nbsp;&nbsp;&nbsp;&nbsp; 1083207 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43603 | &nbsp;&nbsp;&nbsp;&nbsp; 983248 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13732 | &nbsp;&nbsp;&nbsp;&nbsp; 170277 |
| &nbsp;&nbsp;&nbsp;Anteris Technologies Global Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13030 | &nbsp;&nbsp;&nbsp;&nbsp; 53423 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14297 | &nbsp;&nbsp;&nbsp;&nbsp; 667098 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17585 | &nbsp;&nbsp;&nbsp;&nbsp; 635170 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17329 | &nbsp;&nbsp;&nbsp;&nbsp; 203442 |
| &nbsp;&nbsp;&nbsp;Avita Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675 | &nbsp;&nbsp;&nbsp;&nbsp; 17298 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16980 | &nbsp;&nbsp;&nbsp;&nbsp; 486477 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15392 | &nbsp;&nbsp;&nbsp;&nbsp; 547340 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13734 | &nbsp;&nbsp;&nbsp;&nbsp; 430424 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14018 | &nbsp;&nbsp;&nbsp;&nbsp; 371477 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17337 | &nbsp;&nbsp;&nbsp;&nbsp; 131588 |
| &nbsp;&nbsp;&nbsp;Butterfly Network, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71144 | &nbsp;&nbsp;&nbsp;&nbsp; 220546 |
| &nbsp;&nbsp;&nbsp;CapsoVision, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp; 1604 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20034 | &nbsp;&nbsp;&nbsp;&nbsp; 358008 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11003 | &nbsp;&nbsp;&nbsp;&nbsp; 439570 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9462 | &nbsp;&nbsp;&nbsp;&nbsp; 160570 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75101 | &nbsp;&nbsp;&nbsp;&nbsp; 132178 |
| &nbsp;&nbsp;&nbsp;ClearPoint Neuro, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10059 | &nbsp;&nbsp;&nbsp;&nbsp; 145453 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11660 | &nbsp;&nbsp;&nbsp;&nbsp; 506277 |
| &nbsp;&nbsp;&nbsp;CVRx, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;&nbsp;&nbsp; 48520 |
| &nbsp;&nbsp;&nbsp;Delcath Systems, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11215 | &nbsp;&nbsp;&nbsp;&nbsp; 108786 |
| &nbsp;&nbsp;&nbsp;Electromed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp; 51532 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22492 | &nbsp;&nbsp;&nbsp;&nbsp; 286885 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20766 | &nbsp;&nbsp;&nbsp;&nbsp; 628587 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20798 | &nbsp;&nbsp;&nbsp;&nbsp; 2210619 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11720 | &nbsp;&nbsp;&nbsp;&nbsp; 1293771 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44834 | &nbsp;&nbsp;&nbsp;&nbsp; 4860902 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18167 | &nbsp;&nbsp;&nbsp;&nbsp; 1477885 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9097 | &nbsp;&nbsp;&nbsp;&nbsp; 1350359 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 | &nbsp;&nbsp;&nbsp;&nbsp; 60718 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12780 | &nbsp;&nbsp;&nbsp;&nbsp; 922460 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24955 | &nbsp;&nbsp;&nbsp;&nbsp; 327410 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832 | &nbsp;&nbsp;&nbsp;&nbsp; 263999 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11985 | &nbsp;&nbsp;&nbsp;&nbsp; 2253300 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675 | &nbsp;&nbsp;&nbsp;&nbsp; 126132 |
| &nbsp;&nbsp;&nbsp;KORU Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11930 | &nbsp;&nbsp;&nbsp;&nbsp; 70626 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25676 | &nbsp;&nbsp;&nbsp;&nbsp; 1511546 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7629 | &nbsp;&nbsp;&nbsp;&nbsp; 632826 |
| &nbsp;&nbsp;&nbsp;Lensar, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp; 21256 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20140 | &nbsp;&nbsp;&nbsp;&nbsp; 1285133 |
| &nbsp;&nbsp;&nbsp;Lucid Diagnostics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8091 | &nbsp;&nbsp;&nbsp;&nbsp; 8576 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40429 | &nbsp;&nbsp;&nbsp;&nbsp; 71155 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21848 | &nbsp;&nbsp;&nbsp;&nbsp; 1891818 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43716 | &nbsp;&nbsp;&nbsp;&nbsp; 300766 |
| &nbsp;&nbsp;&nbsp;Myomo, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13237 | &nbsp;&nbsp;&nbsp;&nbsp; 11781 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82464 | &nbsp;&nbsp;&nbsp;&nbsp; 493135 |
| &nbsp;&nbsp;&nbsp;NeuroPace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7587 | &nbsp;&nbsp;&nbsp;&nbsp; 124123 |
| &nbsp;&nbsp;&nbsp;Novocure, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37721 | &nbsp;&nbsp;&nbsp;&nbsp; 483206 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38572 | &nbsp;&nbsp;&nbsp;&nbsp; 69815 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16916 | &nbsp;&nbsp;&nbsp;&nbsp; 617603 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30575 | &nbsp;&nbsp;&nbsp;&nbsp; 72769 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14823 | &nbsp;&nbsp;&nbsp;&nbsp; 238502 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 | &nbsp;&nbsp;$118207 |
| &nbsp;&nbsp;&nbsp;Outset Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5655 | &nbsp;&nbsp;&nbsp;&nbsp; 25787 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;107956 | &nbsp;&nbsp;&nbsp;&nbsp; 250458 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19576 | &nbsp;&nbsp;&nbsp;&nbsp; 620168 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14206 | &nbsp;&nbsp;&nbsp;&nbsp; 23014 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6760 | &nbsp;&nbsp;&nbsp;&nbsp; 92544 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14273 | &nbsp;&nbsp;&nbsp;&nbsp; 103622 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53165 | &nbsp;&nbsp;&nbsp;&nbsp; 74963 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24954 | &nbsp;&nbsp;&nbsp;&nbsp; 682492 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12729 | &nbsp;&nbsp;&nbsp;&nbsp; 145365 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 23451 |
| &nbsp;&nbsp;&nbsp;SANUWAVE Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852 | &nbsp;&nbsp;&nbsp;&nbsp; 96740 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613 | &nbsp;&nbsp;&nbsp;&nbsp; 100194 |
| &nbsp;&nbsp;&nbsp;Shoulder Innovations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp; 28193 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14316 | &nbsp;&nbsp;&nbsp;&nbsp; 278589 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18578 | &nbsp;&nbsp;&nbsp;&nbsp; 493060 |
| &nbsp;&nbsp;&nbsp;Stereotaxis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23285 | &nbsp;&nbsp;&nbsp;&nbsp; 57281 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7972 | &nbsp;&nbsp;&nbsp;&nbsp; 204960 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24528 | &nbsp;&nbsp;&nbsp;&nbsp; 515333 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12583 | &nbsp;&nbsp;&nbsp;&nbsp; 1841019 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18826 | &nbsp;&nbsp;&nbsp;&nbsp; 56102 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22281 | &nbsp;&nbsp;&nbsp;&nbsp; 713215 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp; 638812 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp; 61083 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp; 160823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40094975 |
| **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** |
| &nbsp;&nbsp;&nbsp;Strata Critical Medical, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26074 | &nbsp;&nbsp;&nbsp;&nbsp; 113161 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6802 | &nbsp;&nbsp;&nbsp;&nbsp; 817600 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;120781 | &nbsp;&nbsp;&nbsp;&nbsp; 78641 |
| &nbsp;&nbsp;&nbsp;Ardent Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7976 | &nbsp;&nbsp;&nbsp;&nbsp; 70029 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15780 | &nbsp;&nbsp;&nbsp;&nbsp; 363571 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18444 | &nbsp;&nbsp;&nbsp;&nbsp; 172267 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40386 | &nbsp;&nbsp;&nbsp;&nbsp; 1460358 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84574 | &nbsp;&nbsp;&nbsp;&nbsp; 941309 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;153340 | &nbsp;&nbsp;&nbsp;&nbsp; 381817 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49991 | &nbsp;&nbsp;&nbsp;&nbsp; 172969 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43561 | &nbsp;&nbsp;&nbsp;&nbsp; 895614 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10836 | &nbsp;&nbsp;&nbsp;&nbsp; 792979 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37043 | &nbsp;&nbsp;&nbsp;&nbsp; 38154 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18746 | &nbsp;&nbsp;&nbsp;&nbsp; 167589 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21094 | &nbsp;&nbsp;&nbsp;&nbsp; 3913781 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34957 | &nbsp;&nbsp;&nbsp;&nbsp; 444303 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979 | &nbsp;&nbsp;&nbsp;&nbsp; 236019 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6966 | &nbsp;&nbsp;&nbsp;&nbsp; 1162974 |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14907 | &nbsp;&nbsp;&nbsp;&nbsp; 138337 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32167 | &nbsp;&nbsp;&nbsp;&nbsp; 3383325 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8226 | &nbsp;&nbsp;&nbsp;&nbsp; 43433 |
| &nbsp;&nbsp;&nbsp;Joint Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050 | &nbsp;&nbsp;&nbsp;&nbsp; 42521 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp; 318500 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22486 | &nbsp;&nbsp;&nbsp;&nbsp; 100737 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755 | &nbsp;&nbsp;&nbsp;&nbsp; 648059 |
| &nbsp;&nbsp;&nbsp;Neuronetics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp;&nbsp; 10363 |
| &nbsp;&nbsp;&nbsp;Oncology Institute, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp; 75360 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;139587 | &nbsp;&nbsp;&nbsp;&nbsp; 189838 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62107 | &nbsp;&nbsp;&nbsp;&nbsp; 1931528 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71698 | &nbsp;&nbsp;&nbsp;&nbsp; 1288413 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16322 | &nbsp;&nbsp;&nbsp;&nbsp; 545318 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31231 | &nbsp;&nbsp;&nbsp;&nbsp; 752355 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12543 | &nbsp;&nbsp;&nbsp;&nbsp; 347441 |
| &nbsp;&nbsp;&nbsp;Personalis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18111 | &nbsp;&nbsp;&nbsp;&nbsp; 194331 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43253 | &nbsp;&nbsp;&nbsp;&nbsp; 1054076 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;RadNet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25736 | &nbsp;&nbsp;$2130683 |
| &nbsp;&nbsp;&nbsp;SBC Medical Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41841 | &nbsp;&nbsp;&nbsp;&nbsp; 648117 |
| &nbsp;&nbsp;&nbsp;Sonida Senior Living, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp; 72349 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29121 | &nbsp;&nbsp;&nbsp;&nbsp; 497095 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67783 | &nbsp;&nbsp;&nbsp;&nbsp; 514473 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5841 | &nbsp;&nbsp;&nbsp;&nbsp; 431358 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12590 | &nbsp;&nbsp;&nbsp;&nbsp; 86997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27676642 |
| **Home Builders — 1.7%** | **Home Builders — 1.7%** | **Home Builders — 1.7%** |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10635 | &nbsp;&nbsp;&nbsp;&nbsp; 243223 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp; 1700581 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10005 | &nbsp;&nbsp;&nbsp;&nbsp; 653227 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21463 | &nbsp;&nbsp;&nbsp;&nbsp; 1842384 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11613 | &nbsp;&nbsp;&nbsp;&nbsp; 229589 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 188848 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11706 | &nbsp;&nbsp;&nbsp;&nbsp; 794603 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp; 226054 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8821 | &nbsp;&nbsp;&nbsp;&nbsp; 2364204 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25137 | &nbsp;&nbsp;&nbsp;&nbsp; 1617063 |
| &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 | &nbsp;&nbsp;&nbsp;&nbsp; 1044741 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8062 | &nbsp;&nbsp;&nbsp;&nbsp; 419385 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9841 | &nbsp;&nbsp;&nbsp;&nbsp; 1354023 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26674 | &nbsp;&nbsp;&nbsp;&nbsp; 1949336 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36589 | &nbsp;&nbsp;&nbsp;&nbsp; 2293764 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32455 | &nbsp;&nbsp;&nbsp;&nbsp; 1107365 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10199 | &nbsp;&nbsp;&nbsp;&nbsp; 369102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18397492 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19824 | &nbsp;&nbsp;&nbsp;&nbsp; 204980 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;&nbsp; 280448 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 | &nbsp;&nbsp;&nbsp;&nbsp; 204912 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp; 59374 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 46654 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51638 | &nbsp;&nbsp;&nbsp;&nbsp; 529806 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5127 | &nbsp;&nbsp;&nbsp;&nbsp; 73572 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26270 | &nbsp;&nbsp;&nbsp;&nbsp; 415854 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8496 | &nbsp;&nbsp;&nbsp;&nbsp; 43330 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43072 | &nbsp;&nbsp;&nbsp;&nbsp; 799416 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12881 | &nbsp;&nbsp;&nbsp;&nbsp; 11735 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18161 | &nbsp;&nbsp;&nbsp;&nbsp; 105152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775233 |
| **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32880 | &nbsp;&nbsp;&nbsp;&nbsp; 113106 |
| &nbsp;&nbsp;&nbsp;Acme United Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp; 49987 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058 | &nbsp;&nbsp;&nbsp;&nbsp; 171649 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17114 | &nbsp;&nbsp;&nbsp;&nbsp; 221797 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9148 | &nbsp;&nbsp;&nbsp;&nbsp; 542934 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5147 | &nbsp;&nbsp;&nbsp;&nbsp; 1007783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107256 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3173 | &nbsp;&nbsp;&nbsp;&nbsp; 108390 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19168 | &nbsp;&nbsp;&nbsp;&nbsp; 593058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701448 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp;Octave Specialty Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp; 140244 |
| &nbsp;&nbsp;&nbsp;Abacus Global Management, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15482 | &nbsp;&nbsp;&nbsp;&nbsp; 102646 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9331 | &nbsp;&nbsp;&nbsp;&nbsp; 111505 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;American Integrity Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072 | &nbsp;&nbsp;$64942 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6969 | &nbsp;&nbsp;&nbsp;&nbsp; 284335 |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings, Ltd., Class A<br> Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921 | &nbsp;&nbsp;&nbsp;&nbsp; 219373 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26356 | &nbsp;&nbsp;&nbsp;&nbsp; 751410 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123 | &nbsp;&nbsp;&nbsp;&nbsp; 170526 |
| &nbsp;&nbsp;&nbsp;Citizens, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18387 | &nbsp;&nbsp;&nbsp;&nbsp; 109586 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36381 | &nbsp;&nbsp;&nbsp;&nbsp; 1489074 |
| &nbsp;&nbsp;&nbsp;Crawford & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454 | &nbsp;&nbsp;&nbsp;&nbsp; 72156 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038 | &nbsp;&nbsp;&nbsp;&nbsp; 121545 |
| &nbsp;&nbsp;&nbsp;eHealth, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11702 | &nbsp;&nbsp;&nbsp;&nbsp; 47744 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9155 | &nbsp;&nbsp;&nbsp;&nbsp; 364827 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36727 | &nbsp;&nbsp;&nbsp;&nbsp; 2304986 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7711 | &nbsp;&nbsp;&nbsp;&nbsp; 249142 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21739 | &nbsp;&nbsp;&nbsp;&nbsp; 413911 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;152692 | &nbsp;&nbsp;&nbsp;&nbsp; 1325367 |
| &nbsp;&nbsp;&nbsp;GoHealth, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp; 5964 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9194 | &nbsp;&nbsp;&nbsp;&nbsp; 657831 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976 | &nbsp;&nbsp;&nbsp;&nbsp; 131783 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17613 | &nbsp;&nbsp;&nbsp;&nbsp; 480483 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845 | &nbsp;&nbsp;&nbsp;&nbsp; 683449 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8633 | &nbsp;&nbsp;&nbsp;&nbsp; 250789 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6892 | &nbsp;&nbsp;&nbsp;&nbsp; 225920 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14951 | &nbsp;&nbsp;&nbsp;&nbsp; 684457 |
| &nbsp;&nbsp;&nbsp;Investors Title Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp; 154237 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14159 | &nbsp;&nbsp;&nbsp;&nbsp; 83396 |
| &nbsp;&nbsp;&nbsp;Kestrel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp; 10438 |
| &nbsp;&nbsp;&nbsp;Kingstone Cos, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494 | &nbsp;&nbsp;&nbsp;&nbsp; 68399 |
| &nbsp;&nbsp;&nbsp;Kingsway Financial Services, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6620 | &nbsp;&nbsp;&nbsp;&nbsp; 86060 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20941 | &nbsp;&nbsp;&nbsp;&nbsp; 1635911 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16922 | &nbsp;&nbsp;&nbsp;&nbsp; 127761 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;&nbsp; 927568 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784 | &nbsp;&nbsp;&nbsp;&nbsp; 37807 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29395 | &nbsp;&nbsp;&nbsp;&nbsp; 1121419 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9807 | &nbsp;&nbsp;&nbsp;&nbsp; 1218127 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19762 | &nbsp;&nbsp;&nbsp;&nbsp; 475869 |
| &nbsp;&nbsp;&nbsp;Root, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp; 330759 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5694 | &nbsp;&nbsp;&nbsp;&nbsp; 432858 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22993 | &nbsp;&nbsp;&nbsp;&nbsp; 1806330 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55887 | &nbsp;&nbsp;&nbsp;&nbsp; 81036 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715 | &nbsp;&nbsp;&nbsp;&nbsp; 671486 |
| &nbsp;&nbsp;&nbsp;Slide Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10258 | &nbsp;&nbsp;&nbsp;&nbsp; 173258 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10257 | &nbsp;&nbsp;&nbsp;&nbsp; 785994 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9091 | &nbsp;&nbsp;&nbsp;&nbsp; 170729 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13955 | &nbsp;&nbsp;&nbsp;&nbsp; 492472 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7619 | &nbsp;&nbsp;&nbsp;&nbsp; 278474 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 311422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22945805 |
| **Internet — 1.5%** | **Internet — 1.5%** | **Internet — 1.5%** |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc. #† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21431 | &nbsp;&nbsp;&nbsp;&nbsp; 129015 |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8909 | &nbsp;&nbsp;&nbsp;&nbsp; 30380 |
| &nbsp;&nbsp;&nbsp;Angi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15606 | &nbsp;&nbsp;&nbsp;&nbsp; 178221 |
| &nbsp;&nbsp;&nbsp;Arena Group Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp; 6111 |
| &nbsp;&nbsp;&nbsp;AudioEye, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 33557 |
| &nbsp;&nbsp;&nbsp;Backblaze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20417 | &nbsp;&nbsp;&nbsp;&nbsp; 96777 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19764 | &nbsp;&nbsp;&nbsp;&nbsp; 14129 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28116 | &nbsp;&nbsp;&nbsp;&nbsp; 99812 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30979 | &nbsp;&nbsp;&nbsp;&nbsp; 1092939 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20905 | &nbsp;&nbsp;&nbsp;&nbsp; 242498 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16738 | &nbsp;&nbsp;&nbsp;&nbsp; 319361 |
| &nbsp;&nbsp;&nbsp;Crexendo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881 | &nbsp;&nbsp;&nbsp;&nbsp; 41049 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25298 | &nbsp;&nbsp;&nbsp;&nbsp; 70328 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;ePlus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9685 | &nbsp;&nbsp;$867776 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30649 | &nbsp;&nbsp;&nbsp;&nbsp; 76316 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10732 | &nbsp;&nbsp;&nbsp;&nbsp; 283217 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34239 | &nbsp;&nbsp;&nbsp;&nbsp; 335200 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;129124 | &nbsp;&nbsp;&nbsp;&nbsp; 392537 |
| &nbsp;&nbsp;&nbsp;Gaia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928 | &nbsp;&nbsp;&nbsp;&nbsp; 26673 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp; 30879 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44774 | &nbsp;&nbsp;&nbsp;&nbsp; 68952 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12335 | &nbsp;&nbsp;&nbsp;&nbsp; 158258 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8923 | &nbsp;&nbsp;&nbsp;&nbsp; 150888 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8771 | &nbsp;&nbsp;&nbsp;&nbsp; 220591 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71559 | &nbsp;&nbsp;&nbsp;&nbsp; 2845186 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp; 76424 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14010 | &nbsp;&nbsp;&nbsp;&nbsp; 53658 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040 | &nbsp;&nbsp;&nbsp;&nbsp; 271562 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52152 | &nbsp;&nbsp;&nbsp;&nbsp; 766113 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12520 | &nbsp;&nbsp;&nbsp;&nbsp; 159755 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23511 | &nbsp;&nbsp;&nbsp;&nbsp; 31505 |
| &nbsp;&nbsp;&nbsp;Newsmax, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089 | &nbsp;&nbsp;&nbsp;&nbsp; 25639 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81120 | &nbsp;&nbsp;&nbsp;&nbsp; 141960 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41686 | &nbsp;&nbsp;&nbsp;&nbsp; 79620 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838 | &nbsp;&nbsp;&nbsp;&nbsp; 89146 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23401 | &nbsp;&nbsp;&nbsp;&nbsp; 1687914 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21468 | &nbsp;&nbsp;&nbsp;&nbsp; 299693 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36786 | &nbsp;&nbsp;&nbsp;&nbsp; 532661 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15751 | &nbsp;&nbsp;&nbsp;&nbsp; 380702 |
| &nbsp;&nbsp;&nbsp;Rumble, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40934 | &nbsp;&nbsp;&nbsp;&nbsp; 277123 |
| &nbsp;&nbsp;&nbsp;Serve Robotics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18192 | &nbsp;&nbsp;&nbsp;&nbsp; 186650 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193 | &nbsp;&nbsp;&nbsp;&nbsp; 191398 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43547 | &nbsp;&nbsp;&nbsp;&nbsp; 314845 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40776 | &nbsp;&nbsp;&nbsp;&nbsp; 173298 |
| &nbsp;&nbsp;&nbsp;Travelzoo#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp; 18365 |
| &nbsp;&nbsp;&nbsp;Triller Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41901 | &nbsp;&nbsp;&nbsp;&nbsp; 17012 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42814 | &nbsp;&nbsp;&nbsp;&nbsp; 636644 |
| &nbsp;&nbsp;&nbsp;TrueCar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32014 | &nbsp;&nbsp;&nbsp;&nbsp; 68190 |
| &nbsp;&nbsp;&nbsp;Tucows, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 59376 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45901 | &nbsp;&nbsp;&nbsp;&nbsp; 906086 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp; 10863 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23035 | &nbsp;&nbsp;&nbsp;&nbsp; 665942 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15981 | &nbsp;&nbsp;&nbsp;&nbsp; 524496 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25898 | &nbsp;&nbsp;&nbsp;&nbsp; 123015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16580305 |
| **Investment Companies — 1.4%** | **Investment Companies — 1.4%** | **Investment Companies — 1.4%** |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;122058 | &nbsp;&nbsp;&nbsp;&nbsp; 290498 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33789 | &nbsp;&nbsp;&nbsp;&nbsp; 453110 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22199 | &nbsp;&nbsp;&nbsp;&nbsp; 357404 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99936 | &nbsp;&nbsp;&nbsp;&nbsp; 2033698 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;104975 | &nbsp;&nbsp;&nbsp;&nbsp; 1585123 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25731 | &nbsp;&nbsp;&nbsp;&nbsp; 189380 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;107636 | &nbsp;&nbsp;&nbsp;&nbsp; 1817972 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38084 | &nbsp;&nbsp;&nbsp;&nbsp; 163000 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45258 | &nbsp;&nbsp;&nbsp;&nbsp; 1555065 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35682 | &nbsp;&nbsp;&nbsp;&nbsp; 1605690 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;140119 | &nbsp;&nbsp;&nbsp;&nbsp; 1654805 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;131671 | &nbsp;&nbsp;&nbsp;&nbsp; 2123853 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;106959 | &nbsp;&nbsp;&nbsp;&nbsp; 1658934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15488532 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;42753 | &nbsp;&nbsp;$2726786 |
| &nbsp;&nbsp;&nbsp;Friedman Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704 | &nbsp;&nbsp;&nbsp;&nbsp; 54864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781650 |
| **Leisure Time — 0.8%** | **Leisure Time — 0.8%** | **Leisure Time — 0.8%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10278 | &nbsp;&nbsp;&nbsp;&nbsp; 864380 |
| &nbsp;&nbsp;&nbsp;American Outdoor Brands, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996 | &nbsp;&nbsp;&nbsp;&nbsp; 35821 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112 | &nbsp;&nbsp;&nbsp;&nbsp; 54525 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36815 | &nbsp;&nbsp;&nbsp;&nbsp; 283844 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878 | &nbsp;&nbsp;&nbsp;&nbsp; 76979 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51067 | &nbsp;&nbsp;&nbsp;&nbsp; 1425791 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14482 | &nbsp;&nbsp;&nbsp;&nbsp; 174219 |
| &nbsp;&nbsp;&nbsp;Livewire Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14936 | &nbsp;&nbsp;&nbsp;&nbsp; 63627 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp;&nbsp;&nbsp; 190639 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp;&nbsp; 28171 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117 | &nbsp;&nbsp;&nbsp;&nbsp; 113042 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35027 | &nbsp;&nbsp;&nbsp;&nbsp; 715251 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12238 | &nbsp;&nbsp;&nbsp;&nbsp; 1324397 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;141218 | &nbsp;&nbsp;&nbsp;&nbsp; 958870 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20150 | &nbsp;&nbsp;&nbsp;&nbsp; 1337154 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;140054 | &nbsp;&nbsp;&nbsp;&nbsp; 225487 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49092 | &nbsp;&nbsp;&nbsp;&nbsp; 632305 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11144 | &nbsp;&nbsp;&nbsp;&nbsp; 73996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8578498 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21608 | &nbsp;&nbsp;&nbsp;&nbsp; 925470 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9084 | &nbsp;&nbsp;&nbsp;&nbsp; 142619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068089 |
| **Machinery-Construction & Mining — 1.1%** | **Machinery-Construction & Mining — 1.1%** | **Machinery-Construction & Mining — 1.1%** |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8584 | &nbsp;&nbsp;&nbsp;&nbsp; 379928 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80620 | &nbsp;&nbsp;&nbsp;&nbsp; 8806929 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522 | &nbsp;&nbsp;&nbsp;&nbsp; 131500 |
| &nbsp;&nbsp;&nbsp;Lightbridge Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7624 | &nbsp;&nbsp;&nbsp;&nbsp; 123966 |
| &nbsp;&nbsp;&nbsp;Manitowoc Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13781 | &nbsp;&nbsp;&nbsp;&nbsp; 155450 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575 | &nbsp;&nbsp;&nbsp;&nbsp; 345802 |
| &nbsp;&nbsp;&nbsp;Net Power, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13807 | &nbsp;&nbsp;&nbsp;&nbsp; 40040 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47880 | &nbsp;&nbsp;&nbsp;&nbsp; 957600 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24356 | &nbsp;&nbsp;&nbsp;&nbsp; 1125491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12066706 |
| **Machinery-Diversified — 1.7%** | **Machinery-Diversified — 1.7%** | **Machinery-Diversified — 1.7%** |
| &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding AG# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12832 | &nbsp;&nbsp;&nbsp;&nbsp; 152829 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865 | &nbsp;&nbsp;&nbsp;&nbsp; 619830 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11499 | &nbsp;&nbsp;&nbsp;&nbsp; 548272 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25797 | &nbsp;&nbsp;&nbsp;&nbsp; 1107207 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16988 | &nbsp;&nbsp;&nbsp;&nbsp; 3464703 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10837 | &nbsp;&nbsp;&nbsp;&nbsp; 178160 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6110 | &nbsp;&nbsp;&nbsp;&nbsp; 1661126 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871 | &nbsp;&nbsp;&nbsp;&nbsp; 457825 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24320 | &nbsp;&nbsp;&nbsp;&nbsp; 185805 |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4207 | &nbsp;&nbsp;&nbsp;&nbsp; 56416 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7939 | &nbsp;&nbsp;&nbsp;&nbsp; 369084 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13381 | &nbsp;&nbsp;&nbsp;&nbsp; 224801 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478 | &nbsp;&nbsp;&nbsp;&nbsp; 1245421 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4086 | &nbsp;&nbsp;&nbsp;&nbsp; 469604 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58718 | &nbsp;&nbsp;&nbsp;&nbsp; 1423324 |
| &nbsp;&nbsp;&nbsp;Palladyne AI Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991 | &nbsp;&nbsp;&nbsp;&nbsp; 45549 |
| &nbsp;&nbsp;&nbsp;Power Solutions International, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp;&nbsp;&nbsp; 137363 |
| &nbsp;&nbsp;&nbsp;Pro-Dex, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 31339 |
| &nbsp;&nbsp;&nbsp;Richtech Robotics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23905 | &nbsp;&nbsp;&nbsp;&nbsp; 84863 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7038 | &nbsp;&nbsp;&nbsp;&nbsp; 514689 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12409 | &nbsp;&nbsp;&nbsp;&nbsp; 435556 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10356 | &nbsp;&nbsp;$2857013 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56674 | &nbsp;&nbsp;&nbsp;&nbsp; 2703350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18974129 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp;Optimum Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;102669 | &nbsp;&nbsp;&nbsp;&nbsp; 195071 |
| &nbsp;&nbsp;&nbsp;USA TODAY Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54541 | &nbsp;&nbsp;&nbsp;&nbsp; 273250 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13134 | &nbsp;&nbsp;&nbsp;&nbsp; 117155 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp; 237193 |
| &nbsp;&nbsp;&nbsp;CuriosityStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12996 | &nbsp;&nbsp;&nbsp;&nbsp; 62511 |
| &nbsp;&nbsp;&nbsp;E.W. Scripps Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25562 | &nbsp;&nbsp;&nbsp;&nbsp; 108127 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34127 | &nbsp;&nbsp;&nbsp;&nbsp; 167905 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41977 | &nbsp;&nbsp;&nbsp;&nbsp; 164970 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11218 | &nbsp;&nbsp;&nbsp;&nbsp; 97372 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46997 | &nbsp;&nbsp;&nbsp;&nbsp; 411224 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7525 | &nbsp;&nbsp;&nbsp;&nbsp; 222288 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15034 | &nbsp;&nbsp;&nbsp;&nbsp; 236936 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10398 | &nbsp;&nbsp;&nbsp;&nbsp; 879567 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60626 | &nbsp;&nbsp;&nbsp;&nbsp; 1183419 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14304 | &nbsp;&nbsp;&nbsp;&nbsp; 80532 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 11875 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20571 | &nbsp;&nbsp;&nbsp;&nbsp; 106558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555953 |
| **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ascent Industries Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp; 45840 |
| &nbsp;&nbsp;&nbsp;Eastern Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337 | &nbsp;&nbsp;&nbsp;&nbsp; 45571 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12136 | &nbsp;&nbsp;&nbsp;&nbsp; 655223 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74716 | &nbsp;&nbsp;&nbsp;&nbsp; 653765 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52627 | &nbsp;&nbsp;&nbsp;&nbsp; 326814 |
| &nbsp;&nbsp;&nbsp;L.B. Foster Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392 | &nbsp;&nbsp;&nbsp;&nbsp; 91516 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789 | &nbsp;&nbsp;&nbsp;&nbsp; 98355 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14283 | &nbsp;&nbsp;&nbsp;&nbsp; 241526 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412 | &nbsp;&nbsp;&nbsp;&nbsp; 132693 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp; 39268 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3908 | &nbsp;&nbsp;&nbsp;&nbsp; 83670 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 | &nbsp;&nbsp;&nbsp;&nbsp; 467087 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10581 | &nbsp;&nbsp;&nbsp;&nbsp; 242622 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4519 | &nbsp;&nbsp;&nbsp;&nbsp; 1107878 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10152 | &nbsp;&nbsp;&nbsp;&nbsp; 79186 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11871 | &nbsp;&nbsp;&nbsp;&nbsp; 651243 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11934 | &nbsp;&nbsp;&nbsp;&nbsp; 402772 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16084 | &nbsp;&nbsp;&nbsp;&nbsp; 940431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6305460 |
| **Mining — 1.9%** | **Mining — 1.9%** | **Mining — 1.9%** |
| &nbsp;&nbsp;&nbsp;American Battery Technology Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32992 | &nbsp;&nbsp;&nbsp;&nbsp; 123390 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6521 | &nbsp;&nbsp;&nbsp;&nbsp; 200912 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890 | &nbsp;&nbsp;&nbsp;&nbsp; 1527277 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19835 | &nbsp;&nbsp;&nbsp;&nbsp; 594455 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;240476 | &nbsp;&nbsp;&nbsp;&nbsp; 4153020 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12493 | &nbsp;&nbsp;&nbsp;&nbsp; 237242 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52781 | &nbsp;&nbsp;&nbsp;&nbsp; 887249 |
| &nbsp;&nbsp;&nbsp;Contango ORE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp;&nbsp; 84140 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11623 | &nbsp;&nbsp;&nbsp;&nbsp; 95657 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32395 | &nbsp;&nbsp;&nbsp;&nbsp; 151285 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71400 | &nbsp;&nbsp;&nbsp;&nbsp; 194922 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81250 | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 |
| &nbsp;&nbsp;&nbsp;Ferroglobe PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46256 | &nbsp;&nbsp;&nbsp;&nbsp; 204914 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;226195 | &nbsp;&nbsp;&nbsp;&nbsp; 3804600 |
| &nbsp;&nbsp;&nbsp;Idaho Strategic Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 | &nbsp;&nbsp;&nbsp;&nbsp; 186741 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32393 | &nbsp;&nbsp;&nbsp;&nbsp; 463544 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6174 | &nbsp;&nbsp;&nbsp;&nbsp; 593013 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Lifezone Metals, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11299 | &nbsp;&nbsp;$44179 |
| &nbsp;&nbsp;&nbsp;NioCorp Developments, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21065 | &nbsp;&nbsp;&nbsp;&nbsp; 131867 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;113576 | &nbsp;&nbsp;&nbsp;&nbsp; 1157339 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28834 | &nbsp;&nbsp;&nbsp;&nbsp; 742187 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76225 | &nbsp;&nbsp;&nbsp;&nbsp; 1774518 |
| &nbsp;&nbsp;&nbsp;United States Antimony Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34731 | &nbsp;&nbsp;&nbsp;&nbsp; 212206 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 | &nbsp;&nbsp;&nbsp;&nbsp; 489198 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;159818 | &nbsp;&nbsp;&nbsp;&nbsp; 1960967 |
| &nbsp;&nbsp;&nbsp;US Gold Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp; 63172 |
| &nbsp;&nbsp;&nbsp;US Goldmining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 10956 |
| &nbsp;&nbsp;&nbsp;Vox Royalty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11906 | &nbsp;&nbsp;&nbsp;&nbsp; 57030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21315980 |
| **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34604 | &nbsp;&nbsp;&nbsp;&nbsp; 1058537 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 | &nbsp;&nbsp;&nbsp;&nbsp; 125706 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;&nbsp;&nbsp; 65167 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988 | &nbsp;&nbsp;&nbsp;&nbsp; 1780126 |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13568 | &nbsp;&nbsp;&nbsp;&nbsp; 6233275 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22507 | &nbsp;&nbsp;&nbsp;&nbsp; 2565798 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25967 | &nbsp;&nbsp;&nbsp;&nbsp; 826789 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19695 | &nbsp;&nbsp;&nbsp;&nbsp; 2767738 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18977 | &nbsp;&nbsp;&nbsp;&nbsp; 169465 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7899 | &nbsp;&nbsp;&nbsp;&nbsp; 965179 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14398 | &nbsp;&nbsp;&nbsp;&nbsp; 260028 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp; 19351 |
| &nbsp;&nbsp;&nbsp;Outdoor Holding Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35756 | &nbsp;&nbsp;&nbsp;&nbsp; 65791 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833 | &nbsp;&nbsp;&nbsp;&nbsp; 132492 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16795 | &nbsp;&nbsp;&nbsp;&nbsp; 140406 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16592 | &nbsp;&nbsp;&nbsp;&nbsp; 144516 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6242 | &nbsp;&nbsp;&nbsp;&nbsp; 188009 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30418 | &nbsp;&nbsp;&nbsp;&nbsp; 806685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18315058 |
| **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10590 | &nbsp;&nbsp;&nbsp;&nbsp; 475491 |
| **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; 14079 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16927 | &nbsp;&nbsp;&nbsp;&nbsp; 702809 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21763 | &nbsp;&nbsp;&nbsp;&nbsp; 607405 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31828 | &nbsp;&nbsp;&nbsp;&nbsp; 518478 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479 | &nbsp;&nbsp;&nbsp;&nbsp; 31532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874303 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46560 | &nbsp;&nbsp;&nbsp;&nbsp; 129437 |
| **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; 106215 |
| &nbsp;&nbsp;&nbsp;BKV Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328 | &nbsp;&nbsp;&nbsp;&nbsp; 174716 |
| &nbsp;&nbsp;&nbsp;Borr Drilling, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85020 | &nbsp;&nbsp;&nbsp;&nbsp; 281416 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25534 | &nbsp;&nbsp;&nbsp;&nbsp; 1220015 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51313 | &nbsp;&nbsp;&nbsp;&nbsp; 1992997 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27004 | &nbsp;&nbsp;&nbsp;&nbsp; 725327 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66980 | &nbsp;&nbsp;&nbsp;&nbsp; 631621 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11633 | &nbsp;&nbsp;&nbsp;&nbsp; 401687 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22200 | &nbsp;&nbsp;&nbsp;&nbsp; 858474 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21666 | &nbsp;&nbsp;&nbsp;&nbsp; 325857 |
| &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; 17883 |
| &nbsp;&nbsp;&nbsp;Epsilon Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027 | &nbsp;&nbsp;&nbsp;&nbsp; 28990 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9124 | &nbsp;&nbsp;&nbsp;&nbsp; 35857 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20117 | &nbsp;&nbsp;&nbsp;&nbsp; 103603 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991 | &nbsp;&nbsp;$1332938 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35799 | &nbsp;&nbsp;&nbsp;&nbsp; 998792 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7437 | &nbsp;&nbsp;&nbsp;&nbsp; 49902 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5124 | &nbsp;&nbsp;&nbsp;&nbsp; 67842 |
| &nbsp;&nbsp;&nbsp;Kolibri Global Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10561 | &nbsp;&nbsp;&nbsp;&nbsp; 42455 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;172290 | &nbsp;&nbsp;&nbsp;&nbsp; 192965 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70567 | &nbsp;&nbsp;&nbsp;&nbsp; 1632920 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50938 | &nbsp;&nbsp;&nbsp;&nbsp; 1633582 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp; 270046 |
| &nbsp;&nbsp;&nbsp;NextNRG, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126 | &nbsp;&nbsp;&nbsp;&nbsp; 8694 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47560 | &nbsp;&nbsp;&nbsp;&nbsp; 1456287 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35506 | &nbsp;&nbsp;&nbsp;&nbsp; 794979 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18875 | &nbsp;&nbsp;&nbsp;&nbsp; 861644 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130627 | &nbsp;&nbsp;&nbsp;&nbsp; 758943 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31441 | &nbsp;&nbsp;&nbsp;&nbsp; 1084086 |
| &nbsp;&nbsp;&nbsp;Prairie Operating Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8783 | &nbsp;&nbsp;&nbsp;&nbsp; 16424 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 33968 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp; 135389 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29179 | &nbsp;&nbsp;&nbsp;&nbsp; 127512 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13757 | &nbsp;&nbsp;&nbsp;&nbsp; 194524 |
| &nbsp;&nbsp;&nbsp;Seadrill, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23108 | &nbsp;&nbsp;&nbsp;&nbsp; 705256 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42738 | &nbsp;&nbsp;&nbsp;&nbsp; 814159 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45474 | &nbsp;&nbsp;&nbsp;&nbsp; 521132 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;318408 | &nbsp;&nbsp;&nbsp;&nbsp; 1404179 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39313 | &nbsp;&nbsp;&nbsp;&nbsp; 140741 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24065 | &nbsp;&nbsp;&nbsp;&nbsp; 1357507 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11487 | &nbsp;&nbsp;&nbsp;&nbsp; 205962 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10683 | &nbsp;&nbsp;&nbsp;&nbsp; 226052 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40366 | &nbsp;&nbsp;&nbsp;&nbsp; 71448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24044986 |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62344 | &nbsp;&nbsp;&nbsp;&nbsp; 1529922 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29495 | &nbsp;&nbsp;&nbsp;&nbsp; 254247 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10974 | &nbsp;&nbsp;&nbsp;&nbsp; 411635 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18198 | &nbsp;&nbsp;&nbsp;&nbsp; 274790 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7917 | &nbsp;&nbsp;&nbsp;&nbsp; 49165 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68168 | &nbsp;&nbsp;&nbsp;&nbsp; 951625 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38693 | &nbsp;&nbsp;&nbsp;&nbsp; 539767 |
| &nbsp;&nbsp;&nbsp;Flotek Industries, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794 | &nbsp;&nbsp;&nbsp;&nbsp; 82796 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310 | &nbsp;&nbsp;&nbsp;&nbsp; 107081 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 | &nbsp;&nbsp;&nbsp;&nbsp; 120764 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53298 | &nbsp;&nbsp;&nbsp;&nbsp; 354965 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14327 | &nbsp;&nbsp;&nbsp;&nbsp; 315481 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27980 | &nbsp;&nbsp;&nbsp;&nbsp; 984896 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58668 | &nbsp;&nbsp;&nbsp;&nbsp; 1043117 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 | &nbsp;&nbsp;&nbsp;&nbsp; 18150 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp; 118513 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23126 | &nbsp;&nbsp;&nbsp;&nbsp; 322376 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp; 127968 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34958 | &nbsp;&nbsp;&nbsp;&nbsp; 852975 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20290 | &nbsp;&nbsp;&nbsp;&nbsp; 127827 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969 | &nbsp;&nbsp;&nbsp;&nbsp; 17590 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30793 | &nbsp;&nbsp;&nbsp;&nbsp; 294689 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6971 | &nbsp;&nbsp;&nbsp;&nbsp; 94178 |
| &nbsp;&nbsp;&nbsp;RPC, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34171 | &nbsp;&nbsp;&nbsp;&nbsp; 181790 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8354 | &nbsp;&nbsp;&nbsp;&nbsp; 59480 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35209 | &nbsp;&nbsp;&nbsp;&nbsp; 355611 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13699 | &nbsp;&nbsp;&nbsp;&nbsp; 656045 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47255 | &nbsp;&nbsp;&nbsp;&nbsp; 367171 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18433 | &nbsp;&nbsp;&nbsp;&nbsp; 995751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11610365 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;$204277 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247 | &nbsp;&nbsp;&nbsp;&nbsp; 113633 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9506 | &nbsp;&nbsp;&nbsp;&nbsp; 623879 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | &nbsp;&nbsp;&nbsp;&nbsp; 105845 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 47166 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56594 | &nbsp;&nbsp;&nbsp;&nbsp; 762887 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19096 | &nbsp;&nbsp;&nbsp;&nbsp; 94334 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12853 | &nbsp;&nbsp;&nbsp;&nbsp; 437902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389923 |
| **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28601 | &nbsp;&nbsp;&nbsp;&nbsp; 80941 |
| &nbsp;&nbsp;&nbsp;Actuate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392 | &nbsp;&nbsp;&nbsp;&nbsp; 18251 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36628 | &nbsp;&nbsp;&nbsp;&nbsp; 353826 |
| &nbsp;&nbsp;&nbsp;Aduro Biotech Holding, Inc. CVR†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346 | &nbsp;&nbsp;&nbsp;&nbsp; 1618 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21228 | &nbsp;&nbsp;&nbsp;&nbsp; 619858 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95169 | &nbsp;&nbsp;&nbsp;&nbsp; 150367 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23824 | &nbsp;&nbsp;&nbsp;&nbsp; 31686 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60830 | &nbsp;&nbsp;&nbsp;&nbsp; 1799351 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56288 | &nbsp;&nbsp;&nbsp;&nbsp; 704726 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13791 | &nbsp;&nbsp;&nbsp;&nbsp; 382011 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26989 | &nbsp;&nbsp;&nbsp;&nbsp; 404295 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068 | &nbsp;&nbsp;&nbsp;&nbsp; 50072 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32576 | &nbsp;&nbsp;&nbsp;&nbsp; 201645 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24119 | &nbsp;&nbsp;&nbsp;&nbsp; 303538 |
| &nbsp;&nbsp;&nbsp;aTyr Pharma, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33620 | &nbsp;&nbsp;&nbsp;&nbsp; 26240 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33418 | &nbsp;&nbsp;&nbsp;&nbsp; 718153 |
| &nbsp;&nbsp;&nbsp;Biote Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11859 | &nbsp;&nbsp;&nbsp;&nbsp; 32079 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15995 | &nbsp;&nbsp;&nbsp;&nbsp; 76296 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43568 | &nbsp;&nbsp;&nbsp;&nbsp; 1019927 |
| &nbsp;&nbsp;&nbsp;Cidara Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806 | &nbsp;&nbsp;&nbsp;&nbsp; 1276623 |
| &nbsp;&nbsp;&nbsp;Coherus Oncology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41926 | &nbsp;&nbsp;&nbsp;&nbsp; 57019 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11932 | &nbsp;&nbsp;&nbsp;&nbsp; 556986 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25216 | &nbsp;&nbsp;&nbsp;&nbsp; 247369 |
| &nbsp;&nbsp;&nbsp;Corvus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21298 | &nbsp;&nbsp;&nbsp;&nbsp; 195303 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7475 | &nbsp;&nbsp;&nbsp;&nbsp; 105547 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16125 | &nbsp;&nbsp;&nbsp;&nbsp; 348300 |
| &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9717 | &nbsp;&nbsp;&nbsp;&nbsp; 156930 |
| &nbsp;&nbsp;&nbsp;Fennec Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8991 | &nbsp;&nbsp;&nbsp;&nbsp; 73636 |
| &nbsp;&nbsp;&nbsp;FitLife Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 | &nbsp;&nbsp;&nbsp;&nbsp; 29598 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13316 | &nbsp;&nbsp;&nbsp;&nbsp; 63251 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16519 | &nbsp;&nbsp;&nbsp;&nbsp; 180718 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496 | &nbsp;&nbsp;&nbsp;&nbsp; 219483 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579 | &nbsp;&nbsp;&nbsp;&nbsp; 19987 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16325 | &nbsp;&nbsp;&nbsp;&nbsp; 576109 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11875 | &nbsp;&nbsp;&nbsp;&nbsp; 496137 |
| &nbsp;&nbsp;&nbsp;Herbalife, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37678 | &nbsp;&nbsp;&nbsp;&nbsp; 479641 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62202 | &nbsp;&nbsp;&nbsp;&nbsp; 72154 |
| &nbsp;&nbsp;&nbsp;Indivior PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45656 | &nbsp;&nbsp;&nbsp;&nbsp; 1534042 |
| &nbsp;&nbsp;&nbsp;Inhibikase Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24590 | &nbsp;&nbsp;&nbsp;&nbsp; 37377 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54756 | &nbsp;&nbsp;&nbsp;&nbsp; 191646 |
| &nbsp;&nbsp;&nbsp;Journey Medical Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935 | &nbsp;&nbsp;&nbsp;&nbsp; 39825 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 212709 |
| &nbsp;&nbsp;&nbsp;Lifevantage Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 | &nbsp;&nbsp;&nbsp;&nbsp; 29562 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009 | &nbsp;&nbsp;&nbsp;&nbsp; 4184233 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;113176 | &nbsp;&nbsp;&nbsp;&nbsp; 605492 |
| &nbsp;&nbsp;&nbsp;MediWound, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049 | &nbsp;&nbsp;&nbsp;&nbsp; 54638 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15192 | &nbsp;&nbsp;&nbsp;&nbsp; 1109776 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp; 122266 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003 | &nbsp;&nbsp;&nbsp;&nbsp; 84383 |
| &nbsp;&nbsp;&nbsp;Nuvectis Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234 | &nbsp;&nbsp;&nbsp;&nbsp; 32660 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64179 | &nbsp;&nbsp;&nbsp;&nbsp; 779775 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22265 | &nbsp;&nbsp;&nbsp;&nbsp; 264508 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Owens & Minor, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30041 | &nbsp;&nbsp;$81711 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17761 | &nbsp;&nbsp;&nbsp;&nbsp; 418627 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7562 | &nbsp;&nbsp;&nbsp;&nbsp; 316697 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21934 | &nbsp;&nbsp;&nbsp;&nbsp; 1974060 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19608 | &nbsp;&nbsp;&nbsp;&nbsp; 2139037 |
| &nbsp;&nbsp;&nbsp;SELLAS Life Sciences Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38806 | &nbsp;&nbsp;&nbsp;&nbsp; 62866 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15488 | &nbsp;&nbsp;&nbsp;&nbsp; 93857 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18702 | &nbsp;&nbsp;&nbsp;&nbsp; 561060 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20154 | &nbsp;&nbsp;&nbsp;&nbsp; 918821 |
| &nbsp;&nbsp;&nbsp;Tonix Pharmaceuticals Holding Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852 | &nbsp;&nbsp;&nbsp;&nbsp; 45546 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29987 | &nbsp;&nbsp;&nbsp;&nbsp; 395528 |
| &nbsp;&nbsp;&nbsp;TuHURA Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10444 | &nbsp;&nbsp;&nbsp;&nbsp; 20888 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186 | &nbsp;&nbsp;&nbsp;&nbsp; 83092 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21489 | &nbsp;&nbsp;&nbsp;&nbsp; 115181 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42955 | &nbsp;&nbsp;&nbsp;&nbsp; 2130997 |
| &nbsp;&nbsp;&nbsp;Voyager Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19304 | &nbsp;&nbsp;&nbsp;&nbsp; 78953 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59116 | &nbsp;&nbsp;&nbsp;&nbsp; 424453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31273937 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8988 | &nbsp;&nbsp;&nbsp;&nbsp; 252383 |
| &nbsp;&nbsp;&nbsp;Golar LNG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37667 | &nbsp;&nbsp;&nbsp;&nbsp; 1391796 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16818 | &nbsp;&nbsp;&nbsp;&nbsp; 583248 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66355 | &nbsp;&nbsp;&nbsp;&nbsp; 80953 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51999 | &nbsp;&nbsp;&nbsp;&nbsp; 317714 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034 | &nbsp;&nbsp;&nbsp;&nbsp; 75971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702065 |
| **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; 89511 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21241 | &nbsp;&nbsp;&nbsp;&nbsp; 199241 |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22499 | &nbsp;&nbsp;&nbsp;&nbsp; 339060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627812 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 4691 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41721 | &nbsp;&nbsp;&nbsp;&nbsp; 594524 |
| &nbsp;&nbsp;&nbsp;Compass, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;175427 | &nbsp;&nbsp;&nbsp;&nbsp; 1827949 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29817 | &nbsp;&nbsp;&nbsp;&nbsp; 79015 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33780 | &nbsp;&nbsp;&nbsp;&nbsp; 383403 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736 | &nbsp;&nbsp;&nbsp;&nbsp; 110396 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45603 | &nbsp;&nbsp;&nbsp;&nbsp; 443717 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 | &nbsp;&nbsp;&nbsp;&nbsp; 70054 |
| &nbsp;&nbsp;&nbsp;Logistic Properties Of The Americas† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 5395 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367 | &nbsp;&nbsp;&nbsp;&nbsp; 274453 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp; 43984 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9332 | &nbsp;&nbsp;&nbsp;&nbsp; 961943 |
| &nbsp;&nbsp;&nbsp;Mobile Infrastructure Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5856 | &nbsp;&nbsp;&nbsp;&nbsp; 18271 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59674 | &nbsp;&nbsp;&nbsp;&nbsp; 1037134 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240 | &nbsp;&nbsp;&nbsp;&nbsp; 59513 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41930 | &nbsp;&nbsp;&nbsp;&nbsp; 166462 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312 | &nbsp;&nbsp;&nbsp;&nbsp; 96258 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp; 65131 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650 | &nbsp;&nbsp;&nbsp;&nbsp; 79926 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14059 | &nbsp;&nbsp;&nbsp;&nbsp; 848179 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 60137 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp; 35359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7265894 |
| **REITS — 5.9%** | **REITS — 5.9%** | **REITS — 5.9%** |
| &nbsp;&nbsp;&nbsp;Rithm Property Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17126 | &nbsp;&nbsp;&nbsp;&nbsp; 45898 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49541 | &nbsp;&nbsp;&nbsp;&nbsp; 1019058 |
| &nbsp;&nbsp;&nbsp;ACRES Commercial Realty Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 | &nbsp;&nbsp;&nbsp;&nbsp; 53089 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33091 | &nbsp;&nbsp;$252153 |
| &nbsp;&nbsp;&nbsp;Advanced Flower Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7442 | &nbsp;&nbsp;&nbsp;&nbsp; 21731 |
| &nbsp;&nbsp;&nbsp;AG Mtg. Investment Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10923 | &nbsp;&nbsp;&nbsp;&nbsp; 89350 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27015 | &nbsp;&nbsp;&nbsp;&nbsp; 422244 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp; 176326 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp; 89145 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19498 | &nbsp;&nbsp;&nbsp;&nbsp; 380211 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60022 | &nbsp;&nbsp;&nbsp;&nbsp; 3047917 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mtg. REIT, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp; 44449 |
| &nbsp;&nbsp;&nbsp;Apartment Investment & Management Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51027 | &nbsp;&nbsp;&nbsp;&nbsp; 291364 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52057 | &nbsp;&nbsp;&nbsp;&nbsp; 527337 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84077 | &nbsp;&nbsp;&nbsp;&nbsp; 999676 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62789 | &nbsp;&nbsp;&nbsp;&nbsp; 559450 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20651 | &nbsp;&nbsp;&nbsp;&nbsp; 109450 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28238 | &nbsp;&nbsp;&nbsp;&nbsp; 185524 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39237 | &nbsp;&nbsp;&nbsp;&nbsp; 687432 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61226 | &nbsp;&nbsp;&nbsp;&nbsp; 1192070 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23969 | &nbsp;&nbsp;&nbsp;&nbsp; 63997 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61713 | &nbsp;&nbsp;&nbsp;&nbsp; 211676 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51009 | &nbsp;&nbsp;&nbsp;&nbsp; 286160 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71631 | &nbsp;&nbsp;&nbsp;&nbsp; 1258557 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407 | &nbsp;&nbsp;&nbsp;&nbsp; 64518 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80037 | &nbsp;&nbsp;&nbsp;&nbsp; 3003789 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7041 | &nbsp;&nbsp;&nbsp;&nbsp; 235310 |
| &nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292 | &nbsp;&nbsp;&nbsp;&nbsp; 420054 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17502 | &nbsp;&nbsp;&nbsp;&nbsp; 118664 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30716 | &nbsp;&nbsp;&nbsp;&nbsp; 392858 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15924 | &nbsp;&nbsp;&nbsp;&nbsp; 108442 |
| &nbsp;&nbsp;&nbsp;Claros Mtg. Trust, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34542 | &nbsp;&nbsp;&nbsp;&nbsp; 115025 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6219 | &nbsp;&nbsp;&nbsp;&nbsp; 22388 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10530 | &nbsp;&nbsp;&nbsp;&nbsp; 164057 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42960 | &nbsp;&nbsp;&nbsp;&nbsp; 1320161 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11795 | &nbsp;&nbsp;&nbsp;&nbsp; 213254 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36117 | &nbsp;&nbsp;&nbsp;&nbsp; 864641 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76269 | &nbsp;&nbsp;&nbsp;&nbsp; 694811 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81854 | &nbsp;&nbsp;&nbsp;&nbsp; 395355 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55766 | &nbsp;&nbsp;&nbsp;&nbsp; 679788 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49897 | &nbsp;&nbsp;&nbsp;&nbsp; 699057 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15731 | &nbsp;&nbsp;&nbsp;&nbsp; 342936 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34291 | &nbsp;&nbsp;&nbsp;&nbsp; 469787 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32904 | &nbsp;&nbsp;&nbsp;&nbsp; 571213 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51762 | &nbsp;&nbsp;&nbsp;&nbsp; 363887 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74830 | &nbsp;&nbsp;&nbsp;&nbsp; 2369118 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15957 | &nbsp;&nbsp;&nbsp;&nbsp; 157017 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37339 | &nbsp;&nbsp;&nbsp;&nbsp; 897630 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30333 | &nbsp;&nbsp;&nbsp;&nbsp; 316070 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30172 | &nbsp;&nbsp;&nbsp;&nbsp; 31379 |
| &nbsp;&nbsp;&nbsp;FrontView REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7194 | &nbsp;&nbsp;&nbsp;&nbsp; 109924 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20150 | &nbsp;&nbsp;&nbsp;&nbsp; 573670 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17869 | &nbsp;&nbsp;&nbsp;&nbsp; 197631 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11624 | &nbsp;&nbsp;&nbsp;&nbsp; 108219 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913 | &nbsp;&nbsp;&nbsp;&nbsp; 162964 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76805 | &nbsp;&nbsp;&nbsp;&nbsp; 630569 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;126219 | &nbsp;&nbsp;&nbsp;&nbsp; 249914 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88189 | &nbsp;&nbsp;&nbsp;&nbsp; 1512441 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21750 | &nbsp;&nbsp;&nbsp;&nbsp; 120495 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10375 | &nbsp;&nbsp;&nbsp;&nbsp; 513044 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28975 | &nbsp;&nbsp;&nbsp;&nbsp; 826946 |
| &nbsp;&nbsp;&nbsp;Invesco Mtg. Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25448 | &nbsp;&nbsp;&nbsp;&nbsp; 208674 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23949 | &nbsp;&nbsp;&nbsp;&nbsp; 436590 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82878 | &nbsp;&nbsp;&nbsp;&nbsp; 1917797 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22105 | &nbsp;&nbsp;&nbsp;&nbsp; 187671 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42333 | &nbsp;&nbsp;&nbsp;&nbsp; 467780 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17110 | &nbsp;&nbsp;$624344 |
| &nbsp;&nbsp;&nbsp;Lument Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18556 | &nbsp;&nbsp;&nbsp;&nbsp; 30246 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21893 | &nbsp;&nbsp;&nbsp;&nbsp; 1061810 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95030 | &nbsp;&nbsp;&nbsp;&nbsp; 1649721 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38367 | &nbsp;&nbsp;&nbsp;&nbsp; 369091 |
| &nbsp;&nbsp;&nbsp;Modiv Industrial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 | &nbsp;&nbsp;&nbsp;&nbsp; 56680 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17428 | &nbsp;&nbsp;&nbsp;&nbsp; 1385177 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760 | &nbsp;&nbsp;&nbsp;&nbsp; 169862 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36406 | &nbsp;&nbsp;&nbsp;&nbsp; 667322 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14153 | &nbsp;&nbsp;&nbsp;&nbsp; 40902 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp; 45018 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8848 | &nbsp;&nbsp;&nbsp;&nbsp; 281455 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023 | &nbsp;&nbsp;&nbsp;&nbsp; 146359 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42473 | &nbsp;&nbsp;&nbsp;&nbsp; 307080 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52195 | &nbsp;&nbsp;&nbsp;&nbsp; 1228148 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72370 | &nbsp;&nbsp;&nbsp;&nbsp; 476918 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14227 | &nbsp;&nbsp;&nbsp;&nbsp; 194483 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45471 | &nbsp;&nbsp;&nbsp;&nbsp; 515641 |
| &nbsp;&nbsp;&nbsp;PennyMac Mtg. Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33653 | &nbsp;&nbsp;&nbsp;&nbsp; 432105 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47249 | &nbsp;&nbsp;&nbsp;&nbsp; 1677339 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46704 | &nbsp;&nbsp;&nbsp;&nbsp; 408193 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15245 | &nbsp;&nbsp;&nbsp;&nbsp; 334475 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 | &nbsp;&nbsp;&nbsp;&nbsp; 136768 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29420 | &nbsp;&nbsp;&nbsp;&nbsp; 1183861 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64980 | &nbsp;&nbsp;&nbsp;&nbsp; 164399 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52384 | &nbsp;&nbsp;&nbsp;&nbsp; 288636 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55803 | &nbsp;&nbsp;&nbsp;&nbsp; 420755 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23235 | &nbsp;&nbsp;&nbsp;&nbsp; 2217316 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90066 | &nbsp;&nbsp;&nbsp;&nbsp; 1757188 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22016 | &nbsp;&nbsp;&nbsp;&nbsp; 305362 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704 | &nbsp;&nbsp;&nbsp;&nbsp; 146294 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59063 | &nbsp;&nbsp;&nbsp;&nbsp; 102770 |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436 | &nbsp;&nbsp;&nbsp;&nbsp; 47619 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20717 | &nbsp;&nbsp;&nbsp;&nbsp; 495551 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19508 | &nbsp;&nbsp;&nbsp;&nbsp; 143579 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27218 | &nbsp;&nbsp;&nbsp;&nbsp; 1282784 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11190 | &nbsp;&nbsp;&nbsp;&nbsp; 365689 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934 | &nbsp;&nbsp;&nbsp;&nbsp; 36763 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42721 | &nbsp;&nbsp;&nbsp;&nbsp; 228985 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp; 41527 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70595 | &nbsp;&nbsp;&nbsp;&nbsp; 660769 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42115 | &nbsp;&nbsp;&nbsp;&nbsp; 1414222 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38519 | &nbsp;&nbsp;&nbsp;&nbsp; 2418608 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24140 | &nbsp;&nbsp;&nbsp;&nbsp; 219433 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39104 | &nbsp;&nbsp;&nbsp;&nbsp; 396515 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29527 | &nbsp;&nbsp;&nbsp;&nbsp; 446743 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996 | &nbsp;&nbsp;&nbsp;&nbsp; 203087 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47672 | &nbsp;&nbsp;&nbsp;&nbsp; 916256 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30491 | &nbsp;&nbsp;&nbsp;&nbsp; 459194 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17540 | &nbsp;&nbsp;&nbsp;&nbsp; 233107 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37966 | &nbsp;&nbsp;&nbsp;&nbsp; 530765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64636716 |
| **Retail — 3.2%** | **Retail — 3.2%** | **Retail — 3.2%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17699 | &nbsp;&nbsp;&nbsp;&nbsp; 1732201 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24937 | &nbsp;&nbsp;&nbsp;&nbsp; 1203210 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22506 | &nbsp;&nbsp;&nbsp;&nbsp; 1167611 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61030 | &nbsp;&nbsp;&nbsp;&nbsp; 1245012 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp; 61789 |
| &nbsp;&nbsp;&nbsp;Arko Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29180 | &nbsp;&nbsp;&nbsp;&nbsp; 138897 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357 | &nbsp;&nbsp;&nbsp;&nbsp; 1711017 |
| &nbsp;&nbsp;&nbsp;Barnes & Noble Education, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087 | &nbsp;&nbsp;&nbsp;&nbsp; 56913 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Bassett Furniture Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;$41807 |
| &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; 76417 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7740 | &nbsp;&nbsp;&nbsp;&nbsp; 296829 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30443 | &nbsp;&nbsp;&nbsp;&nbsp; 216145 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026 | &nbsp;&nbsp;&nbsp;&nbsp; 188792 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11554 | &nbsp;&nbsp;&nbsp;&nbsp; 2239396 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16628 | &nbsp;&nbsp;&nbsp;&nbsp; 2557220 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11554 | &nbsp;&nbsp;&nbsp;&nbsp; 652570 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4483 | &nbsp;&nbsp;&nbsp;&nbsp; 238047 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12669 | &nbsp;&nbsp;&nbsp;&nbsp; 148354 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23462 | &nbsp;&nbsp;&nbsp;&nbsp; 262540 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17280 | &nbsp;&nbsp;&nbsp;&nbsp; 823565 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp; 87953 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66776 | &nbsp;&nbsp;&nbsp;&nbsp; 145572 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8621 | &nbsp;&nbsp;&nbsp;&nbsp; 249061 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10719 | &nbsp;&nbsp;&nbsp;&nbsp; 187475 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17074 | &nbsp;&nbsp;&nbsp;&nbsp; 105347 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp; 43604 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5992 | &nbsp;&nbsp;&nbsp;&nbsp; 187250 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10764 | &nbsp;&nbsp;&nbsp;&nbsp; 117435 |
| &nbsp;&nbsp;&nbsp;Envela Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp; 31189 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49166 | &nbsp;&nbsp;&nbsp;&nbsp; 159298 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16026 | &nbsp;&nbsp;&nbsp;&nbsp; 297443 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14929 | &nbsp;&nbsp;&nbsp;&nbsp; 2364903 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | &nbsp;&nbsp;&nbsp;&nbsp; 123109 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4733 | &nbsp;&nbsp;&nbsp;&nbsp; 1898122 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4587 | &nbsp;&nbsp;&nbsp;&nbsp; 109171 |
| &nbsp;&nbsp;&nbsp;J. Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp; 44058 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7349 | &nbsp;&nbsp;&nbsp;&nbsp; 144849 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41079 | &nbsp;&nbsp;&nbsp;&nbsp; 1010133 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31367 | &nbsp;&nbsp;&nbsp;&nbsp; 131114 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp; 118649 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15453 | &nbsp;&nbsp;&nbsp;&nbsp; 601431 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 170674 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5748 | &nbsp;&nbsp;&nbsp;&nbsp; 120363 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28655 | &nbsp;&nbsp;&nbsp;&nbsp; 826697 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18693 | &nbsp;&nbsp;&nbsp;&nbsp; 184874 |
| &nbsp;&nbsp;&nbsp;ODP Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10653 | &nbsp;&nbsp;&nbsp;&nbsp; 297964 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp;&nbsp; 55210 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12318 | &nbsp;&nbsp;&nbsp;&nbsp; 518218 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017 | &nbsp;&nbsp;&nbsp;&nbsp; 233147 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31920 | &nbsp;&nbsp;&nbsp;&nbsp; 102144 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21747 | &nbsp;&nbsp;&nbsp;&nbsp; 113519 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9687 | &nbsp;&nbsp;&nbsp;&nbsp; 1192470 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38215 | &nbsp;&nbsp;&nbsp;&nbsp; 606090 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14727 | &nbsp;&nbsp;&nbsp;&nbsp; 134163 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14794 | &nbsp;&nbsp;&nbsp;&nbsp; 1294179 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 | &nbsp;&nbsp;&nbsp;&nbsp; 113790 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15163 | &nbsp;&nbsp;&nbsp;&nbsp; 1518726 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5711 | &nbsp;&nbsp;&nbsp;&nbsp; 359964 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39624 | &nbsp;&nbsp;&nbsp;&nbsp; 257160 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11722 | &nbsp;&nbsp;&nbsp;&nbsp; 76076 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23192 | &nbsp;&nbsp;&nbsp;&nbsp; 1717831 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25858 | &nbsp;&nbsp;&nbsp;&nbsp; 1068711 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36609 | &nbsp;&nbsp;&nbsp;&nbsp; 725224 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp; 473894 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333 | &nbsp;&nbsp;&nbsp;&nbsp; 138658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35515244 |
| **Savings & Loans — 0.9%** | **Savings & Loans — 0.9%** | **Savings & Loans — 0.9%** |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30471 | &nbsp;&nbsp;&nbsp;&nbsp; 779753 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20314 | &nbsp;&nbsp;&nbsp;&nbsp; 1669405 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47978 | &nbsp;&nbsp;&nbsp;&nbsp; 884714 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Savings & Loans (continued)** | **Savings & Loans (continued)** | **Savings & Loans (continued)** |
| &nbsp;&nbsp;&nbsp;Bankfinancial Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537 | &nbsp;&nbsp;$53355 |
| &nbsp;&nbsp;&nbsp;BV Financial, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3523 | &nbsp;&nbsp;&nbsp;&nbsp; 64612 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45076 | &nbsp;&nbsp;&nbsp;&nbsp; 297952 |
| &nbsp;&nbsp;&nbsp;CF Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp; 37347 |
| &nbsp;&nbsp;&nbsp;Citizens Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp; 67310 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp Montana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;&nbsp;&nbsp; 49999 |
| &nbsp;&nbsp;&nbsp;Finward Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp; 53055 |
| &nbsp;&nbsp;&nbsp;First Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp; 66287 |
| &nbsp;&nbsp;&nbsp;First Savings Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp; 70203 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11391 | &nbsp;&nbsp;&nbsp;&nbsp; 186926 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp; 87715 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579 | &nbsp;&nbsp;&nbsp;&nbsp; 58801 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 172524 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631 | &nbsp;&nbsp;&nbsp;&nbsp; 145942 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5733 | &nbsp;&nbsp;&nbsp;&nbsp; 235110 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13030 | &nbsp;&nbsp;&nbsp;&nbsp; 140073 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54658 | &nbsp;&nbsp;&nbsp;&nbsp; 653710 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22017 | &nbsp;&nbsp;&nbsp;&nbsp; 415020 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45569 | &nbsp;&nbsp;&nbsp;&nbsp; 874013 |
| &nbsp;&nbsp;&nbsp;Riverview Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310 | &nbsp;&nbsp;&nbsp;&nbsp; 43794 |
| &nbsp;&nbsp;&nbsp;Sound Financial Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp; 38594 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3747 | &nbsp;&nbsp;&nbsp;&nbsp; 210919 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp; 103694 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29528 | &nbsp;&nbsp;&nbsp;&nbsp; 934857 |
| &nbsp;&nbsp;&nbsp;WaterStone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5034 | &nbsp;&nbsp;&nbsp;&nbsp; 78832 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21065 | &nbsp;&nbsp;&nbsp;&nbsp; 1175638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650154 |
| **Semiconductors — 2.3%** | **Semiconductors — 2.3%** | **Semiconductors — 2.3%** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18621 | &nbsp;&nbsp;&nbsp;&nbsp; 622128 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10962 | &nbsp;&nbsp;&nbsp;&nbsp; 251797 |
| &nbsp;&nbsp;&nbsp;Aeluma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp; 54818 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9784 | &nbsp;&nbsp;&nbsp;&nbsp; 198420 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15492 | &nbsp;&nbsp;&nbsp;&nbsp; 1149197 |
| &nbsp;&nbsp;&nbsp;Ambiq Micro, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787 | &nbsp;&nbsp;&nbsp;&nbsp; 43799 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9913 | &nbsp;&nbsp;&nbsp;&nbsp; 142153 |
| &nbsp;&nbsp;&nbsp;Atomera, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11899 | &nbsp;&nbsp;&nbsp;&nbsp; 29510 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12107 | &nbsp;&nbsp;&nbsp;&nbsp; 1002096 |
| &nbsp;&nbsp;&nbsp;Blaize Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28089 | &nbsp;&nbsp;&nbsp;&nbsp; 70223 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8870 | &nbsp;&nbsp;&nbsp;&nbsp; 191503 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17007 | &nbsp;&nbsp;&nbsp;&nbsp; 413610 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17078 | &nbsp;&nbsp;&nbsp;&nbsp; 789174 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29501 | &nbsp;&nbsp;&nbsp;&nbsp; 1623145 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9843 | &nbsp;&nbsp;&nbsp;&nbsp; 1691716 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19258 | &nbsp;&nbsp;&nbsp;&nbsp; 868728 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31604 | &nbsp;&nbsp;&nbsp;&nbsp; 492074 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49648 | &nbsp;&nbsp;&nbsp;&nbsp; 433924 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19142 | &nbsp;&nbsp;&nbsp;&nbsp; 439500 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19840 | &nbsp;&nbsp;&nbsp;&nbsp; 401363 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22322 | &nbsp;&nbsp;&nbsp;&nbsp; 511397 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21238 | &nbsp;&nbsp;&nbsp;&nbsp; 713597 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40683 | &nbsp;&nbsp;&nbsp;&nbsp; 3888074 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921 | &nbsp;&nbsp;&nbsp;&nbsp; 51474 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32858 | &nbsp;&nbsp;&nbsp;&nbsp; 2436749 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12136 | &nbsp;&nbsp;&nbsp;&nbsp; 1548311 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8038 | &nbsp;&nbsp;&nbsp;&nbsp; 2392913 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9819 | &nbsp;&nbsp;&nbsp;&nbsp; 151114 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14075 | &nbsp;&nbsp;&nbsp;&nbsp; 964278 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16577 | &nbsp;&nbsp;&nbsp;&nbsp; 420393 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21534 | &nbsp;&nbsp;&nbsp;&nbsp; 629439 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497 | &nbsp;&nbsp;&nbsp;&nbsp; 153528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24770145 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software — 4.8%** | **Software — 4.8%** | **Software — 4.8%** |
| &nbsp;&nbsp;&nbsp;Teads Holding Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12189 | &nbsp;&nbsp;$8630 |
| &nbsp;&nbsp;&nbsp;TruBridge, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 | &nbsp;&nbsp;&nbsp;&nbsp; 89202 |
| &nbsp;&nbsp;&nbsp;8x8, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53029 | &nbsp;&nbsp;&nbsp;&nbsp; 102876 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39651 | &nbsp;&nbsp;&nbsp;&nbsp; 1858046 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64290 | &nbsp;&nbsp;&nbsp;&nbsp; 504677 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41038 | &nbsp;&nbsp;&nbsp;&nbsp; 507640 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9804 | &nbsp;&nbsp;&nbsp;&nbsp; 1205500 |
| &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8137 | &nbsp;&nbsp;&nbsp;&nbsp; 29944 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54721 | &nbsp;&nbsp;&nbsp;&nbsp; 1051190 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26047 | &nbsp;&nbsp;&nbsp;&nbsp; 555322 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33524 | &nbsp;&nbsp;&nbsp;&nbsp; 344627 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14726 | &nbsp;&nbsp;&nbsp;&nbsp; 594930 |
| &nbsp;&nbsp;&nbsp;Asana, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33226 | &nbsp;&nbsp;&nbsp;&nbsp; 427951 |
| &nbsp;&nbsp;&nbsp;Asure Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8777 | &nbsp;&nbsp;&nbsp;&nbsp; 70216 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49317 | &nbsp;&nbsp;&nbsp;&nbsp; 641121 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10265 | &nbsp;&nbsp;&nbsp;&nbsp; 146174 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;108219 | &nbsp;&nbsp;&nbsp;&nbsp; 686108 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14301 | &nbsp;&nbsp;&nbsp;&nbsp; 806290 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19564 | &nbsp;&nbsp;&nbsp;&nbsp; 1114952 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75383 | &nbsp;&nbsp;&nbsp;&nbsp; 238210 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53232 | &nbsp;&nbsp;&nbsp;&nbsp; 1572473 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29807 | &nbsp;&nbsp;&nbsp;&nbsp; 855461 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45347 | &nbsp;&nbsp;&nbsp;&nbsp; 655264 |
| &nbsp;&nbsp;&nbsp;Carlsmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603 | &nbsp;&nbsp;&nbsp;&nbsp; 42377 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14762 | &nbsp;&nbsp;&nbsp;&nbsp; 163563 |
| &nbsp;&nbsp;&nbsp;Claritev Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 161129 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31778 | &nbsp;&nbsp;&nbsp;&nbsp; 1128119 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93010 | &nbsp;&nbsp;&nbsp;&nbsp; 2051801 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 148962 |
| &nbsp;&nbsp;&nbsp;Commerce.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25991 | &nbsp;&nbsp;&nbsp;&nbsp; 119299 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16763 | &nbsp;&nbsp;&nbsp;&nbsp; 2070231 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7597 | &nbsp;&nbsp;&nbsp;&nbsp; 165919 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9423 | &nbsp;&nbsp;&nbsp;&nbsp; 67469 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10218 | &nbsp;&nbsp;&nbsp;&nbsp; 804872 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp; 209026 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14415 | &nbsp;&nbsp;&nbsp;&nbsp; 40939 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13568 | &nbsp;&nbsp;&nbsp;&nbsp; 567549 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354 | &nbsp;&nbsp;&nbsp;&nbsp; 50896 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39461 | &nbsp;&nbsp;&nbsp;&nbsp; 189018 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25778 | &nbsp;&nbsp;&nbsp;&nbsp; 1147637 |
| &nbsp;&nbsp;&nbsp;Domo, Inc., Class B#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11961 | &nbsp;&nbsp;&nbsp;&nbsp; 136834 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9890 | &nbsp;&nbsp;&nbsp;&nbsp; 485203 |
| &nbsp;&nbsp;&nbsp;eGain Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072 | &nbsp;&nbsp;&nbsp;&nbsp; 63270 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975 | &nbsp;&nbsp;&nbsp;&nbsp; 51863 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45940 | &nbsp;&nbsp;&nbsp;&nbsp; 192948 |
| &nbsp;&nbsp;&nbsp;Expensify, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24315 | &nbsp;&nbsp;&nbsp;&nbsp; 37688 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52671 | &nbsp;&nbsp;&nbsp;&nbsp; 614144 |
| &nbsp;&nbsp;&nbsp;Five9, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29003 | &nbsp;&nbsp;&nbsp;&nbsp; 568169 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75207 | &nbsp;&nbsp;&nbsp;&nbsp; 913013 |
| &nbsp;&nbsp;&nbsp;Genius Sports, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81792 | &nbsp;&nbsp;&nbsp;&nbsp; 823645 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp; 353452 |
| &nbsp;&nbsp;&nbsp;Golden Matrix Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp; 4321 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26035 | &nbsp;&nbsp;&nbsp;&nbsp; 77845 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031 | &nbsp;&nbsp;&nbsp;&nbsp; 213764 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704 | &nbsp;&nbsp;&nbsp;&nbsp; 130344 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029 | &nbsp;&nbsp;&nbsp;&nbsp; 119992 |
| &nbsp;&nbsp;&nbsp;Immersion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9063 | &nbsp;&nbsp;&nbsp;&nbsp; 64438 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11401 | &nbsp;&nbsp;&nbsp;&nbsp; 655216 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21070 | &nbsp;&nbsp;&nbsp;&nbsp; 910013 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;103753 | &nbsp;&nbsp;&nbsp;&nbsp; 5115023 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26196 | &nbsp;&nbsp;&nbsp;&nbsp; 338714 |
| &nbsp;&nbsp;&nbsp;Kaltura, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33128 | &nbsp;&nbsp;&nbsp;&nbsp; 48698 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6035 | &nbsp;&nbsp;&nbsp;&nbsp; 480446 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24129 | &nbsp;&nbsp;$696122 |
| &nbsp;&nbsp;&nbsp;McGraw Hill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9003 | &nbsp;&nbsp;&nbsp;&nbsp; 158003 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26026 | &nbsp;&nbsp;&nbsp;&nbsp; 187387 |
| &nbsp;&nbsp;&nbsp;Nutex Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 150103 |
| &nbsp;&nbsp;&nbsp;Omada Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530 | &nbsp;&nbsp;&nbsp;&nbsp; 66117 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14693 | &nbsp;&nbsp;&nbsp;&nbsp; 83162 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Ltd., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17654 | &nbsp;&nbsp;&nbsp;&nbsp; 440467 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32694 | &nbsp;&nbsp;&nbsp;&nbsp; 392328 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11875 | &nbsp;&nbsp;&nbsp;&nbsp; 321813 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21982 | &nbsp;&nbsp;&nbsp;&nbsp; 450411 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87976 | &nbsp;&nbsp;&nbsp;&nbsp; 1046914 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35914 | &nbsp;&nbsp;&nbsp;&nbsp; 23057 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22872 | &nbsp;&nbsp;&nbsp;&nbsp; 92632 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31178 | &nbsp;&nbsp;&nbsp;&nbsp; 302115 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16195 | &nbsp;&nbsp;&nbsp;&nbsp; 670635 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16180 | &nbsp;&nbsp;&nbsp;&nbsp; 376023 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16137 | &nbsp;&nbsp;&nbsp;&nbsp; 145394 |
| &nbsp;&nbsp;&nbsp;Quantum Computing, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50092 | &nbsp;&nbsp;&nbsp;&nbsp; 586076 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33996 | &nbsp;&nbsp;&nbsp;&nbsp; 36036 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033 | &nbsp;&nbsp;&nbsp;&nbsp; 218548 |
| &nbsp;&nbsp;&nbsp;ReposiTrak, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346 | &nbsp;&nbsp;&nbsp;&nbsp; 58584 |
| &nbsp;&nbsp;&nbsp;Rezolve AI PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56263 | &nbsp;&nbsp;&nbsp;&nbsp; 171602 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11587 | &nbsp;&nbsp;&nbsp;&nbsp; 501370 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21756 | &nbsp;&nbsp;&nbsp;&nbsp; 382035 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17578 | &nbsp;&nbsp;&nbsp;&nbsp; 207948 |
| &nbsp;&nbsp;&nbsp;Silvaco Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp; 15315 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791 | &nbsp;&nbsp;&nbsp;&nbsp; 115447 |
| &nbsp;&nbsp;&nbsp;Skillsoft Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;&nbsp;&nbsp; 18112 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;137754 | &nbsp;&nbsp;&nbsp;&nbsp; 1659936 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19489 | &nbsp;&nbsp;&nbsp;&nbsp; 194305 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14262 | &nbsp;&nbsp;&nbsp;&nbsp; 1188310 |
| &nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379 | &nbsp;&nbsp;&nbsp;&nbsp; 21238 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48580 | &nbsp;&nbsp;&nbsp;&nbsp; 164200 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25011 | &nbsp;&nbsp;&nbsp;&nbsp; 491966 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774 | &nbsp;&nbsp;&nbsp;&nbsp; 40042 |
| &nbsp;&nbsp;&nbsp;VTEX#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21787 | &nbsp;&nbsp;&nbsp;&nbsp; 90416 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41407 | &nbsp;&nbsp;&nbsp;&nbsp; 1528332 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22412 | &nbsp;&nbsp;&nbsp;&nbsp; 142989 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35509 | &nbsp;&nbsp;&nbsp;&nbsp; 30076 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18949 | &nbsp;&nbsp;&nbsp;&nbsp; 1753919 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38398 | &nbsp;&nbsp;&nbsp;&nbsp; 323311 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70305 | &nbsp;&nbsp;&nbsp;&nbsp; 1283066 |
| &nbsp;&nbsp;&nbsp;Zspace, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52421257 |
| **Telecommunications — 3.3%** | **Telecommunications — 3.3%** | **Telecommunications — 3.3%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26733 | &nbsp;&nbsp;&nbsp;&nbsp; 460342 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26532 | &nbsp;&nbsp;&nbsp;&nbsp; 210399 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp; 87277 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80716 | &nbsp;&nbsp;&nbsp;&nbsp; 2187404 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635 | &nbsp;&nbsp;&nbsp;&nbsp; 76662 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527 | &nbsp;&nbsp;&nbsp;&nbsp; 100092 |
| &nbsp;&nbsp;&nbsp;BK Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp; 70645 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10987 | &nbsp;&nbsp;&nbsp;&nbsp; 194690 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22236 | &nbsp;&nbsp;&nbsp;&nbsp; 1228984 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540 | &nbsp;&nbsp;&nbsp;&nbsp; 133294 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80476 | &nbsp;&nbsp;&nbsp;&nbsp; 1588596 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55629 | &nbsp;&nbsp;&nbsp;&nbsp; 9879710 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63230 | &nbsp;&nbsp;&nbsp;&nbsp; 613963 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51059 | &nbsp;&nbsp;&nbsp;&nbsp; 3742114 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49438 | &nbsp;&nbsp;&nbsp;&nbsp; 865165 |
| &nbsp;&nbsp;&nbsp;Frequency Electronics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676 | &nbsp;&nbsp;&nbsp;&nbsp; 76641 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18906 | &nbsp;&nbsp;$1148540 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26137 | &nbsp;&nbsp;&nbsp;&nbsp; 186880 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42986 | &nbsp;&nbsp;&nbsp;&nbsp; 410946 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013 | &nbsp;&nbsp;&nbsp;&nbsp; 299267 |
| &nbsp;&nbsp;&nbsp;Inseego Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048 | &nbsp;&nbsp;&nbsp;&nbsp; 55175 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9729 | &nbsp;&nbsp;&nbsp;&nbsp; 3480550 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;359617 | &nbsp;&nbsp;&nbsp;&nbsp; 2916494 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10561 | &nbsp;&nbsp;&nbsp;&nbsp; 279338 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9708 | &nbsp;&nbsp;&nbsp;&nbsp; 109118 |
| &nbsp;&nbsp;&nbsp;Powerfleet, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48287 | &nbsp;&nbsp;&nbsp;&nbsp; 239986 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp; 188625 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35512 | &nbsp;&nbsp;&nbsp;&nbsp; 101564 |
| &nbsp;&nbsp;&nbsp;Satellogic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28032 | &nbsp;&nbsp;&nbsp;&nbsp; 46253 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19274 | &nbsp;&nbsp;&nbsp;&nbsp; 210665 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7742 | &nbsp;&nbsp;&nbsp;&nbsp; 102814 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37709 | &nbsp;&nbsp;&nbsp;&nbsp; 1518541 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44630 | &nbsp;&nbsp;&nbsp;&nbsp; 1532148 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83459 | &nbsp;&nbsp;&nbsp;&nbsp; 1497254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35840136 |
| **Textiles — 0.1%** | **Textiles — 0.1%** | **Textiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651 | &nbsp;&nbsp;&nbsp;&nbsp; 975080 |
| **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; 46019 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625 | &nbsp;&nbsp;&nbsp;&nbsp; 59559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105578 |
| **Transportation — 1.0%** | **Transportation — 1.0%** | **Transportation — 1.0%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687 | &nbsp;&nbsp;&nbsp;&nbsp; 557445 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13098 | &nbsp;&nbsp;&nbsp;&nbsp; 160189 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 | &nbsp;&nbsp;&nbsp;&nbsp; 56097 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16893 | &nbsp;&nbsp;&nbsp;&nbsp; 257956 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6452 | &nbsp;&nbsp;&nbsp;&nbsp; 128653 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19317 | &nbsp;&nbsp;&nbsp;&nbsp; 185830 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48549 | &nbsp;&nbsp;&nbsp;&nbsp; 632593 |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14355 | &nbsp;&nbsp;&nbsp;&nbsp; 355717 |
| &nbsp;&nbsp;&nbsp;FLEX LNG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11894 | &nbsp;&nbsp;&nbsp;&nbsp; 301751 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8038 | &nbsp;&nbsp;&nbsp;&nbsp; 184633 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13027 | &nbsp;&nbsp;&nbsp;&nbsp; 246471 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17062 | &nbsp;&nbsp;&nbsp;&nbsp; 134107 |
| &nbsp;&nbsp;&nbsp;Himalaya Shipping, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11116 | &nbsp;&nbsp;&nbsp;&nbsp; 99933 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22123 | &nbsp;&nbsp;&nbsp;&nbsp; 853284 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14776 | &nbsp;&nbsp;&nbsp;&nbsp; 782685 |
| &nbsp;&nbsp;&nbsp;Marten Transport, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20371 | &nbsp;&nbsp;&nbsp;&nbsp; 208803 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12258 | &nbsp;&nbsp;&nbsp;&nbsp; 1335877 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12625 | &nbsp;&nbsp;&nbsp;&nbsp; 225861 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79610 | &nbsp;&nbsp;&nbsp;&nbsp; 289780 |
| &nbsp;&nbsp;&nbsp;PAMT Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449 | &nbsp;&nbsp;&nbsp;&nbsp; 21992 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11788 | &nbsp;&nbsp;&nbsp;&nbsp; 82752 |
| &nbsp;&nbsp;&nbsp;Proficient Auto Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp;&nbsp; 79274 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13483 | &nbsp;&nbsp;&nbsp;&nbsp; 84134 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60828 | &nbsp;&nbsp;&nbsp;&nbsp; 804146 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22781 | &nbsp;&nbsp;&nbsp;&nbsp; 120511 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16676 | &nbsp;&nbsp;&nbsp;&nbsp; 956035 |
| &nbsp;&nbsp;&nbsp;SFL Corp., Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46811 | &nbsp;&nbsp;&nbsp;&nbsp; 385254 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19846 | &nbsp;&nbsp;&nbsp;&nbsp; 192705 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8945 | &nbsp;&nbsp;&nbsp;&nbsp; 515858 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp; 41275 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Werner Enterprises, Inc. | &nbsp;&nbsp; 22249 | &nbsp;&nbsp;$568684 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp; 20626 | &nbsp;&nbsp;&nbsp;&nbsp; 478111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11328396 |
| **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp; 13517 | &nbsp;&nbsp;&nbsp;&nbsp; 2161774 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp; 11468 | &nbsp;&nbsp;&nbsp;&nbsp; 510096 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | &nbsp;&nbsp; 1093 | &nbsp;&nbsp;&nbsp;&nbsp; 134122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805992 |
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
| &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp; 11952 | &nbsp;&nbsp;&nbsp;&nbsp; 554931 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp; 14558 | &nbsp;&nbsp;&nbsp;&nbsp; 1073944 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp; 22390 | &nbsp;&nbsp;&nbsp;&nbsp; 1015834 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp; 5799 | &nbsp;&nbsp;&nbsp;&nbsp; 198500 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | &nbsp;&nbsp; 5047 | &nbsp;&nbsp;&nbsp;&nbsp; 43253 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co.# | &nbsp;&nbsp; 6643 | &nbsp;&nbsp;&nbsp;&nbsp; 340852 |
| &nbsp;&nbsp;&nbsp;York Water Co.# | &nbsp;&nbsp; 5539 | &nbsp;&nbsp;&nbsp;&nbsp; 180738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408052 |
| **Total Common Stocks<br> (cost $808,348,534)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1077369349 |
| **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) | $10213 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| **REITS — 0.0%** | **REITS — 0.0%** | **REITS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust<br> Expires 12/04/2025, Strike Price USD 8.65#†<br> (cost $0) | &nbsp;&nbsp; 5436 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| **Total Long-Term Investment Securities<br> (cost $808,352,617)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1077369807 |
| **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** |
| **Unaffiliated Investment Companies — 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> 3.94%(2) | &nbsp;&nbsp;13046616 | &nbsp;&nbsp;&nbsp;&nbsp; 13046616 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Unaffiliated Investment Companies (continued)** | **Unaffiliated Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(2)(3) | 23730819 | &nbsp;&nbsp;$23730819 |
| **Total Short-Term Investments<br> (cost $36,777,435)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36777435 |
| **TOTAL INVESTMENTS<br> (cost $845,130,052)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.0% | &nbsp;&nbsp;&nbsp;&nbsp;1114147242 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21785712) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1092361530 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (3) | &nbsp;&nbsp;At November 30, 2025, the Fund had loaned securities with a total value of $115,700,195. This was secured by collateral of $94,558,684, which was received in cash and subsequently invested in short-term investments currently valued at $23,730,819 as reported in the Portfolio of Investments. Additional collateral of $94,558,684 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $173836 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2576318 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177432 |
| Government National Mtg. Assoc. | 2.65% | 11/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113798 |
| United States Treasury Bills | 0.00% | 12/04/2025 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533960 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;90983340 |

---

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

CVR—Contingent Value Rights

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Pay/<br> Receive** | &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;Pay | &nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp; 2571 | &nbsp;&nbsp; 4.08% (OBFR + 0.20%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/11/2026 | &nbsp;&nbsp;$47872 | &nbsp;&nbsp;$1440 | &nbsp;&nbsp;$1440 |
| **Office/Business Equipment** |  |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp;18429 | &nbsp;&nbsp; 4.08% (OBFR + 0.20%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 166230 | &nbsp;&nbsp;&nbsp; 15480 | &nbsp;&nbsp;&nbsp;&nbsp;15480 |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp; 4467 | &nbsp;&nbsp; 4.08% (OBFR + 0.20%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 400645 | &nbsp;&nbsp;&nbsp; 21084 | &nbsp;&nbsp;&nbsp;&nbsp;21084 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;36564 | &nbsp;&nbsp;&nbsp;&nbsp;36564 |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp; 8926 | &nbsp;&nbsp; 4.08% (OBFR + 0.20%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 541094 | &nbsp;&nbsp;&nbsp; 31687 | &nbsp;&nbsp;&nbsp;&nbsp;31687 |
| HSBC Holdings | &nbsp;&nbsp;Pay | &nbsp;&nbsp; Bread Financial Holdings, Inc. | &nbsp;&nbsp;11289 | &nbsp;&nbsp; 4.28% (OBFR + 0.40%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 719787 | &nbsp;&nbsp;&nbsp; 44818 | &nbsp;&nbsp;&nbsp;&nbsp;44818 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;76505 | &nbsp;&nbsp;&nbsp;&nbsp;76505 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** | **Contracts For Difference Swaps — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Pay/<br> Receive** | &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** |
| **REITS** |  |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Pay | &nbsp;&nbsp; Arbor Realty Trust, Inc. | &nbsp;&nbsp;10001 | &nbsp;&nbsp; 4.08% (OBFR + 0.20%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;$82508 | &nbsp;&nbsp;$6601 | &nbsp;&nbsp;$6601 |
| HSBC Holdings | &nbsp;&nbsp;Pay | &nbsp;&nbsp; Douglas Emmett, Inc. | &nbsp;&nbsp; 4667 | &nbsp;&nbsp; 4.28% (OBFR + 0.40%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 56937 | &nbsp;&nbsp;&nbsp;&nbsp; (47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6554 |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Pay | &nbsp;&nbsp;SiriusPoint, Ltd. | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; 4.28% (OBFR + 0.40%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp; 35080 | &nbsp;&nbsp;&nbsp; 1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 |
| HSBC Holdings | &nbsp;&nbsp;Pay | &nbsp;&nbsp;SiriusPoint, Ltd. | &nbsp;&nbsp;35989 | &nbsp;&nbsp; 4.28% (OBFR + 0.40%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 725538 | &nbsp;&nbsp;&nbsp; 23033 | &nbsp;&nbsp;&nbsp;&nbsp;23033 |
| JPMorgan Securities, LLC | &nbsp;&nbsp;Pay | &nbsp;&nbsp; Jackson Financial, Inc., Class A | &nbsp;&nbsp;27029 | &nbsp;&nbsp; 4.08% (OBFR + 0.20%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/11/2026 | &nbsp;&nbsp;&nbsp;2516130 | &nbsp;&nbsp;&nbsp;132983 | &nbsp;&nbsp;&nbsp;132983 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;157918 | &nbsp;&nbsp;&nbsp;157918 |
| **Banks** |  |  |  |  |  |  |  |  |  |
| HSBC Holdings | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp; 5651 | &nbsp;&nbsp; 4.28% (OBFR + 0.40%) | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 218920 | &nbsp;&nbsp;&nbsp; 6216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;$285197 | &nbsp;&nbsp;$285197 |
| OBFR—Overnight Bank Funding Rate |  |  |  |  |  |  |  |  |  |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 77 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$9312338 | &nbsp;&nbsp;&nbsp;&nbsp;$9644635 | &nbsp;&nbsp;&nbsp;&nbsp;$332297 |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;$91249660 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$41132 | &nbsp;&nbsp;$91290792 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24044986 | &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;24044986 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31272319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31273937 |
| &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;930759634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930759634 |
| 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 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36777435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36777435 |
| **Total Investments at Value** | &nbsp;&nbsp;$1114104186 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$43056 | &nbsp;&nbsp;$1114147242 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$285244 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$285244 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332297 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$332297 | &nbsp;&nbsp;$285244 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$617541 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$47 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$47 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Special Values Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |
| **Apparel — 1.6%** | **Apparel — 1.6%** | **Apparel — 1.6%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;18275 | &nbsp;&nbsp;$463637 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36956 | &nbsp;&nbsp;&nbsp;&nbsp; 814141 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34359 | &nbsp;&nbsp;&nbsp;&nbsp; 1435519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713297 |
| **Auto Parts & Equipment — 3.0%** | **Auto Parts & Equipment — 3.0%** | **Auto Parts & Equipment — 3.0%** |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79372 | &nbsp;&nbsp;&nbsp;&nbsp; 2564509 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37460 | &nbsp;&nbsp;&nbsp;&nbsp; 619214 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;313976 | &nbsp;&nbsp;&nbsp;&nbsp; 1337538 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093 | &nbsp;&nbsp;&nbsp;&nbsp; 525852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047113 |
| **Banks — 11.7%** | **Banks — 11.7%** | **Banks — 11.7%** |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49399 | &nbsp;&nbsp;&nbsp;&nbsp; 1298700 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8692 | &nbsp;&nbsp;&nbsp;&nbsp; 978893 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57084 | &nbsp;&nbsp;&nbsp;&nbsp; 3458720 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;80644 | &nbsp;&nbsp;&nbsp;&nbsp; 1752394 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56778 | &nbsp;&nbsp;&nbsp;&nbsp; 2012212 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38555 | &nbsp;&nbsp;&nbsp;&nbsp; 3451058 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49965 | &nbsp;&nbsp;&nbsp;&nbsp; 5550112 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19583 | &nbsp;&nbsp;&nbsp;&nbsp; 1167147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19669236 |
| **Building Materials — 6.6%** | **Building Materials — 6.6%** | **Building Materials — 6.6%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19614 | &nbsp;&nbsp;&nbsp;&nbsp; 4388044 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10574 | &nbsp;&nbsp;&nbsp;&nbsp; 1769876 |
| &nbsp;&nbsp;&nbsp;Titan America SA | &nbsp;&nbsp;&nbsp;&nbsp;77844 | &nbsp;&nbsp;&nbsp;&nbsp; 1264187 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39235 | &nbsp;&nbsp;&nbsp;&nbsp; 3648463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11070570 |
| **Chemicals — 6.1%** | **Chemicals — 6.1%** | **Chemicals — 6.1%** |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;140857 | &nbsp;&nbsp;&nbsp;&nbsp; 1295884 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67618 | &nbsp;&nbsp;&nbsp;&nbsp; 5055122 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128190 | &nbsp;&nbsp;&nbsp;&nbsp; 1601093 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14229 | &nbsp;&nbsp;&nbsp;&nbsp; 834531 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 358096 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8537 | &nbsp;&nbsp;&nbsp;&nbsp; 1176825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10321551 |
| **Commercial Services — 4.7%** | **Commercial Services — 4.7%** | **Commercial Services — 4.7%** |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;24604 | &nbsp;&nbsp;&nbsp;&nbsp; 1198215 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;123438 | &nbsp;&nbsp;&nbsp;&nbsp; 788769 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53967 | &nbsp;&nbsp;&nbsp;&nbsp; 941184 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13447 | &nbsp;&nbsp;&nbsp;&nbsp; 996288 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 188105 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;44522 | &nbsp;&nbsp;&nbsp;&nbsp; 2928212 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;34950 | &nbsp;&nbsp;&nbsp;&nbsp; 857673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7898446 |
| **Computers — 2.6%** | **Computers — 2.6%** | **Computers — 2.6%** |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22782 | &nbsp;&nbsp;&nbsp;&nbsp; 1469895 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7401 | &nbsp;&nbsp;&nbsp;&nbsp; 640704 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;50206 | &nbsp;&nbsp;&nbsp;&nbsp; 1296821 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12221 | &nbsp;&nbsp;&nbsp;&nbsp; 1052106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459526 |
| **Cosmetics/Personal Care — 1.7%** | **Cosmetics/Personal Care — 1.7%** | **Cosmetics/Personal Care — 1.7%** |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46843 | &nbsp;&nbsp;&nbsp;&nbsp; 2789501 |
| **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;GlassBridge Enterprises, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 8176 |

---

---

| | | |
|:---|:---|:---|
| **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;27544 | &nbsp;&nbsp;$958256 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18724 | &nbsp;&nbsp;&nbsp;&nbsp; 317184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283616 |
| **Electrical Components & Equipment — 3.4%** | **Electrical Components & Equipment — 3.4%** | **Electrical Components & Equipment — 3.4%** |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27910 | &nbsp;&nbsp;&nbsp;&nbsp; 3164994 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;22410 | &nbsp;&nbsp;&nbsp;&nbsp; 2547121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712115 |
| **Electronics — 2.7%** | **Electronics — 2.7%** | **Electronics — 2.7%** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10612 | &nbsp;&nbsp;&nbsp;&nbsp; 710473 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24299 | &nbsp;&nbsp;&nbsp;&nbsp; 1229772 |
| &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;32516 | &nbsp;&nbsp;&nbsp;&nbsp; 696168 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;38765 | &nbsp;&nbsp;&nbsp;&nbsp; 871437 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6647 | &nbsp;&nbsp;&nbsp;&nbsp; 1038029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545879 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47248 | &nbsp;&nbsp;&nbsp;&nbsp; 1622024 |
| **Food — 4.2%** | **Food — 4.2%** | **Food — 4.2%** |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52101 | &nbsp;&nbsp;&nbsp;&nbsp; 4811527 |
| &nbsp;&nbsp;&nbsp;Nomad Foods, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;140791 | &nbsp;&nbsp;&nbsp;&nbsp; 1721874 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;16689 | &nbsp;&nbsp;&nbsp;&nbsp; 640190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7173591 |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39406 | &nbsp;&nbsp;&nbsp;&nbsp; 840136 |
| **Hand/Machine Tools — 3.5%** | **Hand/Machine Tools — 3.5%** | **Hand/Machine Tools — 3.5%** |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62029 | &nbsp;&nbsp;&nbsp;&nbsp; 5902059 |
| **Healthcare-Products — 4.4%** | **Healthcare-Products — 4.4%** | **Healthcare-Products — 4.4%** |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26277 | &nbsp;&nbsp;&nbsp;&nbsp; 934410 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11980 | &nbsp;&nbsp;&nbsp;&nbsp; 520172 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;25261 | &nbsp;&nbsp;&nbsp;&nbsp; 764651 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14958 | &nbsp;&nbsp;&nbsp;&nbsp; 1361776 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;25001 | &nbsp;&nbsp;&nbsp;&nbsp; 2033831 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 | &nbsp;&nbsp;&nbsp;&nbsp; 867316 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;85538 | &nbsp;&nbsp;&nbsp;&nbsp; 989675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7471831 |
| **Healthcare-Services — 0.7%** | **Healthcare-Services — 0.7%** | **Healthcare-Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;Ardent Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;16499 | &nbsp;&nbsp;&nbsp;&nbsp; 144861 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp; 1044394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189255 |
| **Household Products/Wares — 1.2%** | **Household Products/Wares — 1.2%** | **Household Products/Wares — 1.2%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;248817 | &nbsp;&nbsp;&nbsp;&nbsp; 855931 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91771 | &nbsp;&nbsp;&nbsp;&nbsp; 1189352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045283 |
| **Housewares — 1.6%** | **Housewares — 1.6%** | **Housewares — 1.6%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;36118 | &nbsp;&nbsp;&nbsp;&nbsp; 1233791 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;48758 | &nbsp;&nbsp;&nbsp;&nbsp; 1508572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742363 |
| **Insurance — 5.8%** | **Insurance — 5.8%** | **Insurance — 5.8%** |
| &nbsp;&nbsp;&nbsp;Abacus Global Management, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;47209 | &nbsp;&nbsp;&nbsp;&nbsp; 312996 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32771 | &nbsp;&nbsp;&nbsp;&nbsp; 1341317 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11838 | &nbsp;&nbsp;&nbsp;&nbsp; 2196541 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53113 | &nbsp;&nbsp;&nbsp;&nbsp; 4070049 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp; 1870407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9791310 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Special Values Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20333 | &nbsp;&nbsp;$713078 |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;136126 | &nbsp;&nbsp;&nbsp;&nbsp; 1001887 |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10960 | &nbsp;&nbsp;&nbsp;&nbsp; 912968 |
| **Machinery-Diversified — 3.0%** | **Machinery-Diversified — 3.0%** | **Machinery-Diversified — 3.0%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18782 | &nbsp;&nbsp;&nbsp;&nbsp; 3012070 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;&nbsp;&nbsp; 1216618 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;39428 | &nbsp;&nbsp;&nbsp;&nbsp; 897381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126069 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12656 | &nbsp;&nbsp;&nbsp;&nbsp; 71253 |
| **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; 1989549 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;100747 | &nbsp;&nbsp;&nbsp;&nbsp; 625639 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Co., Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;63286 | &nbsp;&nbsp;&nbsp;&nbsp; 1075229 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46095 | &nbsp;&nbsp;&nbsp;&nbsp; 5064458 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651 | &nbsp;&nbsp;&nbsp;&nbsp; 1140239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9895114 |
| **Miscellaneous Manufacturing — 2.9%** | **Miscellaneous Manufacturing — 2.9%** | **Miscellaneous Manufacturing — 2.9%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;114775 | &nbsp;&nbsp;&nbsp;&nbsp; 3510967 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74147 | &nbsp;&nbsp;&nbsp;&nbsp; 1339095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850062 |
| **Oil & Gas — 3.5%** | **Oil & Gas — 3.5%** | **Oil & Gas — 3.5%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93964 | &nbsp;&nbsp;&nbsp;&nbsp; 318538 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22132 | &nbsp;&nbsp;&nbsp;&nbsp; 2077310 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;86596 | &nbsp;&nbsp;&nbsp;&nbsp; 2003831 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37631 | &nbsp;&nbsp;&nbsp;&nbsp; 842558 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101479 | &nbsp;&nbsp;&nbsp;&nbsp; 589593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5831830 |
| **Oil & Gas Services — 0.6%** | **Oil & Gas Services — 0.6%** | **Oil & Gas Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10077 | &nbsp;&nbsp;&nbsp;&nbsp; 316418 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43807 | &nbsp;&nbsp;&nbsp;&nbsp; 778888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095306 |
| **Packaging & Containers — 3.3%** | **Packaging & Containers — 3.3%** | **Packaging & Containers — 3.3%** |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;66811 | &nbsp;&nbsp;&nbsp;&nbsp; 2648388 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85184 | &nbsp;&nbsp;&nbsp;&nbsp; 2902219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550607 |
| **REITS — 2.5%** | **REITS — 2.5%** | **REITS — 2.5%** |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;117777 | &nbsp;&nbsp;&nbsp;&nbsp; 897461 |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;129333 | &nbsp;&nbsp;&nbsp;&nbsp; 1356703 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10702 | &nbsp;&nbsp;&nbsp;&nbsp; 805004 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;113429 | &nbsp;&nbsp;&nbsp;&nbsp; 1150170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209338 |
| **Retail — 2.0%** | **Retail — 2.0%** | **Retail — 2.0%** |
| &nbsp;&nbsp;&nbsp;Denny's Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;156360 | &nbsp;&nbsp;&nbsp;&nbsp; 964741 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 | &nbsp;&nbsp;&nbsp;&nbsp; 782238 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572 | &nbsp;&nbsp;&nbsp;&nbsp; 630435 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24294 | &nbsp;&nbsp;&nbsp;&nbsp; 945523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322937 |
| **Semiconductors — 1.1%** | **Semiconductors — 1.1%** | **Semiconductors — 1.1%** |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8563 | &nbsp;&nbsp;&nbsp;&nbsp; 708760 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** |  |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7672 | &nbsp;&nbsp;$354523 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359 | &nbsp;&nbsp;&nbsp;&nbsp; 767194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830477 |
| **Software — 1.7%** | **Software — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;Genius Sports, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;82064 | &nbsp;&nbsp;&nbsp;&nbsp; 826385 |
| &nbsp;&nbsp;&nbsp;Pattern Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;51984 | &nbsp;&nbsp;&nbsp;&nbsp; 755847 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;28152 | &nbsp;&nbsp;&nbsp;&nbsp; 1165774 |
| &nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;18177 | &nbsp;&nbsp;&nbsp;&nbsp; 88159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836165 |
| **Special Purpose Acquisition Company — 0.0%** | **Special Purpose Acquisition Company — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Pershing Square Tontine Holdings, Ltd.†(1) | &nbsp;&nbsp;&nbsp;&nbsp;60410 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;71511 | &nbsp;&nbsp;&nbsp;&nbsp; 1411627 |
| **Toys/Games/Hobbies — 0.3%** | **Toys/Games/Hobbies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25627 | &nbsp;&nbsp;&nbsp;&nbsp; 541242 |
| **Transportation — 0.9%** | **Transportation — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58905 | &nbsp;&nbsp;&nbsp;&nbsp; 1505612 |
| **Total Common Stocks<br> (cost $158,469,769)** |  | &nbsp;&nbsp;&nbsp;&nbsp;164994274 |
| **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.<br> Expires 09/23/2033†(1)(2)<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;15102 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $158,469,769)** |  | &nbsp;&nbsp;&nbsp;&nbsp;164994274 |
| **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** |  |
| **Unaffiliated Investment Companies — 3.3%** | **Unaffiliated Investment Companies — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.94%(3) | 3785287 | &nbsp;&nbsp;&nbsp;&nbsp; 3785287 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(3)(4) | 1748856 | &nbsp;&nbsp;&nbsp;&nbsp; 1748856 |
| **Total Short-Term Investments<br> (cost $5,534,143)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534143 |
| **TOTAL INVESTMENTS<br> (cost $164,003,912)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.1% | &nbsp;&nbsp;&nbsp;&nbsp;170528417 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1834157) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$168694260 |

---

† Non-income producing security <br> # The security or a portion thereof is out on loan (see Note 2).

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Special Values Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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.<br> Expires 09/23/2033 | 07/26/22 | 15102 | $0 | $0 | $0.00 | 0.0% |

---

(3) The rate shown is the 7-day yield as of November 30, 2025.

(4) At November 30, 2025, the Fund had loaned securities with a total value of $15,269,630. This was secured by collateral of $1,748,856, which was received in cash and subsequently invested in short-term investments currently valued at $1,748,856 as reported in the Portfolio of Investments. Additional collateral of $14,289,340 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund's assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $28088 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416271 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28669 |
| United States Treasury Bills | 0.00% | 02/05/2026 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51046 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;13765266 |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;$1275440 | &nbsp;&nbsp;$8176 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1283616 |
| &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;163710658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;163710658 |
| 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;5534143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534143 |
| **Total Investments at Value** | &nbsp;&nbsp;$170520241 | &nbsp;&nbsp;$8176 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$170528417 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;57643 | &nbsp;&nbsp;$308966 |
| **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6776 | &nbsp;&nbsp;&nbsp;&nbsp; 473575 |
| &nbsp;&nbsp;&nbsp;StandardAero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225 | &nbsp;&nbsp;&nbsp;&nbsp; 214837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688412 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12812 | &nbsp;&nbsp;&nbsp;&nbsp; 659818 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;38096 | &nbsp;&nbsp;&nbsp;&nbsp; 551630 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10722 | &nbsp;&nbsp;&nbsp;&nbsp; 387493 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 | &nbsp;&nbsp;&nbsp;&nbsp; 132412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731353 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9342 | &nbsp;&nbsp;&nbsp;&nbsp; 948400 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;29964 | &nbsp;&nbsp;&nbsp;&nbsp; 760187 |
| **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;6946 | &nbsp;&nbsp;&nbsp;&nbsp; 362720 |
| **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** | **Auto Parts & Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;56472 | &nbsp;&nbsp;&nbsp;&nbsp; 1098945 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42374 | &nbsp;&nbsp;&nbsp;&nbsp; 949601 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62120 | &nbsp;&nbsp;&nbsp;&nbsp; 1026844 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19723 | &nbsp;&nbsp;&nbsp;&nbsp; 259949 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14190 | &nbsp;&nbsp;&nbsp;&nbsp; 767537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102876 |
| **Banks — 16.0%** | **Banks — 16.0%** | **Banks — 16.0%** |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471 | &nbsp;&nbsp;&nbsp;&nbsp; 154289 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10826 | &nbsp;&nbsp;&nbsp;&nbsp; 203637 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;19484 | &nbsp;&nbsp;&nbsp;&nbsp; 1476108 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333 | &nbsp;&nbsp;&nbsp;&nbsp; 113915 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491 | &nbsp;&nbsp;&nbsp;&nbsp; 185761 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31739 | &nbsp;&nbsp;&nbsp;&nbsp; 1473959 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17182 | &nbsp;&nbsp;&nbsp;&nbsp; 742434 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp; 47505 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14930 | &nbsp;&nbsp;&nbsp;&nbsp; 258438 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp; 133481 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17518 | &nbsp;&nbsp;&nbsp;&nbsp; 455818 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31660 | &nbsp;&nbsp;&nbsp;&nbsp; 883947 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380 | &nbsp;&nbsp;&nbsp;&nbsp; 141690 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10086 | &nbsp;&nbsp;&nbsp;&nbsp; 299958 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp; 81579 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13744 | &nbsp;&nbsp;&nbsp;&nbsp; 356244 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7078 | &nbsp;&nbsp;&nbsp;&nbsp; 392829 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40084 | &nbsp;&nbsp;&nbsp;&nbsp; 1012923 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21556 | &nbsp;&nbsp;&nbsp;&nbsp; 1485208 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5515 | &nbsp;&nbsp;&nbsp;&nbsp; 156350 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77692 | &nbsp;&nbsp;&nbsp;&nbsp; 1462940 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24528 | &nbsp;&nbsp;&nbsp;&nbsp; 1339474 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;22293 | &nbsp;&nbsp;&nbsp;&nbsp; 970637 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017 | &nbsp;&nbsp;&nbsp;&nbsp; 168530 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15391 | &nbsp;&nbsp;&nbsp;&nbsp; 470965 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;34373 | &nbsp;&nbsp;&nbsp;&nbsp; 679554 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138 | &nbsp;&nbsp;&nbsp;&nbsp; 97409 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4043 | &nbsp;&nbsp;&nbsp;&nbsp; 65699 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7503 | &nbsp;&nbsp;&nbsp;&nbsp; 186675 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12192 | &nbsp;&nbsp;&nbsp;&nbsp; 711647 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470 | &nbsp;&nbsp;&nbsp;&nbsp; 146795 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21457 | &nbsp;&nbsp;&nbsp;&nbsp; 790476 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14810 | &nbsp;&nbsp;&nbsp;&nbsp; 563669 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12412 | &nbsp;&nbsp;$225278 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13390 | &nbsp;&nbsp;&nbsp;&nbsp; 811300 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20927 | &nbsp;&nbsp;&nbsp;&nbsp; 578004 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp; 46174 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79882 | &nbsp;&nbsp;&nbsp;&nbsp; 869915 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32159 | &nbsp;&nbsp;&nbsp;&nbsp; 1103697 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8322 | &nbsp;&nbsp;&nbsp;&nbsp; 233515 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42967 | &nbsp;&nbsp;&nbsp;&nbsp; 736454 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135 | &nbsp;&nbsp;&nbsp;&nbsp; 586127 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10083 | &nbsp;&nbsp;&nbsp;&nbsp; 463616 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8887 | &nbsp;&nbsp;&nbsp;&nbsp; 663059 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009 | &nbsp;&nbsp;&nbsp;&nbsp; 87833 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684 | &nbsp;&nbsp;&nbsp;&nbsp; 59902 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6697 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6314 | &nbsp;&nbsp;&nbsp;&nbsp; 234944 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578 | &nbsp;&nbsp;&nbsp;&nbsp; 324776 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643 | &nbsp;&nbsp;&nbsp;&nbsp; 187712 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;20417 | &nbsp;&nbsp;&nbsp;&nbsp; 811167 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;86339 | &nbsp;&nbsp;&nbsp;&nbsp; 1876146 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49388 | &nbsp;&nbsp;&nbsp;&nbsp; 930964 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4802 | &nbsp;&nbsp;&nbsp;&nbsp; 174745 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp; 98340 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11353 | &nbsp;&nbsp;&nbsp;&nbsp; 816281 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847 | &nbsp;&nbsp;&nbsp;&nbsp; 103869 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp; 82695 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16078 | &nbsp;&nbsp;&nbsp;&nbsp; 1312447 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991 | &nbsp;&nbsp;&nbsp;&nbsp; 212321 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6621 | &nbsp;&nbsp;&nbsp;&nbsp; 208959 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp; 101877 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;41564 | &nbsp;&nbsp;&nbsp;&nbsp; 771012 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp; 98881 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25012 | &nbsp;&nbsp;&nbsp;&nbsp; 945203 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10361 | &nbsp;&nbsp;&nbsp;&nbsp; 303888 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546 | &nbsp;&nbsp;&nbsp;&nbsp; 496422 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863 | &nbsp;&nbsp;&nbsp;&nbsp; 348327 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;16588 | &nbsp;&nbsp;&nbsp;&nbsp; 556527 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7396 | &nbsp;&nbsp;&nbsp;&nbsp; 355748 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591 | &nbsp;&nbsp;&nbsp;&nbsp; 139690 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8856 | &nbsp;&nbsp;&nbsp;&nbsp; 983724 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10715 | &nbsp;&nbsp;&nbsp;&nbsp; 399027 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838 | &nbsp;&nbsp;&nbsp;&nbsp; 86729 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp; 36672 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142 | &nbsp;&nbsp;&nbsp;&nbsp; 163516 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp; 615373 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17854 | &nbsp;&nbsp;&nbsp;&nbsp; 576149 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 509276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39303824 |
| **Biotechnology — 5.7%** | **Biotechnology — 5.7%** | **Biotechnology — 5.7%** |
| &nbsp;&nbsp;&nbsp;Alumis Inc#† | &nbsp;&nbsp;&nbsp;&nbsp;27870 | &nbsp;&nbsp;&nbsp;&nbsp; 213763 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30666 | &nbsp;&nbsp;&nbsp;&nbsp; 95065 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27130 | &nbsp;&nbsp;&nbsp;&nbsp; 437336 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194 | &nbsp;&nbsp;&nbsp;&nbsp; 300710 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;26150 | &nbsp;&nbsp;&nbsp;&nbsp; 662379 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp; 6650 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9879 | &nbsp;&nbsp;&nbsp;&nbsp; 266931 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;214780 | &nbsp;&nbsp;&nbsp;&nbsp; 1245724 |
| &nbsp;&nbsp;&nbsp;Contra Iteos Therapeutic | &nbsp;&nbsp;&nbsp;&nbsp;67297 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG† | &nbsp;&nbsp;&nbsp;&nbsp;19731 | &nbsp;&nbsp;&nbsp;&nbsp; 1055017 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36239 | &nbsp;&nbsp;&nbsp;&nbsp; 204750 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17384 | &nbsp;&nbsp;&nbsp;&nbsp; 1184372 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6682 | &nbsp;&nbsp;&nbsp;&nbsp; 130098 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;137829 | &nbsp;&nbsp;&nbsp;&nbsp; 436918 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Esperion Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;70724 | &nbsp;&nbsp;$283603 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;17984 | &nbsp;&nbsp;&nbsp;&nbsp; 161676 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;64791 | &nbsp;&nbsp;&nbsp;&nbsp; 520272 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;44986 | &nbsp;&nbsp;&nbsp;&nbsp; 1274003 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10952 | &nbsp;&nbsp;&nbsp;&nbsp; 171070 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp; 870318 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8734 | &nbsp;&nbsp;&nbsp;&nbsp; 751037 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45651 | &nbsp;&nbsp;&nbsp;&nbsp; 361556 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;50692 | &nbsp;&nbsp;&nbsp;&nbsp; 506920 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327 | &nbsp;&nbsp;&nbsp;&nbsp; 190648 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293 | &nbsp;&nbsp;&nbsp;&nbsp; 211643 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21143 | &nbsp;&nbsp;&nbsp;&nbsp; 419054 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8748 | &nbsp;&nbsp;&nbsp;&nbsp; 177584 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10505 | &nbsp;&nbsp;&nbsp;&nbsp; 371982 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12044 | &nbsp;&nbsp;&nbsp;&nbsp; 344458 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25082 | &nbsp;&nbsp;&nbsp;&nbsp; 801621 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;38681 | &nbsp;&nbsp;&nbsp;&nbsp; 300164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13957322 |
| **Building Materials — 1.8%** | **Building Materials — 1.8%** | **Building Materials — 1.8%** |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11135 | &nbsp;&nbsp;&nbsp;&nbsp; 405425 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8084 | &nbsp;&nbsp;&nbsp;&nbsp; 616324 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14238 | &nbsp;&nbsp;&nbsp;&nbsp; 1067850 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp; 487960 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7449 | &nbsp;&nbsp;&nbsp;&nbsp; 1207707 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6896 | &nbsp;&nbsp;&nbsp;&nbsp; 641259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426525 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7513 | &nbsp;&nbsp;&nbsp;&nbsp; 69120 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;21580 | &nbsp;&nbsp;&nbsp;&nbsp; 1257682 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6423 | &nbsp;&nbsp;&nbsp;&nbsp; 480184 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47837 | &nbsp;&nbsp;&nbsp;&nbsp; 597484 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48592 | &nbsp;&nbsp;&nbsp;&nbsp; 1354745 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793 | &nbsp;&nbsp;&nbsp;&nbsp; 660715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419930 |
| **Coal — 1.0%** | **Coal — 1.0%** | **Coal — 1.0%** |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 89158 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 | &nbsp;&nbsp;&nbsp;&nbsp; 374400 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33174 | &nbsp;&nbsp;&nbsp;&nbsp; 903660 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12302 | &nbsp;&nbsp;&nbsp;&nbsp; 963123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330341 |
| **Commercial Services — 1.6%** | **Commercial Services — 1.6%** | **Commercial Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22251 | &nbsp;&nbsp;&nbsp;&nbsp; 956794 |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15462 | &nbsp;&nbsp;&nbsp;&nbsp; 35717 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10602 | &nbsp;&nbsp;&nbsp;&nbsp; 419415 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32085 | &nbsp;&nbsp;&nbsp;&nbsp; 602557 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13338 | &nbsp;&nbsp;&nbsp;&nbsp; 484970 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16456 | &nbsp;&nbsp;&nbsp;&nbsp; 142180 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21911 | &nbsp;&nbsp;&nbsp;&nbsp; 677050 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7844 | &nbsp;&nbsp;&nbsp;&nbsp; 219318 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15335 | &nbsp;&nbsp;&nbsp;&nbsp; 441341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979342 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;26337 | &nbsp;&nbsp;&nbsp;&nbsp; 266267 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25859 | &nbsp;&nbsp;&nbsp;&nbsp; 315480 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;62714 | &nbsp;&nbsp;&nbsp;&nbsp; 168074 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8079 | &nbsp;&nbsp;&nbsp;&nbsp; 443133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192954 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;$172457 |
| **Distribution/Wholesale — 1.6%** | **Distribution/Wholesale — 1.6%** | **Distribution/Wholesale — 1.6%** |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11987 | &nbsp;&nbsp;&nbsp;&nbsp; 81511 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618 | &nbsp;&nbsp;&nbsp;&nbsp; 193802 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46814 | &nbsp;&nbsp;&nbsp;&nbsp; 1544394 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14799 | &nbsp;&nbsp;&nbsp;&nbsp; 770436 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451 | &nbsp;&nbsp;&nbsp;&nbsp; 1190242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780385 |
| **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;28799 | &nbsp;&nbsp;&nbsp;&nbsp; 250551 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd.# | &nbsp;&nbsp;&nbsp;&nbsp;28959 | &nbsp;&nbsp;&nbsp;&nbsp; 277138 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10739 | &nbsp;&nbsp;&nbsp;&nbsp; 415707 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | &nbsp;&nbsp;&nbsp;&nbsp; 266196 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008 | &nbsp;&nbsp;&nbsp;&nbsp; 1049769 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16641 | &nbsp;&nbsp;&nbsp;&nbsp; 301202 |
| &nbsp;&nbsp;&nbsp;Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9578 | &nbsp;&nbsp;&nbsp;&nbsp; 333218 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002 | &nbsp;&nbsp;&nbsp;&nbsp; 387978 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7930 | &nbsp;&nbsp;&nbsp;&nbsp; 1067140 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27220 | &nbsp;&nbsp;&nbsp;&nbsp; 967671 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp; 316410 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp; 291571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5924551 |
| **Electric — 3.3%** | **Electric — 3.3%** | **Electric — 3.3%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929 | &nbsp;&nbsp;&nbsp;&nbsp; 121202 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17055 | &nbsp;&nbsp;&nbsp;&nbsp; 1258488 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13592 | &nbsp;&nbsp;&nbsp;&nbsp; 464846 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp; 107150 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283 | &nbsp;&nbsp;&nbsp;&nbsp; 1091534 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5372 | &nbsp;&nbsp;&nbsp;&nbsp; 371152 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 | &nbsp;&nbsp;&nbsp;&nbsp; 804235 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15524 | &nbsp;&nbsp;&nbsp;&nbsp; 1276073 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;30145 | &nbsp;&nbsp;&nbsp;&nbsp; 1531969 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21018 | &nbsp;&nbsp;&nbsp;&nbsp; 1055734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082383 |
| **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;10856 | &nbsp;&nbsp;&nbsp;&nbsp; 1553602 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 | &nbsp;&nbsp;&nbsp;&nbsp; 191193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744795 |
| **Electronics — 2.8%** | **Electronics — 2.8%** | **Electronics — 2.8%** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12139 | &nbsp;&nbsp;&nbsp;&nbsp; 812706 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11738 | &nbsp;&nbsp;&nbsp;&nbsp; 527388 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259 | &nbsp;&nbsp;&nbsp;&nbsp; 95624 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11975 | &nbsp;&nbsp;&nbsp;&nbsp; 346078 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;63411 | &nbsp;&nbsp;&nbsp;&nbsp; 1425479 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155 | &nbsp;&nbsp;&nbsp;&nbsp; 451007 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10457 | &nbsp;&nbsp;&nbsp;&nbsp; 1633017 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16942 | &nbsp;&nbsp;&nbsp;&nbsp; 1188990 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;13993 | &nbsp;&nbsp;&nbsp;&nbsp; 194223 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19284 | &nbsp;&nbsp;&nbsp;&nbsp; 263612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6938124 |
| **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** |
| &nbsp;&nbsp;&nbsp;Nextpower, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp; 102523 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35065 | &nbsp;&nbsp;&nbsp;&nbsp; 710066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812589 |
| **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;7952 | &nbsp;&nbsp;&nbsp;&nbsp; 847206 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;13907 | &nbsp;&nbsp;&nbsp;&nbsp; 597028 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287 | &nbsp;&nbsp;&nbsp;&nbsp; 1185980 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;7341 | &nbsp;&nbsp;$929077 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;15810 | &nbsp;&nbsp;&nbsp;&nbsp; 1083775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643066 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;86889 | &nbsp;&nbsp;&nbsp;&nbsp; 212878 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC | &nbsp;&nbsp;&nbsp;&nbsp;13846 | &nbsp;&nbsp;&nbsp;&nbsp; 216552 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 | &nbsp;&nbsp;&nbsp;&nbsp; 98376 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333 | &nbsp;&nbsp;&nbsp;&nbsp; 454982 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;13389 | &nbsp;&nbsp;&nbsp;&nbsp; 483209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465997 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17340 | &nbsp;&nbsp;&nbsp;&nbsp; 646955 |
| **Gas — 1.9%** | **Gas — 1.9%** | **Gas — 1.9%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724 | &nbsp;&nbsp;&nbsp;&nbsp; 656920 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23742 | &nbsp;&nbsp;&nbsp;&nbsp; 1141515 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29133 | &nbsp;&nbsp;&nbsp;&nbsp; 2419496 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846 | &nbsp;&nbsp;&nbsp;&nbsp; 518306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4736237 |
| **Healthcare-Products — 2.3%** | **Healthcare-Products — 2.3%** | **Healthcare-Products — 2.3%** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;48677 | &nbsp;&nbsp;&nbsp;&nbsp; 915615 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41169 | &nbsp;&nbsp;&nbsp;&nbsp; 928361 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21873 | &nbsp;&nbsp;&nbsp;&nbsp; 685500 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7417 | &nbsp;&nbsp;&nbsp;&nbsp; 94604 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5134 | &nbsp;&nbsp;&nbsp;&nbsp; 566742 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 599814 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29969 | &nbsp;&nbsp;&nbsp;&nbsp; 1094168 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;37316 | &nbsp;&nbsp;&nbsp;&nbsp; 88812 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23424 | &nbsp;&nbsp;&nbsp;&nbsp; 376892 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;24716 | &nbsp;&nbsp;&nbsp;&nbsp; 285964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636472 |
| **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;Strata Critical Medical, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;22928 | &nbsp;&nbsp;&nbsp;&nbsp; 99507 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29086 | &nbsp;&nbsp;&nbsp;&nbsp; 260029 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;31625 | &nbsp;&nbsp;&nbsp;&nbsp; 401954 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929 | &nbsp;&nbsp;&nbsp;&nbsp; 116220 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;58744 | &nbsp;&nbsp;&nbsp;&nbsp; 1415143 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;54081 | &nbsp;&nbsp;&nbsp;&nbsp; 410475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703328 |
| **Home Builders — 2.7%** | **Home Builders — 2.7%** | **Home Builders — 2.7%** |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8713 | &nbsp;&nbsp;&nbsp;&nbsp; 199266 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705 | &nbsp;&nbsp;&nbsp;&nbsp; 437770 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048 | &nbsp;&nbsp;&nbsp;&nbsp; 410538 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;14977 | &nbsp;&nbsp;&nbsp;&nbsp; 963471 |
| &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 | &nbsp;&nbsp;&nbsp;&nbsp; 241094 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp; 93792 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734 | &nbsp;&nbsp;&nbsp;&nbsp; 1064121 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9550 | &nbsp;&nbsp;&nbsp;&nbsp; 697914 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;20374 | &nbsp;&nbsp;&nbsp;&nbsp; 1277246 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38150 | &nbsp;&nbsp;&nbsp;&nbsp; 1301678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6686890 |
| **Home Furnishings — 0.5%** | **Home Furnishings — 0.5%** | **Home Furnishings — 0.5%** |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24475 | &nbsp;&nbsp;&nbsp;&nbsp; 463312 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23537 | &nbsp;&nbsp;&nbsp;&nbsp; 372591 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;64151 | &nbsp;&nbsp;&nbsp;&nbsp; 371434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207337 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14859 | &nbsp;&nbsp;$51115 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9595 | &nbsp;&nbsp;&nbsp;&nbsp; 296869 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29280 | &nbsp;&nbsp;&nbsp;&nbsp; 1198430 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19858 | &nbsp;&nbsp;&nbsp;&nbsp; 1246288 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25164 | &nbsp;&nbsp;&nbsp;&nbsp; 479123 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;20014 | &nbsp;&nbsp;&nbsp;&nbsp; 545982 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319 | &nbsp;&nbsp;&nbsp;&nbsp; 154517 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp; 204133 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15477 | &nbsp;&nbsp;&nbsp;&nbsp; 1516901 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166 | &nbsp;&nbsp;&nbsp;&nbsp; 294818 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18087 | &nbsp;&nbsp;&nbsp;&nbsp; 690019 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp; 216118 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553 | &nbsp;&nbsp;&nbsp;&nbsp; 346119 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp; 113598 |
| &nbsp;&nbsp;&nbsp;SiriusPoint, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;15809 | &nbsp;&nbsp;&nbsp;&nbsp; 328827 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp; 230503 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611 | &nbsp;&nbsp;&nbsp;&nbsp; 119632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7685008 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;17298 | &nbsp;&nbsp;&nbsp;&nbsp; 200657 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522 | &nbsp;&nbsp;&nbsp;&nbsp; 49167 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24669 | &nbsp;&nbsp;&nbsp;&nbsp; 357207 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688 | &nbsp;&nbsp;&nbsp;&nbsp; 55964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662995 |
| **Investment Companies — 2.4%** | **Investment Companies — 2.4%** | **Investment Companies — 2.4%** |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;63067 | &nbsp;&nbsp;&nbsp;&nbsp; 1283413 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;74096 | &nbsp;&nbsp;&nbsp;&nbsp; 1118850 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;20014 | &nbsp;&nbsp;&nbsp;&nbsp; 687681 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;15671 | &nbsp;&nbsp;&nbsp;&nbsp; 705195 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;76096 | &nbsp;&nbsp;&nbsp;&nbsp; 898694 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;60233 | &nbsp;&nbsp;&nbsp;&nbsp; 971558 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;17051 | &nbsp;&nbsp;&nbsp;&nbsp; 264461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929852 |
| **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;23944 | &nbsp;&nbsp;&nbsp;&nbsp; 1527148 |
| **Leisure Time — 1.0%** | **Leisure Time — 1.0%** | **Leisure Time — 1.0%** |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8233 | &nbsp;&nbsp;&nbsp;&nbsp; 152146 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;73220 | &nbsp;&nbsp;&nbsp;&nbsp; 497164 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;14304 | &nbsp;&nbsp;&nbsp;&nbsp; 949213 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;68369 | &nbsp;&nbsp;&nbsp;&nbsp; 880593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479116 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9968 | &nbsp;&nbsp;&nbsp;&nbsp; 460621 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8724 | &nbsp;&nbsp;&nbsp;&nbsp; 306212 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11449 | &nbsp;&nbsp;&nbsp;&nbsp; 102125 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;21713 | &nbsp;&nbsp;&nbsp;&nbsp; 106828 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14884 | &nbsp;&nbsp;&nbsp;&nbsp; 439673 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677 | &nbsp;&nbsp;&nbsp;&nbsp; 395628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044254 |
| **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;51767 | &nbsp;&nbsp;&nbsp;&nbsp; 452961 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 (continued)** | **Metal Fabricate/Hardware (continued)** | **Metal Fabricate/Hardware (continued)** |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5678 | &nbsp;&nbsp;$623842 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp; 173193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249996 |
| **Mining — 2.5%** | **Mining — 2.5%** | **Mining — 2.5%** |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp; 144949 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;93327 | &nbsp;&nbsp;&nbsp;&nbsp; 1611757 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;67797 | &nbsp;&nbsp;&nbsp;&nbsp; 1139668 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;31173 | &nbsp;&nbsp;&nbsp;&nbsp; 448891 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;101091 | &nbsp;&nbsp;&nbsp;&nbsp; 1700351 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;&nbsp; 27232 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39162 | &nbsp;&nbsp;&nbsp;&nbsp; 911691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984539 |
| **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11285 | &nbsp;&nbsp;&nbsp;&nbsp; 345208 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12420 | &nbsp;&nbsp;&nbsp;&nbsp; 395453 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6954 | &nbsp;&nbsp;&nbsp;&nbsp; 849709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590370 |
| **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;7771 | &nbsp;&nbsp;&nbsp;&nbsp; 348918 |
| **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** | **Office Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;35815 | &nbsp;&nbsp;&nbsp;&nbsp; 583426 |
| **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70177 | &nbsp;&nbsp;&nbsp;&nbsp; 237900 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp; 191646 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904 | &nbsp;&nbsp;&nbsp;&nbsp; 272569 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;28246 | &nbsp;&nbsp;&nbsp;&nbsp; 1097075 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563 | &nbsp;&nbsp;&nbsp;&nbsp; 792732 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;21036 | &nbsp;&nbsp;&nbsp;&nbsp; 486773 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;12605 | &nbsp;&nbsp;&nbsp;&nbsp; 404242 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212 | &nbsp;&nbsp;&nbsp;&nbsp; 220831 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792 | &nbsp;&nbsp;&nbsp;&nbsp; 237240 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27109 | &nbsp;&nbsp;&nbsp;&nbsp; 1237526 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59117 | &nbsp;&nbsp;&nbsp;&nbsp; 343470 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13822 | &nbsp;&nbsp;&nbsp;&nbsp; 476583 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9590 | &nbsp;&nbsp;&nbsp;&nbsp; 182689 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;279209 | &nbsp;&nbsp;&nbsp;&nbsp; 1231312 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8483 | &nbsp;&nbsp;&nbsp;&nbsp; 478526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7891114 |
| **Oil & Gas Services — 1.9%** | **Oil & Gas Services — 1.9%** | **Oil & Gas Services — 1.9%** |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12749 | &nbsp;&nbsp;&nbsp;&nbsp; 478215 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536 | &nbsp;&nbsp;&nbsp;&nbsp; 59219 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;79517 | &nbsp;&nbsp;&nbsp;&nbsp; 1110057 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14683 | &nbsp;&nbsp;&nbsp;&nbsp; 461046 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp; 68598 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50391 | &nbsp;&nbsp;&nbsp;&nbsp; 895952 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20264 | &nbsp;&nbsp;&nbsp;&nbsp; 37286 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;19638 | &nbsp;&nbsp;&nbsp;&nbsp; 273754 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5826 | &nbsp;&nbsp;&nbsp;&nbsp; 142154 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;61029 | &nbsp;&nbsp;&nbsp;&nbsp; 384483 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;53774 | &nbsp;&nbsp;&nbsp;&nbsp; 514617 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;24320 | &nbsp;&nbsp;&nbsp;&nbsp; 328563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753944 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7888 | &nbsp;&nbsp;&nbsp;&nbsp; 517690 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29932 | &nbsp;&nbsp;&nbsp;&nbsp; 403483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921173 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45363 | &nbsp;&nbsp;$128377 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14343 | &nbsp;&nbsp;&nbsp;&nbsp; 418816 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181 | &nbsp;&nbsp;&nbsp;&nbsp; 129151 |
| &nbsp;&nbsp;&nbsp;Cidara Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 | &nbsp;&nbsp;&nbsp;&nbsp; 584441 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12958 | &nbsp;&nbsp;&nbsp;&nbsp; 182967 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13074 | &nbsp;&nbsp;&nbsp;&nbsp; 269063 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;63754 | &nbsp;&nbsp;&nbsp;&nbsp; 757398 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 | &nbsp;&nbsp;&nbsp;&nbsp; 394764 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;35868 | &nbsp;&nbsp;&nbsp;&nbsp; 192252 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20677 | &nbsp;&nbsp;&nbsp;&nbsp; 1025786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083015 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13529 | &nbsp;&nbsp;&nbsp;&nbsp; 379895 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;44633 | &nbsp;&nbsp;&nbsp;&nbsp; 54452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434347 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;23664 | &nbsp;&nbsp;&nbsp;&nbsp; 396372 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;53743 | &nbsp;&nbsp;&nbsp;&nbsp; 934053 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;22909 | &nbsp;&nbsp;&nbsp;&nbsp; 188312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518737 |
| **REITS — 10.7%** | **REITS — 10.7%** | **REITS — 10.7%** |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28111 | &nbsp;&nbsp;&nbsp;&nbsp; 214206 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp; 85901 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51760 | &nbsp;&nbsp;&nbsp;&nbsp; 809009 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17790 | &nbsp;&nbsp;&nbsp;&nbsp; 346905 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp; 64643 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23643 | &nbsp;&nbsp;&nbsp;&nbsp; 239504 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104118 | &nbsp;&nbsp;&nbsp;&nbsp; 584102 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77139 | &nbsp;&nbsp;&nbsp;&nbsp; 1355332 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35060 | &nbsp;&nbsp;&nbsp;&nbsp; 1315802 |
| &nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 | &nbsp;&nbsp;&nbsp;&nbsp; 187329 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;39850 | &nbsp;&nbsp;&nbsp;&nbsp; 270183 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105 | &nbsp;&nbsp;&nbsp;&nbsp; 79536 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;55624 | &nbsp;&nbsp;&nbsp;&nbsp; 1709325 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30984 | &nbsp;&nbsp;&nbsp;&nbsp; 741757 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;93068 | &nbsp;&nbsp;&nbsp;&nbsp; 847849 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;23394 | &nbsp;&nbsp;&nbsp;&nbsp; 320498 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;39442 | &nbsp;&nbsp;&nbsp;&nbsp; 277277 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47582 | &nbsp;&nbsp;&nbsp;&nbsp; 1506446 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12479 | &nbsp;&nbsp;&nbsp;&nbsp; 299995 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13298 | &nbsp;&nbsp;&nbsp;&nbsp; 378594 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39700 | &nbsp;&nbsp;&nbsp;&nbsp; 680855 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19948 | &nbsp;&nbsp;&nbsp;&nbsp; 569316 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;43732 | &nbsp;&nbsp;&nbsp;&nbsp; 1011958 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21157 | &nbsp;&nbsp;&nbsp;&nbsp; 179623 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140933 | &nbsp;&nbsp;&nbsp;&nbsp; 1557310 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;&nbsp; 167124 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;19386 | &nbsp;&nbsp;&nbsp;&nbsp; 940221 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;29148 | &nbsp;&nbsp;&nbsp;&nbsp; 506009 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 | &nbsp;&nbsp;&nbsp;&nbsp; 250282 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;18593 | &nbsp;&nbsp;&nbsp;&nbsp; 340810 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12174 | &nbsp;&nbsp;&nbsp;&nbsp; 286454 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29620 | &nbsp;&nbsp;&nbsp;&nbsp; 1051510 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85071 | &nbsp;&nbsp;&nbsp;&nbsp; 743521 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11362 | &nbsp;&nbsp;&nbsp;&nbsp; 176565 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17415 | &nbsp;&nbsp;&nbsp;&nbsp; 700780 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust# | &nbsp;&nbsp;&nbsp;&nbsp;23355 | &nbsp;&nbsp;&nbsp;&nbsp; 176097 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6534 | &nbsp;&nbsp;&nbsp;&nbsp; 623540 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46126 | &nbsp;&nbsp;&nbsp;&nbsp; 899918 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11157 | &nbsp;&nbsp;&nbsp;&nbsp; 525829 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14073 | &nbsp;&nbsp;&nbsp;&nbsp; 459906 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11867 | &nbsp;&nbsp;$398494 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10206 | &nbsp;&nbsp;&nbsp;&nbsp; 640835 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34787 | &nbsp;&nbsp;&nbsp;&nbsp; 316214 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7145 | &nbsp;&nbsp;&nbsp;&nbsp; 108104 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12105 | &nbsp;&nbsp;&nbsp;&nbsp; 182301 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74200 | &nbsp;&nbsp;&nbsp;&nbsp; 1037316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26165085 |
| **Retail — 3.6%** | **Retail — 3.6%** | **Retail — 3.6%** |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41047 | &nbsp;&nbsp;&nbsp;&nbsp; 837359 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp; 711664 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp; 319480 |
| &nbsp;&nbsp;&nbsp;Black Rock Coffee Bar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585 | &nbsp;&nbsp;&nbsp;&nbsp; 104309 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp; 139130 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6358 | &nbsp;&nbsp;&nbsp;&nbsp; 359100 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;149430 | &nbsp;&nbsp;&nbsp;&nbsp; 325757 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41905 | &nbsp;&nbsp;&nbsp;&nbsp; 135772 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10008 | &nbsp;&nbsp;&nbsp;&nbsp; 358787 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp; 401441 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;19905 | &nbsp;&nbsp;&nbsp;&nbsp; 392328 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25695 | &nbsp;&nbsp;&nbsp;&nbsp; 631840 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13153 | &nbsp;&nbsp;&nbsp;&nbsp; 379464 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18449 | &nbsp;&nbsp;&nbsp;&nbsp; 1847852 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374 | &nbsp;&nbsp;&nbsp;&nbsp; 212663 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14263 | &nbsp;&nbsp;&nbsp;&nbsp; 1056460 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;16790 | &nbsp;&nbsp;&nbsp;&nbsp; 693931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8907337 |
| **Savings & Loans — 1.7%** | **Savings & Loans — 1.7%** | **Savings & Loans — 1.7%** |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13854 | &nbsp;&nbsp;&nbsp;&nbsp; 354524 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9625 | &nbsp;&nbsp;&nbsp;&nbsp; 790983 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61436 | &nbsp;&nbsp;&nbsp;&nbsp; 1132880 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32665 | &nbsp;&nbsp;&nbsp;&nbsp; 215916 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5508 | &nbsp;&nbsp;&nbsp;&nbsp; 225883 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45626 | &nbsp;&nbsp;&nbsp;&nbsp; 860050 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp; 128506 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;&nbsp;&nbsp; 145284 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6788 | &nbsp;&nbsp;&nbsp;&nbsp; 378838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232864 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521 | &nbsp;&nbsp;&nbsp;&nbsp; 261188 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14873 | &nbsp;&nbsp;&nbsp;&nbsp; 687281 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;18421 | &nbsp;&nbsp;&nbsp;&nbsp; 160999 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8986 | &nbsp;&nbsp;&nbsp;&nbsp; 181787 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943 | &nbsp;&nbsp;&nbsp;&nbsp; 290634 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;13258 | &nbsp;&nbsp;&nbsp;&nbsp; 452628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034517 |
| **Software — 2.1%** | **Software — 2.1%** | **Software — 2.1%** |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44406 | &nbsp;&nbsp;&nbsp;&nbsp; 549302 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;43868 | &nbsp;&nbsp;&nbsp;&nbsp; 278123 |
| &nbsp;&nbsp;&nbsp;Bullish† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321 | &nbsp;&nbsp;&nbsp;&nbsp; 362962 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10764 | &nbsp;&nbsp;&nbsp;&nbsp; 119265 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9443 | &nbsp;&nbsp;&nbsp;&nbsp; 206235 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;31159 | &nbsp;&nbsp;&nbsp;&nbsp; 149252 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;19878 | &nbsp;&nbsp;&nbsp;&nbsp; 737474 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;28047 | &nbsp;&nbsp;&nbsp;&nbsp; 83861 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872 | &nbsp;&nbsp;&nbsp;&nbsp; 241826 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27325 | &nbsp;&nbsp;&nbsp;&nbsp; 788326 |
| &nbsp;&nbsp;&nbsp;McGraw Hill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;63635 | &nbsp;&nbsp;&nbsp;&nbsp; 1116794 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp; 43177 | &nbsp;&nbsp;$244382 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp; 24660 | &nbsp;&nbsp;&nbsp;&nbsp; 238955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5116757 |
| **Telecommunications — 1.5%** | **Telecommunications — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc.# | &nbsp;&nbsp; 20228 | &nbsp;&nbsp;&nbsp;&nbsp; 196414 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A#† | &nbsp;&nbsp; 22185 | &nbsp;&nbsp;&nbsp;&nbsp; 1625939 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp; 17908 | &nbsp;&nbsp;&nbsp;&nbsp; 145234 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp; 21970 | &nbsp;&nbsp;&nbsp;&nbsp; 581106 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp; 8955 | &nbsp;&nbsp;&nbsp;&nbsp; 118922 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp; 7112 | &nbsp;&nbsp;&nbsp;&nbsp; 286400 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp; 18320 | &nbsp;&nbsp;&nbsp;&nbsp; 628926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582941 |
| **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Funko, Inc., Class A† | &nbsp;&nbsp; 39351 | &nbsp;&nbsp;&nbsp;&nbsp; 124349 |
| **Transportation — 2.1%** | **Transportation — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp; 5517 | &nbsp;&nbsp;&nbsp;&nbsp; 354026 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings, Ltd.† | &nbsp;&nbsp; 3044 | &nbsp;&nbsp;&nbsp;&nbsp; 50135 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp; 56757 | &nbsp;&nbsp;&nbsp;&nbsp; 866679 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc.# | &nbsp;&nbsp; 7870 | &nbsp;&nbsp;&nbsp;&nbsp; 416874 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp; 4737 | &nbsp;&nbsp;&nbsp;&nbsp; 516238 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp; 31174 | &nbsp;&nbsp;&nbsp;&nbsp; 194526 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp; 26665 | &nbsp;&nbsp;&nbsp;&nbsp; 141058 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp; 3256 | &nbsp;&nbsp;&nbsp;&nbsp; 186666 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp; 49681 | &nbsp;&nbsp;&nbsp;&nbsp; 482403 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp; 26345 | &nbsp;&nbsp;&nbsp;&nbsp; 1519316 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp; 15724 | &nbsp;&nbsp;&nbsp;&nbsp; 364482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5092403 |
| **Trucking & Leasing — 0.3%** | **Trucking & Leasing — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp; 4893 | &nbsp;&nbsp;&nbsp;&nbsp; 782537 |
| **Water — 0.7%** | **Water — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp; 3935 | &nbsp;&nbsp;&nbsp;&nbsp; 290285 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp; 40299 | &nbsp;&nbsp;&nbsp;&nbsp; 1379435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669720 |
| **Total Long-Term Investment Securities<br> (cost $210,562,972)** |  | &nbsp;&nbsp;&nbsp;&nbsp;241205997 |
| **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 Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(1)(2)<br> (cost $1,990,655) | &nbsp;&nbsp;1990655 | &nbsp;&nbsp;&nbsp;&nbsp; 1990655 |
| **REPURCHASE AGREEMENTS — 1.4%** | **REPURCHASE AGREEMENTS — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.16% dated 11/28/2025, to be repurchased 12/01/2025 in the amount of $3,464,629 and collateralized by $3,591,700 of United States Treasury Notes, bearing interest at 1.88% due 02/28/2027 and having an approximate value of $3,533,654<br> (cost $3,464,294) | $3464294 | &nbsp;&nbsp;&nbsp;&nbsp; 3464294 |
| **TOTAL INVESTMENTS<br> (cost $216,017,921)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.7% | &nbsp;&nbsp;&nbsp;&nbsp;246660946 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1606026) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$245054920 |

---

# The security or a portion thereof is out on loan (see Note 2). <br> † Non-income producing security

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Small Cap Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

(1) The rate shown is the 7-day yield as of November 30, 2025.

(2) At November 30, 2025, the Fund had loaned securities with a total value of $14,242,749. This was secured by collateral of $1,990,655, which was received in cash and subsequently invested in short-term investments currently valued at $1,990,655 as reported in the Portfolio of Investments. Additional collateral of $12,424,355 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $35789 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530405 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36529 |
| United States Treasury Bills | 0.00% | 12/04/2025 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10105 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 03/31/2026 to 08/15/2055 | &nbsp;&nbsp;&nbsp;11811527 |

---

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

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 30 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3645440 | &nbsp;&nbsp;&nbsp;&nbsp;$3757650 | &nbsp;&nbsp;&nbsp;&nbsp;$112210 |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;$13957322 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$13957322 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;227248675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;227248675 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990655 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3464294 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464294 |
| **Total Investments at Value** | &nbsp;&nbsp;$243196652 | &nbsp;&nbsp;$3464294 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$246660946 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$112210 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$112210 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Omnicom Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36616 | &nbsp;&nbsp;$2622438 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51106 | &nbsp;&nbsp;&nbsp;&nbsp; 2021753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4644191 |
| **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86428 | &nbsp;&nbsp;&nbsp;&nbsp; 16334892 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28857 | &nbsp;&nbsp;&nbsp;&nbsp; 9858417 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;120563 | &nbsp;&nbsp;&nbsp;&nbsp; 35982027 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46077 | &nbsp;&nbsp;&nbsp;&nbsp; 9426894 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21385 | &nbsp;&nbsp;&nbsp;&nbsp; 5959786 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23483 | &nbsp;&nbsp;&nbsp;&nbsp; 10751926 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15381 | &nbsp;&nbsp;&nbsp;&nbsp; 8801777 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151876 | &nbsp;&nbsp;&nbsp;&nbsp; 26564631 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6441 | &nbsp;&nbsp;&nbsp;&nbsp; 8760855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132441205 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192009 | &nbsp;&nbsp;&nbsp;&nbsp; 11330451 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54652 | &nbsp;&nbsp;&nbsp;&nbsp; 3319563 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15024 | &nbsp;&nbsp;&nbsp;&nbsp; 1443356 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176653 | &nbsp;&nbsp;&nbsp;&nbsp; 27819314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43912684 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75156 | &nbsp;&nbsp;&nbsp;&nbsp; 4817500 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62478 | &nbsp;&nbsp;&nbsp;&nbsp; 2174859 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36015 | &nbsp;&nbsp;&nbsp;&nbsp; 3672089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10664448 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17820 | &nbsp;&nbsp;&nbsp;&nbsp; 1568695 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;135789 | &nbsp;&nbsp;&nbsp;&nbsp; 8776043 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp; 1656291 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22789 | &nbsp;&nbsp;&nbsp;&nbsp; 2490382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14491411 |
| **Auto Manufacturers — 2.5%** | **Auto Manufacturers — 2.5%** | **Auto Manufacturers — 2.5%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15715 | &nbsp;&nbsp;&nbsp;&nbsp; 7825756 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;446795 | &nbsp;&nbsp;&nbsp;&nbsp; 5933437 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;108821 | &nbsp;&nbsp;&nbsp;&nbsp; 8000520 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59631 | &nbsp;&nbsp;&nbsp;&nbsp; 6286300 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;319605 | &nbsp;&nbsp;&nbsp;&nbsp; 137484483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165530496 |
| **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;24335 | &nbsp;&nbsp;&nbsp;&nbsp; 1887179 |
| **Banks — 4.5%** | **Banks — 4.5%** | **Banks — 4.5%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;775146 | &nbsp;&nbsp;&nbsp;&nbsp; 41586583 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80609 | &nbsp;&nbsp;&nbsp;&nbsp; 9036269 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210413 | &nbsp;&nbsp;&nbsp;&nbsp; 21798787 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48219 | &nbsp;&nbsp;&nbsp;&nbsp; 2608648 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77319 | &nbsp;&nbsp;&nbsp;&nbsp; 3360284 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34352 | &nbsp;&nbsp;&nbsp;&nbsp; 28376126 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176977 | &nbsp;&nbsp;&nbsp;&nbsp; 2884725 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;313182 | &nbsp;&nbsp;&nbsp;&nbsp; 98051020 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;106458 | &nbsp;&nbsp;&nbsp;&nbsp; 1956698 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18280 | &nbsp;&nbsp;&nbsp;&nbsp; 3477222 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;137471 | &nbsp;&nbsp;&nbsp;&nbsp; 23323330 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22161 | &nbsp;&nbsp;&nbsp;&nbsp; 2910626 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44868 | &nbsp;&nbsp;&nbsp;&nbsp; 8557225 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101129 | &nbsp;&nbsp;&nbsp;&nbsp; 2573733 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31992 | &nbsp;&nbsp;&nbsp;&nbsp; 3807688 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147381 | &nbsp;&nbsp;&nbsp;&nbsp; 6853216 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;177870 | &nbsp;&nbsp;$8724523 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;363842 | &nbsp;&nbsp;&nbsp;&nbsp; 31235836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301122539 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16475 | &nbsp;&nbsp;&nbsp;&nbsp; 477445 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;439955 | &nbsp;&nbsp;&nbsp;&nbsp; 32169510 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16985 | &nbsp;&nbsp;&nbsp;&nbsp; 2316414 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155267 | &nbsp;&nbsp;&nbsp;&nbsp; 4331949 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17872 | &nbsp;&nbsp;&nbsp;&nbsp; 831227 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81325 | &nbsp;&nbsp;&nbsp;&nbsp; 6098562 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155138 | &nbsp;&nbsp;&nbsp;&nbsp; 23075226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69300333 |
| **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61534 | &nbsp;&nbsp;&nbsp;&nbsp; 21257536 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp; 2949858 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77437 | &nbsp;&nbsp;&nbsp;&nbsp; 5224674 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141823 | &nbsp;&nbsp;&nbsp;&nbsp; 17847006 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18434 | &nbsp;&nbsp;&nbsp;&nbsp; 1925616 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36223 | &nbsp;&nbsp;&nbsp;&nbsp; 941074 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11644 | &nbsp;&nbsp;&nbsp;&nbsp; 9084532 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29305 | &nbsp;&nbsp;&nbsp;&nbsp; 12706941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71937237 |
| **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; 1479079 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89656 | &nbsp;&nbsp;&nbsp;&nbsp; 4920321 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74795 | &nbsp;&nbsp;&nbsp;&nbsp; 8699407 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789 | &nbsp;&nbsp;&nbsp;&nbsp; 1890218 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6893 | &nbsp;&nbsp;&nbsp;&nbsp; 4295993 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24548 | &nbsp;&nbsp;&nbsp;&nbsp; 1592429 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp; 784064 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25433 | &nbsp;&nbsp;&nbsp;&nbsp; 10719501 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14971 | &nbsp;&nbsp;&nbsp;&nbsp; 4449980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38830992 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25080 | &nbsp;&nbsp;&nbsp;&nbsp; 6547134 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13071 | &nbsp;&nbsp;&nbsp;&nbsp; 1699099 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17759 | &nbsp;&nbsp;&nbsp;&nbsp; 1397633 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81404 | &nbsp;&nbsp;&nbsp;&nbsp; 1941485 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48471 | &nbsp;&nbsp;&nbsp;&nbsp; 1927692 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29176 | &nbsp;&nbsp;&nbsp;&nbsp; 8028068 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30444 | &nbsp;&nbsp;&nbsp;&nbsp; 2115249 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53132 | &nbsp;&nbsp;&nbsp;&nbsp; 21801122 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30321 | &nbsp;&nbsp;&nbsp;&nbsp; 1485426 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35067 | &nbsp;&nbsp;&nbsp;&nbsp; 858791 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26510 | &nbsp;&nbsp;&nbsp;&nbsp; 2652061 |
| &nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24235 | &nbsp;&nbsp;&nbsp;&nbsp; 1965216 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26504 | &nbsp;&nbsp;&nbsp;&nbsp; 9109160 |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18907 | &nbsp;&nbsp;&nbsp;&nbsp; 901486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62429622 |
| **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46296 | &nbsp;&nbsp;&nbsp;&nbsp; 11819369 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62807 | &nbsp;&nbsp;&nbsp;&nbsp; 4195508 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39151 | &nbsp;&nbsp;&nbsp;&nbsp; 7282869 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7698 | &nbsp;&nbsp;&nbsp;&nbsp; 2277068 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14542 | &nbsp;&nbsp;&nbsp;&nbsp; 3088284 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26891 | &nbsp;&nbsp;&nbsp;&nbsp; 2037262 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17591 | &nbsp;&nbsp;&nbsp;&nbsp; 8633311 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109199 | &nbsp;&nbsp;&nbsp;&nbsp; 6845685 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17011 | &nbsp;&nbsp;&nbsp;&nbsp; 7908074 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32897 | &nbsp;&nbsp;$2022508 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35718 | &nbsp;&nbsp;&nbsp;&nbsp; 17817210 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;&nbsp;&nbsp; 5994834 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15801 | &nbsp;&nbsp;&nbsp;&nbsp; 3556331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83478313 |
| **Computers — 8.7%** | **Computers — 8.7%** | **Computers — 8.7%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71191 | &nbsp;&nbsp;&nbsp;&nbsp; 17797750 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 1690242 | &nbsp;&nbsp;&nbsp;&nbsp; 471323982 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55787 | &nbsp;&nbsp;&nbsp;&nbsp; 4335208 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28489 | &nbsp;&nbsp;&nbsp;&nbsp; 14505459 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34176 | &nbsp;&nbsp;&nbsp;&nbsp; 4557369 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6037 | &nbsp;&nbsp;&nbsp;&nbsp; 1128919 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73306 | &nbsp;&nbsp;&nbsp;&nbsp; 5947316 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8677 | &nbsp;&nbsp;&nbsp;&nbsp; 2019485 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;149985 | &nbsp;&nbsp;&nbsp;&nbsp; 3280172 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105142 | &nbsp;&nbsp;&nbsp;&nbsp; 2567568 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105829 | &nbsp;&nbsp;&nbsp;&nbsp; 32656713 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14639 | &nbsp;&nbsp;&nbsp;&nbsp; 2797513 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22617 | &nbsp;&nbsp;&nbsp;&nbsp; 2523152 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15714 | &nbsp;&nbsp;&nbsp;&nbsp; 3508622 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24288 | &nbsp;&nbsp;&nbsp;&nbsp; 6720247 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57338 | &nbsp;&nbsp;&nbsp;&nbsp; 1940891 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39409 | &nbsp;&nbsp;&nbsp;&nbsp; 6436672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584047038 |
| **Cosmetics/Personal Care — 0.8%** | **Cosmetics/Personal Care — 0.8%** | **Cosmetics/Personal Care — 0.8%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92379 | &nbsp;&nbsp;&nbsp;&nbsp; 7426348 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28070 | &nbsp;&nbsp;&nbsp;&nbsp; 2640545 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216862 | &nbsp;&nbsp;&nbsp;&nbsp; 3762556 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;266401 | &nbsp;&nbsp;&nbsp;&nbsp; 39469972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53299421 |
| **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;100076 | &nbsp;&nbsp;&nbsp;&nbsp; 3900962 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;130063 | &nbsp;&nbsp;&nbsp;&nbsp; 5254545 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27114 | &nbsp;&nbsp;&nbsp;&nbsp; 805015 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp; 899128 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp; 4689078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15548728 |
| **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61490 | &nbsp;&nbsp;&nbsp;&nbsp; 22460452 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10775 | &nbsp;&nbsp;&nbsp;&nbsp; 4910599 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52007 | &nbsp;&nbsp;&nbsp;&nbsp; 6857123 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16461 | &nbsp;&nbsp;&nbsp;&nbsp; 17239605 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73094 | &nbsp;&nbsp;&nbsp;&nbsp; 16012703 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11887 | &nbsp;&nbsp;&nbsp;&nbsp; 3068867 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;195029 | &nbsp;&nbsp;&nbsp;&nbsp; 18085039 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41191 | &nbsp;&nbsp;&nbsp;&nbsp; 11593619 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25849 | &nbsp;&nbsp;&nbsp;&nbsp; 7052124 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31332 | &nbsp;&nbsp;&nbsp;&nbsp; 707790 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49659 | &nbsp;&nbsp;&nbsp;&nbsp; 3228828 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65427 | &nbsp;&nbsp;&nbsp;&nbsp; 10291667 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48744 | &nbsp;&nbsp;&nbsp;&nbsp; 1191791 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93993 | &nbsp;&nbsp;&nbsp;&nbsp; 51745966 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51669 | &nbsp;&nbsp;&nbsp;&nbsp; 4697746 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20128 | &nbsp;&nbsp;&nbsp;&nbsp; 3150837 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41875 | &nbsp;&nbsp;&nbsp;&nbsp; 3239450 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24806 | &nbsp;&nbsp;&nbsp;&nbsp; 2539638 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;193471 | &nbsp;&nbsp;&nbsp;&nbsp; 64704441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252778285 |

---

---

| | | |
|:---|:---|:---|
| **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;76979 | &nbsp;&nbsp;$1082325 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30164 | &nbsp;&nbsp;&nbsp;&nbsp; 2095493 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30908 | &nbsp;&nbsp;&nbsp;&nbsp; 3287066 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61126 | &nbsp;&nbsp;&nbsp;&nbsp; 7565565 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73583 | &nbsp;&nbsp;&nbsp;&nbsp; 2941848 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33129 | &nbsp;&nbsp;&nbsp;&nbsp; 2499252 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41786 | &nbsp;&nbsp;&nbsp;&nbsp; 4193643 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35708 | &nbsp;&nbsp;&nbsp;&nbsp; 13010567 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97546 | &nbsp;&nbsp;&nbsp;&nbsp; 6122962 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23772 | &nbsp;&nbsp;&nbsp;&nbsp; 3257477 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88881 | &nbsp;&nbsp;&nbsp;&nbsp; 11015911 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42833 | &nbsp;&nbsp;&nbsp;&nbsp; 2522435 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50937 | &nbsp;&nbsp;&nbsp;&nbsp; 4967376 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26978 | &nbsp;&nbsp;&nbsp;&nbsp; 2094842 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41581 | &nbsp;&nbsp;&nbsp;&nbsp; 2793412 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115440 | &nbsp;&nbsp;&nbsp;&nbsp; 5439533 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57082 | &nbsp;&nbsp;&nbsp;&nbsp; 2723953 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235375 | &nbsp;&nbsp;&nbsp;&nbsp; 20310509 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22376 | &nbsp;&nbsp;&nbsp;&nbsp; 3792508 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;254294 | &nbsp;&nbsp;&nbsp;&nbsp; 4099219 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12428 | &nbsp;&nbsp;&nbsp;&nbsp; 1129208 |
| &nbsp;&nbsp;&nbsp;PPL Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84095 | &nbsp;&nbsp;&nbsp;&nbsp; 3103105 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57044 | &nbsp;&nbsp;&nbsp;&nbsp; 4764315 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74573 | &nbsp;&nbsp;&nbsp;&nbsp; 7063555 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;125734 | &nbsp;&nbsp;&nbsp;&nbsp; 11456882 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36403 | &nbsp;&nbsp;&nbsp;&nbsp; 6511041 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37273 | &nbsp;&nbsp;&nbsp;&nbsp; 4177185 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66030 | &nbsp;&nbsp;&nbsp;&nbsp; 5421723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149442910 |
| **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;26637 | &nbsp;&nbsp;&nbsp;&nbsp; 5271196 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43940 | &nbsp;&nbsp;&nbsp;&nbsp; 15198407 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64327 | &nbsp;&nbsp;&nbsp;&nbsp; 8579935 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691 | &nbsp;&nbsp;&nbsp;&nbsp; 1014556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30064094 |
| **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp; 1668103 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;139550 | &nbsp;&nbsp;&nbsp;&nbsp; 19662595 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37466 | &nbsp;&nbsp;&nbsp;&nbsp; 2003682 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18871 | &nbsp;&nbsp;&nbsp;&nbsp; 3685884 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72568 | &nbsp;&nbsp;&nbsp;&nbsp; 13946844 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006 | &nbsp;&nbsp;&nbsp;&nbsp; 2591169 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12343 | &nbsp;&nbsp;&nbsp;&nbsp; 2600793 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19974 | &nbsp;&nbsp;&nbsp;&nbsp; 3953853 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp; 3502780 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33773 | &nbsp;&nbsp;&nbsp;&nbsp; 7637764 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26700 | &nbsp;&nbsp;&nbsp;&nbsp; 2173914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63427381 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11987 | &nbsp;&nbsp;&nbsp;&nbsp; 3271492 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 | &nbsp;&nbsp;&nbsp;&nbsp; 3083346 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13047 | &nbsp;&nbsp;&nbsp;&nbsp; 1758866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842212 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17499 | &nbsp;&nbsp;&nbsp;&nbsp; 2300243 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7583 | &nbsp;&nbsp;&nbsp;&nbsp; 1470268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770511 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;$2048075 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22778 | &nbsp;&nbsp;&nbsp;&nbsp; 4944193 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27954 | &nbsp;&nbsp;&nbsp;&nbsp; 2829504 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42360 | &nbsp;&nbsp;&nbsp;&nbsp; 9228973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19050745 |
| **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; 774314 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50075 | &nbsp;&nbsp;&nbsp;&nbsp; 893839 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59376 | &nbsp;&nbsp;&nbsp;&nbsp; 2811453 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16784 | &nbsp;&nbsp;&nbsp;&nbsp; 3156735 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28902 | &nbsp;&nbsp;&nbsp;&nbsp; 670815 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11940 | &nbsp;&nbsp;&nbsp;&nbsp; 1243909 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29837 | &nbsp;&nbsp;&nbsp;&nbsp; 2495567 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96608 | &nbsp;&nbsp;&nbsp;&nbsp; 2464470 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69279 | &nbsp;&nbsp;&nbsp;&nbsp; 4661091 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14935 | &nbsp;&nbsp;&nbsp;&nbsp; 882061 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29854 | &nbsp;&nbsp;&nbsp;&nbsp; 2014548 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;147896 | &nbsp;&nbsp;&nbsp;&nbsp; 8514373 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55316 | &nbsp;&nbsp;&nbsp;&nbsp; 4215079 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33253 | &nbsp;&nbsp;&nbsp;&nbsp; 1930337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36728591 |
| **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;58638 | &nbsp;&nbsp;&nbsp;&nbsp; 2315028 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18093 | &nbsp;&nbsp;&nbsp;&nbsp; 3191063 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51263 | &nbsp;&nbsp;&nbsp;&nbsp; 2262236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453299 |
| **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; 2092328 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17379 | &nbsp;&nbsp;&nbsp;&nbsp; 1242946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335274 |
| **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;198932 | &nbsp;&nbsp;&nbsp;&nbsp; 25642335 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32252 | &nbsp;&nbsp;&nbsp;&nbsp; 4950682 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 | &nbsp;&nbsp;&nbsp;&nbsp; 1180905 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57800 | &nbsp;&nbsp;&nbsp;&nbsp; 1083172 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16922 | &nbsp;&nbsp;&nbsp;&nbsp; 1091638 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;169362 | &nbsp;&nbsp;&nbsp;&nbsp; 17203792 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23064 | &nbsp;&nbsp;&nbsp;&nbsp; 1797378 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71954 | &nbsp;&nbsp;&nbsp;&nbsp; 16317728 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66070 | &nbsp;&nbsp;&nbsp;&nbsp; 5726287 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51119 | &nbsp;&nbsp;&nbsp;&nbsp; 4089009 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25934 | &nbsp;&nbsp;&nbsp;&nbsp; 1944272 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9095 | &nbsp;&nbsp;&nbsp;&nbsp; 6847444 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7781 | &nbsp;&nbsp;&nbsp;&nbsp; 2545865 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40615 | &nbsp;&nbsp;&nbsp;&nbsp; 23291890 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;146447 | &nbsp;&nbsp;&nbsp;&nbsp; 15425263 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16686 | &nbsp;&nbsp;&nbsp;&nbsp; 4268779 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13741 | &nbsp;&nbsp;&nbsp;&nbsp; 1434698 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17844 | &nbsp;&nbsp;&nbsp;&nbsp; 1521379 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11121 | &nbsp;&nbsp;&nbsp;&nbsp; 2961300 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39327 | &nbsp;&nbsp;&nbsp;&nbsp; 14597396 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42821 | &nbsp;&nbsp;&nbsp;&nbsp; 25299931 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7006 | &nbsp;&nbsp;&nbsp;&nbsp; 2826361 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476 | &nbsp;&nbsp;&nbsp;&nbsp; 2349971 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21416 | &nbsp;&nbsp;&nbsp;&nbsp; 2088488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186485963 |

---

---

| | | |
|:---|:---|:---|
| **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;54068 | &nbsp;&nbsp;$2127035 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328 | &nbsp;&nbsp;&nbsp;&nbsp; 949130 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30510 | &nbsp;&nbsp;&nbsp;&nbsp; 8459813 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136 | &nbsp;&nbsp;&nbsp;&nbsp; 494997 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25738 | &nbsp;&nbsp;&nbsp;&nbsp; 8706136 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18722 | &nbsp;&nbsp;&nbsp;&nbsp; 9516205 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14016 | &nbsp;&nbsp;&nbsp;&nbsp; 3444712 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19409 | &nbsp;&nbsp;&nbsp;&nbsp; 4464264 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9257 | &nbsp;&nbsp;&nbsp;&nbsp; 2488096 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6496 | &nbsp;&nbsp;&nbsp;&nbsp; 963097 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13194 | &nbsp;&nbsp;&nbsp;&nbsp; 2496041 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102907 | &nbsp;&nbsp;&nbsp;&nbsp; 33935641 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501 | &nbsp;&nbsp;&nbsp;&nbsp; 1583839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79629006 |
| **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;31168 | &nbsp;&nbsp;&nbsp;&nbsp; 4956024 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25258 | &nbsp;&nbsp;&nbsp;&nbsp; 3316375 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 2349782 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22598 | &nbsp;&nbsp;&nbsp;&nbsp; 2874239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13496420 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9267 | &nbsp;&nbsp;&nbsp;&nbsp; 1597353 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27404 | &nbsp;&nbsp;&nbsp;&nbsp; 2333724 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14272 | &nbsp;&nbsp;&nbsp;&nbsp; 1540520 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37891 | &nbsp;&nbsp;&nbsp;&nbsp; 4134666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9606263 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54677 | &nbsp;&nbsp;&nbsp;&nbsp; 6031420 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30118 | &nbsp;&nbsp;&nbsp;&nbsp; 6414532 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76606 | &nbsp;&nbsp;&nbsp;&nbsp; 5834313 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24624 | &nbsp;&nbsp;&nbsp;&nbsp; 8714926 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42005 | &nbsp;&nbsp;&nbsp;&nbsp; 3945110 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29302 | &nbsp;&nbsp;&nbsp;&nbsp; 7255761 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | &nbsp;&nbsp;&nbsp;&nbsp; 1273133 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;208853 | &nbsp;&nbsp;&nbsp;&nbsp; 107310760 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34212 | &nbsp;&nbsp;&nbsp;&nbsp; 2751671 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41716 | &nbsp;&nbsp;&nbsp;&nbsp; 12355445 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17655 | &nbsp;&nbsp;&nbsp;&nbsp; 2958801 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502 | &nbsp;&nbsp;&nbsp;&nbsp; 739316 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947 | &nbsp;&nbsp;&nbsp;&nbsp; 1554793 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350 | &nbsp;&nbsp;&nbsp;&nbsp; 1259726 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32378 | &nbsp;&nbsp;&nbsp;&nbsp; 4436757 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18721 | &nbsp;&nbsp;&nbsp;&nbsp; 2019434 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56192 | &nbsp;&nbsp;&nbsp;&nbsp; 10308422 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62196 | &nbsp;&nbsp;&nbsp;&nbsp; 4761726 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22334 | &nbsp;&nbsp;&nbsp;&nbsp; 1894370 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66131 | &nbsp;&nbsp;&nbsp;&nbsp; 15130111 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40111 | &nbsp;&nbsp;&nbsp;&nbsp; 4342016 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25610 | &nbsp;&nbsp;&nbsp;&nbsp; 7500145 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33460 | &nbsp;&nbsp;&nbsp;&nbsp; 2599507 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11025 | &nbsp;&nbsp;&nbsp;&nbsp; 3539025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224931220 |
| **Internet — 14.5%** | **Internet — 14.5%** | **Internet — 14.5%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48056 | &nbsp;&nbsp;&nbsp;&nbsp; 5622071 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;662525 | &nbsp;&nbsp;&nbsp;&nbsp; 212127255 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;531865 | &nbsp;&nbsp;&nbsp;&nbsp; 170260624 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 1105356 | &nbsp;&nbsp;&nbsp;&nbsp; 257791126 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30943 | &nbsp;&nbsp;&nbsp;&nbsp; 18549710 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704 | &nbsp;&nbsp;&nbsp;&nbsp; 18204012 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14747 | &nbsp;&nbsp;&nbsp;&nbsp; 2126812 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42310 | &nbsp;&nbsp;$8393035 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52235 | &nbsp;&nbsp;&nbsp;&nbsp; 4324536 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13120 | &nbsp;&nbsp;&nbsp;&nbsp; 3354653 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6782 | &nbsp;&nbsp;&nbsp;&nbsp; 1621983 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63601 | &nbsp;&nbsp;&nbsp;&nbsp; 1677158 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15553 | &nbsp;&nbsp;&nbsp;&nbsp; 1988607 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27282 | &nbsp;&nbsp;&nbsp;&nbsp; 908763 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;247033 | &nbsp;&nbsp;&nbsp;&nbsp; 160065032 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;483925 | &nbsp;&nbsp;&nbsp;&nbsp; 52060652 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75388 | &nbsp;&nbsp;&nbsp;&nbsp; 14333520 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88463 | &nbsp;&nbsp;&nbsp;&nbsp; 11366611 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;236219 | &nbsp;&nbsp;&nbsp;&nbsp; 20678611 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816 | &nbsp;&nbsp;&nbsp;&nbsp; 2473534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967928305 |
| **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;26007 | &nbsp;&nbsp;&nbsp;&nbsp; 4147856 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15530 | &nbsp;&nbsp;&nbsp;&nbsp; 2606400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754256 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;120453 | &nbsp;&nbsp;&nbsp;&nbsp; 3105279 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46044 | &nbsp;&nbsp;&nbsp;&nbsp; 849972 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28873 | &nbsp;&nbsp;&nbsp;&nbsp; 7687436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11642687 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26882 | &nbsp;&nbsp;&nbsp;&nbsp; 7662176 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36379 | &nbsp;&nbsp;&nbsp;&nbsp; 2479593 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25753 | &nbsp;&nbsp;&nbsp;&nbsp; 7849257 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23120 | &nbsp;&nbsp;&nbsp;&nbsp; 815905 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9781 | &nbsp;&nbsp;&nbsp;&nbsp; 1258619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20065550 |
| **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;53192 | &nbsp;&nbsp;&nbsp;&nbsp; 30625826 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31115 | &nbsp;&nbsp;&nbsp;&nbsp; 18661844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49287670 |
| **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;28788 | &nbsp;&nbsp;&nbsp;&nbsp; 13371738 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15562 | &nbsp;&nbsp;&nbsp;&nbsp; 2883327 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8589 | &nbsp;&nbsp;&nbsp;&nbsp; 1493885 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40448 | &nbsp;&nbsp;&nbsp;&nbsp; 3249592 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088 | &nbsp;&nbsp;&nbsp;&nbsp; 1446874 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44716 | &nbsp;&nbsp;&nbsp;&nbsp; 3973017 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12851 | &nbsp;&nbsp;&nbsp;&nbsp; 5087197 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19154 | &nbsp;&nbsp;&nbsp;&nbsp; 3994567 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27052 | &nbsp;&nbsp;&nbsp;&nbsp; 3805405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39305602 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10232 | &nbsp;&nbsp;&nbsp;&nbsp; 2047628 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;420935 | &nbsp;&nbsp;&nbsp;&nbsp; 11234755 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4461 | &nbsp;&nbsp;&nbsp;&nbsp; 1236902 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24558 | &nbsp;&nbsp;&nbsp;&nbsp; 1608549 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | &nbsp;&nbsp;&nbsp;&nbsp; 992401 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42325 | &nbsp;&nbsp;&nbsp;&nbsp; 1086906 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14424 | &nbsp;&nbsp;&nbsp;&nbsp; 424498 |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37803 | &nbsp;&nbsp;&nbsp;&nbsp; 605604 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;205502 | &nbsp;&nbsp;&nbsp;&nbsp; 21468794 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;282978 | &nbsp;&nbsp;&nbsp;&nbsp; 6791472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47497509 |

---

---

| | | |
|:---|:---|:---|
| **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;164107 | &nbsp;&nbsp;$7053319 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125551 | &nbsp;&nbsp;&nbsp;&nbsp; 11391242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18444561 |
| **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;60879 | &nbsp;&nbsp;&nbsp;&nbsp; 10474232 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12515 | &nbsp;&nbsp;&nbsp;&nbsp; 825740 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8973 | &nbsp;&nbsp;&nbsp;&nbsp; 4846676 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30319 | &nbsp;&nbsp;&nbsp;&nbsp; 7557920 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14605 | &nbsp;&nbsp;&nbsp;&nbsp; 12585129 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp; 2627475 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21253 | &nbsp;&nbsp;&nbsp;&nbsp; 1767399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40684571 |
| **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; 1524335 |
| **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
| &nbsp;&nbsp;&nbsp;APA Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38868 | &nbsp;&nbsp;&nbsp;&nbsp; 970534 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;218729 | &nbsp;&nbsp;&nbsp;&nbsp; 33056514 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;142753 | &nbsp;&nbsp;&nbsp;&nbsp; 12660764 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86454 | &nbsp;&nbsp;&nbsp;&nbsp; 2320425 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73065 | &nbsp;&nbsp;&nbsp;&nbsp; 2707789 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21501 | &nbsp;&nbsp;&nbsp;&nbsp; 3280838 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62406 | &nbsp;&nbsp;&nbsp;&nbsp; 6730487 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70268 | &nbsp;&nbsp;&nbsp;&nbsp; 4276510 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26682 | &nbsp;&nbsp;&nbsp;&nbsp; 3253336 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;485561 | &nbsp;&nbsp;&nbsp;&nbsp; 56286231 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34749 | &nbsp;&nbsp;&nbsp;&nbsp; 6731924 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81175 | &nbsp;&nbsp;&nbsp;&nbsp; 3409350 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45668 | &nbsp;&nbsp;&nbsp;&nbsp; 6254689 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 | &nbsp;&nbsp;&nbsp;&nbsp; 1930824 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35396 | &nbsp;&nbsp;&nbsp;&nbsp; 6256597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150126812 |
| **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;112685 | &nbsp;&nbsp;&nbsp;&nbsp; 5656787 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95203 | &nbsp;&nbsp;&nbsp;&nbsp; 2496223 |
| &nbsp;&nbsp;&nbsp;SLB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;170421 | &nbsp;&nbsp;&nbsp;&nbsp; 6176057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14329067 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;251046 | &nbsp;&nbsp;&nbsp;&nbsp; 2138912 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30537 | &nbsp;&nbsp;&nbsp;&nbsp; 1512498 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10535 | &nbsp;&nbsp;&nbsp;&nbsp; 2149877 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59658 | &nbsp;&nbsp;&nbsp;&nbsp; 2129194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7930481 |
| **Pharmaceuticals — 4.7%** | **Pharmaceuticals — 4.7%** | **Pharmaceuticals — 4.7%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201070 | &nbsp;&nbsp;&nbsp;&nbsp; 45783639 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32726 | &nbsp;&nbsp;&nbsp;&nbsp; 6349498 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;232648 | &nbsp;&nbsp;&nbsp;&nbsp; 11446282 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27294 | &nbsp;&nbsp;&nbsp;&nbsp; 5793424 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22160 | &nbsp;&nbsp;&nbsp;&nbsp; 8175489 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144968 | &nbsp;&nbsp;&nbsp;&nbsp; 11649628 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45585 | &nbsp;&nbsp;&nbsp;&nbsp; 2893280 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90549 | &nbsp;&nbsp;&nbsp;&nbsp; 97382733 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12263 | &nbsp;&nbsp;&nbsp;&nbsp; 914452 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;274268 | &nbsp;&nbsp;&nbsp;&nbsp; 56751535 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14217 | &nbsp;&nbsp;&nbsp;&nbsp; 12526883 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283381 | &nbsp;&nbsp;&nbsp;&nbsp; 29706830 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;642021 | &nbsp;&nbsp;&nbsp;&nbsp; 16525621 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;$1433155 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50655 | &nbsp;&nbsp;&nbsp;&nbsp; 6492958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313825407 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220519 | &nbsp;&nbsp;&nbsp;&nbsp; 6024579 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71980 | &nbsp;&nbsp;&nbsp;&nbsp; 5241584 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24596 | &nbsp;&nbsp;&nbsp;&nbsp; 4311925 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139579 | &nbsp;&nbsp;&nbsp;&nbsp; 8504548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24082636 |
| **Private Equity — 0.3%** | **Private Equity — 0.3%** | **Private Equity — 0.3%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84249 | &nbsp;&nbsp;&nbsp;&nbsp; 12335738 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78412 | &nbsp;&nbsp;&nbsp;&nbsp; 9590572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21926310 |
| **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;32793 | &nbsp;&nbsp;&nbsp;&nbsp; 5306891 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49555 | &nbsp;&nbsp;&nbsp;&nbsp; 3409384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8716275 |
| **REITS — 1.7%** | **REITS — 1.7%** | **REITS — 1.7%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17446 | &nbsp;&nbsp;&nbsp;&nbsp; 936327 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53521 | &nbsp;&nbsp;&nbsp;&nbsp; 9701752 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16250 | &nbsp;&nbsp;&nbsp;&nbsp; 2956525 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15993 | &nbsp;&nbsp;&nbsp;&nbsp; 1157254 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11988 | &nbsp;&nbsp;&nbsp;&nbsp; 1274804 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49774 | &nbsp;&nbsp;&nbsp;&nbsp; 4543371 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36130 | &nbsp;&nbsp;&nbsp;&nbsp; 5785136 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11186 | &nbsp;&nbsp;&nbsp;&nbsp; 8426526 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37932 | &nbsp;&nbsp;&nbsp;&nbsp; 2342301 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612 | &nbsp;&nbsp;&nbsp;&nbsp; 2006675 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24699 | &nbsp;&nbsp;&nbsp;&nbsp; 3289166 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934 | &nbsp;&nbsp;&nbsp;&nbsp; 783324 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78740 | &nbsp;&nbsp;&nbsp;&nbsp; 1437792 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77825 | &nbsp;&nbsp;&nbsp;&nbsp; 1372055 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67463 | &nbsp;&nbsp;&nbsp;&nbsp; 1902457 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33921 | &nbsp;&nbsp;&nbsp;&nbsp; 2929078 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78365 | &nbsp;&nbsp;&nbsp;&nbsp; 1619021 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13757 | &nbsp;&nbsp;&nbsp;&nbsp; 1869439 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106076 | &nbsp;&nbsp;&nbsp;&nbsp; 13633948 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18049 | &nbsp;&nbsp;&nbsp;&nbsp; 4955172 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102576 | &nbsp;&nbsp;&nbsp;&nbsp; 5909403 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18340 | &nbsp;&nbsp;&nbsp;&nbsp; 1305074 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12038 | &nbsp;&nbsp;&nbsp;&nbsp; 2338622 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37317 | &nbsp;&nbsp;&nbsp;&nbsp; 6952903 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33827 | &nbsp;&nbsp;&nbsp;&nbsp; 1231979 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50893 | &nbsp;&nbsp;&nbsp;&nbsp; 4103503 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124136 | &nbsp;&nbsp;&nbsp;&nbsp; 3577600 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76446 | &nbsp;&nbsp;&nbsp;&nbsp; 15917586 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86102 | &nbsp;&nbsp;&nbsp;&nbsp; 1912325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116171118 |
| **Retail — 4.1%** | **Retail — 4.1%** | **Retail — 4.1%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904 | &nbsp;&nbsp;&nbsp;&nbsp; 7529044 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22238 | &nbsp;&nbsp;&nbsp;&nbsp; 1763029 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;151491 | &nbsp;&nbsp;&nbsp;&nbsp; 5229469 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50476 | &nbsp;&nbsp;&nbsp;&nbsp; 46114369 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13081 | &nbsp;&nbsp;&nbsp;&nbsp; 2349086 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24743 | &nbsp;&nbsp;&nbsp;&nbsp; 2709111 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22033 | &nbsp;&nbsp;&nbsp;&nbsp; 2441477 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp; 1503115 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16452 | &nbsp;&nbsp;&nbsp;&nbsp; 2145341 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113177 | &nbsp;&nbsp;$40395135 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64057 | &nbsp;&nbsp;&nbsp;&nbsp; 15532541 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12848 | &nbsp;&nbsp;&nbsp;&nbsp; 2366345 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81564 | &nbsp;&nbsp;&nbsp;&nbsp; 25433286 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96982 | &nbsp;&nbsp;&nbsp;&nbsp; 9863069 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37063 | &nbsp;&nbsp;&nbsp;&nbsp; 6536431 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129923 | &nbsp;&nbsp;&nbsp;&nbsp; 11317592 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52579 | &nbsp;&nbsp;&nbsp;&nbsp; 4764709 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127514 | &nbsp;&nbsp;&nbsp;&nbsp; 19371927 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61917 | &nbsp;&nbsp;&nbsp;&nbsp; 3391813 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142 | &nbsp;&nbsp;&nbsp;&nbsp; 2770664 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;499769 | &nbsp;&nbsp;&nbsp;&nbsp; 55229472 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13714 | &nbsp;&nbsp;&nbsp;&nbsp; 2468657 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31722 | &nbsp;&nbsp;&nbsp;&nbsp; 4860128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276085810 |
| **Semiconductors — 14.0%** | **Semiconductors — 14.0%** | **Semiconductors — 14.0%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;184694 | &nbsp;&nbsp;&nbsp;&nbsp; 40176486 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56721 | &nbsp;&nbsp;&nbsp;&nbsp; 15050350 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91725 | &nbsp;&nbsp;&nbsp;&nbsp; 23137631 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;535700 | &nbsp;&nbsp;&nbsp;&nbsp; 215865672 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;500286 | &nbsp;&nbsp;&nbsp;&nbsp; 20291600 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15083 | &nbsp;&nbsp;&nbsp;&nbsp; 17729614 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143335 | &nbsp;&nbsp;&nbsp;&nbsp; 22360260 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59822 | &nbsp;&nbsp;&nbsp;&nbsp; 3205263 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127120 | &nbsp;&nbsp;&nbsp;&nbsp; 30061337 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 | &nbsp;&nbsp;&nbsp;&nbsp; 5049245 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2779031 | &nbsp;&nbsp;&nbsp;&nbsp; 491888487 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28816 | &nbsp;&nbsp;&nbsp;&nbsp; 5617391 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46265 | &nbsp;&nbsp;&nbsp;&nbsp; 2324354 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123274 | &nbsp;&nbsp;&nbsp;&nbsp; 20721127 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18144 | &nbsp;&nbsp;&nbsp;&nbsp; 1196597 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17820 | &nbsp;&nbsp;&nbsp;&nbsp; 3241280 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103913 | &nbsp;&nbsp;&nbsp;&nbsp; 17485440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935402134 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327 | &nbsp;&nbsp;&nbsp;&nbsp; 1357034 |
| **Software — 10.0%** | **Software — 10.0%** | **Software — 10.0%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48486 | &nbsp;&nbsp;&nbsp;&nbsp; 15521823 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16892 | &nbsp;&nbsp;&nbsp;&nbsp; 1512172 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24460 | &nbsp;&nbsp;&nbsp;&nbsp; 7419696 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13388 | &nbsp;&nbsp;&nbsp;&nbsp; 3053669 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31145 | &nbsp;&nbsp;&nbsp;&nbsp; 9712257 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36949 | &nbsp;&nbsp;&nbsp;&nbsp; 5912209 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17618 | &nbsp;&nbsp;&nbsp;&nbsp; 1217404 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25739 | &nbsp;&nbsp;&nbsp;&nbsp; 5200050 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 | &nbsp;&nbsp;&nbsp;&nbsp; 4807119 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60166 | &nbsp;&nbsp;&nbsp;&nbsp; 3957118 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61556 | &nbsp;&nbsp;&nbsp;&nbsp; 3783847 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31883 | &nbsp;&nbsp;&nbsp;&nbsp; 20216373 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217 | &nbsp;&nbsp;&nbsp;&nbsp; 1433702 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;846598 | &nbsp;&nbsp;&nbsp;&nbsp; 416534682 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8605 | &nbsp;&nbsp;&nbsp;&nbsp; 4850811 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188536 | &nbsp;&nbsp;&nbsp;&nbsp; 38074845 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;258817 | &nbsp;&nbsp;&nbsp;&nbsp; 43597724 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36977 | &nbsp;&nbsp;&nbsp;&nbsp; 4129961 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080 | &nbsp;&nbsp;&nbsp;&nbsp; 979914 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13275 | &nbsp;&nbsp;&nbsp;&nbsp; 2328833 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 5488506 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108464 | &nbsp;&nbsp;&nbsp;&nbsp; 25005291 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23774 | &nbsp;&nbsp;&nbsp;&nbsp; 19314235 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21150 | &nbsp;&nbsp;&nbsp;&nbsp; 8840912 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19471 | &nbsp;&nbsp;$4791229 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 | &nbsp;&nbsp;&nbsp;&nbsp; 2227877 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24259 | &nbsp;&nbsp;&nbsp;&nbsp; 5230726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665142985 |
| **Telecommunications — 1.8%** | **Telecommunications — 1.8%** | **Telecommunications — 1.8%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;117800 | &nbsp;&nbsp;&nbsp;&nbsp; 15394104 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;817280 | &nbsp;&nbsp;&nbsp;&nbsp; 21265626 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;450107 | &nbsp;&nbsp;&nbsp;&nbsp; 34631233 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89099 | &nbsp;&nbsp;&nbsp;&nbsp; 7502136 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19043 | &nbsp;&nbsp;&nbsp;&nbsp; 7039816 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55313 | &nbsp;&nbsp;&nbsp;&nbsp; 11560970 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481921 | &nbsp;&nbsp;&nbsp;&nbsp; 19811772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117205657 |
| **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;14399 | &nbsp;&nbsp;&nbsp;&nbsp; 1189357 |
| **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; 2175248 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211532 | &nbsp;&nbsp;&nbsp;&nbsp; 7479771 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14934 | &nbsp;&nbsp;&nbsp;&nbsp; 2193804 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24506 | &nbsp;&nbsp;&nbsp;&nbsp; 6755814 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp; 1534675 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25618 | &nbsp;&nbsp;&nbsp;&nbsp; 7482762 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20323 | &nbsp;&nbsp;&nbsp;&nbsp; 2749499 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67784 | &nbsp;&nbsp;&nbsp;&nbsp; 15714365 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84014 | &nbsp;&nbsp;&nbsp;&nbsp; 8047701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54133639 |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22201 | &nbsp;&nbsp;&nbsp;&nbsp; 2887684 |
| **Total Common Stocks<br> (cost $1,931,685,049)** |  | &nbsp;&nbsp;&nbsp;&nbsp;6655841983 |
| **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 $2,741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 3434 |
| **Total Long-Term Investment Securities<br> (cost $1,931,687,790)** |  | &nbsp;&nbsp;&nbsp;&nbsp;6655845417 |

---

---

| | | |
|:---|:---|:---|
| **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> 3.94%(1)<br> (cost $21,188,377) | 21188377 | &nbsp;&nbsp;$21188377 |
| **TOTAL INVESTMENTS<br> (cost $1,952,876,167)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;6677033794 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6552519 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$6683586313 |

---

# The security or a portion thereof is out on loan. At November 30, 2025, the Fund had loaned securities with a total value of $11,694,408. This was secured by collateral of $11,923,308 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $37350 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553548 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38123 |
| United States Treasury Bills | 0.00% | 02/05/2026 to 04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11460 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 02/15/2055 | &nbsp;&nbsp;&nbsp;11282827 |

---

† Non-income producing security

(1) The rate shown is the 7-day yield as of November 30, 2025.

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

ETF—Exchange Traded Fund

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 82 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$27716172 | &nbsp;&nbsp;&nbsp;&nbsp;$28123950 | &nbsp;&nbsp;&nbsp;&nbsp;$407778 |

---

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

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Stock Index Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$6655841983 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6655841983 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21188377 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21188377 |
| **Total Investments at Value** | &nbsp;&nbsp;$6677033794 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6677033794 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$407778 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$407778 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited)

------

---

| | | |
|:---|:---|:---|
| **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 — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;$191294 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 243535 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 173861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608690 |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26280 | &nbsp;&nbsp;&nbsp;&nbsp; 1550783 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15369 | &nbsp;&nbsp;&nbsp;&nbsp; 2420310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971093 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16365 | &nbsp;&nbsp;&nbsp;&nbsp; 1668575 |
| **Apparel — 1.2%** | **Apparel — 1.2%** | **Apparel — 1.2%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC#† | &nbsp;&nbsp;&nbsp;&nbsp;13698 | &nbsp;&nbsp;&nbsp;&nbsp; 593534 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co.# | &nbsp;&nbsp;&nbsp;&nbsp;17472 | &nbsp;&nbsp;&nbsp;&nbsp; 938421 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948 | &nbsp;&nbsp;&nbsp;&nbsp; 675421 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 | &nbsp;&nbsp;&nbsp;&nbsp; 602125 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp; 79754 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17056 | &nbsp;&nbsp;&nbsp;&nbsp; 750294 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12038 | &nbsp;&nbsp;&nbsp;&nbsp; 1020341 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 2167247 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20650 | &nbsp;&nbsp;&nbsp;&nbsp; 2256632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9083769 |
| **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp; 89138 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19521 | &nbsp;&nbsp;&nbsp;&nbsp; 8397349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8486487 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9216 | &nbsp;&nbsp;&nbsp;&nbsp; 817091 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641 | &nbsp;&nbsp;&nbsp;&nbsp; 592560 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23506 | &nbsp;&nbsp;&nbsp;&nbsp; 1012168 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 74768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496587 |
| **Banks — 4.4%** | **Banks — 4.4%** | **Banks — 4.4%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63519 | &nbsp;&nbsp;&nbsp;&nbsp; 3407794 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21534 | &nbsp;&nbsp;&nbsp;&nbsp; 2413961 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;12840 | &nbsp;&nbsp;&nbsp;&nbsp; 590897 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19153 | &nbsp;&nbsp;&nbsp;&nbsp; 1984251 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp; 129815 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp; 148093 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7491 | &nbsp;&nbsp;&nbsp;&nbsp; 799290 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114 | &nbsp;&nbsp;&nbsp;&nbsp; 181267 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 | &nbsp;&nbsp;&nbsp;&nbsp; 90286 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;33736 | &nbsp;&nbsp;&nbsp;&nbsp; 10562067 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;15808 | &nbsp;&nbsp;&nbsp;&nbsp; 2681985 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13394 | &nbsp;&nbsp;&nbsp;&nbsp; 1759168 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp; 96514 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp; 327657 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665 | &nbsp;&nbsp;&nbsp;&nbsp; 764542 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304 | &nbsp;&nbsp;&nbsp;&nbsp; 109537 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15400 | &nbsp;&nbsp;&nbsp;&nbsp; 1832908 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7083 | &nbsp;&nbsp;&nbsp;&nbsp; 341400 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;10393 | &nbsp;&nbsp;&nbsp;&nbsp; 509777 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;36328 | &nbsp;&nbsp;&nbsp;&nbsp; 3118759 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp; 111370 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp; 205453 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737 | &nbsp;&nbsp;&nbsp;&nbsp; 465070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32631861 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;6775 | &nbsp;&nbsp;$1319770 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;20872 | &nbsp;&nbsp;&nbsp;&nbsp; 1526161 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11519 | &nbsp;&nbsp;&nbsp;&nbsp; 1877021 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;21014 | &nbsp;&nbsp;&nbsp;&nbsp; 1575840 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7590 | &nbsp;&nbsp;&nbsp;&nbsp; 1128936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7427728 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 536513 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp; 453586 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6598 | &nbsp;&nbsp;&nbsp;&nbsp; 445167 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;59561 | &nbsp;&nbsp;&nbsp;&nbsp; 2630809 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26061 | &nbsp;&nbsp;&nbsp;&nbsp; 3279516 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11736 | &nbsp;&nbsp;&nbsp;&nbsp; 837951 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096 | &nbsp;&nbsp;&nbsp;&nbsp; 801319 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;24031 | &nbsp;&nbsp;&nbsp;&nbsp; 2510278 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp; 517266 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29278 | &nbsp;&nbsp;&nbsp;&nbsp; 523784 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp; 1786050 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936 | &nbsp;&nbsp;&nbsp;&nbsp; 1273079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15595318 |
| **Building Materials — 0.8%** | **Building Materials — 0.8%** | **Building Materials — 0.8%** |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925 | &nbsp;&nbsp;&nbsp;&nbsp; 1124209 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13298 | &nbsp;&nbsp;&nbsp;&nbsp; 1492435 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp; 303121 |
| &nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182 | &nbsp;&nbsp;&nbsp;&nbsp; 381713 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256 | &nbsp;&nbsp;&nbsp;&nbsp; 262395 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 314288 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3201 | &nbsp;&nbsp;&nbsp;&nbsp; 262514 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11549 | &nbsp;&nbsp;&nbsp;&nbsp; 749184 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 680690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5570549 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9045 | &nbsp;&nbsp;&nbsp;&nbsp; 711841 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp; 283690 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 1446889 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062 | &nbsp;&nbsp;&nbsp;&nbsp; 435650 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 | &nbsp;&nbsp;&nbsp;&nbsp; 574650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452720 |
| **Commercial Services — 1.7%** | **Commercial Services — 1.7%** | **Commercial Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119411 | &nbsp;&nbsp;&nbsp;&nbsp; 985141 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;13097 | &nbsp;&nbsp;&nbsp;&nbsp; 518117 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253 | &nbsp;&nbsp;&nbsp;&nbsp; 551300 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3298 | &nbsp;&nbsp;&nbsp;&nbsp; 275251 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379 | &nbsp;&nbsp;&nbsp;&nbsp; 1186622 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;&nbsp; 394006 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7955 | &nbsp;&nbsp;&nbsp;&nbsp; 589386 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10375 | &nbsp;&nbsp;&nbsp;&nbsp; 1636553 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26579 | &nbsp;&nbsp;&nbsp;&nbsp; 1119507 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916 | &nbsp;&nbsp;&nbsp;&nbsp; 940334 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14530 | &nbsp;&nbsp;&nbsp;&nbsp; 910886 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13934 | &nbsp;&nbsp;&nbsp;&nbsp; 376775 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23349 | &nbsp;&nbsp;&nbsp;&nbsp; 1435497 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7278 | &nbsp;&nbsp;&nbsp;&nbsp; 248835 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp; 334454 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143 | &nbsp;&nbsp;&nbsp;&nbsp; 763015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12265679 |
| **Computers — 8.5%** | **Computers — 8.5%** | **Computers — 8.5%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp; 1552500 |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13444 | &nbsp;&nbsp;&nbsp;&nbsp; 1028197 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170430 | &nbsp;&nbsp;$47524405 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 | &nbsp;&nbsp;&nbsp;&nbsp; 1341575 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18855 | &nbsp;&nbsp;&nbsp;&nbsp; 1465222 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 422603 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp; 153619 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp; 87142 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24853 | &nbsp;&nbsp;&nbsp;&nbsp; 987410 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10895 | &nbsp;&nbsp;&nbsp;&nbsp; 883911 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 | &nbsp;&nbsp;&nbsp;&nbsp; 537164 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40412 | &nbsp;&nbsp;&nbsp;&nbsp; 1780553 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp; 78803 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8519 | &nbsp;&nbsp;&nbsp;&nbsp; 2628793 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33193 | &nbsp;&nbsp;&nbsp;&nbsp; 857375 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847 | &nbsp;&nbsp;&nbsp;&nbsp; 544062 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp; 450145 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4262 | &nbsp;&nbsp;&nbsp;&nbsp; 379148 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181 | &nbsp;&nbsp;&nbsp;&nbsp; 151187 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | &nbsp;&nbsp;&nbsp;&nbsp; 242872 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 111666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;63208352 |
| **Cosmetics/Personal Care — 0.7%** | **Cosmetics/Personal Care — 0.7%** | **Cosmetics/Personal Care — 0.7%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;10998 | &nbsp;&nbsp;&nbsp;&nbsp; 884129 |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;69365 | &nbsp;&nbsp;&nbsp;&nbsp; 230292 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp; 132536 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;&nbsp;&nbsp; 260009 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;22323 | &nbsp;&nbsp;&nbsp;&nbsp; 3307376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814342 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;20019 | &nbsp;&nbsp;&nbsp;&nbsp; 967718 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;32653 | &nbsp;&nbsp;&nbsp;&nbsp; 1319181 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30144 | &nbsp;&nbsp;&nbsp;&nbsp; 894975 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742 | &nbsp;&nbsp;&nbsp;&nbsp; 771036 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp; 1342933 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp; 1178199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6474042 |
| **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603 | &nbsp;&nbsp;&nbsp;&nbsp; 1237424 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7117 | &nbsp;&nbsp;&nbsp;&nbsp; 2599627 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961 | &nbsp;&nbsp;&nbsp;&nbsp; 1805186 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277 | &nbsp;&nbsp;&nbsp;&nbsp; 300222 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp; 893347 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649 | &nbsp;&nbsp;&nbsp;&nbsp; 297928 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279 | &nbsp;&nbsp;&nbsp;&nbsp; 846539 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13522 | &nbsp;&nbsp;&nbsp;&nbsp; 1253895 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923 | &nbsp;&nbsp;&nbsp;&nbsp; 1104168 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp; 519254 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp; 139551 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21297 | &nbsp;&nbsp;&nbsp;&nbsp; 1075498 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp; 1749581 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10201 | &nbsp;&nbsp;&nbsp;&nbsp; 5615957 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29630 | &nbsp;&nbsp;&nbsp;&nbsp; 1837949 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8042 | &nbsp;&nbsp;&nbsp;&nbsp; 1258895 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;19521 | &nbsp;&nbsp;&nbsp;&nbsp; 1578468 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62834 | &nbsp;&nbsp;&nbsp;&nbsp; 1841036 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;34776 | &nbsp;&nbsp;&nbsp;&nbsp; 1033543 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;31343 | &nbsp;&nbsp;&nbsp;&nbsp; 2424694 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058 | &nbsp;&nbsp;&nbsp;&nbsp; 415458 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;45112 | &nbsp;&nbsp;&nbsp;&nbsp; 1613205 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19981 | &nbsp;&nbsp;&nbsp;&nbsp; 6682446 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;$71003 |
| &nbsp;&nbsp;&nbsp;Western Union Co.# | &nbsp;&nbsp;&nbsp;&nbsp;206244 | &nbsp;&nbsp;&nbsp;&nbsp; 1812885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;40007759 |
| **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990 | &nbsp;&nbsp;&nbsp;&nbsp; 1184735 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094 | &nbsp;&nbsp;&nbsp;&nbsp; 374533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559268 |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637 | &nbsp;&nbsp;&nbsp;&nbsp; 2065509 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206 | &nbsp;&nbsp;&nbsp;&nbsp; 637756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703265 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6351 | &nbsp;&nbsp;&nbsp;&nbsp; 1054456 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943 | &nbsp;&nbsp;&nbsp;&nbsp; 837369 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11655 | &nbsp;&nbsp;&nbsp;&nbsp; 553729 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;&nbsp; 297733 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp; 365812 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 349983 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 145618 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27667 | &nbsp;&nbsp;&nbsp;&nbsp; 1003759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608459 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1152789 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp; 1922709 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp; 511387 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 166068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752953 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp; 268947 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239 | &nbsp;&nbsp;&nbsp;&nbsp; 479904 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6904 | &nbsp;&nbsp;&nbsp;&nbsp; 546866 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473 | &nbsp;&nbsp;&nbsp;&nbsp; 456526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752243 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6314 | &nbsp;&nbsp;&nbsp;&nbsp; 639103 |
| **Food — 1.9%** | **Food — 1.9%** | **Food — 1.9%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;99290 | &nbsp;&nbsp;&nbsp;&nbsp; 1819986 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75872 | &nbsp;&nbsp;&nbsp;&nbsp; 814107 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 | &nbsp;&nbsp;&nbsp;&nbsp; 515547 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 78872 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;39162 | &nbsp;&nbsp;&nbsp;&nbsp; 2634819 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;18114 | &nbsp;&nbsp;&nbsp;&nbsp; 1758326 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17289 | &nbsp;&nbsp;&nbsp;&nbsp; 657674 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp; 217111 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7012 | &nbsp;&nbsp;&nbsp;&nbsp; 151529 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12934 | &nbsp;&nbsp;&nbsp;&nbsp; 1083998 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18591 | &nbsp;&nbsp;&nbsp;&nbsp; 1416634 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;32596 | &nbsp;&nbsp;&nbsp;&nbsp; 2564327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13712930 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25495 | &nbsp;&nbsp;&nbsp;&nbsp; 1008327 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548 | &nbsp;&nbsp;&nbsp;&nbsp; 610068 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165 | &nbsp;&nbsp;&nbsp;&nbsp; 1076258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686326 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 1.8%** | **Healthcare-Products — 1.8%** | **Healthcare-Products — 1.8%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;15763 | &nbsp;&nbsp;$2031851 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531 | &nbsp;&nbsp;&nbsp;&nbsp; 519728 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16369 | &nbsp;&nbsp;&nbsp;&nbsp; 1662763 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;51938 | &nbsp;&nbsp;&nbsp;&nbsp; 1085504 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;13423 | &nbsp;&nbsp;&nbsp;&nbsp; 1222030 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp; 586494 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759 | &nbsp;&nbsp;&nbsp;&nbsp; 592067 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp; 424693 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp; 206808 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294 | &nbsp;&nbsp;&nbsp;&nbsp; 662947 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809 | &nbsp;&nbsp;&nbsp;&nbsp; 670817 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184 | &nbsp;&nbsp;&nbsp;&nbsp; 640283 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8209 | &nbsp;&nbsp;&nbsp;&nbsp; 391980 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 | &nbsp;&nbsp;&nbsp;&nbsp; 906662 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 88670 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191 | &nbsp;&nbsp;&nbsp;&nbsp; 813255 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169 | &nbsp;&nbsp;&nbsp;&nbsp; 324890 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508 | &nbsp;&nbsp;&nbsp;&nbsp; 342100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13173542 |
| **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729 | &nbsp;&nbsp;&nbsp;&nbsp; 1198550 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 98157 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp; 145292 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 | &nbsp;&nbsp;&nbsp;&nbsp; 180373 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp; 822922 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494 | &nbsp;&nbsp;&nbsp;&nbsp; 1350260 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | &nbsp;&nbsp;&nbsp;&nbsp; 858752 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573 | &nbsp;&nbsp;&nbsp;&nbsp; 675940 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9107 | &nbsp;&nbsp;&nbsp;&nbsp; 3003215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333461 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 427915 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974 | &nbsp;&nbsp;&nbsp;&nbsp; 525354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953269 |
| **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;5004 | &nbsp;&nbsp;&nbsp;&nbsp; 337520 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11433 | &nbsp;&nbsp;&nbsp;&nbsp; 1115518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453038 |
| **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;3188 | &nbsp;&nbsp;&nbsp;&nbsp; 347875 |
| **Insurance — 6.0%** | **Insurance — 6.0%** | **Insurance — 6.0%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9355 | &nbsp;&nbsp;&nbsp;&nbsp; 1992428 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414 | &nbsp;&nbsp;&nbsp;&nbsp; 883336 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368 | &nbsp;&nbsp;&nbsp;&nbsp; 1192002 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9162 | &nbsp;&nbsp;&nbsp;&nbsp; 860495 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp; 465446 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17276 | &nbsp;&nbsp;&nbsp;&nbsp; 1766298 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;20609 | &nbsp;&nbsp;&nbsp;&nbsp; 10589110 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 104421 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964 | &nbsp;&nbsp;&nbsp;&nbsp; 1470237 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481 | &nbsp;&nbsp;&nbsp;&nbsp; 583381 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11821 | &nbsp;&nbsp;&nbsp;&nbsp; 702522 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12534 | &nbsp;&nbsp;&nbsp;&nbsp; 1688706 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7738 | &nbsp;&nbsp;&nbsp;&nbsp; 1435786 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15157 | &nbsp;&nbsp;&nbsp;&nbsp; 2076964 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6213 | &nbsp;&nbsp;&nbsp;&nbsp; 252993 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 186292 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32708 | &nbsp;&nbsp;&nbsp;&nbsp; 1345607 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5699 | &nbsp;&nbsp;$614751 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 759361 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6588 | &nbsp;&nbsp;&nbsp;&nbsp; 1208569 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10753 | &nbsp;&nbsp;&nbsp;&nbsp; 823250 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46251 | &nbsp;&nbsp;&nbsp;&nbsp; 1311216 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40156 | &nbsp;&nbsp;&nbsp;&nbsp; 1851192 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381 | &nbsp;&nbsp;&nbsp;&nbsp; 1384639 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10041 | &nbsp;&nbsp;&nbsp;&nbsp; 2297280 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 | &nbsp;&nbsp;&nbsp;&nbsp; 1417369 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp; 74732 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp; 81066 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6323 | &nbsp;&nbsp;&nbsp;&nbsp; 1851754 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;23399 | &nbsp;&nbsp;&nbsp;&nbsp; 1777622 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20129 | &nbsp;&nbsp;&nbsp;&nbsp; 1563822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44612647 |
| **Internet — 15.3%** | **Internet — 15.3%** | **Internet — 15.3%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;64399 | &nbsp;&nbsp;&nbsp;&nbsp; 20619272 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;52757 | &nbsp;&nbsp;&nbsp;&nbsp; 16888571 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;106376 | &nbsp;&nbsp;&nbsp;&nbsp; 24809011 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666 | &nbsp;&nbsp;&nbsp;&nbsp; 3396654 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp; 2835776 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;24227 | &nbsp;&nbsp;&nbsp;&nbsp; 842373 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26732 | &nbsp;&nbsp;&nbsp;&nbsp; 752773 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901 | &nbsp;&nbsp;&nbsp;&nbsp; 773841 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14296 | &nbsp;&nbsp;&nbsp;&nbsp; 1183566 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27699 | &nbsp;&nbsp;&nbsp;&nbsp; 1501840 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9240 | &nbsp;&nbsp;&nbsp;&nbsp; 2362575 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245 | &nbsp;&nbsp;&nbsp;&nbsp; 1493554 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6029 | &nbsp;&nbsp;&nbsp;&nbsp; 770868 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23696 | &nbsp;&nbsp;&nbsp;&nbsp; 831019 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;69344 | &nbsp;&nbsp;&nbsp;&nbsp; 1458304 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27692 | &nbsp;&nbsp;&nbsp;&nbsp; 1163341 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47359 | &nbsp;&nbsp;&nbsp;&nbsp; 1577528 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25137 | &nbsp;&nbsp;&nbsp;&nbsp; 16287519 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39050 | &nbsp;&nbsp;&nbsp;&nbsp; 4200999 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;23442 | &nbsp;&nbsp;&nbsp;&nbsp; 612305 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946 | &nbsp;&nbsp;&nbsp;&nbsp; 421251 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10886 | &nbsp;&nbsp;&nbsp;&nbsp; 1398742 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865 | &nbsp;&nbsp;&nbsp;&nbsp; 761253 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp; 971367 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13546 | &nbsp;&nbsp;&nbsp;&nbsp; 1185817 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8562 | &nbsp;&nbsp;&nbsp;&nbsp; 2157538 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15810 | &nbsp;&nbsp;&nbsp;&nbsp; 1751748 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765 | &nbsp;&nbsp;&nbsp;&nbsp; 200048 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739 | &nbsp;&nbsp;&nbsp;&nbsp; 203727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;113413180 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp; 1270906 |
| **Leisure Time — 0.4%** | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** |
| &nbsp;&nbsp;&nbsp;Amer Sports, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10338 | &nbsp;&nbsp;&nbsp;&nbsp; 383850 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;24961 | &nbsp;&nbsp;&nbsp;&nbsp; 643494 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;37279 | &nbsp;&nbsp;&nbsp;&nbsp; 1546333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573677 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15254 | &nbsp;&nbsp;&nbsp;&nbsp; 1270658 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;18381 | &nbsp;&nbsp;&nbsp;&nbsp; 1260569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531227 |
| **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;2254 | &nbsp;&nbsp;&nbsp;&nbsp; 1297763 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;$1636173 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp;&nbsp;&nbsp; 348137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282073 |
| **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854 | &nbsp;&nbsp;&nbsp;&nbsp; 196450 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981 | &nbsp;&nbsp;&nbsp;&nbsp; 771543 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;38799 | &nbsp;&nbsp;&nbsp;&nbsp; 883065 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918 | &nbsp;&nbsp;&nbsp;&nbsp; 487880 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605 | &nbsp;&nbsp;&nbsp;&nbsp; 675704 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253 | &nbsp;&nbsp;&nbsp;&nbsp; 575564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590206 |
| **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;29508 | &nbsp;&nbsp;&nbsp;&nbsp; 1932774 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;30724 | &nbsp;&nbsp;&nbsp;&nbsp; 1789980 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;76408 | &nbsp;&nbsp;&nbsp;&nbsp; 871815 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;86068 | &nbsp;&nbsp;&nbsp;&nbsp; 988061 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;26971 | &nbsp;&nbsp;&nbsp;&nbsp; 1739630 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32491 | &nbsp;&nbsp;&nbsp;&nbsp; 834369 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B# | &nbsp;&nbsp;&nbsp;&nbsp;41025 | &nbsp;&nbsp;&nbsp;&nbsp; 1207366 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5637 | &nbsp;&nbsp;&nbsp;&nbsp; 1083093 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688 | &nbsp;&nbsp;&nbsp;&nbsp; 907635 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;66660 | &nbsp;&nbsp;&nbsp;&nbsp; 1599840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12954563 |
| **Metal Fabricate/Hardware — 0.3%** | **Metal Fabricate/Hardware — 0.3%** | **Metal Fabricate/Hardware — 0.3%** |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8146 | &nbsp;&nbsp;&nbsp;&nbsp; 895001 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857 | &nbsp;&nbsp;&nbsp;&nbsp; 1592825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487826 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536 | &nbsp;&nbsp;&nbsp;&nbsp; 865201 |
| **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** | **Miscellaneous Manufacturing — 0.3%** |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563 | &nbsp;&nbsp;&nbsp;&nbsp; 367047 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10773 | &nbsp;&nbsp;&nbsp;&nbsp; 968493 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561 | &nbsp;&nbsp;&nbsp;&nbsp; 638406 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 222834 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp; 135869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332649 |
| **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;APA Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;44316 | &nbsp;&nbsp;&nbsp;&nbsp; 1106570 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277 | &nbsp;&nbsp;&nbsp;&nbsp; 1099773 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5076 | &nbsp;&nbsp;&nbsp;&nbsp; 149082 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 110862 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11874 | &nbsp;&nbsp;&nbsp;&nbsp; 1280611 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32765 | &nbsp;&nbsp;&nbsp;&nbsp; 3798119 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 190437 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312 | &nbsp;&nbsp;&nbsp;&nbsp; 225229 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp; 120709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8081392 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp; 72816 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16973 | &nbsp;&nbsp;&nbsp;&nbsp; 3864752 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12936 | &nbsp;&nbsp;&nbsp;&nbsp; 399593 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;49162 | &nbsp;&nbsp;&nbsp;&nbsp; 2418770 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp; 415817 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701 | &nbsp;&nbsp;&nbsp;&nbsp; 293859 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8927 | &nbsp;&nbsp;&nbsp;&nbsp; 717374 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6399 | &nbsp;&nbsp;$6881933 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20346 | &nbsp;&nbsp;&nbsp;&nbsp; 1517201 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;14654 | &nbsp;&nbsp;&nbsp;&nbsp; 2586871 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;29905 | &nbsp;&nbsp;&nbsp;&nbsp; 6187943 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp; 805344 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25588 | &nbsp;&nbsp;&nbsp;&nbsp; 2682390 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;21551 | &nbsp;&nbsp;&nbsp;&nbsp; 166158 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45105 | &nbsp;&nbsp;&nbsp;&nbsp; 482172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29420177 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 | &nbsp;&nbsp;&nbsp;&nbsp; 434222 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17028 | &nbsp;&nbsp;&nbsp;&nbsp; 928537 |
| **REITS — 0.2%** | **REITS — 0.2%** | **REITS — 0.2%** |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;122290 | &nbsp;&nbsp;&nbsp;&nbsp; 1405112 |
| **Retail — 7.4%** | **Retail — 7.4%** | **Retail — 7.4%** |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp; 158045 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 2143247 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41995 | &nbsp;&nbsp;&nbsp;&nbsp; 731133 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14774 | &nbsp;&nbsp;&nbsp;&nbsp; 1171283 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13338 | &nbsp;&nbsp;&nbsp;&nbsp; 1190150 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp; 118717 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226 | &nbsp;&nbsp;&nbsp;&nbsp; 1840304 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp; 4545110 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp; 94609 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp; 2078526 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16589 | &nbsp;&nbsp;&nbsp;&nbsp; 1816330 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18342 | &nbsp;&nbsp;&nbsp;&nbsp; 2032477 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071 | &nbsp;&nbsp;&nbsp;&nbsp; 869054 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388 | &nbsp;&nbsp;&nbsp;&nbsp; 1104328 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 824450 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98197 | &nbsp;&nbsp;&nbsp;&nbsp; 2658193 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369 | &nbsp;&nbsp;&nbsp;&nbsp; 569718 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10585 | &nbsp;&nbsp;&nbsp;&nbsp; 3777998 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8976 | &nbsp;&nbsp;&nbsp;&nbsp; 2176500 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5831 | &nbsp;&nbsp;&nbsp;&nbsp; 1073954 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132674 | &nbsp;&nbsp;&nbsp;&nbsp; 2966591 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp; 1088252 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14948 | &nbsp;&nbsp;&nbsp;&nbsp; 1329774 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp; 793629 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23009 | &nbsp;&nbsp;&nbsp;&nbsp; 2340015 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720 | &nbsp;&nbsp;&nbsp;&nbsp; 763318 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3043 | &nbsp;&nbsp;&nbsp;&nbsp; 536663 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294 | &nbsp;&nbsp;&nbsp;&nbsp; 570362 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18099 | &nbsp;&nbsp;&nbsp;&nbsp; 2749600 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5249 | &nbsp;&nbsp;&nbsp;&nbsp; 287540 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092 | &nbsp;&nbsp;&nbsp;&nbsp; 1666062 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57264 | &nbsp;&nbsp;&nbsp;&nbsp; 6328245 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7015 | &nbsp;&nbsp;&nbsp;&nbsp; 1262770 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8201 | &nbsp;&nbsp;&nbsp;&nbsp; 1256475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;54913422 |
| **Semiconductors — 10.6%** | **Semiconductors — 10.6%** | **Semiconductors — 10.6%** |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6701 | &nbsp;&nbsp;&nbsp;&nbsp; 1690327 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 97694 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44983 | &nbsp;&nbsp;&nbsp;&nbsp; 18126350 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13397 | &nbsp;&nbsp;&nbsp;&nbsp; 1612195 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp; 1248349 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11378 | &nbsp;&nbsp;&nbsp;&nbsp; 1774968 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;280524 | &nbsp;&nbsp;&nbsp;&nbsp; 49652748 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11453 | &nbsp;&nbsp;&nbsp;&nbsp; 983698 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14169 | &nbsp;&nbsp;$2381667 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468 | &nbsp;&nbsp;&nbsp;&nbsp; 360615 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436 | &nbsp;&nbsp;&nbsp;&nbsp; 261194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;78189805 |
| **Software — 9.9%** | **Software — 9.9%** | **Software — 9.9%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098 | &nbsp;&nbsp;&nbsp;&nbsp; 1632023 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp;&nbsp;&nbsp; 341340 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp; 406338 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 279303 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047 | &nbsp;&nbsp;&nbsp;&nbsp; 1227617 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp; 406228 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp; 409134 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp; 189599 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18874 | &nbsp;&nbsp;&nbsp;&nbsp; 683428 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19055 | &nbsp;&nbsp;&nbsp;&nbsp; 1321464 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;85811 | &nbsp;&nbsp;&nbsp;&nbsp; 2564033 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11304 | &nbsp;&nbsp;&nbsp;&nbsp; 2283747 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp; 260040 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp; 114580 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp; 1068425 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp; 127196 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85681 | &nbsp;&nbsp;&nbsp;&nbsp; 42155909 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;12974 | &nbsp;&nbsp;&nbsp;&nbsp; 620157 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7499 | &nbsp;&nbsp;&nbsp;&nbsp; 1514423 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;22995 | &nbsp;&nbsp;&nbsp;&nbsp; 3873508 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp; 159720 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29494 | &nbsp;&nbsp;&nbsp;&nbsp; 1615386 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;54485 | &nbsp;&nbsp;&nbsp;&nbsp; 1538656 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;&nbsp;&nbsp; 677089 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5936 | &nbsp;&nbsp;&nbsp;&nbsp; 1368485 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp; 667801 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp;&nbsp;&nbsp; 253093 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 | &nbsp;&nbsp;&nbsp;&nbsp; 584170 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;60145 | &nbsp;&nbsp;&nbsp;&nbsp; 1722553 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10054 | &nbsp;&nbsp;&nbsp;&nbsp; 1303903 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9038 | &nbsp;&nbsp;&nbsp;&nbsp; 384296 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp; 259391 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17381 | &nbsp;&nbsp;&nbsp;&nbsp; 1476690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;73489725 |
| **Telecommunications — 2.2%** | **Telecommunications — 2.2%** | **Telecommunications — 2.2%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp; 613151 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77956 | &nbsp;&nbsp;&nbsp;&nbsp; 2028415 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9410 | &nbsp;&nbsp;&nbsp;&nbsp; 1921616 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48273 | &nbsp;&nbsp;&nbsp;&nbsp; 3714125 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036 | &nbsp;&nbsp;&nbsp;&nbsp; 234580 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7196 | &nbsp;&nbsp;&nbsp;&nbsp; 239771 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular SA# | &nbsp;&nbsp;&nbsp;&nbsp;35501 | &nbsp;&nbsp;&nbsp;&nbsp; 1884038 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp; 841022 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609 | &nbsp;&nbsp;&nbsp;&nbsp; 1172337 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp; 1767929 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46059 | &nbsp;&nbsp;&nbsp;&nbsp; 1893485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16310469 |
| **Toys/Games/Hobbies — 0.3%** | **Toys/Games/Hobbies — 0.3%** | **Toys/Games/Hobbies — 0.3%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568 | &nbsp;&nbsp;&nbsp;&nbsp; 377317 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;74735 | &nbsp;&nbsp;&nbsp;&nbsp; 1578403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955720 |

---

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation — 0.3%** | **Transportation — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp; 12387 | &nbsp;&nbsp;$1967923 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp;&nbsp; 145431 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp;&nbsp; 196008 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp; 1621 | &nbsp;&nbsp;&nbsp;&nbsp; 212092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521454 |
| **Total Common Stocks<br> (cost $449,679,523)** |  | &nbsp;&nbsp;&nbsp;&nbsp;731084616 |
| **UNAFFILIATED INVESTMENT COMPANIES — 1.1%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 1000 ETF #<br> (cost $7,767,165) | &nbsp;&nbsp; 24973 | &nbsp;&nbsp;&nbsp;&nbsp; 7736603 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. †(1)<br> (cost $0) | $1081 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |  |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc.†<br> (cost $0) | &nbsp;&nbsp; 5462 | &nbsp;&nbsp;&nbsp;&nbsp; 33866 |
| **Total Long-Term Investment Securities<br> (cost $457,446,688)** |  | &nbsp;&nbsp;&nbsp;&nbsp;738855085 |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(2)(3)<br> (cost $2,054,227) | &nbsp;&nbsp;2054227 | &nbsp;&nbsp;&nbsp;&nbsp; 2054227 |
| **TOTAL INVESTMENTS<br> (cost $459,500,915)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;740909312 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236524 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$741145836 |

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| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (2) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (3) | &nbsp;&nbsp;At November 30, 2025, the Fund had loaned securities with a total value of $12,151,069. This was secured by collateral of $2,054,227, which was received in cash and subsequently invested in short-term investments currently valued at $2,054,227 as reported in the Portfolio of Investments. Additional collateral of $10,348,151 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: |

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| | | | |
|:---|:---|:---|:---|
| **Securities** | **Coupon Range** | **Maturity Date Range** | **Value as of<br> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $17128 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253849 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17483 |
| United States Treasury Bills | 0.00% | 02/05/2026 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20951 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;10038740 |

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

ETF—Exchange Traded Fund

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Core Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$731084616 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$731084616 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7736603 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7736603 |
| 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 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33866 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33866 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054227 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054227 |
| **Total Investments at Value** | &nbsp;&nbsp;$740909312 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$740909312 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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%** |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;5777 | &nbsp;&nbsp;$1724145 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8702 | &nbsp;&nbsp;&nbsp;&nbsp; 2149133 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;&nbsp; 616839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490117 |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | 30934 | &nbsp;&nbsp;&nbsp;&nbsp; 2723120 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7426 | &nbsp;&nbsp;&nbsp;&nbsp; 2727793 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 22097 | &nbsp;&nbsp;&nbsp;&nbsp; 2414760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865673 |
| **Auto Manufacturers — 2.9%** | **Auto Manufacturers — 2.9%** | **Auto Manufacturers — 2.9%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | 73790 | &nbsp;&nbsp;&nbsp;&nbsp; 31742244 |
| **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;2675 | &nbsp;&nbsp;&nbsp;&nbsp; 237165 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3965 | &nbsp;&nbsp;&nbsp;&nbsp; 212722 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7346 | &nbsp;&nbsp;&nbsp;&nbsp; 823487 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8377 | &nbsp;&nbsp;&nbsp;&nbsp; 867857 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3574 | &nbsp;&nbsp;&nbsp;&nbsp; 409974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314040 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | 11885 | &nbsp;&nbsp;&nbsp;&nbsp; 486572 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7909 | &nbsp;&nbsp;&nbsp;&nbsp; 1288772 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | 23449 | &nbsp;&nbsp;&nbsp;&nbsp; 1758440 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 10815 | &nbsp;&nbsp;&nbsp;&nbsp; 1608623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5142407 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp; 610063 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | 106178 | &nbsp;&nbsp;&nbsp;&nbsp; 4689882 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 17946 | &nbsp;&nbsp;&nbsp;&nbsp; 2258325 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | 41545 | &nbsp;&nbsp;&nbsp;&nbsp; 2966313 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | 27733 | &nbsp;&nbsp;&nbsp;&nbsp; 2896989 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.#† | 19441 | &nbsp;&nbsp;&nbsp;&nbsp; 347800 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8051 | &nbsp;&nbsp;&nbsp;&nbsp; 3490994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17260366 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6294 | &nbsp;&nbsp;&nbsp;&nbsp; 1194223 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 52800 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp; 503360 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;6994 | &nbsp;&nbsp;&nbsp;&nbsp; 2947831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698214 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 54757 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp; 276327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331084 |
| **Commercial Services — 1.5%** | **Commercial Services — 1.5%** | **Commercial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6262 | &nbsp;&nbsp;&nbsp;&nbsp; 1598689 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp; 411020 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;&nbsp;&nbsp; 1468628 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp; 1761193 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | 14937 | &nbsp;&nbsp;&nbsp;&nbsp; 2356162 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 12916 | &nbsp;&nbsp;&nbsp;&nbsp; 544022 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9601 | &nbsp;&nbsp;&nbsp;&nbsp; 4711979 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8334 | &nbsp;&nbsp;&nbsp;&nbsp; 1790643 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 121334 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 20698 | &nbsp;&nbsp;&nbsp;&nbsp; 1272513 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;$75697 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 97905 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;3093 | &nbsp;&nbsp;&nbsp;&nbsp; 458878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16668663 |
| **Computers — 12.6%** | **Computers — 12.6%** | **Computers — 12.6%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 466401 | &nbsp;&nbsp;&nbsp;&nbsp; 130055919 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp; 197045 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;8744 | &nbsp;&nbsp;&nbsp;&nbsp; 1166012 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | 26553 | &nbsp;&nbsp;&nbsp;&nbsp; 1054951 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | 37054 | &nbsp;&nbsp;&nbsp;&nbsp; 3006191 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 355161 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | 23327 | &nbsp;&nbsp;&nbsp;&nbsp; 602536 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2074 | &nbsp;&nbsp;&nbsp;&nbsp; 231376 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4783 | &nbsp;&nbsp;&nbsp;&nbsp; 425496 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3448 | &nbsp;&nbsp;&nbsp;&nbsp; 239015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137333702 |
| **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;4968 | &nbsp;&nbsp;&nbsp;&nbsp; 399377 |
| **Distribution/Wholesale — 0.4%** | **Distribution/Wholesale — 0.4%** | **Distribution/Wholesale — 0.4%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | 18661 | &nbsp;&nbsp;&nbsp;&nbsp; 902073 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 31646 | &nbsp;&nbsp;&nbsp;&nbsp; 1278498 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7470 | &nbsp;&nbsp;&nbsp;&nbsp; 1003071 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1541524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725166 |
| **Diversified Financial Services — 5.1%** | **Diversified Financial Services — 5.1%** | **Diversified Financial Services — 5.1%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;6046 | &nbsp;&nbsp;&nbsp;&nbsp; 2208422 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4929 | &nbsp;&nbsp;&nbsp;&nbsp; 2246343 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6977 | &nbsp;&nbsp;&nbsp;&nbsp; 919917 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 113391 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2014 | &nbsp;&nbsp;&nbsp;&nbsp; 186758 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 277182 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 23453 | &nbsp;&nbsp;&nbsp;&nbsp; 4113656 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 23462 | &nbsp;&nbsp;&nbsp;&nbsp; 1525499 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | 18153 | &nbsp;&nbsp;&nbsp;&nbsp; 916727 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5258 | &nbsp;&nbsp;&nbsp;&nbsp; 1872058 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 26907 | &nbsp;&nbsp;&nbsp;&nbsp; 14813111 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 36801 | &nbsp;&nbsp;&nbsp;&nbsp; 1078269 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.#† | 22976 | &nbsp;&nbsp;&nbsp;&nbsp; 682847 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4596 | &nbsp;&nbsp;&nbsp;&nbsp; 500321 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 73061 | &nbsp;&nbsp;&nbsp;&nbsp; 24434521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55889022 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5792 | &nbsp;&nbsp;&nbsp;&nbsp; 981686 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 182974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164660 |
| **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 75990 | &nbsp;&nbsp;&nbsp;&nbsp; 10706991 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3198 | &nbsp;&nbsp;&nbsp;&nbsp; 673851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11380842 |
| **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** | **Engineering & Construction — 1.2%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9278 | &nbsp;&nbsp;&nbsp;&nbsp; 9064049 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;&nbsp;&nbsp; 3367508 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp; 171746 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 58825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12662128 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 215074 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;1661 | &nbsp;&nbsp;$218339 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 10355 | &nbsp;&nbsp;&nbsp;&nbsp; 2007731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441144 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2962 | &nbsp;&nbsp;&nbsp;&nbsp; 299814 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | 22882 | &nbsp;&nbsp;&nbsp;&nbsp; 2221156 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | 21097 | &nbsp;&nbsp;&nbsp;&nbsp; 1768140 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 16777 | &nbsp;&nbsp;&nbsp;&nbsp; 1278407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267703 |
| **Healthcare-Products — 1.1%** | **Healthcare-Products — 1.1%** | **Healthcare-Products — 1.1%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | 34428 | &nbsp;&nbsp;&nbsp;&nbsp; 3497196 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 243933 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8728 | &nbsp;&nbsp;&nbsp;&nbsp; 1085851 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 98157 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;&nbsp;&nbsp; 697337 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp; 399768 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp; 407507 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 21663 | &nbsp;&nbsp;&nbsp;&nbsp; 5542045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11971794 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp;&nbsp;&nbsp; 826116 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3987 | &nbsp;&nbsp;&nbsp;&nbsp; 2362138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188254 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | 15881 | &nbsp;&nbsp;&nbsp;&nbsp; 1549509 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 907805 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;5780 | &nbsp;&nbsp;&nbsp;&nbsp; 1431244 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 56590 | &nbsp;&nbsp;&nbsp;&nbsp; 4551534 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp; 93916 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 332870 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 253161 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 10683 | &nbsp;&nbsp;&nbsp;&nbsp; 2444163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10014693 |
| **Internet — 21.7%** | **Internet — 21.7%** | **Internet — 21.7%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 141645 | &nbsp;&nbsp;&nbsp;&nbsp; 45351896 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 119029 | &nbsp;&nbsp;&nbsp;&nbsp; 38103563 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 245630 | &nbsp;&nbsp;&nbsp;&nbsp; 57285829 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | 16868 | &nbsp;&nbsp;&nbsp;&nbsp; 10112029 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 10615730 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | 17315 | &nbsp;&nbsp;&nbsp;&nbsp; 602043 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | 28594 | &nbsp;&nbsp;&nbsp;&nbsp; 805207 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3614 | &nbsp;&nbsp;&nbsp;&nbsp; 716909 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | 22969 | &nbsp;&nbsp;&nbsp;&nbsp; 1245379 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9341 | &nbsp;&nbsp;&nbsp;&nbsp; 2388400 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 69953 | &nbsp;&nbsp;&nbsp;&nbsp; 1844661 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;6031 | &nbsp;&nbsp;&nbsp;&nbsp; 771124 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | 61733 | &nbsp;&nbsp;&nbsp;&nbsp; 1298245 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 64253 | &nbsp;&nbsp;&nbsp;&nbsp; 41632731 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | 117595 | &nbsp;&nbsp;&nbsp;&nbsp; 12650870 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | 26443 | &nbsp;&nbsp;&nbsp;&nbsp; 690691 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;6325 | &nbsp;&nbsp;&nbsp;&nbsp; 1369173 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;8459 | &nbsp;&nbsp;&nbsp;&nbsp; 1086897 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | 14973 | &nbsp;&nbsp;&nbsp;&nbsp; 1449237 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;1754 | &nbsp;&nbsp;&nbsp;&nbsp; 1050418 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | 47028 | &nbsp;&nbsp;$4116831 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;9819 | &nbsp;&nbsp;&nbsp;&nbsp; 1087945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236275808 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;&nbsp; 105002 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 364762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469764 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;4324 | &nbsp;&nbsp;&nbsp;&nbsp; 296540 |
| **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4402 | &nbsp;&nbsp;&nbsp;&nbsp; 2640188 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 13587 | &nbsp;&nbsp;&nbsp;&nbsp; 2441991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082179 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2508 | &nbsp;&nbsp;&nbsp;&nbsp; 481887 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC† | 12002 | &nbsp;&nbsp;&nbsp;&nbsp; 1028331 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1914 | &nbsp;&nbsp;&nbsp;&nbsp; 477122 |
| **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** | **Pharmaceuticals — 3.8%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 37997 | &nbsp;&nbsp;&nbsp;&nbsp; 8651917 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 23078 | &nbsp;&nbsp;&nbsp;&nbsp; 1135438 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 11838 | &nbsp;&nbsp;&nbsp;&nbsp; 4367393 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 595500 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 21662 | &nbsp;&nbsp;&nbsp;&nbsp; 23296831 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3590 | &nbsp;&nbsp;&nbsp;&nbsp; 3163221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41210300 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2584 | &nbsp;&nbsp;&nbsp;&nbsp; 538661 |
| **Retail — 3.7%** | **Retail — 3.7%** | **Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 1708271 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | 11438 | &nbsp;&nbsp;&nbsp;&nbsp; 1020613 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;7429 | &nbsp;&nbsp;&nbsp;&nbsp; 2782160 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3212 | &nbsp;&nbsp;&nbsp;&nbsp; 1832318 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 12084 | &nbsp;&nbsp;&nbsp;&nbsp; 11039822 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2154 | &nbsp;&nbsp;&nbsp;&nbsp; 903883 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp; 785210 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 20792 | &nbsp;&nbsp;&nbsp;&nbsp; 7421081 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | 10780 | &nbsp;&nbsp;&nbsp;&nbsp; 1985460 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;&nbsp; 512913 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | 21672 | &nbsp;&nbsp;&nbsp;&nbsp; 2204042 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 15453 | &nbsp;&nbsp;&nbsp;&nbsp; 2347620 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3865 | &nbsp;&nbsp;&nbsp;&nbsp; 2082578 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 12541 | &nbsp;&nbsp;&nbsp;&nbsp; 1385906 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8816 | &nbsp;&nbsp;&nbsp;&nbsp; 1586968 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4157 | &nbsp;&nbsp;&nbsp;&nbsp; 636894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40235739 |
| **Semiconductors — 19.7%** | **Semiconductors — 19.7%** | **Semiconductors — 19.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7532 | &nbsp;&nbsp;&nbsp;&nbsp; 1638436 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 819812 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp; 285202 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 154559 | &nbsp;&nbsp;&nbsp;&nbsp; 62281095 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp; 5300194 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 12786 | &nbsp;&nbsp;&nbsp;&nbsp; 1994616 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;NVIDIA Corp. | 790510 | &nbsp;&nbsp;$139920270 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 11299 | &nbsp;&nbsp;&nbsp;&nbsp; 1899249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214138874 |
| **Software — 16.7%** | **Software — 16.7%** | **Software — 16.7%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | 26155 | &nbsp;&nbsp;&nbsp;&nbsp; 8373000 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp; 558829 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp; 492519 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4689 | &nbsp;&nbsp;&nbsp;&nbsp; 1422361 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;5818 | &nbsp;&nbsp;&nbsp;&nbsp; 244123 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp; 380910 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2685 | &nbsp;&nbsp;&nbsp;&nbsp; 837290 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | 28081 | &nbsp;&nbsp;&nbsp;&nbsp; 1947417 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | 170542 | &nbsp;&nbsp;&nbsp;&nbsp; 1797513 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;&nbsp; 512394 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | 91629 | &nbsp;&nbsp;&nbsp;&nbsp; 2737875 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | 48584 | &nbsp;&nbsp;&nbsp;&nbsp; 2164903 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;&nbsp; 1130450 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | 38799 | &nbsp;&nbsp;&nbsp;&nbsp; 2384975 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp; 166763 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp; 6163258 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 105870 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 234878 | &nbsp;&nbsp;&nbsp;&nbsp; 115562325 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | 12243 | &nbsp;&nbsp;&nbsp;&nbsp; 585215 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 28994 | &nbsp;&nbsp;&nbsp;&nbsp; 5855338 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | 65349 | &nbsp;&nbsp;&nbsp;&nbsp; 11008039 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 18996 | &nbsp;&nbsp;&nbsp;&nbsp; 2121663 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 12254 | &nbsp;&nbsp;&nbsp;&nbsp; 1974977 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 50974 | &nbsp;&nbsp;&nbsp;&nbsp; 2791846 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | 55235 | &nbsp;&nbsp;&nbsp;&nbsp; 1559836 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;9724 | &nbsp;&nbsp;&nbsp;&nbsp; 924072 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7656 | &nbsp;&nbsp;&nbsp;&nbsp; 1765014 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;7024 | &nbsp;&nbsp;&nbsp;&nbsp; 267123 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp; 1179619 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A#† | &nbsp;&nbsp;&nbsp;&nbsp;2341 | &nbsp;&nbsp;&nbsp;&nbsp; 414778 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | 51596 | &nbsp;&nbsp;&nbsp;&nbsp; 1477710 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | 11621 | &nbsp;&nbsp;&nbsp;&nbsp; 1507128 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp; 251716 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8682 | &nbsp;&nbsp;&nbsp;&nbsp; 369159 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp; 291303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181327311 |
| **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | 31648 | &nbsp;&nbsp;&nbsp;&nbsp; 4135760 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 179295 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3708 | &nbsp;&nbsp;&nbsp;&nbsp; 2162098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6477153 |
| **Total Common Stocks<br> (cost $626,997,619)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1077077450 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.1%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;iShares Russell 1000 Growth ETF #<br> (cost $1,361,014) | &nbsp;&nbsp;&nbsp;&nbsp;2878 | &nbsp;&nbsp;$1371223 |
| **Total Long-Term Investment Securities<br> (cost $628,358,633)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1078448673 |
| **SHORT-TERM INVESTMENTS — 0.0%** | **SHORT-TERM INVESTMENTS — 0.0%** |  |
| **Unaffiliated Investment Companies — 0.0%** | **Unaffiliated Investment Companies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 3.94%(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio<br> 4.02%(1)(2) | 329730 | &nbsp;&nbsp;&nbsp;&nbsp; 329730 |
| **Total Short-Term Investments<br> (cost $329,912)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329912 |
| **TOTAL INVESTMENTS<br> (cost $628,688,545)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;99.2% | &nbsp;&nbsp;&nbsp;&nbsp;1078778585 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8639207 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$1087417792 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan (see Note 2). |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of November 30, 2025. |
| (2) | &nbsp;&nbsp;At November 30, 2025, the Fund had loaned securities with a total value of $3,618,227. This was secured by collateral of $329,730, which was received in cash and subsequently invested in short-term investments currently valued at $329,730 as reported in the Portfolio of Investments. Additional collateral of $3,535,189 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $2956 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43807 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017 |
| United States Treasury Bills | 0.00% | 02/05/2026 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;3476681 |

---

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

ETF—Exchange Traded Fund

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Growth Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$1077077450 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1077077450 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371223 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371223 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329912 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329912 |
| **Total Investments at Value** | &nbsp;&nbsp;$1078778585 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1078778585 |

---

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

Level 3 investments in securities were not considered a significant portion of the Fund's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 1.8%** | **Advertising — 1.8%** | **Advertising — 1.8%** |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc.# | &nbsp;&nbsp;&nbsp;&nbsp;120590 | &nbsp;&nbsp;$8636656 |
| **Aerospace/Defense — 1.9%** | **Aerospace/Defense — 1.9%** | **Aerospace/Defense — 1.9%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570 | &nbsp;&nbsp;&nbsp;&nbsp; 2014515 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18298 | &nbsp;&nbsp;&nbsp;&nbsp; 6251146 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 652882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8918543 |
| **Agriculture — 2.8%** | **Agriculture — 2.8%** | **Agriculture — 2.8%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96630 | &nbsp;&nbsp;&nbsp;&nbsp; 5702136 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49406 | &nbsp;&nbsp;&nbsp;&nbsp; 7780457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13482593 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7287 | &nbsp;&nbsp;&nbsp;&nbsp; 796323 |
| **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;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 1070657 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8037 | &nbsp;&nbsp;&nbsp;&nbsp; 590880 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;73565 | &nbsp;&nbsp;&nbsp;&nbsp; 1002691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664228 |
| **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;13554 | &nbsp;&nbsp;&nbsp;&nbsp; 1051113 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47893 | &nbsp;&nbsp;&nbsp;&nbsp; 2062272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113385 |
| **Banks — 7.7%** | **Banks — 7.7%** | **Banks — 7.7%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71413 | &nbsp;&nbsp;&nbsp;&nbsp; 3831308 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55042 | &nbsp;&nbsp;&nbsp;&nbsp; 6170208 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3657 | &nbsp;&nbsp;&nbsp;&nbsp; 452444 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20532 | &nbsp;&nbsp;&nbsp;&nbsp; 2190764 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 18158640 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16439 | &nbsp;&nbsp;&nbsp;&nbsp; 2159098 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27455 | &nbsp;&nbsp;&nbsp;&nbsp; 3267694 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 626705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36856861 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152463 | &nbsp;&nbsp;&nbsp;&nbsp; 4253718 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29596 | &nbsp;&nbsp;&nbsp;&nbsp; 4402109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8655827 |
| **Biotechnology — 4.2%** | **Biotechnology — 4.2%** | **Biotechnology — 4.2%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17930 | &nbsp;&nbsp;&nbsp;&nbsp; 6194098 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;61048 | &nbsp;&nbsp;&nbsp;&nbsp; 2696490 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53663 | &nbsp;&nbsp;&nbsp;&nbsp; 6752952 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;13022 | &nbsp;&nbsp;&nbsp;&nbsp; 1360278 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;85230 | &nbsp;&nbsp;&nbsp;&nbsp; 2214275 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 969570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20187663 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;15607 | &nbsp;&nbsp;&nbsp;&nbsp; 1815250 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;38661 | &nbsp;&nbsp;&nbsp;&nbsp; 946808 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41297 | &nbsp;&nbsp;&nbsp;&nbsp; 4131352 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20527 | &nbsp;&nbsp;&nbsp;&nbsp; 2201521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7279681 |
| **Commercial Services — 1.3%** | **Commercial Services — 1.3%** | **Commercial Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12097 | &nbsp;&nbsp;&nbsp;&nbsp; 6034347 |
| **Computers — 6.9%** | **Computers — 6.9%** | **Computers — 6.9%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;17677 | &nbsp;&nbsp;&nbsp;&nbsp; 4419250 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23184 | &nbsp;&nbsp;$1773112 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19388 | &nbsp;&nbsp;&nbsp;&nbsp; 555078 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp; 1440311 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;74742 | &nbsp;&nbsp;&nbsp;&nbsp; 5808201 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;37936 | &nbsp;&nbsp;&nbsp;&nbsp; 5058766 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12093 | &nbsp;&nbsp;&nbsp;&nbsp; 532818 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;189203 | &nbsp;&nbsp;&nbsp;&nbsp; 4137870 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21439 | &nbsp;&nbsp;&nbsp;&nbsp; 6615647 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15154 | &nbsp;&nbsp;&nbsp;&nbsp; 2895929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33236982 |
| **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;10022 | &nbsp;&nbsp;&nbsp;&nbsp; 1484860 |
| **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** | **Diversified Financial Services — 6.5%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058 | &nbsp;&nbsp;&nbsp;&nbsp; 2212806 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;&nbsp; 1395004 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328 | &nbsp;&nbsp;&nbsp;&nbsp; 635125 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23461 | &nbsp;&nbsp;&nbsp;&nbsp; 4115059 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;213822 | &nbsp;&nbsp;&nbsp;&nbsp; 5227948 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;41519 | &nbsp;&nbsp;&nbsp;&nbsp; 1814795 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;67872 | &nbsp;&nbsp;&nbsp;&nbsp; 5250578 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35303 | &nbsp;&nbsp;&nbsp;&nbsp; 3614321 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;120636 | &nbsp;&nbsp;&nbsp;&nbsp; 4313943 |
| &nbsp;&nbsp;&nbsp;Western Union Co.# | &nbsp;&nbsp;&nbsp;&nbsp;266140 | &nbsp;&nbsp;&nbsp;&nbsp; 2339371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30918950 |
| **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316 | &nbsp;&nbsp;&nbsp;&nbsp; 3030018 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.#† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp; 1346432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376450 |
| **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** | **Electrical Components & Equipment — 2.8%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12632 | &nbsp;&nbsp;&nbsp;&nbsp; 4628617 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;18150 | &nbsp;&nbsp;&nbsp;&nbsp; 6277904 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;17401 | &nbsp;&nbsp;&nbsp;&nbsp; 2320945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13227466 |
| **Electronics — 1.5%** | **Electronics — 1.5%** | **Electronics — 1.5%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;15940 | &nbsp;&nbsp;&nbsp;&nbsp; 2646518 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9779 | &nbsp;&nbsp;&nbsp;&nbsp; 1910034 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11084 | &nbsp;&nbsp;&nbsp;&nbsp; 2130234 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp; 678640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7365426 |
| **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7721 | &nbsp;&nbsp;&nbsp;&nbsp; 4748955 |
| **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;7477 | &nbsp;&nbsp;&nbsp;&nbsp; 786880 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;39930 | &nbsp;&nbsp;&nbsp;&nbsp; 731917 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55248 | &nbsp;&nbsp;&nbsp;&nbsp; 592811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324728 |
| **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;24703 | &nbsp;&nbsp;&nbsp;&nbsp; 2036762 |
| **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;12940 | &nbsp;&nbsp;&nbsp;&nbsp; 4400247 |
| **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;59958 | &nbsp;&nbsp;&nbsp;&nbsp; 6090534 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812 | &nbsp;&nbsp;&nbsp;&nbsp; 530859 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;39456 | &nbsp;&nbsp;&nbsp;&nbsp; 4155900 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;18793 | &nbsp;&nbsp;$4807813 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327 | &nbsp;&nbsp;&nbsp;&nbsp; 2348456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17933562 |
| **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;&nbsp; 447827 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;13498 | &nbsp;&nbsp;&nbsp;&nbsp; 3288518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736345 |
| **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;5262 | &nbsp;&nbsp;&nbsp;&nbsp; 574189 |
| **Insurance — 9.4%** | **Insurance — 9.4%** | **Insurance — 9.4%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7745 | &nbsp;&nbsp;&nbsp;&nbsp; 854351 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10016 | &nbsp;&nbsp;&nbsp;&nbsp; 2133208 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5231 | &nbsp;&nbsp;&nbsp;&nbsp; 1851355 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827 | &nbsp;&nbsp;&nbsp;&nbsp; 1195262 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;38891 | &nbsp;&nbsp;&nbsp;&nbsp; 19982585 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16146 | &nbsp;&nbsp;&nbsp;&nbsp; 1058370 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53816 | &nbsp;&nbsp;&nbsp;&nbsp; 4328421 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18840 | &nbsp;&nbsp;&nbsp;&nbsp; 2538313 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163773 | &nbsp;&nbsp;&nbsp;&nbsp; 4642965 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27517 | &nbsp;&nbsp;&nbsp;&nbsp; 6295614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44880444 |
| **Internet — 8.7%** | **Internet — 8.7%** | **Internet — 8.7%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;46409 | &nbsp;&nbsp;&nbsp;&nbsp; 14859234 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;11870 | &nbsp;&nbsp;&nbsp;&nbsp; 3799824 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;37018 | &nbsp;&nbsp;&nbsp;&nbsp; 8633338 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp; 3214207 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448 | &nbsp;&nbsp;&nbsp;&nbsp; 1302944 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110297 | &nbsp;&nbsp;&nbsp;&nbsp; 2908532 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;102020 | &nbsp;&nbsp;&nbsp;&nbsp; 3577841 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5480 | &nbsp;&nbsp;&nbsp;&nbsp; 3550766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41846686 |
| **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19694 | &nbsp;&nbsp;&nbsp;&nbsp; 3648904 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14588 | &nbsp;&nbsp;&nbsp;&nbsp; 3042328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6691232 |
| **Media — 3.2%** | **Media — 3.2%** | **Media — 3.2%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;186424 | &nbsp;&nbsp;&nbsp;&nbsp; 4975657 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;74328 | &nbsp;&nbsp;&nbsp;&nbsp; 4868484 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;52515 | &nbsp;&nbsp;&nbsp;&nbsp; 5486242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15330383 |
| **Mining — 0.8%** | **Mining — 0.8%** | **Mining — 0.8%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43023 | &nbsp;&nbsp;&nbsp;&nbsp; 3903477 |
| **Oil & Gas — 3.3%** | **Oil & Gas — 3.3%** | **Oil & Gas — 3.3%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;171640 | &nbsp;&nbsp;&nbsp;&nbsp; 4285851 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921 | &nbsp;&nbsp;&nbsp;&nbsp; 441451 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29407 | &nbsp;&nbsp;&nbsp;&nbsp; 3585595 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28432 | &nbsp;&nbsp;&nbsp;&nbsp; 3295837 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108487 | &nbsp;&nbsp;&nbsp;&nbsp; 4443628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16052362 |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14475 | &nbsp;&nbsp;&nbsp;&nbsp; 1805756 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 1061164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866920 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8602 | &nbsp;&nbsp;$1825861 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;65081 | &nbsp;&nbsp;&nbsp;&nbsp; 13466560 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4180 | &nbsp;&nbsp;&nbsp;&nbsp; 3683082 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95545 | &nbsp;&nbsp;&nbsp;&nbsp; 10015982 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;132382 | &nbsp;&nbsp;&nbsp;&nbsp; 1020665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30012150 |
| **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4441 | &nbsp;&nbsp;&nbsp;&nbsp; 539404 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61336 | &nbsp;&nbsp;&nbsp;&nbsp; 4466487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005891 |
| **REITS — 4.4%** | **REITS — 4.4%** | **REITS — 4.4%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61603 | &nbsp;&nbsp;&nbsp;&nbsp; 4633778 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52678 | &nbsp;&nbsp;&nbsp;&nbsp; 1377003 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130118 | &nbsp;&nbsp;&nbsp;&nbsp; 2688238 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20314 | &nbsp;&nbsp;&nbsp;&nbsp; 2760469 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84552 | &nbsp;&nbsp;&nbsp;&nbsp; 4871041 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127068 | &nbsp;&nbsp;&nbsp;&nbsp; 4991231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21321760 |
| **Retail — 3.2%** | **Retail — 3.2%** | **Retail — 3.2%** |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp; 629186 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;13295 | &nbsp;&nbsp;&nbsp;&nbsp; 1733668 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30309 | &nbsp;&nbsp;&nbsp;&nbsp; 677709 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11975 | &nbsp;&nbsp;&nbsp;&nbsp; 3734045 |
| &nbsp;&nbsp;&nbsp;QXO, Inc.#† | &nbsp;&nbsp;&nbsp;&nbsp;33481 | &nbsp;&nbsp;&nbsp;&nbsp; 627099 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70913 | &nbsp;&nbsp;&nbsp;&nbsp; 7836596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15238303 |
| **Semiconductors — 2.2%** | **Semiconductors — 2.2%** | **Semiconductors — 2.2%** |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38429 | &nbsp;&nbsp;&nbsp;&nbsp; 3435553 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31031 | &nbsp;&nbsp;&nbsp;&nbsp; 7338211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10773764 |
| **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38243 | &nbsp;&nbsp;&nbsp;&nbsp; 1384779 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10724 | &nbsp;&nbsp;&nbsp;&nbsp; 4785263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6170042 |
| **Telecommunications — 2.1%** | **Telecommunications — 2.1%** | **Telecommunications — 2.1%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86237 | &nbsp;&nbsp;&nbsp;&nbsp; 6635075 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81812 | &nbsp;&nbsp;&nbsp;&nbsp; 3363291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998366 |
| **Transportation — 0.7%** | **Transportation — 0.7%** | **Transportation — 0.7%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20110 | &nbsp;&nbsp;&nbsp;&nbsp; 3194876 |
| **Total Long-Term Investment Securities<br> (cost $396,855,622)** |  | &nbsp;&nbsp;&nbsp;&nbsp;477879815 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I Systematic Value Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **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 1.16% dated 11/28/2025, to be repurchased 12/01/2025 in the amount of $1,216,395 and collateralized by $1,261,000 of United States Treasury Notes, , bearing interest at 1.88% due 02/28/2027 and having an approximate value of $1,240,613<br> (cost $1,216,277) | $1216277 | &nbsp;&nbsp;$1216277 |
| **TOTAL INVESTMENTS<br> (cost $398,071,899)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;479096092 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183810 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$479279902 |

---

# The security or a portion thereof is out on loan. At November 30, 2025, the Fund had loaned securities with a total value of $5,749,061. This was secured by collateral of $5,840,432 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $8535 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;126486 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8711 |
| United States Treasury Bills | 0.00% | 02/05/2026 to 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17924 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 12/31/2025 to 08/15/2055 | &nbsp;&nbsp;&nbsp;5678776 |

---

† Non-income producing security

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

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$477879815 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$477879815 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1216277 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216277 |
| **Total Investments at Value** | &nbsp;&nbsp;$477879815 | &nbsp;&nbsp;$1216277 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$479096092 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I U.S. Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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%** |
| **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** | **Aerospace/Defense — 0.7%** |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19031 | &nbsp;&nbsp;$3893552 |
| **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; 3424158 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21425 | &nbsp;&nbsp;&nbsp;&nbsp; 2184493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608651 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5572 | &nbsp;&nbsp;&nbsp;&nbsp; 432109 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp; 1860860 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 | &nbsp;&nbsp;&nbsp;&nbsp; 463640 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp; 315588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640088 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93535 | &nbsp;&nbsp;&nbsp;&nbsp; 2609626 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;66847 | &nbsp;&nbsp;&nbsp;&nbsp; 5012857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7622483 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp; 251102 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898 | &nbsp;&nbsp;&nbsp;&nbsp; 929485 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp; 3478867 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11366 | &nbsp;&nbsp;&nbsp;&nbsp; 4928412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9587866 |
| **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; 933578 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp; 575615 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104 | &nbsp;&nbsp;&nbsp;&nbsp; 1679577 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;17356 | &nbsp;&nbsp;&nbsp;&nbsp; 7121514 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250 | &nbsp;&nbsp;&nbsp;&nbsp; 2148062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11524768 |
| **Commercial Services — 3.7%** | **Commercial Services — 3.7%** | **Commercial Services — 3.7%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21497 | &nbsp;&nbsp;&nbsp;&nbsp; 5488184 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20546 | &nbsp;&nbsp;&nbsp;&nbsp; 3821967 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230 | &nbsp;&nbsp;&nbsp;&nbsp; 2566779 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20336 | &nbsp;&nbsp;&nbsp;&nbsp; 1274864 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15165 | &nbsp;&nbsp;&nbsp;&nbsp; 7564757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20716551 |
| **Computers — 7.6%** | **Computers — 7.6%** | **Computers — 7.6%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;21206 | &nbsp;&nbsp;&nbsp;&nbsp; 5301500 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17808 | &nbsp;&nbsp;&nbsp;&nbsp; 1383860 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;25030 | &nbsp;&nbsp;&nbsp;&nbsp; 3337751 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36709 | &nbsp;&nbsp;&nbsp;&nbsp; 2978201 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;179323 | &nbsp;&nbsp;&nbsp;&nbsp; 3921794 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192153 | &nbsp;&nbsp;&nbsp;&nbsp; 4692376 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50116 | &nbsp;&nbsp;&nbsp;&nbsp; 5590941 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp; 290711 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;23045 | &nbsp;&nbsp;&nbsp;&nbsp; 6376321 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10877 | &nbsp;&nbsp;&nbsp;&nbsp; 368186 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47155 | &nbsp;&nbsp;&nbsp;&nbsp; 7701826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;41943467 |
| **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80501 | &nbsp;&nbsp;&nbsp;&nbsp; 1396692 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45398 | &nbsp;&nbsp;&nbsp;&nbsp; 1769614 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services — 9.2%** | **Diversified Financial Services — 9.2%** | **Diversified Financial Services — 9.2%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;20387 | &nbsp;&nbsp;$7446760 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp; 904188 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096 | &nbsp;&nbsp;&nbsp;&nbsp; 7431641 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38791 | &nbsp;&nbsp;&nbsp;&nbsp; 3597089 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13533 | &nbsp;&nbsp;&nbsp;&nbsp; 3808998 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp; 451517 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518 | &nbsp;&nbsp;&nbsp;&nbsp; 293760 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23469 | &nbsp;&nbsp;&nbsp;&nbsp; 3691674 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19265 | &nbsp;&nbsp;&nbsp;&nbsp; 10605960 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492 | &nbsp;&nbsp;&nbsp;&nbsp; 135653 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36875 | &nbsp;&nbsp;&nbsp;&nbsp; 12332475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50699715 |
| **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28656 | &nbsp;&nbsp;&nbsp;&nbsp; 2875916 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;28826 | &nbsp;&nbsp;&nbsp;&nbsp; 1936531 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103925 | &nbsp;&nbsp;&nbsp;&nbsp; 4896946 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42058 | &nbsp;&nbsp;&nbsp;&nbsp; 2007008 |
| &nbsp;&nbsp;&nbsp;PPL Corp.# | &nbsp;&nbsp;&nbsp;&nbsp;125930 | &nbsp;&nbsp;&nbsp;&nbsp; 4646817 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12827 | &nbsp;&nbsp;&nbsp;&nbsp; 1437522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17800740 |
| **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; 4177659 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887 | &nbsp;&nbsp;&nbsp;&nbsp; 785208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962867 |
| **Electronics — 1.2%** | **Electronics — 1.2%** | **Electronics — 1.2%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;45466 | &nbsp;&nbsp;&nbsp;&nbsp; 6406159 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp; 295352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6701511 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 | &nbsp;&nbsp;&nbsp;&nbsp; 790672 |
| **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; 2925969 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18468 | &nbsp;&nbsp;&nbsp;&nbsp; 4023623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6949592 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24396 | &nbsp;&nbsp;&nbsp;&nbsp; 1155150 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;15343 | &nbsp;&nbsp;&nbsp;&nbsp; 1283288 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;56211 | &nbsp;&nbsp;&nbsp;&nbsp; 1433943 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 | &nbsp;&nbsp;&nbsp;&nbsp; 78247 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4661 | &nbsp;&nbsp;&nbsp;&nbsp; 314524 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp; 115291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380443 |
| **Healthcare-Products — 3.8%** | **Healthcare-Products — 3.8%** | **Healthcare-Products — 3.8%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp; 66433 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9319 | &nbsp;&nbsp;&nbsp;&nbsp; 2113363 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16291 | &nbsp;&nbsp;&nbsp;&nbsp; 1411941 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13103 | &nbsp;&nbsp;&nbsp;&nbsp; 1048109 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | &nbsp;&nbsp;&nbsp;&nbsp; 1887470 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 161632 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644 | &nbsp;&nbsp;&nbsp;&nbsp; 1699735 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 436433 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19630 | &nbsp;&nbsp;&nbsp;&nbsp; 7286263 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686 | &nbsp;&nbsp;&nbsp;&nbsp; 5131949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21243328 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I U.S. Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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 — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7424 | &nbsp;&nbsp;$2511242 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp; 2421494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932736 |
| **Household Products/Wares — 0.8%** | **Household Products/Wares — 0.8%** | **Household Products/Wares — 0.8%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20212 | &nbsp;&nbsp;&nbsp;&nbsp; 1721254 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26864 | &nbsp;&nbsp;&nbsp;&nbsp; 2931400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4652654 |
| **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; 451387 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp; 911344 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7637 | &nbsp;&nbsp;&nbsp;&nbsp; 1891074 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 4826 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9998 | &nbsp;&nbsp;&nbsp;&nbsp; 2961207 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13777 | &nbsp;&nbsp;&nbsp;&nbsp; 2527391 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16796 | &nbsp;&nbsp;&nbsp;&nbsp; 3842757 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp; 1033210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13623196 |
| **Internet — 7.3%** | **Internet — 7.3%** | **Internet — 7.3%** |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp; 1338639 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 6664320 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15318 | &nbsp;&nbsp;&nbsp;&nbsp; 3038632 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78462 | &nbsp;&nbsp;&nbsp;&nbsp; 6495869 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;&nbsp; 1434421 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125780 | &nbsp;&nbsp;&nbsp;&nbsp; 4189732 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;98450 | &nbsp;&nbsp;&nbsp;&nbsp; 10591251 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33387 | &nbsp;&nbsp;&nbsp;&nbsp; 6347870 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp; 192349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;40293083 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp; 59108 |
| **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; 5234291 |
| **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 | &nbsp;&nbsp;&nbsp;&nbsp; 2397880 |
| **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; 2139441 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;124974 | &nbsp;&nbsp;&nbsp;&nbsp; 3335556 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283 | &nbsp;&nbsp;&nbsp;&nbsp; 447445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783001 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25338 | &nbsp;&nbsp;&nbsp;&nbsp; 2298917 |
| **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; 1148850 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29222 | &nbsp;&nbsp;&nbsp;&nbsp; 3151593 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15237 | &nbsp;&nbsp;&nbsp;&nbsp; 927324 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955 | &nbsp;&nbsp;&nbsp;&nbsp; 208110 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 284351 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781 | &nbsp;&nbsp;&nbsp;&nbsp; 845090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565318 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3083920 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8072 | &nbsp;&nbsp;$846188 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25760 | &nbsp;&nbsp;&nbsp;&nbsp; 3301917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232025 |
| **Pipelines — 1.6%** | **Pipelines — 1.6%** | **Pipelines — 1.6%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83645 | &nbsp;&nbsp;&nbsp;&nbsp; 2285181 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22506 | &nbsp;&nbsp;&nbsp;&nbsp; 1638887 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10693 | &nbsp;&nbsp;&nbsp;&nbsp; 1874590 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53898 | &nbsp;&nbsp;&nbsp;&nbsp; 3284005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9082663 |
| **Private Equity — 0.7%** | **Private Equity — 0.7%** | **Private Equity — 0.7%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26545 | &nbsp;&nbsp;&nbsp;&nbsp; 3886719 |
| **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; 365412 |
| **REITS — 3.8%** | **REITS — 3.8%** | **REITS — 3.8%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp; 886410 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp; 814210 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986 | &nbsp;&nbsp;&nbsp;&nbsp; 2249384 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33547 | &nbsp;&nbsp;&nbsp;&nbsp; 4311796 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596 | &nbsp;&nbsp;&nbsp;&nbsp; 987246 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40939 | &nbsp;&nbsp;&nbsp;&nbsp; 2358496 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44074 | &nbsp;&nbsp;&nbsp;&nbsp; 9177088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20784630 |
| **Retail — 4.9%** | **Retail — 4.9%** | **Retail — 4.9%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 1324700 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23395 | &nbsp;&nbsp;&nbsp;&nbsp; 807595 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp; 401002 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp;&nbsp;&nbsp; 442340 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22176 | &nbsp;&nbsp;&nbsp;&nbsp; 7915058 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16994 | &nbsp;&nbsp;&nbsp;&nbsp; 4120705 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp; 2776410 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp; 797324 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51048 | &nbsp;&nbsp;&nbsp;&nbsp; 7755212 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 | &nbsp;&nbsp;&nbsp;&nbsp; 756245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27096591 |
| **Semiconductors — 18.1%** | **Semiconductors — 18.1%** | **Semiconductors — 18.1%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16826 | &nbsp;&nbsp;&nbsp;&nbsp; 3660160 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14407 | &nbsp;&nbsp;&nbsp;&nbsp; 3822753 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14178 | &nbsp;&nbsp;&nbsp;&nbsp; 3576401 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55145 | &nbsp;&nbsp;&nbsp;&nbsp; 22221229 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;50728 | &nbsp;&nbsp;&nbsp;&nbsp; 2057528 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp;&nbsp;&nbsp; 3962509 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30697 | &nbsp;&nbsp;&nbsp;&nbsp; 4788732 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12188 | &nbsp;&nbsp;&nbsp;&nbsp; 2882218 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;270775 | &nbsp;&nbsp;&nbsp;&nbsp; 47927175 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25757 | &nbsp;&nbsp;&nbsp;&nbsp; 4329494 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599 | &nbsp;&nbsp;&nbsp;&nbsp; 773874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;100002073 |
| **Software — 9.0%** | **Software — 9.0%** | **Software — 9.0%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13590 | &nbsp;&nbsp;&nbsp;&nbsp; 4350567 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11607 | &nbsp;&nbsp;&nbsp;&nbsp; 3520867 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8533 | &nbsp;&nbsp;&nbsp;&nbsp; 2660931 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431 | &nbsp;&nbsp;&nbsp;&nbsp; 548994 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7949 | &nbsp;&nbsp;&nbsp;&nbsp; 1605937 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp; 1356178 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7827 | &nbsp;&nbsp;&nbsp;&nbsp; 4962944 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26005 | &nbsp;&nbsp;&nbsp;&nbsp; 5251710 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;23652 | &nbsp;&nbsp;&nbsp;&nbsp; 3984179 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17518 | &nbsp;&nbsp;&nbsp;&nbsp; 1956585 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I U.S. Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 2025— (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6544 | &nbsp;&nbsp;$2920064 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23672 | &nbsp;&nbsp;&nbsp;&nbsp; 5457343 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8462 | &nbsp;&nbsp;&nbsp;&nbsp; 6874613 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp; 979398 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp; 1035512 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11585 | &nbsp;&nbsp;&nbsp;&nbsp; 2497958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;49963780 |
| **Telecommunications — 3.7%** | **Telecommunications — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40759 | &nbsp;&nbsp;&nbsp;&nbsp; 5326386 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24905 | &nbsp;&nbsp;&nbsp;&nbsp; 648028 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120310 | &nbsp;&nbsp;&nbsp;&nbsp; 9256652 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14585 | &nbsp;&nbsp;&nbsp;&nbsp; 1228057 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp; 777437 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71253 | &nbsp;&nbsp;&nbsp;&nbsp; 2929211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20165771 |
| **Transportation — 0.5%** | **Transportation — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15975 | &nbsp;&nbsp;&nbsp;&nbsp; 564876 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp; 209564 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8817 | &nbsp;&nbsp;&nbsp;&nbsp; 2044045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818485 |
| **Total Long-Term Investment Securities<br> (cost $352,175,590)** |  | &nbsp;&nbsp;&nbsp;&nbsp;548976061 |
| **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> 3.94%(1)<br> (cost $3,361,290) | 3361290 | &nbsp;&nbsp;&nbsp;&nbsp; 3361290 |
| **TOTAL INVESTMENTS<br> (cost $355,536,880)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.9% | &nbsp;&nbsp;&nbsp;&nbsp;552337351 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541738 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$552879089 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| # | &nbsp;&nbsp;The security or a portion thereof is out on loan.<br> At November 30, 2025, the Fund had loaned securities with a total value of $4,646,817. This was secured by collateral of $4,723,459 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> November 30, 2025** |
| Federal Farm Credit Bank | 0.87% to 0.94% | 09/01/2026 to 09/28/2026 | $23249 |
| Federal Home Loan Bank | 0.55% to 3.83% | 01/20/2026 to 10/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;344554 |
| Federal National Mtg. Assoc. | 0.64% | 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23730 |
| United States Treasury Notes/Bonds | 0.13% to 6.13% | 07/15/2026 to 02/15/2055 | &nbsp;&nbsp;&nbsp;4331926 |

---

(1) The rate shown is the 7-day yield as of November 30, 2025.

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

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I U.S. Socially Responsible Fund

#### PORTFOLIO OF INVESTMENTS — November 30, 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;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$3703680 | &nbsp;&nbsp;&nbsp;&nbsp;$3772725 | &nbsp;&nbsp;&nbsp;&nbsp;$69045 |

---

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

The following is a summary of the inputs used to value the Fund's net assets as of November 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$548976061 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$548976061 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361290 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361290 |
| **Total Investments at Value** | &nbsp;&nbsp;$552337351 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$552337351 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$69045 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$69045 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2025 (unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive<br> Allocation<br> Lifestyle Fund** | &nbsp;&nbsp;**Asset<br> Allocation<br> Fund** | &nbsp;&nbsp;**Capital<br> Appreciation<br> Fund** | &nbsp;&nbsp;**Conservative<br> Allocation<br> Lifestyle Fund** | &nbsp;&nbsp;**Core Bond<br> Fund** | &nbsp;&nbsp;**Dividend<br> Value Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$5247394 | &nbsp;&nbsp;$148747553 | &nbsp;&nbsp;$358870151 | &nbsp;&nbsp;$2036118 | &nbsp;&nbsp;$2710763569 | &nbsp;&nbsp;$590584267 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751914092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283831763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19144335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585033 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762894 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6351 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20293 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66213 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757251167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151843301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359033993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285896229 | &nbsp;&nbsp;&nbsp;&nbsp;2734877868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594029251 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217438 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955168 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322461 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29416 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23934 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106702 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13223684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225966 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19387994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882051 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$757113183 | &nbsp;&nbsp;$151510939 | &nbsp;&nbsp;$358729697 | &nbsp;&nbsp;$285498930 | &nbsp;&nbsp;$2715489874 | &nbsp;&nbsp;$592147200 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$596210 | &nbsp;&nbsp;$117462 | &nbsp;&nbsp;$150526 | &nbsp;&nbsp;$228252 | &nbsp;&nbsp;$2664549 | &nbsp;&nbsp;$432217 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549500949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113057058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229744609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260178409 | &nbsp;&nbsp;&nbsp;&nbsp;2896218010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393524693 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207016024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38336419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128834562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25092269 | &nbsp;&nbsp;&nbsp;&nbsp;(183392685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198190290 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$757113183 | &nbsp;&nbsp;$151510939 | &nbsp;&nbsp;$358729697 | &nbsp;&nbsp;$285498930 | &nbsp;&nbsp;$2715489874 | &nbsp;&nbsp;$592147200 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59620963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11746230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15052556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22825172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266454931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43221730 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$12.70 | &nbsp;&nbsp;$12.90 | &nbsp;&nbsp;$23.83 | &nbsp;&nbsp;$12.51 | &nbsp;&nbsp;$10.19 | &nbsp;&nbsp;$13.70 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$5247394 | &nbsp;&nbsp;$130416517 | &nbsp;&nbsp;$265439709 | &nbsp;&nbsp;$2036118 | &nbsp;&nbsp;$2788767730 | &nbsp;&nbsp;$516816973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$623734647 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$261860014 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$354 | &nbsp;&nbsp;$84 |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$5259159 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23181914 | &nbsp;&nbsp;$6644148 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Dynamic<br> Allocation<br> Fund** | &nbsp;&nbsp;**Emerging<br> Economies<br> Fund** | &nbsp;&nbsp;**Global Real<br> Estate Fund** | &nbsp;&nbsp;**Global<br> Strategy<br> Fund** | &nbsp;&nbsp;**Government<br> Securities<br> Fund** | &nbsp;&nbsp;**Growth Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$23984617 | &nbsp;&nbsp;$844024148 | &nbsp;&nbsp;$284333072 | &nbsp;&nbsp;$239125696 | &nbsp;&nbsp;$159914128 | &nbsp;&nbsp;$1899834059 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107641468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18946 |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201968 |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12507 |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770348 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870814 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37581 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243036 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133112443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847517067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287024744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243228387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162587784 | &nbsp;&nbsp;&nbsp;&nbsp;1905991137 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792479 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822082 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012874 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101224 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43458 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150691 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16110548 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23034642 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$130734048 | &nbsp;&nbsp;$841614341 | &nbsp;&nbsp;$280622954 | &nbsp;&nbsp;$239809477 | &nbsp;&nbsp;$161875158 | &nbsp;&nbsp;$1882956495 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$114562 | &nbsp;&nbsp;$1081001 | &nbsp;&nbsp;$392304 | &nbsp;&nbsp;$206393 | &nbsp;&nbsp;$167597 | &nbsp;&nbsp;$968201 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114860346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712023822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345638196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191690353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178725271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875832183 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15759140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128509518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65407546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47912731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17017710) | &nbsp;&nbsp;&nbsp;&nbsp;1006156111 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$130734048 | &nbsp;&nbsp;$841614341 | &nbsp;&nbsp;$280622954 | &nbsp;&nbsp;$239809477 | &nbsp;&nbsp;$161875158 | &nbsp;&nbsp;$1882956495 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11456173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108100052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39230441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20639327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96820058 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$11.41 | &nbsp;&nbsp;$7.79 | &nbsp;&nbsp;$7.15 | &nbsp;&nbsp;$11.62 | &nbsp;&nbsp;$9.66 | &nbsp;&nbsp;$19.45 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$24081860 | &nbsp;&nbsp;$723897568 | &nbsp;&nbsp;$269861340 | &nbsp;&nbsp;$199387195 | &nbsp;&nbsp;$166673052 | &nbsp;&nbsp;$1290520084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$96099692 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$858148 | &nbsp;&nbsp;$57 | &nbsp;&nbsp;$22263 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18340 |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$15425394 | &nbsp;&nbsp;$16612328 | &nbsp;&nbsp;$4412398 | &nbsp;&nbsp;$6218487 | &nbsp;&nbsp;$17594406 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High Yield<br> Bond Fund** | &nbsp;&nbsp;**Inflation<br> Protected<br> Fund** | &nbsp;&nbsp;**International<br> Equities<br> Index Fund** | &nbsp;&nbsp;**International<br> Government<br> Bond Fund** | &nbsp;&nbsp;**International<br> Growth Fund** | &nbsp;&nbsp;**International<br> Opportunities<br> Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$361322175 | &nbsp;&nbsp;$391466633 | &nbsp;&nbsp;$2249678809 | &nbsp;&nbsp;$93765943 | &nbsp;&nbsp;$357583538 | &nbsp;&nbsp;$370039227 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11448109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610651 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4968757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601386 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11522730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943799 |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5696775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14036935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515186 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000174 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8139 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47788 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8974 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379784206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398947320 | &nbsp;&nbsp;&nbsp;&nbsp;2278335452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95820579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363438387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377776499 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87447 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18473680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288930 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247532 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19935 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49252 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193994 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18251 |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27433584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123215845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129560 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28538911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21097689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125096665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036113 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$351245295 | &nbsp;&nbsp;$377849631 | &nbsp;&nbsp;$2153238787 | &nbsp;&nbsp;$93453870 | &nbsp;&nbsp;$359231975 | &nbsp;&nbsp;$370740386 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$477376 | &nbsp;&nbsp;$421688 | &nbsp;&nbsp;$2192754 | &nbsp;&nbsp;$86350 | &nbsp;&nbsp;$262662 | &nbsp;&nbsp;$209906 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357470973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475340397 | &nbsp;&nbsp;&nbsp;&nbsp;1404073281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114686919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219813929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310925098 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6703054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97912454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746972752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21319399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139155384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59605382 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$351245295 | &nbsp;&nbsp;$377849631 | &nbsp;&nbsp;$2153238787 | &nbsp;&nbsp;$93453870 | &nbsp;&nbsp;$359231975 | &nbsp;&nbsp;$370740386 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47737625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42168777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219275434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8635030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26266196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20990614 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$7.36 | &nbsp;&nbsp;$8.96 | &nbsp;&nbsp;$9.82 | &nbsp;&nbsp;$10.82 | &nbsp;&nbsp;$13.68 | &nbsp;&nbsp;$17.66 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$355560748 | &nbsp;&nbsp;$406495352 | &nbsp;&nbsp;$1709228081 | &nbsp;&nbsp;$95492426 | &nbsp;&nbsp;$239798868 | &nbsp;&nbsp;$329991884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$999935 | &nbsp;&nbsp;$123018 | &nbsp;&nbsp;$11462692 | &nbsp;&nbsp;$484403 | &nbsp;&nbsp;$161484 | &nbsp;&nbsp;$947456 |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$28418663 | &nbsp;&nbsp;$63086 | &nbsp;&nbsp;$153244691 | &nbsp;&nbsp;$9441359 | &nbsp;&nbsp;$15088636 | &nbsp;&nbsp;$29799168 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**International<br> Socially<br> Responsible Fund** | &nbsp;&nbsp;**International<br> Value Fund** | &nbsp;&nbsp;**Large Cap<br> Core Fund** | &nbsp;&nbsp;**Mid Cap<br> Index Fund** | &nbsp;&nbsp;**Mid Cap<br> Strategic<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap<br> Value Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$563466166 | &nbsp;&nbsp;$408427195 | &nbsp;&nbsp;$825126243 | &nbsp;&nbsp;$2619156022 | &nbsp;&nbsp;$1258629665 | &nbsp;&nbsp;$623755515 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180773 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18055101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714207 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197224 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60106 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574302065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412559209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830291369 | &nbsp;&nbsp;&nbsp;&nbsp;2623177514 | &nbsp;&nbsp;&nbsp;&nbsp;1277284671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624912037 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68139 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3571468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220195 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350444 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32874 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64198 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136112 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26657810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26701994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800869 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4652150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29309944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27806626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674515 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$569649915 | &nbsp;&nbsp;$411846581 | &nbsp;&nbsp;$826883219 | &nbsp;&nbsp;$2593867570 | &nbsp;&nbsp;$1249478045 | &nbsp;&nbsp;$623237522 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$194486 | &nbsp;&nbsp;$317155 | &nbsp;&nbsp;$451388 | &nbsp;&nbsp;$1001837 | &nbsp;&nbsp;$542013 | &nbsp;&nbsp;$351233 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379883402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276019851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550585141 | &nbsp;&nbsp;&nbsp;&nbsp;1442915870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871898841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484333053 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189572027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135509575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275846690 | &nbsp;&nbsp;&nbsp;&nbsp;1149949863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377037191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138553236 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$569649915 | &nbsp;&nbsp;$411846581 | &nbsp;&nbsp;$826883219 | &nbsp;&nbsp;$2593867570 | &nbsp;&nbsp;$1249478045 | &nbsp;&nbsp;$623237522 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19448572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31715524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45138820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100183719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54201317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35123337 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$29.29 | &nbsp;&nbsp;$12.99 | &nbsp;&nbsp;$18.32 | &nbsp;&nbsp;$25.89 | &nbsp;&nbsp;$23.05 | &nbsp;&nbsp;$17.74 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$417892226 | &nbsp;&nbsp;$335267077 | &nbsp;&nbsp;$735425311 | &nbsp;&nbsp;$1912925115 | &nbsp;&nbsp;$1036213747 | &nbsp;&nbsp;$567514365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$2131936 | &nbsp;&nbsp;$118144 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$386 | &nbsp;&nbsp;$49 |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$565235 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$133461428 | &nbsp;&nbsp;$49749771 | &nbsp;&nbsp;$19626590 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Moderate<br> Allocation<br> Lifestyle Fund** | &nbsp;&nbsp;**Nasdaq-100®<br> Index Fund** | &nbsp;&nbsp;**Science &<br> Technology<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Growth Fund** | &nbsp;&nbsp;**Small Cap<br> Index Fund** | &nbsp;&nbsp;**Small Cap<br> Special<br> Values Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$11153741 | &nbsp;&nbsp;$1145132691 | &nbsp;&nbsp;$3161422014 | &nbsp;&nbsp;$471977202 | &nbsp;&nbsp;$1114147242 | &nbsp;&nbsp;$170528417 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;1028793358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11359926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118198 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6312073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48421 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8021 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;1040101118 | &nbsp;&nbsp;&nbsp;&nbsp;1146520398 | &nbsp;&nbsp;&nbsp;&nbsp;3180323635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472483040 | &nbsp;&nbsp;&nbsp;&nbsp;1117602276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170710199 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27684 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7317424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66539 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101174 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8990 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8819 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52651 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23730819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748856 |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13186774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25240746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015939 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$1039920669 | &nbsp;&nbsp;$1145904904 | &nbsp;&nbsp;$3167136861 | &nbsp;&nbsp;$469593662 | &nbsp;&nbsp;$1092361530 | &nbsp;&nbsp;$168694260 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$648316 | &nbsp;&nbsp;$416440 | &nbsp;&nbsp;$785364 | &nbsp;&nbsp;$261042 | &nbsp;&nbsp;$617330 | &nbsp;&nbsp;$154995 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820150924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313733526 | &nbsp;&nbsp;&nbsp;&nbsp;1650442262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476318880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700446604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145318849 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219121429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831754938 | &nbsp;&nbsp;&nbsp;&nbsp;1515909235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6986260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391297596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23220416 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$1039920669 | &nbsp;&nbsp;$1145904904 | &nbsp;&nbsp;$3167136861 | &nbsp;&nbsp;$469593662 | &nbsp;&nbsp;$1092361530 | &nbsp;&nbsp;$168694260 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64831589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41644035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78536365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26104203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61732956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15499465 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$16.04 | &nbsp;&nbsp;$27.52 | &nbsp;&nbsp;$40.33 | &nbsp;&nbsp;$17.99 | &nbsp;&nbsp;$17.69 | &nbsp;&nbsp;$10.88 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$11153741 | &nbsp;&nbsp;$473836586 | &nbsp;&nbsp;$1999000526 | &nbsp;&nbsp;$415729954 | &nbsp;&nbsp;$845130052 | &nbsp;&nbsp;$164003912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$888959711 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23672 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$7837886 | &nbsp;&nbsp;$17461608 | &nbsp;&nbsp;$36684319 | &nbsp;&nbsp;$115700195 | &nbsp;&nbsp;$15269630 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap<br> Value Fund** | &nbsp;&nbsp;**Stock Index<br> Fund** | &nbsp;&nbsp;**Systematic<br> Core Fund** | &nbsp;&nbsp;**Systematic<br> Growth Fund** | &nbsp;&nbsp;**Systematic<br> Value Fund** | &nbsp;&nbsp;**U.S. Socially<br> Responsible<br> Fund** |
| **ASSETS:** |  |  |  |  |  |  |
| Investment securities, at value (unaffiliated)\*‡<br>| &nbsp;&nbsp;$243196652 | &nbsp;&nbsp;$6677033794 | &nbsp;&nbsp;$740909312 | &nbsp;&nbsp;$1078778585 | &nbsp;&nbsp;$477879815 | &nbsp;&nbsp;$552337351 |
| Investment securities, at value (affiliated)\*‡<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7269804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246161 |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44813 |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212821 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336978 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53651 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9072 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247527260 | &nbsp;&nbsp;&nbsp;&nbsp;6686472095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744639655 | &nbsp;&nbsp;&nbsp;&nbsp;1088818911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479675296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553240919 |
| **LIABILITIES:** |  |  |  |  |  |  |
| Payable for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92543 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113397 |
| &nbsp;&nbsp;&nbsp;Administrative service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30227 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56611 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67859 |
| &nbsp;&nbsp;&nbsp;Line of credit<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Premiums received on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3493819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361830 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$245054920 | &nbsp;&nbsp;$6683586313 | &nbsp;&nbsp;$741145836 | &nbsp;&nbsp;$1087417792 | &nbsp;&nbsp;$479279902 | &nbsp;&nbsp;$552879089 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |  |
| Capital shares at par value of $0.01 per share<br>| &nbsp;&nbsp;$183973 | &nbsp;&nbsp;$983235 | &nbsp;&nbsp;$199645 | &nbsp;&nbsp;$502886 | &nbsp;&nbsp;$291062 | &nbsp;&nbsp;$279619 |
| Additional paid-in-capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167229222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539159071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382124191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436475673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320068093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253497668 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77641725 | &nbsp;&nbsp;&nbsp;&nbsp;6143444007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358822000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650439233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158920747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299101802 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$245054920 | &nbsp;&nbsp;$6683586313 | &nbsp;&nbsp;$741145836 | &nbsp;&nbsp;$1087417792 | &nbsp;&nbsp;$479279902 | &nbsp;&nbsp;$552879089 |
| **CAPITAL SHARES:** |  |  |  |  |  |  |
| Authorized (Par value $0.01 per share)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000000 |
| Outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18397282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98323498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19964473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50288564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29106157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27961886 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE<br>**  | &nbsp;&nbsp;$13.32 | &nbsp;&nbsp;$67.98 | &nbsp;&nbsp;$37.12 | &nbsp;&nbsp;$21.62 | &nbsp;&nbsp;$16.47 | &nbsp;&nbsp;$19.77 |
| <br>\* Cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (unaffiliated)<br>| &nbsp;&nbsp;$212553627 | &nbsp;&nbsp;$1952876167 | &nbsp;&nbsp;$459500915 | &nbsp;&nbsp;$628688545 | &nbsp;&nbsp;$396855622 | &nbsp;&nbsp;$355536880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| ‡ Including securities on loan<br>| &nbsp;&nbsp;$14242749 | &nbsp;&nbsp;$11694408 | &nbsp;&nbsp;$12151069 | &nbsp;&nbsp;$3618227 | &nbsp;&nbsp;$5749061 | &nbsp;&nbsp;$4646817 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2025 (unaudited)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive<br> Allocation<br> Lifestyle Fund** | &nbsp;&nbsp;**Asset<br> Allocation<br> Fund** | &nbsp;&nbsp;**Capital<br> Appreciation<br> Fund** | &nbsp;&nbsp;**Conservative<br> Allocation<br> Lifestyle Fund** | &nbsp;&nbsp;**Core Bond<br> Fund** | &nbsp;&nbsp;**Dividend<br> Value Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$117665 | &nbsp;&nbsp;$478776 | &nbsp;&nbsp;$876365 | &nbsp;&nbsp;$43737 | &nbsp;&nbsp;$1101636 | &nbsp;&nbsp;$7155682 |
| Securities lending income (net of fees and rebates paid to borrowers)<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;3155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47147 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1160655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60204472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117665 | &nbsp;&nbsp;&nbsp;&nbsp;1642586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43737 | &nbsp;&nbsp;&nbsp;&nbsp;61376970 | &nbsp;&nbsp;&nbsp;&nbsp;7203242 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641268 | &nbsp;&nbsp;&nbsp;&nbsp;2219006 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204501 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26603 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19680 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20042 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12244 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30577 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10563 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522262 | &nbsp;&nbsp;&nbsp;&nbsp;1203770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6929202 | &nbsp;&nbsp;&nbsp;&nbsp;2571953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484140 | &nbsp;&nbsp;&nbsp;&nbsp;1203770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519268 | &nbsp;&nbsp;&nbsp;&nbsp;2109217 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263560) | &nbsp;&nbsp;&nbsp;&nbsp;1158446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134108) | &nbsp;&nbsp;&nbsp;&nbsp;54857702 | &nbsp;&nbsp;&nbsp;&nbsp;5094025 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8136581 | &nbsp;&nbsp;&nbsp;&nbsp;16906008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001919 | &nbsp;&nbsp;&nbsp;&nbsp;66573171 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;46711300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6869320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22245 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;46711300 | &nbsp;&nbsp;&nbsp;&nbsp;8164432 | &nbsp;&nbsp;&nbsp;&nbsp;16906008 | &nbsp;&nbsp;&nbsp;&nbsp;6869320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512829 | &nbsp;&nbsp;&nbsp;&nbsp;66595416 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6553294 | &nbsp;&nbsp;&nbsp;&nbsp;37455827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;82586635 | &nbsp;&nbsp;&nbsp;&nbsp;(2171627) |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;38038328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16368853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(867829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685 |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;38038328 | &nbsp;&nbsp;&nbsp;&nbsp;6553470 | &nbsp;&nbsp;&nbsp;&nbsp;37455827 | &nbsp;&nbsp;&nbsp;&nbsp;16368853 | &nbsp;&nbsp;&nbsp;&nbsp;81718818 | &nbsp;&nbsp;&nbsp;&nbsp;(2168942) |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;84749628 | &nbsp;&nbsp;&nbsp;&nbsp;14717902 | &nbsp;&nbsp;&nbsp;&nbsp;54361835 | &nbsp;&nbsp;&nbsp;&nbsp;23238173 | &nbsp;&nbsp;&nbsp;&nbsp;87231647 | &nbsp;&nbsp;&nbsp;&nbsp;64426474 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$84486068 | &nbsp;&nbsp;$15876348 | &nbsp;&nbsp;$54034527 | &nbsp;&nbsp;$23104065 | &nbsp;&nbsp;$142089349 | &nbsp;&nbsp;$69520499 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$3026 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(620) | &nbsp;&nbsp;$58595 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Dynamic<br> Allocation<br> Fund** | &nbsp;&nbsp;**Emerging<br> Economies<br> Fund** | &nbsp;&nbsp;**Global Real<br> Estate Fund** | &nbsp;&nbsp;**Global<br> Strategy<br> Fund** | &nbsp;&nbsp;**Government<br> Securities<br> Fund** | &nbsp;&nbsp;**Growth Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$92643 | &nbsp;&nbsp;$11299845 | &nbsp;&nbsp;$3947394 | &nbsp;&nbsp;$1314008 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4869937 |
| Securities lending income (net of fees and rebates paid to borrowers)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5463 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53382 | &nbsp;&nbsp;&nbsp;&nbsp;2834984 | &nbsp;&nbsp;&nbsp;&nbsp;3020093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495236 | &nbsp;&nbsp;&nbsp;&nbsp;11428297 | &nbsp;&nbsp;&nbsp;&nbsp;4007469 | &nbsp;&nbsp;&nbsp;&nbsp;4156067 | &nbsp;&nbsp;&nbsp;&nbsp;3021058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880139 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013507 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599440 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28250 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36417 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20042 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27468 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75685 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23232 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4222341 | &nbsp;&nbsp;&nbsp;&nbsp;1175113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1439231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4222341 | &nbsp;&nbsp;&nbsp;&nbsp;1162579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436843 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205956 | &nbsp;&nbsp;&nbsp;&nbsp;2844890 | &nbsp;&nbsp;&nbsp;&nbsp;3408473 | &nbsp;&nbsp;&nbsp;&nbsp;2557175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556704) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;(2002838) | &nbsp;&nbsp;&nbsp;&nbsp;55578664 | &nbsp;&nbsp;&nbsp;&nbsp;(173987) | &nbsp;&nbsp;&nbsp;&nbsp;11767677 | &nbsp;&nbsp;&nbsp;&nbsp;(610077) | &nbsp;&nbsp;&nbsp;&nbsp;205287929 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8555983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;1402853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248880 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(654600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;7955998 | &nbsp;&nbsp;&nbsp;&nbsp;57093068 | &nbsp;&nbsp;&nbsp;&nbsp;(184547) | &nbsp;&nbsp;&nbsp;&nbsp;11555554 | &nbsp;&nbsp;&nbsp;&nbsp;(596112) | &nbsp;&nbsp;&nbsp;&nbsp;205542371 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612801 | &nbsp;&nbsp;&nbsp;&nbsp;67921157 | &nbsp;&nbsp;&nbsp;&nbsp;6538092 | &nbsp;&nbsp;&nbsp;&nbsp;13621662 | &nbsp;&nbsp;&nbsp;&nbsp;5152033 | &nbsp;&nbsp;&nbsp;&nbsp;45053817 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3161427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53863 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1968617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;4266186 | &nbsp;&nbsp;&nbsp;&nbsp;65977122 | &nbsp;&nbsp;&nbsp;&nbsp;6524376 | &nbsp;&nbsp;&nbsp;&nbsp;13672288 | &nbsp;&nbsp;&nbsp;&nbsp;5158971 | &nbsp;&nbsp;&nbsp;&nbsp;45108243 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;12222184 | &nbsp;&nbsp;&nbsp;&nbsp;123070190 | &nbsp;&nbsp;&nbsp;&nbsp;6339829 | &nbsp;&nbsp;&nbsp;&nbsp;25227842 | &nbsp;&nbsp;&nbsp;&nbsp;4562859 | &nbsp;&nbsp;&nbsp;&nbsp;250650614 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$12487341 | &nbsp;&nbsp;$130276146 | &nbsp;&nbsp;$9184719 | &nbsp;&nbsp;$28636315 | &nbsp;&nbsp;$7120034 | &nbsp;&nbsp;$250093910 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$1439637 | &nbsp;&nbsp;$125899 | &nbsp;&nbsp;$140207 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$43159 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$140519 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1224 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High Yield<br> Bond Fund** | &nbsp;&nbsp;**Inflation<br> Protected<br> Fund** | &nbsp;&nbsp;**International<br> Equities<br> Index Fund** | &nbsp;&nbsp;**International<br> Government<br> Bond Fund** | &nbsp;&nbsp;**International<br> Growth Fund** | &nbsp;&nbsp;**International<br> Opportunities<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20532809 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$823619 | &nbsp;&nbsp;$3103412 |
| Securities lending income (net of fees and rebates paid to borrowers)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38335 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13966760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8269160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57709 | &nbsp;&nbsp;&nbsp;&nbsp;1786007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;14175151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8269344 | &nbsp;&nbsp;&nbsp;&nbsp;20728539 | &nbsp;&nbsp;&nbsp;&nbsp;1788597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868636 | &nbsp;&nbsp;&nbsp;&nbsp;3181997 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;1236087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735213 | &nbsp;&nbsp;&nbsp;&nbsp;1454636 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116995 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154515 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30576 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26636 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8877 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15405 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;1502721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999197 | &nbsp;&nbsp;&nbsp;&nbsp;1883053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1358280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516018 | &nbsp;&nbsp;&nbsp;&nbsp;1830361 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12816871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7046189 | &nbsp;&nbsp;&nbsp;&nbsp;16467226 | &nbsp;&nbsp;&nbsp;&nbsp;1483493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(647382) | &nbsp;&nbsp;&nbsp;&nbsp;1351636 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;4412749 | &nbsp;&nbsp;&nbsp;&nbsp;(6930988) | &nbsp;&nbsp;&nbsp;&nbsp;92673424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762567 | &nbsp;&nbsp;&nbsp;&nbsp;18242475 | &nbsp;&nbsp;&nbsp;&nbsp;31624121 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54489 | &nbsp;&nbsp;&nbsp;&nbsp;(9143808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;4457877 | &nbsp;&nbsp;&nbsp;&nbsp;(14348121) | &nbsp;&nbsp;&nbsp;&nbsp;96610467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786098 | &nbsp;&nbsp;&nbsp;&nbsp;18260666 | &nbsp;&nbsp;&nbsp;&nbsp;31628961 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6058660 | &nbsp;&nbsp;&nbsp;&nbsp;21157383 | &nbsp;&nbsp;&nbsp;&nbsp;53481962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634696 | &nbsp;&nbsp;&nbsp;&nbsp;(11946939) | &nbsp;&nbsp;&nbsp;&nbsp;(2734290) |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(552594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6324167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59057) |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72114 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;5987567 | &nbsp;&nbsp;&nbsp;&nbsp;26723818 | &nbsp;&nbsp;&nbsp;&nbsp;53977343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626171 | &nbsp;&nbsp;&nbsp;&nbsp;(12400992) | &nbsp;&nbsp;&nbsp;&nbsp;(2721233) |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;10445444 | &nbsp;&nbsp;&nbsp;&nbsp;12375697 | &nbsp;&nbsp;&nbsp;&nbsp;150587810 | &nbsp;&nbsp;&nbsp;&nbsp;1412269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5859674 | &nbsp;&nbsp;&nbsp;&nbsp;28907728 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$23262315 | &nbsp;&nbsp;$19421886 | &nbsp;&nbsp;$167055036 | &nbsp;&nbsp;$2895762 | &nbsp;&nbsp;$5212292 | &nbsp;&nbsp;$30259364 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$3660 | &nbsp;&nbsp;$1440190 | &nbsp;&nbsp;$327 | &nbsp;&nbsp;$135375 | &nbsp;&nbsp;$298094 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$63150 | &nbsp;&nbsp;$72552 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**International<br> Socially<br> Responsible Fund** | &nbsp;&nbsp;**International<br> Value Fund** | &nbsp;&nbsp;**Large Cap<br> Core Fund** | &nbsp;&nbsp;**Mid Cap<br> Index Fund** | &nbsp;&nbsp;**Mid Cap<br> Strategic<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap<br> Value Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$5439797 | &nbsp;&nbsp;$5688630 | &nbsp;&nbsp;$2886799 | &nbsp;&nbsp;$19256967 | &nbsp;&nbsp;$3655063 | &nbsp;&nbsp;$5075825 |
| Securities lending income (net of fees and rebates paid to borrowers)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73426 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;5458911 | &nbsp;&nbsp;&nbsp;&nbsp;5703744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934142 | &nbsp;&nbsp;&nbsp;&nbsp;19354754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169404 | &nbsp;&nbsp;&nbsp;&nbsp;5158521 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;1419128 | &nbsp;&nbsp;&nbsp;&nbsp;1434177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036074 | &nbsp;&nbsp;&nbsp;&nbsp;2145762 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201324 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239 | &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;9095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37318 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39100 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26635 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11363 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28703 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9509 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;1798804 | &nbsp;&nbsp;&nbsp;&nbsp;1730961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4727894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663861 | &nbsp;&nbsp;&nbsp;&nbsp;2531167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1541791 | &nbsp;&nbsp;&nbsp;&nbsp;1589722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4576889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4642991 | &nbsp;&nbsp;&nbsp;&nbsp;2529612 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3917120 | &nbsp;&nbsp;&nbsp;&nbsp;4114022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743675 | &nbsp;&nbsp;&nbsp;&nbsp;14777865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473587) | &nbsp;&nbsp;&nbsp;&nbsp;2628909 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;16799039 | &nbsp;&nbsp;&nbsp;&nbsp;23452213 | &nbsp;&nbsp;&nbsp;&nbsp;113222388 | &nbsp;&nbsp;&nbsp;&nbsp;146230167 | &nbsp;&nbsp;&nbsp;&nbsp;81271974 | &nbsp;&nbsp;&nbsp;&nbsp;25852787 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1018520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;17279660 | &nbsp;&nbsp;&nbsp;&nbsp;23956747 | &nbsp;&nbsp;&nbsp;&nbsp;113126366 | &nbsp;&nbsp;&nbsp;&nbsp;145670448 | &nbsp;&nbsp;&nbsp;&nbsp;81270352 | &nbsp;&nbsp;&nbsp;&nbsp;25852787 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23249960 | &nbsp;&nbsp;&nbsp;&nbsp;22211022 | &nbsp;&nbsp;&nbsp;&nbsp;(47883324) | &nbsp;&nbsp;&nbsp;&nbsp;104112439 | &nbsp;&nbsp;&nbsp;&nbsp;25725525 | &nbsp;&nbsp;&nbsp;&nbsp;30764383 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;23231657 | &nbsp;&nbsp;&nbsp;&nbsp;22284941 | &nbsp;&nbsp;&nbsp;&nbsp;(47884467) | &nbsp;&nbsp;&nbsp;&nbsp;104667314 | &nbsp;&nbsp;&nbsp;&nbsp;25725518 | &nbsp;&nbsp;&nbsp;&nbsp;30764384 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;40511317 | &nbsp;&nbsp;&nbsp;&nbsp;46241688 | &nbsp;&nbsp;&nbsp;&nbsp;65241899 | &nbsp;&nbsp;&nbsp;&nbsp;250337762 | &nbsp;&nbsp;&nbsp;&nbsp;106995870 | &nbsp;&nbsp;&nbsp;&nbsp;56617171 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$44428437 | &nbsp;&nbsp;$50355710 | &nbsp;&nbsp;$65985574 | &nbsp;&nbsp;$265115627 | &nbsp;&nbsp;$106522283 | &nbsp;&nbsp;$59246080 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$444269 | &nbsp;&nbsp;$485133 | &nbsp;&nbsp;$46297 | &nbsp;&nbsp;$14266 | &nbsp;&nbsp;$55610 | &nbsp;&nbsp;$15467 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Moderate<br> Allocation<br> Lifestyle Fund** | &nbsp;&nbsp;**Nasdaq-100®<br> Index Fund** | &nbsp;&nbsp;**Science &<br> Technology<br> Fund** | &nbsp;&nbsp;**Small Cap<br> Growth Fund** | &nbsp;&nbsp;**Small Cap<br> Index Fund** | &nbsp;&nbsp;**Small Cap<br> Special<br> Values Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$162037 | &nbsp;&nbsp;$3807632 | &nbsp;&nbsp;$5529419 | &nbsp;&nbsp;$914715 | &nbsp;&nbsp;$7643632 | &nbsp;&nbsp;$1752553 |
| Securities lending income (net of fees and rebates paid to borrowers)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9394 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8051857 | &nbsp;&nbsp;&nbsp;&nbsp;1761960 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059930 | &nbsp;&nbsp;&nbsp;&nbsp;13341251 | &nbsp;&nbsp;&nbsp;&nbsp;2036139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655634 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58255 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8328 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7885 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20041 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732033 | &nbsp;&nbsp;&nbsp;&nbsp;14732602 | &nbsp;&nbsp;&nbsp;&nbsp;2328638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290983 | &nbsp;&nbsp;&nbsp;&nbsp;13947758 | &nbsp;&nbsp;&nbsp;&nbsp;2202946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778218 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8210682) | &nbsp;&nbsp;&nbsp;&nbsp;(1261211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983742 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;57482098 | &nbsp;&nbsp;&nbsp;&nbsp;176188183 | &nbsp;&nbsp;&nbsp;&nbsp;13300438 | &nbsp;&nbsp;&nbsp;&nbsp;71026883 | &nbsp;&nbsp;&nbsp;&nbsp;3594126 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;48966208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;48966208 | &nbsp;&nbsp;&nbsp;&nbsp;58171509 | &nbsp;&nbsp;&nbsp;&nbsp;176091131 | &nbsp;&nbsp;&nbsp;&nbsp;12931128 | &nbsp;&nbsp;&nbsp;&nbsp;73528938 | &nbsp;&nbsp;&nbsp;&nbsp;3594126 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;132380645 | &nbsp;&nbsp;&nbsp;&nbsp;431048891 | &nbsp;&nbsp;&nbsp;&nbsp;56889183 | &nbsp;&nbsp;&nbsp;&nbsp;128186648 | &nbsp;&nbsp;&nbsp;&nbsp;5436366 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;51680459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;51680459 | &nbsp;&nbsp;&nbsp;&nbsp;132383214 | &nbsp;&nbsp;&nbsp;&nbsp;431031621 | &nbsp;&nbsp;&nbsp;&nbsp;57473434 | &nbsp;&nbsp;&nbsp;&nbsp;128794331 | &nbsp;&nbsp;&nbsp;&nbsp;5436366 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;100646667 | &nbsp;&nbsp;&nbsp;&nbsp;190554723 | &nbsp;&nbsp;&nbsp;&nbsp;607122752 | &nbsp;&nbsp;&nbsp;&nbsp;70404562 | &nbsp;&nbsp;&nbsp;&nbsp;202323269 | &nbsp;&nbsp;&nbsp;&nbsp;9030492 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$100301542 | &nbsp;&nbsp;$192081358 | &nbsp;&nbsp;$598912070 | &nbsp;&nbsp;$69143351 | &nbsp;&nbsp;$208398452 | &nbsp;&nbsp;$10014234 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$12500 | &nbsp;&nbsp;$151620 | &nbsp;&nbsp;$7006 | &nbsp;&nbsp;$11218 | &nbsp;&nbsp;$— |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF OPERATIONS — For the Six Months Ended November 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap<br> Value Fund** | &nbsp;&nbsp;**Stock Index<br> Fund** | &nbsp;&nbsp;**Systematic<br> Core Fund** | &nbsp;&nbsp;**Systematic<br> Growth Fund** | &nbsp;&nbsp;**Systematic<br> Value Fund** | &nbsp;&nbsp;**U.S. Socially<br> Responsible<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$2388516 | &nbsp;&nbsp;$41220350 | &nbsp;&nbsp;$4355277 | &nbsp;&nbsp;$2681886 | &nbsp;&nbsp;$4844603 | &nbsp;&nbsp;$3505953 |
| Securities lending income (net of fees and rebates paid to borrowers)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2453558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41399822 | &nbsp;&nbsp;&nbsp;&nbsp;4441540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718939 | &nbsp;&nbsp;&nbsp;&nbsp;4903703 | &nbsp;&nbsp;&nbsp;&nbsp;3511560 |
| **EXPENSES:** |  |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7279037 | &nbsp;&nbsp;&nbsp;&nbsp;2735725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806603 | &nbsp;&nbsp;&nbsp;&nbsp;1592402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708756 |
| Administration service fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188926 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 |
| Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12209 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45527 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22171 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16970 |
| Directors' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25393 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;1004684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10261367 | &nbsp;&nbsp;&nbsp;&nbsp;3114361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313942 | &nbsp;&nbsp;&nbsp;&nbsp;1853009 | &nbsp;&nbsp;&nbsp;&nbsp;1049178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2846295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(811134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7415072 | &nbsp;&nbsp;&nbsp;&nbsp;2303227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363879 | &nbsp;&nbsp;&nbsp;&nbsp;1523529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992478 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1464012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33984750 | &nbsp;&nbsp;&nbsp;&nbsp;2138313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(644940) | &nbsp;&nbsp;&nbsp;&nbsp;3380174 | &nbsp;&nbsp;&nbsp;&nbsp;2519082 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;11847106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663656397 | &nbsp;&nbsp;&nbsp;&nbsp;32985234 | &nbsp;&nbsp;&nbsp;&nbsp;73125474 | &nbsp;&nbsp;&nbsp;&nbsp;29430915 | &nbsp;&nbsp;&nbsp;&nbsp;29215644 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323623 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;12580549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666709372 | &nbsp;&nbsp;&nbsp;&nbsp;32985234 | &nbsp;&nbsp;&nbsp;&nbsp;73125474 | &nbsp;&nbsp;&nbsp;&nbsp;29430915 | &nbsp;&nbsp;&nbsp;&nbsp;29539267 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;32549100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309071945 | &nbsp;&nbsp;&nbsp;&nbsp;63706624 | &nbsp;&nbsp;&nbsp;&nbsp;111115581 | &nbsp;&nbsp;&nbsp;&nbsp;17663187 | &nbsp;&nbsp;&nbsp;&nbsp;20540144 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70943 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;32680137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309707305 | &nbsp;&nbsp;&nbsp;&nbsp;63706624 | &nbsp;&nbsp;&nbsp;&nbsp;111115581 | &nbsp;&nbsp;&nbsp;&nbsp;17663187 | &nbsp;&nbsp;&nbsp;&nbsp;20611087 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;45260686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976416677 | &nbsp;&nbsp;&nbsp;&nbsp;96691858 | &nbsp;&nbsp;&nbsp;&nbsp;184241055 | &nbsp;&nbsp;&nbsp;&nbsp;47094102 | &nbsp;&nbsp;&nbsp;&nbsp;50150354 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$46724698 | &nbsp;&nbsp;$1010401427 | &nbsp;&nbsp;$98830171 | &nbsp;&nbsp;$183596115 | &nbsp;&nbsp;$50474276 | &nbsp;&nbsp;$52669436 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$2639 | &nbsp;&nbsp;$9437 | &nbsp;&nbsp;$15482 | &nbsp;&nbsp;$780 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$401 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Aggressive Allocation Lifestyle Fund** | &nbsp;&nbsp;**Aggressive Allocation Lifestyle Fund** | &nbsp;&nbsp;**Asset Allocation<br> Fund** | &nbsp;&nbsp;**Asset Allocation<br> Fund** | &nbsp;&nbsp;**Capital Appreciation Fund** | &nbsp;&nbsp;**Capital Appreciation Fund** | &nbsp;&nbsp;**Conservative Allocation<br> Lifestyle Fund** | &nbsp;&nbsp;**Conservative Allocation<br> Lifestyle Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$(263560) | &nbsp;&nbsp;$14730982 | &nbsp;&nbsp;$1158446 | &nbsp;&nbsp;$2308068 | &nbsp;&nbsp;$(327308) | &nbsp;&nbsp;$(295694) | &nbsp;&nbsp;$(134108) | &nbsp;&nbsp;$8171848 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;46711300 | &nbsp;&nbsp;&nbsp;&nbsp;25652659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8164432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133479 | &nbsp;&nbsp;&nbsp;&nbsp;16906008 | &nbsp;&nbsp;&nbsp;&nbsp;19214660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524077 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;38038328 | &nbsp;&nbsp;&nbsp;&nbsp;30208646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6553470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523844 | &nbsp;&nbsp;&nbsp;&nbsp;37455827 | &nbsp;&nbsp;&nbsp;&nbsp;19874095 | &nbsp;&nbsp;&nbsp;&nbsp;16368853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9003363 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;84486068 | &nbsp;&nbsp;&nbsp;&nbsp;70592287 | &nbsp;&nbsp;&nbsp;&nbsp;15876348 | &nbsp;&nbsp;&nbsp;&nbsp;11965391 | &nbsp;&nbsp;&nbsp;&nbsp;54034527 | &nbsp;&nbsp;&nbsp;&nbsp;38793061 | &nbsp;&nbsp;&nbsp;&nbsp;23104065 | &nbsp;&nbsp;&nbsp;&nbsp;21699288 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(18268533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7933999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4286202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7642651) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(40318119) | &nbsp;&nbsp;&nbsp;&nbsp;(35180768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9452944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6576396) | &nbsp;&nbsp;&nbsp;&nbsp;(23121897) | &nbsp;&nbsp;&nbsp;&nbsp;80147540 | &nbsp;&nbsp;&nbsp;&nbsp;(17354438) | &nbsp;&nbsp;&nbsp;&nbsp;(27869115) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;44167949 | &nbsp;&nbsp;&nbsp;&nbsp;17142986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6423404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2545004) | &nbsp;&nbsp;&nbsp;&nbsp;30912630 | &nbsp;&nbsp;&nbsp;&nbsp;114654399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749627 | &nbsp;&nbsp;&nbsp;&nbsp;(13812478) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;712945234 | &nbsp;&nbsp;&nbsp;&nbsp;695802248 | &nbsp;&nbsp;&nbsp;&nbsp;145087535 | &nbsp;&nbsp;&nbsp;&nbsp;147632539 | &nbsp;&nbsp;&nbsp;&nbsp;327817067 | &nbsp;&nbsp;&nbsp;&nbsp;213162668 | &nbsp;&nbsp;&nbsp;&nbsp;279749303 | &nbsp;&nbsp;&nbsp;&nbsp;293561781 |
| End of period<br>| &nbsp;&nbsp;$757113183 | &nbsp;&nbsp;$712945234 | &nbsp;&nbsp;$151510939 | &nbsp;&nbsp;$145087535 | &nbsp;&nbsp;$358729697 | &nbsp;&nbsp;$327817067 | &nbsp;&nbsp;$285498930 | &nbsp;&nbsp;$279749303 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Dividend Value Fund** | &nbsp;&nbsp;**Dividend Value Fund** | &nbsp;&nbsp;**Dynamic<br> Allocation Fund** | &nbsp;&nbsp;**Dynamic<br> Allocation Fund** | &nbsp;&nbsp;**Emerging Economies<br> Fund** | &nbsp;&nbsp;**Emerging Economies<br> Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$54857702 | &nbsp;&nbsp;$99661301 | &nbsp;&nbsp;$5094025 | &nbsp;&nbsp;$13163100 | &nbsp;&nbsp;$265157 | &nbsp;&nbsp;$2455601 | &nbsp;&nbsp;$7205956 | &nbsp;&nbsp;$12865465 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17676730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66595416 | &nbsp;&nbsp;&nbsp;&nbsp;61482274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7955998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674574 | &nbsp;&nbsp;&nbsp;&nbsp;57093068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6722843 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81718818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64437314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2168942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6185165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214237 | &nbsp;&nbsp;&nbsp;&nbsp;65977122 | &nbsp;&nbsp;&nbsp;&nbsp;53504861 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142089349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146421885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69520499 | &nbsp;&nbsp;&nbsp;&nbsp;68460209 | &nbsp;&nbsp;&nbsp;&nbsp;12487341 | &nbsp;&nbsp;&nbsp;&nbsp;11344412 | &nbsp;&nbsp;&nbsp;&nbsp;130276146 | &nbsp;&nbsp;&nbsp;&nbsp;73093169 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(101852375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(42334802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4111064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26325689) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(133415114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85342413 | &nbsp;&nbsp;&nbsp;&nbsp;(158080535) | &nbsp;&nbsp;&nbsp;&nbsp;(12840788) | &nbsp;&nbsp;&nbsp;&nbsp;(12451333) | &nbsp;&nbsp;&nbsp;&nbsp;(18101879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121612 | &nbsp;&nbsp;&nbsp;&nbsp;14112125 |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8674235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129911923 | &nbsp;&nbsp;&nbsp;&nbsp;(88560036) | &nbsp;&nbsp;&nbsp;&nbsp;13284619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36008 | &nbsp;&nbsp;&nbsp;&nbsp;(10868531) | &nbsp;&nbsp;&nbsp;&nbsp;136397758 | &nbsp;&nbsp;&nbsp;&nbsp;60879605 |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;2706815639 | &nbsp;&nbsp;&nbsp;&nbsp;2576903716 | &nbsp;&nbsp;&nbsp;&nbsp;680707236 | &nbsp;&nbsp;&nbsp;&nbsp;667422617 | &nbsp;&nbsp;&nbsp;&nbsp;130698040 | &nbsp;&nbsp;&nbsp;&nbsp;141566571 | &nbsp;&nbsp;&nbsp;&nbsp;705216583 | &nbsp;&nbsp;&nbsp;&nbsp;644336978 |
| End of period<br>| &nbsp;&nbsp;$2715489874 | &nbsp;&nbsp;$2706815639 | &nbsp;&nbsp;$592147200 | &nbsp;&nbsp;$680707236 | &nbsp;&nbsp;$130734048 | &nbsp;&nbsp;$130698040 | &nbsp;&nbsp;$841614341 | &nbsp;&nbsp;$705216583 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Global Real<br> Estate Fund** | &nbsp;&nbsp;**Global Real<br> Estate Fund** | &nbsp;&nbsp;**Global Strategy<br> Fund** | &nbsp;&nbsp;**Global Strategy<br> Fund** | &nbsp;&nbsp;**Government Securities<br> Fund** | &nbsp;&nbsp;**Government Securities<br> Fund** | &nbsp;&nbsp;**Growth Fund** | &nbsp;&nbsp;**Growth Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$2844890 | &nbsp;&nbsp;$7800189 | &nbsp;&nbsp;$3408473 | &nbsp;&nbsp;$7497498 | &nbsp;&nbsp;$2557175 | &nbsp;&nbsp;$3595685 | &nbsp;&nbsp;$(556704) | &nbsp;&nbsp;$(2117223) |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8727106 | &nbsp;&nbsp;&nbsp;&nbsp;11555554 | &nbsp;&nbsp;&nbsp;&nbsp;13711651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205542371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193298968 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6524376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404559 | &nbsp;&nbsp;&nbsp;&nbsp;13672288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(578944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5158971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45108243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58320503 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9184719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23931854 | &nbsp;&nbsp;&nbsp;&nbsp;28636315 | &nbsp;&nbsp;&nbsp;&nbsp;20630205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6397811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250093910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249502248 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6623573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8347100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3794637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53217747) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;24875863 | &nbsp;&nbsp;&nbsp;&nbsp;(117357384) | &nbsp;&nbsp;&nbsp;&nbsp;(14889707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7647182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1994676) | &nbsp;&nbsp;&nbsp;&nbsp;24918622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87613160) | &nbsp;&nbsp;&nbsp;&nbsp;(132379260) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;34060582 | &nbsp;&nbsp;&nbsp;&nbsp;(100049103) | &nbsp;&nbsp;&nbsp;&nbsp;13746608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125358 | &nbsp;&nbsp;&nbsp;&nbsp;27521796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162480750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63905241 |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;246562372 | &nbsp;&nbsp;&nbsp;&nbsp;346611475 | &nbsp;&nbsp;&nbsp;&nbsp;226062869 | &nbsp;&nbsp;&nbsp;&nbsp;221426946 | &nbsp;&nbsp;&nbsp;&nbsp;156749800 | &nbsp;&nbsp;&nbsp;&nbsp;129228004 | &nbsp;&nbsp;&nbsp;&nbsp;1720475745 | &nbsp;&nbsp;&nbsp;&nbsp;1656570504 |
| End of period<br>| &nbsp;&nbsp;$280622954 | &nbsp;&nbsp;$246562372 | &nbsp;&nbsp;$239809477 | &nbsp;&nbsp;$226062869 | &nbsp;&nbsp;$161875158 | &nbsp;&nbsp;$156749800 | &nbsp;&nbsp;$1882956495 | &nbsp;&nbsp;$1720475745 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High Yield Bond Fund** | &nbsp;&nbsp;**High Yield Bond Fund** | &nbsp;&nbsp;**Inflation Protected<br> Fund** | &nbsp;&nbsp;**Inflation Protected<br> Fund** | &nbsp;&nbsp;**International Equities<br> Index Fund** | &nbsp;&nbsp;**International Equities<br> Index Fund** | &nbsp;&nbsp;**International Government<br> Bond Fund** | &nbsp;&nbsp;**International Government<br> Bond Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$12816871 | &nbsp;&nbsp;$23361522 | &nbsp;&nbsp;$7046189 | &nbsp;&nbsp;$9780440 | &nbsp;&nbsp;$16467226 | &nbsp;&nbsp;$44547535 | &nbsp;&nbsp;$1483493 | &nbsp;&nbsp;$2106914 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4457877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1179429) | &nbsp;&nbsp;&nbsp;&nbsp;(14348121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7385317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96610467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79399520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786098 | &nbsp;&nbsp;&nbsp;&nbsp;(1644217) |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9153270 | &nbsp;&nbsp;&nbsp;&nbsp;26723818 | &nbsp;&nbsp;&nbsp;&nbsp;11297805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53977343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67425466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161224 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;23262315 | &nbsp;&nbsp;&nbsp;&nbsp;31335363 | &nbsp;&nbsp;&nbsp;&nbsp;19421886 | &nbsp;&nbsp;&nbsp;&nbsp;13692928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167055036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191372521 | &nbsp;&nbsp;&nbsp;&nbsp;2895762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623921 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(22356353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6616286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81110488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(87615113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6191821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8248943) | &nbsp;&nbsp;&nbsp;&nbsp;(31588373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279577080 | &nbsp;&nbsp;&nbsp;&nbsp;(330261754) | &nbsp;&nbsp;&nbsp;&nbsp;35072008 | &nbsp;&nbsp;&nbsp;&nbsp;(12596917) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(64352798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787189 | &nbsp;&nbsp;&nbsp;&nbsp;11172943 | &nbsp;&nbsp;&nbsp;&nbsp;(24511731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446632116 | &nbsp;&nbsp;&nbsp;&nbsp;(219999721) | &nbsp;&nbsp;&nbsp;&nbsp;37967770 | &nbsp;&nbsp;&nbsp;&nbsp;(8972996) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;415598093 | &nbsp;&nbsp;&nbsp;&nbsp;412810904 | &nbsp;&nbsp;&nbsp;&nbsp;366676688 | &nbsp;&nbsp;&nbsp;&nbsp;391188419 | &nbsp;&nbsp;&nbsp;&nbsp;1706606671 | &nbsp;&nbsp;&nbsp;&nbsp;1926606392 | &nbsp;&nbsp;&nbsp;&nbsp;55486100 | &nbsp;&nbsp;&nbsp;&nbsp;64459096 |
| End of period<br>| &nbsp;&nbsp;$351245295 | &nbsp;&nbsp;$415598093 | &nbsp;&nbsp;$377849631 | &nbsp;&nbsp;$366676688 | &nbsp;&nbsp;$2153238787 | &nbsp;&nbsp;$1706606671 | &nbsp;&nbsp;$93453870 | &nbsp;&nbsp;$55486100 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**International<br> Growth Fund** | &nbsp;&nbsp;**International<br> Growth Fund** | &nbsp;&nbsp;**International<br> Opportunities Fund** | &nbsp;&nbsp;**International<br> Opportunities Fund** | &nbsp;&nbsp;**International Socially<br> Responsible Fund** | &nbsp;&nbsp;**International Socially<br> Responsible Fund** | &nbsp;&nbsp;**International Value<br> Fund** | &nbsp;&nbsp;**International Value<br> Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$(647382) | &nbsp;&nbsp;$346197 | &nbsp;&nbsp;$1351636 | &nbsp;&nbsp;$5066632 | &nbsp;&nbsp;$3917120 | &nbsp;&nbsp;$11555750 | &nbsp;&nbsp;$4114022 | &nbsp;&nbsp;$12703286 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;18260666 | &nbsp;&nbsp;&nbsp;&nbsp;20924138 | &nbsp;&nbsp;&nbsp;&nbsp;31628961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27899809 | &nbsp;&nbsp;&nbsp;&nbsp;17279660 | &nbsp;&nbsp;&nbsp;&nbsp;17577540 | &nbsp;&nbsp;&nbsp;&nbsp;23956747 | &nbsp;&nbsp;&nbsp;&nbsp;24425719 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(12400992) | &nbsp;&nbsp;&nbsp;&nbsp;41326189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2721233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177677 | &nbsp;&nbsp;&nbsp;&nbsp;23231657 | &nbsp;&nbsp;&nbsp;&nbsp;26424628 | &nbsp;&nbsp;&nbsp;&nbsp;22284941 | &nbsp;&nbsp;&nbsp;&nbsp;29760629 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5212292 | &nbsp;&nbsp;&nbsp;&nbsp;62596524 | &nbsp;&nbsp;&nbsp;&nbsp;30259364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35144118 | &nbsp;&nbsp;&nbsp;&nbsp;44428437 | &nbsp;&nbsp;&nbsp;&nbsp;55557918 | &nbsp;&nbsp;&nbsp;&nbsp;50355710 | &nbsp;&nbsp;&nbsp;&nbsp;66889634 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10029083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(17294252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(44473241) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(26760449) | &nbsp;&nbsp;&nbsp;&nbsp;(58227499) | &nbsp;&nbsp;&nbsp;&nbsp;11890171 | &nbsp;&nbsp;&nbsp;&nbsp;(106736364) | &nbsp;&nbsp;&nbsp;&nbsp;(32059909) | &nbsp;&nbsp;&nbsp;&nbsp;19569864 | &nbsp;&nbsp;&nbsp;&nbsp;(35389373) | &nbsp;&nbsp;&nbsp;&nbsp;(95556445) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(21548157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369025 | &nbsp;&nbsp;&nbsp;&nbsp;42149535 | &nbsp;&nbsp;&nbsp;&nbsp;(81621329) | &nbsp;&nbsp;&nbsp;&nbsp;12368528 | &nbsp;&nbsp;&nbsp;&nbsp;57833530 | &nbsp;&nbsp;&nbsp;&nbsp;14966337 | &nbsp;&nbsp;&nbsp;&nbsp;(73140052) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;380780132 | &nbsp;&nbsp;&nbsp;&nbsp;376411107 | &nbsp;&nbsp;&nbsp;&nbsp;328590851 | &nbsp;&nbsp;&nbsp;&nbsp;410212180 | &nbsp;&nbsp;&nbsp;&nbsp;557281387 | &nbsp;&nbsp;&nbsp;&nbsp;499447857 | &nbsp;&nbsp;&nbsp;&nbsp;396880244 | &nbsp;&nbsp;&nbsp;&nbsp;470020296 |
| End of period<br>| &nbsp;&nbsp;$359231975 | &nbsp;&nbsp;$380780132 | &nbsp;&nbsp;$370740386 | &nbsp;&nbsp;$328590851 | &nbsp;&nbsp;$569649915 | &nbsp;&nbsp;$557281387 | &nbsp;&nbsp;$411846581 | &nbsp;&nbsp;$396880244 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Large Cap<br> Core Fund** | &nbsp;&nbsp;**Large Cap<br> Core Fund** | &nbsp;&nbsp;**Mid Cap<br> Index Fund** | &nbsp;&nbsp;**Mid Cap<br> Index Fund** | &nbsp;&nbsp;**Mid Cap Strategic<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap Strategic<br> Growth Fund** | &nbsp;&nbsp;**Mid Cap Value Fund** | &nbsp;&nbsp;**Mid Cap Value Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$743675 | &nbsp;&nbsp;$1963639 | &nbsp;&nbsp;$14777865 | &nbsp;&nbsp;$32348454 | &nbsp;&nbsp;$(473587) | &nbsp;&nbsp;$(180438) | &nbsp;&nbsp;$2628909 | &nbsp;&nbsp;$7070075 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;113126366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72041265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145670448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268071665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81270352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115618855 | &nbsp;&nbsp;&nbsp;&nbsp;25852787 | &nbsp;&nbsp;&nbsp;&nbsp;69117148 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(47884467) | &nbsp;&nbsp;&nbsp;&nbsp;(34355909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104667314 | &nbsp;&nbsp;&nbsp;&nbsp;(249464265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25725518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29959741 | &nbsp;&nbsp;&nbsp;&nbsp;30764384 | &nbsp;&nbsp;&nbsp;&nbsp;(58928599) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;65985574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39648995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265115627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50955854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106522283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145398158 | &nbsp;&nbsp;&nbsp;&nbsp;59246080 | &nbsp;&nbsp;&nbsp;&nbsp;17258624 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(130629161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(350985209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(954220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(67031458) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;173413025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48246620 | &nbsp;&nbsp;&nbsp;&nbsp;(221279550) | &nbsp;&nbsp;&nbsp;&nbsp;(137712543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47368473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72917086) | &nbsp;&nbsp;&nbsp;&nbsp;(30444455) | &nbsp;&nbsp;&nbsp;&nbsp;(41132980) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;239398599 | &nbsp;&nbsp;&nbsp;&nbsp;(42733546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43836077 | &nbsp;&nbsp;&nbsp;&nbsp;(437741898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59153810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71526852 | &nbsp;&nbsp;&nbsp;&nbsp;28801625 | &nbsp;&nbsp;&nbsp;&nbsp;(90905814) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;587484620 | &nbsp;&nbsp;&nbsp;&nbsp;630218166 | &nbsp;&nbsp;&nbsp;&nbsp;2550031493 | &nbsp;&nbsp;&nbsp;&nbsp;2987773391 | &nbsp;&nbsp;&nbsp;&nbsp;1190324235 | &nbsp;&nbsp;&nbsp;&nbsp;1118797383 | &nbsp;&nbsp;&nbsp;&nbsp;594435897 | &nbsp;&nbsp;&nbsp;&nbsp;685341711 |
| End of period<br>| &nbsp;&nbsp;$826883219 | &nbsp;&nbsp;$587484620 | &nbsp;&nbsp;$2593867570 | &nbsp;&nbsp;$2550031493 | &nbsp;&nbsp;$1249478045 | &nbsp;&nbsp;$1190324235 | &nbsp;&nbsp;$623237522 | &nbsp;&nbsp;$594435897 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Moderate Allocation Lifestyle Fund** | &nbsp;&nbsp;**Moderate Allocation Lifestyle Fund** | &nbsp;&nbsp;**Nasdaq-100®<br> Index Fund** | &nbsp;&nbsp;**Nasdaq-100®<br> Index Fund** | &nbsp;&nbsp;**Science & Technology Fund** | &nbsp;&nbsp;**Science & Technology Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$(345125) | &nbsp;&nbsp;$25272170 | &nbsp;&nbsp;$1526635 | &nbsp;&nbsp;$3850600 | &nbsp;&nbsp;$(8210682) | &nbsp;&nbsp;$(13037662) | &nbsp;&nbsp;$(1261211) | &nbsp;&nbsp;$(2601622) |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48966208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33004190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58171509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97250818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176091131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556780610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12931128 | &nbsp;&nbsp;&nbsp;&nbsp;51513784 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51680459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31267177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132383214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40758670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431031621 | &nbsp;&nbsp;&nbsp;&nbsp;(128711301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57473434 | &nbsp;&nbsp;&nbsp;&nbsp;(33597963) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100301542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89543537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192081358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141860088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598912070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415031647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69143351 | &nbsp;&nbsp;&nbsp;&nbsp;15314199 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22050761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(186693827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(896724) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57185195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96625979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63795653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100107137 | &nbsp;&nbsp;&nbsp;&nbsp;(209589490) | &nbsp;&nbsp;&nbsp;&nbsp;(328181190) | &nbsp;&nbsp;&nbsp;&nbsp;(137888330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9116308) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43116347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29133203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128285705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55273398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389322580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86850457 | &nbsp;&nbsp;&nbsp;&nbsp;(68744979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301167 |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996804322 | &nbsp;&nbsp;&nbsp;&nbsp;1025937525 | &nbsp;&nbsp;&nbsp;&nbsp;1017619199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962345801 | &nbsp;&nbsp;&nbsp;&nbsp;2777814281 | &nbsp;&nbsp;&nbsp;&nbsp;2690963824 | &nbsp;&nbsp;&nbsp;&nbsp;538338641 | &nbsp;&nbsp;&nbsp;&nbsp;533037474 |
| End of period<br>| &nbsp;&nbsp;$1039920669 | &nbsp;&nbsp;$996804322 | &nbsp;&nbsp;$1145904904 | &nbsp;&nbsp;$1017619199 | &nbsp;&nbsp;$3167136861 | &nbsp;&nbsp;$2777814281 | &nbsp;&nbsp;$469593662 | &nbsp;&nbsp;$538338641 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap Index Fund** | &nbsp;&nbsp;**Small Cap Index Fund** | &nbsp;&nbsp;**Small Cap Special<br> Values Fund** | &nbsp;&nbsp;**Small Cap Special<br> Values Fund** | &nbsp;&nbsp;**Small Cap Value Fund** | &nbsp;&nbsp;**Small Cap Value Fund** | &nbsp;&nbsp;**Stock Index Fund** | &nbsp;&nbsp;**Stock Index Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$6075183 | &nbsp;&nbsp;$10428639 | &nbsp;&nbsp;$983742 | &nbsp;&nbsp;$2418092 | &nbsp;&nbsp;$1464012 | &nbsp;&nbsp;$3163553 | &nbsp;&nbsp;$33984750 | &nbsp;&nbsp;$72556438 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73528938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42576542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594126 | &nbsp;&nbsp;&nbsp;&nbsp;13093919 | &nbsp;&nbsp;&nbsp;&nbsp;12580549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40480293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666709372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683201162 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128794331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36955496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436366 | &nbsp;&nbsp;&nbsp;&nbsp;(30173880) | &nbsp;&nbsp;&nbsp;&nbsp;32680137 | &nbsp;&nbsp;&nbsp;&nbsp;(44919039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309707305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63924516 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208398452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16049685 | &nbsp;&nbsp;&nbsp;&nbsp;10014234 | &nbsp;&nbsp;&nbsp;&nbsp;(14661869) | &nbsp;&nbsp;&nbsp;&nbsp;46724698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1275193) | &nbsp;&nbsp;&nbsp;&nbsp;1010401427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819682116 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46742863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(18601622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(21283530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(178246666) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(171022804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204277 | &nbsp;&nbsp;&nbsp;&nbsp;(14780344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8663011) | &nbsp;&nbsp;&nbsp;&nbsp;(46254186) | &nbsp;&nbsp;&nbsp;&nbsp;(109003157) | &nbsp;&nbsp;&nbsp;&nbsp;(756434031) | &nbsp;&nbsp;&nbsp;&nbsp;(654998453) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37375648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25488901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4766110) | &nbsp;&nbsp;&nbsp;&nbsp;(41926502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470512 | &nbsp;&nbsp;&nbsp;&nbsp;(131561880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253967396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13563003) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1054985882 | &nbsp;&nbsp;&nbsp;&nbsp;1080474783 | &nbsp;&nbsp;&nbsp;&nbsp;173460370 | &nbsp;&nbsp;&nbsp;&nbsp;215386872 | &nbsp;&nbsp;&nbsp;&nbsp;244584408 | &nbsp;&nbsp;&nbsp;&nbsp;376146288 | &nbsp;&nbsp;&nbsp;&nbsp;6429618917 | &nbsp;&nbsp;&nbsp;&nbsp;6443181920 |
| End of period<br>| &nbsp;&nbsp;$1092361530 | &nbsp;&nbsp;$1054985882 | &nbsp;&nbsp;$168694260 | &nbsp;&nbsp;$173460370 | &nbsp;&nbsp;$245054920 | &nbsp;&nbsp;$244584408 | &nbsp;&nbsp;$6683586313 | &nbsp;&nbsp;$6429618917 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Systematic Core Fund** | &nbsp;&nbsp;**Systematic Core Fund** | &nbsp;&nbsp;**Systematic Growth Fund** | &nbsp;&nbsp;**Systematic Growth Fund** | &nbsp;&nbsp;**Systematic Value Fund** | &nbsp;&nbsp;**Systematic Value Fund** | &nbsp;&nbsp;**U.S. Socially<br> Responsible Fund** | &nbsp;&nbsp;**U.S. Socially<br> Responsible Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> November 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> May 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$2138313 | &nbsp;&nbsp;$4440314 | &nbsp;&nbsp;$(644940) | &nbsp;&nbsp;$(274388) | &nbsp;&nbsp;$3380174 | &nbsp;&nbsp;$6546915 | &nbsp;&nbsp;$2519082 | &nbsp;&nbsp;$6730527 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;32985234 | &nbsp;&nbsp;&nbsp;&nbsp;38568187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73125474 | &nbsp;&nbsp;&nbsp;&nbsp;133688695 | &nbsp;&nbsp;&nbsp;&nbsp;29430915 | &nbsp;&nbsp;&nbsp;&nbsp;40593082 | &nbsp;&nbsp;&nbsp;&nbsp;29539267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65159932 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;63706624 | &nbsp;&nbsp;&nbsp;&nbsp;29190507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111115581 | &nbsp;&nbsp;&nbsp;&nbsp;10733109 | &nbsp;&nbsp;&nbsp;&nbsp;17663187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796827 | &nbsp;&nbsp;&nbsp;&nbsp;20611087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7176852) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;98830171 | &nbsp;&nbsp;&nbsp;&nbsp;72199008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183596115 | &nbsp;&nbsp;&nbsp;&nbsp;144147416 | &nbsp;&nbsp;&nbsp;&nbsp;50474276 | &nbsp;&nbsp;&nbsp;&nbsp;54936824 | &nbsp;&nbsp;&nbsp;&nbsp;52669436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64713607 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |  |  |
| Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26840231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(80524325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26986609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(108333269) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(51509959) | &nbsp;&nbsp;&nbsp;&nbsp;63140303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81699508) | &nbsp;&nbsp;&nbsp;&nbsp;(51257512) | &nbsp;&nbsp;&nbsp;&nbsp;(27703968) | &nbsp;&nbsp;&nbsp;&nbsp;(24058505) | &nbsp;&nbsp;&nbsp;&nbsp;(59653042) | &nbsp;&nbsp;&nbsp;&nbsp;(57950450) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;47320212 | &nbsp;&nbsp;&nbsp;&nbsp;108499080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101896607 | &nbsp;&nbsp;&nbsp;&nbsp;12365579 | &nbsp;&nbsp;&nbsp;&nbsp;22770308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6983606) | &nbsp;&nbsp;&nbsp;&nbsp;(101570112) |
| **NET ASSETS:** |  |  |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;693825624 | &nbsp;&nbsp;&nbsp;&nbsp;585326544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985521185 | &nbsp;&nbsp;&nbsp;&nbsp;973155606 | &nbsp;&nbsp;&nbsp;&nbsp;456509594 | &nbsp;&nbsp;&nbsp;&nbsp;452617884 | &nbsp;&nbsp;&nbsp;&nbsp;559862695 | &nbsp;&nbsp;&nbsp;&nbsp;661432807 |
| End of period<br>| &nbsp;&nbsp;$741145836 | &nbsp;&nbsp;$693825624 | &nbsp;&nbsp;$1087417792 | &nbsp;&nbsp;$985521185 | &nbsp;&nbsp;$479279902 | &nbsp;&nbsp;$456509594 | &nbsp;&nbsp;$552879089 | &nbsp;&nbsp;$559862695 |

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See Notes to Financial Statements

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#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited)

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#### Note 1 — Organization
&nbsp;&nbsp;&nbsp;&nbsp;VALIC Company I (the "Company" or "VC I"), a Maryland Corporation, is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Company is comprised of 36 funds (each, a "Fund," and collectively, the "Funds"). The Variable Annuity Life Insurance Company ("VALIC" or the "Adviser"), an indirect wholly owned subsidiary of Corebridge Financial, Inc. ("Corebridge"), serves as investment adviser for all the Funds of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;Shares of the Funds are issued and redeemed in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the "Variable Contracts") offered by life insurance companies affiliated with the Adviser (the "Life Companies"), and are also offered to certain employer-sponsored retirement plans and individual retirement accounts and certain affiliated mutual funds. All shares may be purchased or redeemed at net asset value without any sales or redemption charges.

&nbsp;&nbsp;&nbsp;&nbsp;The Aggressive Allocation Lifestyle Fund, Conservative Allocation Lifestyle Fund and Moderate Allocation Lifestyle Fund (the "Lifestyle Funds") are structured as fund-of-funds and invest in affiliated mutual funds (the "Underlying Funds"). The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is diversified with the exception of Growth Fund, International Government Bond Fund, Nasdaq-100® Index Fund, Science & Technology Fund and Systematic Growth Fund, which are non-diversified as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;Effective September 29, 2025, the following Funds had name changes:

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| | |
|:---|:---|
| **Former Name** | &nbsp;&nbsp;**New Name** |
| Aggressive Growth Lifestyle Fund | &nbsp;&nbsp;Aggressive Allocation Lifestyle Fund |
| Conservative Growth Lifestyle Fund | &nbsp;&nbsp;Conservative Allocation Lifestyle Fund |
| Large Capital Growth Fund | &nbsp;&nbsp;Large Cap Core Fund |
| Moderate Growth Lifestyle Fund | &nbsp;&nbsp;Moderate Allocation Lifestyle Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;**Indemnifications:** The Funds' organizational documents provide current and former officers and directors with a limited indemnification against liabilities arising out of the performance of their duties to the Funds. In addition, pursuant to Indemnification Agreements between the Funds and each of the current (and certain former) directors who is not an "interested person," as defined in Section 2(a)(19) of the 1940 Act, of the Funds (collectively, the "Disinterested Directors"), the Funds provide the Disinterested Directors with a limited indemnification against liabilities arising out of the performance of their duties to the Funds, whether such liabilities are asserted during or after their service as directors. In addition, in the normal course of business the Funds enter into contracts that contain the obligation to indemnify others. The Funds' maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

#### Note 2 — Significant Accounting Policies
&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. Each Fund is an investment company and accordingly, follows the investment company accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of significant accounting policies consistently followed by the Company, in the preparation of its financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;**Security Valuation:** In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;Level 1 — Unadjusted quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures adopted by the Board of Directors (the "Board")

&nbsp;&nbsp;&nbsp;&nbsp;Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds' own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

&nbsp;&nbsp;&nbsp;&nbsp;The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is

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#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;The summary of the Funds' assets and liabilities classified in the fair value hierarchy as of November 30, 2025, is reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

&nbsp;&nbsp;&nbsp;&nbsp;As of the close of regular trading on the New York Stock Exchange ("NYSE"), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security's price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund's shares, and the Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures adopted by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities are generally categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from an independent pricing service and are generally categorized as Level 2. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. Typically, these securities are valued assuming orderly transactions of institutional round lot sizes, but a Fund may hold or, from time to time, transact in such securities in smaller, odd lot sizes in which case they may be fair valued in accordance with pricing procedures adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Senior floating rate loans ("Loans") are valued at the average of available bids in the market for such Loans, as provided by an independent loan pricing service, and are generally categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by an independent pricing service, and are generally categorized as Level 1. Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using daily swap curves and models that incorporate market data and discounted cash flows and are generally categorized as Level 2. Total return and contracts for difference swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using models that incorporate market trades and fair value of the underlying reference instrument and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by an independent pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the over-the-counter ("OTC") market are valued at the mid valuation provided by an independent pricing service, and are generally categorized as Level 2. Forward foreign currency contracts ("forward contracts") are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. Because there is no single standard for making fair value determinations, the Funds' fair determinations may vary from fair value determinations made by other funds for the same securities.

&nbsp;&nbsp;&nbsp;&nbsp;The Board must determine fair value in good faith for portfolio holdings for which market quotations are not readily available or are unreliable. The Board has designated VALIC as the valuation designee ("Valuation Designee") to perform the fair valuation determinations relating to any or all fund investments. VALIC, as the Valuation Designee, has adopted policies and procedures and has established a pricing review committee to determine the fair value of the designated portfolio holdings on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;**Inflation-Indexed Bonds:** Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in

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#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

inflation may lead to a decline in their value. Coupon payments received from inflation- indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

&nbsp;&nbsp;&nbsp;&nbsp;**Loans:** Certain Funds invest in senior loans which generally consist of direct debt obligations of companies (collectively, "Borrowers"), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower's business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis.

&nbsp;&nbsp;&nbsp;&nbsp;**Mortgage-Backed Dollar Rolls:** Certain Funds may enter into dollar rolls using "to be announced" ("TBA") mortgage-backed securities ("TBA Rolls"). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds' policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements:** The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission ("SEC"), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust's custodian takes possession of the collateral pledged for investments in such repurchase agreements ("repo" or collectively "repos"). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

&nbsp;&nbsp;&nbsp;&nbsp;**Stripped Mortgage-Backed Securities:** Stripped Mortgage-Backed Securities ("SMBS") are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the "principal only" class) from the mortgage pool, while the other class will receive all or most of the interest (the "interest only" class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund's yield.

&nbsp;&nbsp;&nbsp;&nbsp;**When-Issued Securities and Forward Commitments:** Certain Funds may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Currency Translation:** The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

&nbsp;&nbsp;&nbsp;&nbsp;The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

&nbsp;&nbsp;&nbsp;&nbsp;Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;**Investment Securities Loaned:** To realize additional income, each Fund, except for the Aggressive Allocation Lifestyle Fund, Conservative Allocation Lifestyle Fund, Dynamic Allocation Fund and the Moderate Allocation Lifestyle Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund's available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund's Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Company's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund earns income from the investment of cash collateral, as well as lending fees, net of any rebates paid to borrowers and expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the

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#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income, net of fees and any rebates paid to borrowers, is recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;**Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders:** Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities. Distributions from income from underlying mutual fund investments, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from underlying mutual fund investments, if any, are recorded to realized gains on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries' tax regulations require that taxes be paid on capital gains realized by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;Distributions received from Real Estate Investment Trust ("REIT") investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;Expenses common to all Funds are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis. The expenses included in the accompanying financial statements reflect the expenses of each of the respective funds and do not include indirect expenses associated with the investments in the Underlying Funds. "Fees paid indirectly" in the Statement of Operations represents expense reductions used to offset non-affiliated expenses resulting from participation in a commission recapture program. Custodian fees in the Statement of Operations include adjustments for the overbilling of fees in prior years for the Small Cap Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income and capital gain distributions, if any, are paid annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of recognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. The Funds federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

#### Recent Accounting and Regulatory Developments
&nbsp;&nbsp;&nbsp;&nbsp;In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures". ASU 2023-09 requires public entities to enhance the transparency and decision usefulness of income tax disclosures for investors. ASU 2023-09 became effective for fiscal years beginning after December 15, 2024. Adoption of the Rule had no material impact on the Funds' financial statements.

#### Note 3 — Derivative Instruments
&nbsp;&nbsp;&nbsp;&nbsp;**Forward Foreign Currency Contracts**: A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;Risks to a Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund's loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund's maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;**Futures:** A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the "broker"). Subsequent payments are made or received by the Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statements of Assets and Liabilities as receivable/payable for variation margin on futures contracts and as cash collateral on futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

&nbsp;&nbsp;&nbsp;&nbsp;The primary risk to a Fund of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Fund will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Fund since the futures contracts are generally exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;**Options:** An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund's Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

&nbsp;&nbsp;&nbsp;&nbsp;Risks to a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund's loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of assets and liabilities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

&nbsp;&nbsp;&nbsp;&nbsp;Option contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;**Swap Contracts:** Certain Funds may enter into contract for difference, credit default, inflation, interest rate, and total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract ("centrally cleared swaps"). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral on centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Fund and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

&nbsp;&nbsp;&nbsp;&nbsp;***Contracts for Difference:*** A contract for difference ("CFD") is a privately negotiated over-the-counter equity 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

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[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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underlying security without ownership of such security, typically by providing investors the ability to trade on margin. When entering into a CFD, the Fund attempts to predict either that the price of the underlying security will fall (taking a short position) or that the price of the security will rise (taking a long position). CFDs are subject to illiquidity risk because the liquidity of contracts for difference is based on the liquidity of the underlying instrument. CFDs are also subject to the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Fund to deposit additional sums to maintain proper margin coverage, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss to the Fund. As is the case with owning any financial instrument, there is the risk of loss associated with buying a CFD. For example, if the Fund buys a long CFD and the underlying security is worth less at the end of the contract, the Fund would be required to make a payment to the seller and would suffer a loss.

&nbsp;&nbsp;&nbsp;&nbsp;CFD contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Credit Default Swap Agreements:*** Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Fund will make periodic payments, similar to an insurance premium and the seller of protection agrees to compensate the Fund for future potential losses as a result of a credit event on the reference bond or other asset. A Fund effectively transfers the credit event risk of the reference bond or asset from it to the seller of protection. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps on credit indices are generally contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds which is less expensive than it would be to enter into many credit default swaps to achieve a similar effect. Credit-default swaps on indices are used for protecting investors owning bonds against default, and also to speculate on changes in credit quality.

&nbsp;&nbsp;&nbsp;&nbsp;Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swaps on corporate issues or sovereign issues of an emerging market country as of period end are reported on a schedule at the end of each Fund's Portfolio of Investments and serve as an indicator of the current status of the payment / performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-based securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swaps outstanding at the end of the period, for which a Fund is the seller of protection, if any, are disclosed on a schedule following each Fund's Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swaps entered into by a Fund for the same referenced entity or entities.

&nbsp;&nbsp;&nbsp;&nbsp;Credit default swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Inflation Swap Agreements:*** In an inflation swap, one party pays a fixed rate on a notional principal amount while the other party pays a floating rate linked to an inflation index on the same notional amount. The party paying the floating rate pays the inflation adjusted rate multiplied by the notional principal amount. If the average inflation rate over the term of the swap is the same as the fixed rate of the swap, the two legs will have the same value and the swap will break even.

&nbsp;&nbsp;&nbsp;&nbsp;Inflation swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Interest Rate Swap Agreements:*** Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments.

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund's risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Risks of Entering into Swap Agreements:*** Risks to a Fund of entering into swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset's perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;**Master Agreements:** Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements ("Master Agreements") with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund's net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when a Fund's net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in a Fund's net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty's long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty's credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund's counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund's financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;The following tables represent the value of derivatives held as of November 30, 2025, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the six months ended November 30, 2025. For a detailed presentation of derivatives held as of November 30, 2025, please refer to the schedule at the end of each Fund's Portfolio of Investments.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swaps<br> Contracts(2)** | &nbsp;&nbsp;**Purchased<br> Options<br> Contracts(3)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(4)** | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Options<br> Written<br> Contracts(5)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(6)** |
| **Fund** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** |
| Inflation Protected | &nbsp;&nbsp;$— | &nbsp;&nbsp;$50337 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10334 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;301593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;104411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;105453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;37068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;856750 | &nbsp;&nbsp;&nbsp;30771 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;120987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;776248 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;46046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;566711 | &nbsp;&nbsp;&nbsp;&nbsp;14737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;68862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6110 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;399428 | &nbsp;&nbsp;&nbsp;217072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;47962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &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;332297 | &nbsp;&nbsp;&nbsp;285244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;112210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &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;407778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &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;69045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &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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[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swaps<br> Contracts(2)** | &nbsp;&nbsp;**Purchased<br> Options<br> Contracts(3)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(4)** | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Options<br> Written<br> Contracts(5)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(6)** |
| **Fund** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$291845 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$415131 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99908 |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2855024 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1818276 |
| International Value<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430694 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140490 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104807 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(1) Amount represents cumulative appreciation/depreciation on futures contracts as disclosed in the Portfolio of Investments. Only the current day's variation margin is separately disclosed within the Statements of Assets and Liabilities.

(2) For centrally cleared swaps, the amount represents cumulative appreciation/depreciation as disclosed in the Portfolio of Investments. Only the current day's variation margin is separately disclosed within the Statements of Assets and Liabilities. For OTC swaps, the amount represents unrealized appreciation/depreciation on over-the-counter swap contracts as disclosed within the Statements of Assets and Liabilities.

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

(5) Call and put options written, at value

(6) Unrealized depreciation on forward foreign currency contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Written<br> Options(3)** | &nbsp;&nbsp;**Purchased<br> Options(4)** | &nbsp;&nbsp;**Forward<br> Foreign<br> Currency<br> Contracts(5)** |
| **Fund** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| Core Bond<br>| &nbsp;&nbsp;$3510923 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;1628204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &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;1402853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2050998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;2169004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;(164509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;3380759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76402) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17959) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Cap Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;(100953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458801 | &nbsp;&nbsp;&nbsp;(1018520) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548235 | &nbsp;&nbsp;&nbsp;&nbsp;1953820 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &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;3052975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757960) |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54489 |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9143808) |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54488 |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224984 |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74388 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369371) |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(6)** | &nbsp;&nbsp;**Swap<br> Contracts(7)** | &nbsp;&nbsp;**Written<br> Options(8)** | &nbsp;&nbsp;**Purchased<br> Options(9)** | &nbsp;&nbsp;**Forward<br> Foreign<br> Currency<br> Contracts(10)** |
| **Fund** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| Core Bond<br>| &nbsp;&nbsp;$(867829) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;(45813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;(552594) | &nbsp;&nbsp;&nbsp;(196565) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;491958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;64296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;558752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17166 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4450) | &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;422190 | &nbsp;&nbsp;&nbsp;&nbsp;132685 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;436711 | &nbsp;&nbsp;&nbsp;&nbsp;170973 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;131037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;635360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90173 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67110) |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6324167 |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136254 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584388 |

---

(1) Net realized gain (loss) on futures contracts

(2) Net realized gain (loss) on swap contracts

(3) Net realized gain (loss) on written options contracts

(4) Net realized gain (loss) on investments

(5) Net realized gain (loss) on forward contracts

(6) Change in unrealized appreciation (depreciation) on futures contracts

(7) Change in unrealized appreciation (depreciation) on swap contracts

(8) Change in unrealized appreciation (depreciation) on written options contracts

(9) Change in unrealized appreciation (depreciation) on investments

(10) Change in unrealized appreciation (depreciation) on forward contracts

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The following table represents the average monthly balances of derivatives held during the six months ended November 30, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** |
| **Fund** | **Futures<br> Contracts(1)** | **Forward<br> Foreign<br> Currency<br> Contracts(1)** | **Purchased<br> Put Options<br> Contracts(2)** | **Inflation<br> Swap<br> Contracts(1)** | **Interest<br> Rate Swap<br> Contracts(1)** | **Credit<br> Default<br> Swap<br> Contracts(1)** | **Contracts For<br> Difference<br> Swap<br> Contracts(1)** |
| Asset Allocation<br>| $105233 | $— | $— | $— | $— | $— | $— |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;173679819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;15750973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;913992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;20064180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722592 | &nbsp;&nbsp;&nbsp;&nbsp;30422025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13238721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;127268679 | &nbsp;&nbsp;&nbsp;202028184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;38395000 | &nbsp;&nbsp;&nbsp;3401667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;31848055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1714416 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543910 |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33984328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;12006583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11222204 |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;42852523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5784836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8045106 |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;36142602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;29324351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(1) Amounts represent notional amounts in US dollars.

(2) Amounts represent values in US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;The following table represents the Fund's objectives for using derivative instruments for the six months ended November 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** |  |
| **Fund** | &nbsp;&nbsp;**Futures<br> Contracts** | &nbsp;&nbsp;**Forward<br> Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Options<br> Contracts** | &nbsp;&nbsp;**Inflation<br> Swap<br> Contracts** | &nbsp;&nbsp;**Interest<br> Rate Swap<br> Contracts** | &nbsp;&nbsp;**Credit<br> Default Swap<br> Contracts** | &nbsp;&nbsp;**Contracts For<br> Difference<br> Swaps** |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Core Bond<br>| &nbsp;&nbsp;1, 2 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Global Strategy<br>| &nbsp;&nbsp;1, 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;4, 5 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Government Securities<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;- |
| 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;- |
| Large Cap Core<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;- |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- |

---

------

(1) To manage exposures in certain securities markets.

(2) To manage interest rate risk and the duration of the portfolio.

(3) To manage foreign currency exchange rate risk.

(4) To manage credit risk.

(5) To manage against or gain exposure to certain securities and/or sectors.

(6) To manage inflation risk and the duration of the portfolio.

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth the Funds' derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged (received) as of November 30, 2025. The repurchase agreements held by the Funds as of November 30, 2025, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Funds' holdings in repurchase agreements.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Citibank, N.A.<br>| $— | $— | $239225 | $239225 | $— | $— | $— | $— | $239225 | $(239225) | $— |
| Goldman Sachs International<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;492743 | &nbsp;&nbsp;492743 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;492743 | &nbsp;&nbsp;(290000) | &nbsp;&nbsp;202743 |
| UBS AG<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44280 | &nbsp;&nbsp;&nbsp;&nbsp;44280 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44280 | &nbsp;&nbsp;&nbsp;&nbsp;(44280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total<br>**  | $— | $— | $776248 | $776248 | $— | $— | $— | $— | $776248 | $(573505) | $202743 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Citibank, N.A.<br>| $127387 | $— | $— | $127387 | $415131 | $— | $— | $415131 | $(287744) | $— | $(287744) |
| HSBC Bank PLC<br>| &nbsp;&nbsp;164458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;164458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;164458 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;164458 |
| JPMorgan Securities, LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1415 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 |
| **Total<br>**  | $291845 | $1415 | $— | $293260 | $415131 | $— | $— | $415131 | $(121871) | $— | $(121871) |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Barclays Bank PLC<br>| $— | $— | $— | $— | $44718 | $— | $— | $44718 | $(44718) | $— | $(44718) |
| Deutsche Bank AG<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;55190 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;55190 | &nbsp;&nbsp;(55190) | &nbsp;&nbsp;— | &nbsp;&nbsp;(55190) |
| **Total<br>**  | $— | $— | $— | $— | $99908 | $— | $— | $99908 | $(99908) | $— | $(99908) |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Australia & New Zealand Banking Group<br>| $888187 | $— | $— | $888187 | $6094 | $— | $— | $6094 | $882093 | $— | $882093 |
| Bank of America, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28582 | &nbsp;&nbsp;50337 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73991 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73991 |
| Barclays Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49088 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49088 | &nbsp;&nbsp;&nbsp;&nbsp;(26651) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26651) |
| Canadian Imperial Bank of Commerce<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40695 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40695 |
| Citibank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | &nbsp;&nbsp;&nbsp;&nbsp;810515 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;810515 | &nbsp;&nbsp;&nbsp;&nbsp;(808973) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(808973) |
| Credit Agricole SA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| Deutsche Bank AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;906921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;906921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;906921 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;906921 |
| Goldman Sachs International<br>| &nbsp;&nbsp;&nbsp;&nbsp;387365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;387365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;387365 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;387365 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| HSBC Bank PLC<br>| $65186 | $— | $— | $65186 | $— | $— | $— | $— | $65186 | $— | $65186 |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;153876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;153876 | &nbsp;&nbsp;&nbsp;&nbsp;336614 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;336614 | &nbsp;&nbsp;&nbsp;&nbsp;(182738) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(182738) |
| Morgan Stanley & Co. International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10185 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10185 | &nbsp;&nbsp;&nbsp;&nbsp;(10185) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10185) |
| Royal Bank of Canada<br>| &nbsp;&nbsp;&nbsp;&nbsp;360049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;360049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32045 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32045 | &nbsp;&nbsp;&nbsp;&nbsp;328004 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;328004 |
| State Street Bank & Trust Company<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484) |
| Toronto Dominion Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3029) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3029) |
| Wells Fargo & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;565294 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;565294 | &nbsp;&nbsp;&nbsp;&nbsp;(565294) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(565294) |
| **Total<br>**  | $2855024 | $50337 | $— | $2905361 | $1818276 | $— | $— | $1818276 | $1087085 | $— | $1087085 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Bank of America Merrill Lynch<br>| $— | $— | $— | $— | $— | $1054 | $— | $1054 | $(1054) | $1054 | $— |
| BNP Paribas<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3326 |
| Goldman Sachs & Co. LLC<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;11411 | &nbsp;&nbsp;— | &nbsp;&nbsp;11411 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11411 |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total<br>**  | $— | $14737 | $— | $14737 | $— | $1070 | $— | $1070 | $13667 | $1070 | $14737 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| BNP Paribas<br>| $— | $— | $— | $— | $— | $6110 | $— | $6110 | $(6110) | $6110 | $— |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;1360 | &nbsp;&nbsp;— | &nbsp;&nbsp;1360 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;(1360) | &nbsp;&nbsp;— |
| **Total<br>**  | $— | $1360 | $— | $1360 | $— | $6110 | $— | $6110 | $(4750) | $4750 | $— |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Barclays Bank PLC<br>| $11722 | $— | $— | $11722 | $9 | $— | $— | $9 | $11713 | $— | $11713 |
| Citibank, N.A.<br>| &nbsp;&nbsp;208782 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;208782 | &nbsp;&nbsp;&nbsp;&nbsp;20179 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20179 | &nbsp;&nbsp;188603 | &nbsp;&nbsp;— | &nbsp;&nbsp;188603 |
| HSBC Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;7310 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7310 | &nbsp;&nbsp;&nbsp;&nbsp;82426 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;82426 | &nbsp;&nbsp;&nbsp;(75116) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(75116) |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402) |
| Morgan Stanley & Co. International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;95630 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;95630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;95630 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;95630 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| State Street Bank & Trust Co.<br>| $27844 | $— | $— | $27844 | $12513 | $— | $— | $12513 | $15331 | $— | $15331 |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;79406 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;79406 | &nbsp;&nbsp;&nbsp;&nbsp;24961 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24961 | &nbsp;&nbsp;&nbsp;&nbsp;54445 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;54445 |
| **Total<br>**  | $430694 | $— | $— | $430694 | $140490 | $— | $— | $140490 | $290204 | $— | $290204 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Bank of America Merrill Lynch<br>| $— | $12034 | $— | $12034 | $— | $— | $— | $— | $12034 | $— | $12034 |
| BNP Paribas<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;185620 | &nbsp;&nbsp;— | &nbsp;&nbsp;185620 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;185620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;185620 |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19418 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19418 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19418 | &nbsp;&nbsp;(19418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total<br>**  | $— | $217072 | $— | $217072 | $— | $— | $— | $— | $217072 | $(19418) | $197654 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Bank of America, N.A.<br>| $620 | $— | $— | $620 | $— | $— | $— | $— | $620 | $— | $620 |
| Citibank, N.A.<br>| &nbsp;&nbsp;104187 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;104187 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;104187 | &nbsp;&nbsp;— | &nbsp;&nbsp;104187 |
| **Total<br>**  | $104807 | $— | $— | $104807 | $— | $— | $— | $— | $104807 | $— | $104807 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Bank of America Merrill Lynch<br>| $— | $1902 | $— | $1902 | $— | $— | $— | $— | $1902 | $— | $1902 |
| BNP Paribas<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53768 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53768 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;53768 |
| Goldman Sachs & Co. LLC<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21084 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21084 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21084 | &nbsp;&nbsp;&nbsp;&nbsp;(21084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;74067 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;74067 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;74020 | &nbsp;&nbsp;&nbsp;&nbsp;(70000) | &nbsp;&nbsp;&nbsp;&nbsp;4020 |
| JPMorgan Securities, LLC<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;134423 | &nbsp;&nbsp;— | &nbsp;&nbsp;134423 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;134423 | &nbsp;&nbsp;(134423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total<br>**  | $— | $285244 | $— | $285244 | $— | $47 | $— | $47 | $285197 | $(225507) | $59690 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

#### Note 4 — Federal Income Taxes
&nbsp;&nbsp;&nbsp;&nbsp;The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October capital losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, foreign taxes payable, contingent payment debt securities, inflation securities, late year ordinary losses, investments in partnerships, treatment of defaulted securities and derivative transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended May 31, 2025** | &nbsp;&nbsp;**For the year ended May 31, 2025** | &nbsp;&nbsp;**For the year ended May 31, 2025** | &nbsp;&nbsp;**For the year ended May 31, 2025** | &nbsp;&nbsp;**For the year ended May 31, 2025** |
| **Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-term<br> Gains/Capital<br> Loss Carryover** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital<br> Gains** |
| Aggressive Allocation Lifestyle<br>| &nbsp;&nbsp;$19550484 | &nbsp;&nbsp;$23308724 | &nbsp;&nbsp;$79680861 | &nbsp;&nbsp;$11802505 | &nbsp;&nbsp;$6466028 |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;2781121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11313557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079850 |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;3449708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15563051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55790055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461037 |
| Conservative Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;9096059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4200889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2900817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;92633478 | &nbsp;&nbsp;&nbsp;(255893268) | &nbsp;&nbsp;&nbsp;&nbsp;(161932685) | &nbsp;&nbsp;&nbsp;101852375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;17817361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51369594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59498036 | &nbsp;&nbsp;&nbsp;&nbsp;22887153 | &nbsp;&nbsp;&nbsp;&nbsp;19447649 |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;5745223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(892694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321854 |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;15224659 | &nbsp;&nbsp;&nbsp;&nbsp;(50742397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33854018 | &nbsp;&nbsp;&nbsp;&nbsp;26325689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;8350236 | &nbsp;&nbsp;&nbsp;&nbsp;(86904835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6623573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;7102334 | &nbsp;&nbsp;&nbsp;&nbsp;(12242113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24606780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8347100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;3499756 | &nbsp;&nbsp;&nbsp;&nbsp;(15718437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11910957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;193694632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562384573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821167 | &nbsp;&nbsp;&nbsp;&nbsp;52396580 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;21002817 | &nbsp;&nbsp;&nbsp;&nbsp;(50371327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521037) | &nbsp;&nbsp;&nbsp;&nbsp;22356353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;9349199 | &nbsp;&nbsp;&nbsp;&nbsp;(82266617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36344855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;45291899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78662916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456403576 | &nbsp;&nbsp;&nbsp;&nbsp;62125144 | &nbsp;&nbsp;&nbsp;&nbsp;18985344 |
| International Government Bond\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;1002779 | &nbsp;&nbsp;&nbsp;&nbsp;(21826079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1885804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8495869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125043734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;12907031 | &nbsp;&nbsp;&nbsp;&nbsp;(18225645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34816261 | &nbsp;&nbsp;&nbsp;&nbsp;10029083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;13687610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15556465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116048883 | &nbsp;&nbsp;&nbsp;&nbsp;13674793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619459 |
| International Value<br>| &nbsp;&nbsp;&nbsp;26944269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10694256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47684217 | &nbsp;&nbsp;&nbsp;&nbsp;24553110 | &nbsp;&nbsp;&nbsp;&nbsp;19920131 |
| Large Cap Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;5183117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69089738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135593924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950197 | &nbsp;&nbsp;&nbsp;125678964 |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;59467930 | &nbsp;&nbsp;&nbsp;&nbsp;241562657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583845429 | &nbsp;&nbsp;&nbsp;&nbsp;66373714 | &nbsp;&nbsp;&nbsp;284611495 |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79831288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190693883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;24413360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58827729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3912861) | &nbsp;&nbsp;&nbsp;&nbsp;24700391 | &nbsp;&nbsp;&nbsp;&nbsp;42331067 |
| Moderate Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;30285160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30553125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57997696 | &nbsp;&nbsp;&nbsp;&nbsp;22050761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;3476221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97753434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538450337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052206 | &nbsp;&nbsp;&nbsp;181641621 |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;208797690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708225812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;12758808 | &nbsp;&nbsp;&nbsp;&nbsp;(81678809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7179373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;9935502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56948138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116030352 | &nbsp;&nbsp;&nbsp;&nbsp;13144640 | &nbsp;&nbsp;&nbsp;&nbsp;33598223 |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;3545499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11184739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1521046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288087 | &nbsp;&nbsp;&nbsp;&nbsp;15313535 |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;4611396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33188863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6871860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7105987 | &nbsp;&nbsp;&nbsp;&nbsp;14177543 |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;71275704 | &nbsp;&nbsp;&nbsp;&nbsp;674666306 | &nbsp;&nbsp;&nbsp;4388449417 | &nbsp;&nbsp;&nbsp;&nbsp;88228718 | &nbsp;&nbsp;&nbsp;&nbsp;90017948 |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;6618387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35970057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217430188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409005 | &nbsp;&nbsp;&nbsp;&nbsp;20431226 |
| Systematic Growth<br>| &nbsp;&nbsp;&nbsp;15775105 | &nbsp;&nbsp;&nbsp;&nbsp;118597995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332477683 | &nbsp;&nbsp;&nbsp;&nbsp;36008347 | &nbsp;&nbsp;&nbsp;&nbsp;44515978 |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;18379497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27516504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62559171 | &nbsp;&nbsp;&nbsp;&nbsp;20532189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6454420 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;6040966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65089997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175319325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8351348 | &nbsp;&nbsp;&nbsp;&nbsp;99981921 |

---

\* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

\*\* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;As of May 31, 2025, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Unlimited** | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Unlimited** |
| **Fund** | &nbsp;&nbsp;**ST** | &nbsp;&nbsp;**LT** |
| Conservative Allocation Lifestyle\*<br>| &nbsp;&nbsp;$3582790 | &nbsp;&nbsp;$618099 |
| Core Bond\*<br>| &nbsp;&nbsp;&nbsp;64913130 | &nbsp;&nbsp;&nbsp;190980137 |
| Emerging Economies\*<br>| &nbsp;&nbsp;&nbsp;43388816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8849617 |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;15737738 | &nbsp;&nbsp;&nbsp;&nbsp;71167097 |
| Global Strategy\*<br>| &nbsp;&nbsp;&nbsp;12242113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;4712052 | &nbsp;&nbsp;&nbsp;&nbsp;11006385 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Unlimited** | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Unlimited** |
| **Fund** | &nbsp;&nbsp;**ST** | &nbsp;&nbsp;**LT** |
| High Yield Bond<br>| &nbsp;&nbsp;$3336397 | &nbsp;&nbsp;$47034930 |
| Inflation Protected\*<br>| &nbsp;&nbsp;&nbsp;17304007 | &nbsp;&nbsp;&nbsp;&nbsp;64962610 |
| International Government Bond\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;6213395 | &nbsp;&nbsp;&nbsp;&nbsp;15612684 |
| International Opportunities\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;5757690 | &nbsp;&nbsp;&nbsp;&nbsp;12467955 |
| Small Cap Growth\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;3216820 | &nbsp;&nbsp;&nbsp;&nbsp;78461989 |

---

\* The Funds had a change in ownership as defined in the Internal Revenue Code section 382 during the fiscal year ended May 31, 2026. The capital loss carryforwards may be subject to limitations pursuant to applicable federal income tax regulations.

\*\* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Gain** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Loss** | &nbsp;&nbsp;**Net<br> Unrealized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Cost of<br> Investments** |
| Aggressive Allocation Lifestyle<br>| &nbsp;&nbsp;$128179445 | &nbsp;&nbsp;$(10460256) | &nbsp;&nbsp;$117719189 | &nbsp;&nbsp;$639442297 |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23980725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6113826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17866899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133528839 |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101580566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8334684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93245882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265624269 |
| Conservative Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21971749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8503713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13468036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272399845 |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47053583 | &nbsp;&nbsp;&nbsp;(127267465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80213882) | &nbsp;&nbsp;&nbsp;2790109622 |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92563804 | &nbsp;&nbsp;&nbsp;&nbsp;(35252117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57311687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533272580 |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12026362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8652870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128744551 |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149345764 | &nbsp;&nbsp;&nbsp;&nbsp;(47175368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102170396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741938070 |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27155369 | &nbsp;&nbsp;&nbsp;&nbsp;(16671720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10483649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273849423 |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44204531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5938310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38266221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200908696 |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8331291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6751986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168543610 |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640255152 | &nbsp;&nbsp;&nbsp;&nbsp;(32765424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607489728 | &nbsp;&nbsp;&nbsp;1292398194 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10001805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4535111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367236480 |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13576747 | &nbsp;&nbsp;&nbsp;&nbsp;(23208080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9631333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409745941 |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588227340 | &nbsp;&nbsp;&nbsp;&nbsp;(78392917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509834423 | &nbsp;&nbsp;&nbsp;1740433872 |
| International Government Bond\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3335882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1809477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95575420 |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124655646 | &nbsp;&nbsp;&nbsp;&nbsp;(10769328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113886318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243697220 |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53452512 | &nbsp;&nbsp;&nbsp;&nbsp;(21336435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32116077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338532426 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159814627 | &nbsp;&nbsp;&nbsp;&nbsp;(20621364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139193263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424348265 |
| International Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79327299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9361923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69965376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338563505 |
| Large Cap Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105973778 | &nbsp;&nbsp;&nbsp;&nbsp;(18265974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87707804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737418439 |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862007274 | &nbsp;&nbsp;&nbsp;(173494531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688512743 | &nbsp;&nbsp;&nbsp;1931198154 |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285357213 | &nbsp;&nbsp;&nbsp;&nbsp;(68937816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216419397 | &nbsp;&nbsp;&nbsp;1042210268 |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80425438 | &nbsp;&nbsp;&nbsp;&nbsp;(53573917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26851521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597084767 |
| Moderate Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139833647 | &nbsp;&nbsp;&nbsp;&nbsp;(30155492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109678155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930268944 |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694496931 | &nbsp;&nbsp;&nbsp;&nbsp;(23663380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670833551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474301709 |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;1209748544 | &nbsp;&nbsp;&nbsp;&nbsp;(70482963) | &nbsp;&nbsp;&nbsp;1139265581 | &nbsp;&nbsp;&nbsp;2022156433 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83849505 | &nbsp;&nbsp;&nbsp;&nbsp;(33555330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50294175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422267415 |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378673091 | &nbsp;&nbsp;&nbsp;(133848407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244824684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869930239 |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32050456 | &nbsp;&nbsp;&nbsp;&nbsp;(28135136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166613097 |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40220801 | &nbsp;&nbsp;&nbsp;&nbsp;(14412524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25808277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220983706 |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;4811512542 | &nbsp;&nbsp;&nbsp;(113355820) | &nbsp;&nbsp;&nbsp;4698156722 | &nbsp;&nbsp;&nbsp;1979512432 |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299607062 | &nbsp;&nbsp;&nbsp;&nbsp;(18470250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281136812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459772500 |
| Systematic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467085128 | &nbsp;&nbsp;&nbsp;&nbsp;(23491864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443593264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635185321 |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95691222 | &nbsp;&nbsp;&nbsp;&nbsp;(15468864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80222358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398873734 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214250205 | &nbsp;&nbsp;&nbsp;&nbsp;(18319793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195930412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356477882 |

---

 <br> \* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2025.

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

#### Note 5 — Advisory Fees and Other Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;VALIC serves as investment adviser to the Company and employs investment subadvisers that make investment decisions for the Funds. The Funds pay VALIC a monthly fee, calculated daily based on net assets at the annual rates set forth in the table below. VALIC has contractually (unless otherwise indicated) agreed to waive a portion of its advisory fee for certain Funds. The subadvisers are compensated for their services by VALIC.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;**Advisory Fee after Waiver** |
| Aggressive Allocation Lifestyle | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.07% |
| Asset Allocation | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.500% on the first $300 million<br> 0.475% on the next $200 million<br> 0.450% on assets over $500 million | &nbsp;&nbsp;0.450% on the first $300 million<br> 0.425% on the next $200 million<br> 0.400% on assets over $500 million |
| Capital Appreciation | &nbsp;&nbsp;Columbia Management Investment Advisers, LLC | &nbsp;&nbsp;0.550% on the first $1 billion<br> 0.525% on assets over $1 billion | &nbsp;&nbsp;No fee waiver |
| Conservative Allocation Lifestyle | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.07% |
| Core Bond | &nbsp;&nbsp;PineBridge Investments LLC<br> J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.50% on the first $200 million<br> 0.45% on the next $300 million<br> 0.40% on assets over $500 million | &nbsp;&nbsp;0.47% on the first $200 million<br> 0.42% on the next $300 million<br> 0.37% on assets over $500 million |
| Dividend Value | &nbsp;&nbsp;BlackRock Investment Management, LLC<br> ClearBridge Investments, LLC | &nbsp;&nbsp;0.75% on the first $250 million<br> 0.72% on the next $250 million<br> 0.67% on the next $500 million<br> 0.62% on assets over $1 billion | &nbsp;&nbsp;0.60% on the first $250 million<br> 0.57% on the next $250 million<br> 0.52% on the next $500 million<br> 0.47% on assets over $1 billion |
| Dynamic Allocation | &nbsp;&nbsp;AllianceBernstein LP(1) | &nbsp;&nbsp;0.25% on the first $1 billion<br> 0.22% on the next $1 billion<br> 0.20% on assets over $2 billion | &nbsp;&nbsp;Voluntary Waiver(2) |
| Emerging Economies | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.81% on the first $250 million<br> 0.76% on the next $250 million<br> 0.71% on assets over $500 million<br> 0.66% on assets over $1 billion | &nbsp;&nbsp;No fee waiver |
| Global Real Estate | &nbsp;&nbsp;Duff & Phelps Investment Management Co.<br> Massachusetts Financial Services Company | &nbsp;&nbsp;0.75% on the first $250 million<br> 0.70% on the next $250 million<br> 0.65% on assets over $500 million | &nbsp;&nbsp;0.74% on the first $250 million<br> 0.69% on the next $250 million<br> 0.64% on assets over $500 million |
| Global Strategy | &nbsp;&nbsp;Franklin Advisers, Inc. | &nbsp;&nbsp;0.50% on the first $500 million<br> 0.46% on assets over $500 million | &nbsp;&nbsp;0.44% on the first $500 million<br> 0.40% on assets over $500 million |
| Government Securities | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.50% on the first $250 million<br> 0.45% on the next $250 million<br> 0.40% on the next $500 million<br> 0.35% on assets over $1 billion | &nbsp;&nbsp;0.385% on the first $250 million<br> 0.335% on the next $250 million<br> 0.285% on the next $500 million<br> 0.235% on assets over $1 billion(3) |
| Growth | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.73% on the first $500 million<br> 0.67% on the next $500 million<br> 0.64% on the next $500 million<br> 0.61% on assets over $1.5 billion | &nbsp;&nbsp;0.57% on the first $500 million<br> 0.51% on the next $500 million<br> 0.48% on the next $500 million<br> 0.45% on assets over $1.5 billion |
| High Yield Bond | &nbsp;&nbsp;Wellington Management Company LLP | &nbsp;&nbsp;0.65% on the first $150 million<br> 0.60% on the next $350 million<br> 0.55% on assets over $500 million | &nbsp;&nbsp;No fee waiver |
| Inflation Protected | &nbsp;&nbsp;Wellington Management Company LLP | &nbsp;&nbsp;0.50% on the first $250 million<br> 0.45% on the next $250 million<br> 0.40% on assets over $500 million | &nbsp;&nbsp;0.405% on the first $250 million<br> 0.355% on the next $250 million<br> 0.305% on assets over $500 million(4) |
| International Equities Index | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.35% on the first $500 million<br> 0.25% on the next $500 million<br> 0.24% on assets over $1 billion | &nbsp;&nbsp;0.315% on the first $500 million<br> 0.215% on the next $500 million<br> 0.205% on assets over $1 billion(5) |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;**Advisory Fee after Waiver** |
| International Government Bond | &nbsp;&nbsp;PineBridge Investments LLC | &nbsp;&nbsp;0.50% on the first $250 million<br> 0.45% on the next $250 million<br> 0.40% on the next $500 million<br> 0.35% on assets over $1 billion | &nbsp;&nbsp;0.44% on the first $250 million<br> 0.39% on the next $250 million<br> 0.34% on the next $500 million<br> 0.29% on assets over $1 billion(6) |
| International Growth | &nbsp;&nbsp;Morgan Stanley Investment Management Inc. | &nbsp;&nbsp;0.95% on the first $250 million<br> 0.90% on the next $250 million<br> 0.85% on the next $500 million<br> 0.80% on assets over $1 billion | &nbsp;&nbsp;0.69% on the first $250 million<br> 0.64% on the next $250 million<br> 0.59% on the next $500 million<br> 0.54% on assets over $1 billion |
| International Opportunities | &nbsp;&nbsp;Invesco Advisers, Inc.<br> Wellington Management Company LLP | &nbsp;&nbsp;0.90% on the first $100 million<br> 0.80% on the next $650 million<br> 0.75% on assets over $750 million | &nbsp;&nbsp;0.87% on the first $100 million<br> 0.77% on the next $650 million<br> 0.72% on assets over $750 million |
| International Socially Responsible | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.500% on the first $500 million<br> 0.475% on the next $500 million<br> 0.450% on assets over $1 billion | &nbsp;&nbsp;0.410% on the first $500 million<br> 0.385% on the next $500 million<br> 0.360% on assets over $1 billion |
| International Value | &nbsp;&nbsp;Columbia Management Investment Advisers, LLC<br> Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp;0.73% on the first $250 million<br> 0.68% on the next $250 million<br> 0.63% on the next $500 million<br> 0.58% on assets over $1 billion | &nbsp;&nbsp;0.66% on the first $250 million<br> 0.61% on the next $250 million<br> 0.56% on the next $500 million<br> 0.51% on assets over $1 billion |
| Large Cap Core | &nbsp;&nbsp;J.P. Morgan Investment Management Inc.(7)<br> T. Rowe Price Associates, Inc.(7) | &nbsp;&nbsp;0.64% on the first $750 million<br> 0.59% on assets over $750 million | &nbsp;&nbsp;0.55% on the first $750 million<br> 0.50% on assets over $750 million(8) |
| Mid Cap Index | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.35% on the first $500 million<br> 0.25% on the next $2.5 billion<br> 0.20% on the next $2 billion<br> 0.15% on assets over $5 billion | &nbsp;&nbsp;0.335% on the first $500 million<br> 0.235% on the next $2.5 billion<br> 0.185% on the next $2 billion<br> 0.135% on assets over $5 billion(9) |
| Mid Cap Strategic Growth | &nbsp;&nbsp;Voya Investment Management Co. LLC<br> Janus Henderson Investors US LLC | &nbsp;&nbsp;0.70% on the first $250 million<br> 0.65% on the next $250 million<br> 0.60% on assets over $500 million | &nbsp;&nbsp;No fee waiver |
| Mid Cap Value | &nbsp;&nbsp;Wellington Management Company LLP<br> Boston Partners Global Investors, Inc. d/b/a Boston Partners | &nbsp;&nbsp;0.750% on the first $100 million<br> 0.725% on the next $150 million<br> 0.700% on the next $250 million<br> 0.675% on next $250 million<br> 0.650% on assets over $750 million | &nbsp;&nbsp;No fee waiver |
| Moderate Allocation Lifestyle | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.07% |
| Nasdaq-100® Index | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.40% on the first $250 million<br> 0.38% on the next $250 million<br> 0.36% on assets over $500 million | &nbsp;&nbsp;0.32% on the first $250 million<br> 0.30% on the next $250 million<br> 0.28% on assets over $500 million |
| Science & Technology | &nbsp;&nbsp;BlackRock Investment Management, LLC<br> Voya Investment Management Co. LLC | &nbsp;&nbsp;0.90% on the first $500 million<br> 0.85% on assets over $500 million | &nbsp;&nbsp;0.85% on the first $500 million<br> 0.80% on assets over $500 million |
| Small Cap Growth | &nbsp;&nbsp;T. Rowe Price Associates, Inc.<br> American Century Investment Management, Inc. | &nbsp;&nbsp;0.85% on the first $100 million<br> 0.80% on assets over $100 million | &nbsp;&nbsp;0.80% on the first $100 million<br> 0.75% on assets over $100 million |
| Small Cap Index | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.35% on the first $500 million<br> 0.25% on the next $2.5 billion<br> 0.20% on the next $2 billion<br> 0.15% on assets over $5 billion | &nbsp;&nbsp;0.29% on the first $500 million<br> 0.19% on the next $2.5 billion<br> 0.14% on the next $2 billion<br> 0.09% on assets over $5 billion |
| Small Cap Special Values | &nbsp;&nbsp;Allspring Global Investments, LLC | &nbsp;&nbsp;0.75% on the first $500 million<br> 0.70% on assets over $500 million | &nbsp;&nbsp;0.72% on the first $500 million<br> 0.67% on assets over $500 million(10) |
| Small Cap Value | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. | &nbsp;&nbsp;0.75% on the first $50 million<br> 0.65% on assets over $50 million | &nbsp;&nbsp;No fee waiver |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;**Advisory Fee after Waiver** |
| Stock Index | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.35% on the first $500 million<br> 0.25% on the next $2.5 billion<br> 0.20% on the next $2 billion<br> 0.15% on assets over $5 billion | &nbsp;&nbsp;0.265% on the first $500 million<br> 0.165% on the next $2.5 billion<br> 0.115% on the next $2 billion<br> 0.065% on assets over $5 billion |
| Systematic Core | &nbsp;&nbsp;Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp;0.750% on the first $500 million<br> 0.725% on assets over $500 million | &nbsp;&nbsp;0.530% on the first $500 million<br> 0.505% on assets over $500 million |
| Systematic Growth | &nbsp;&nbsp;Goldman Sachs Asset Management, L.P.<br> Wellington Management Company LLP | &nbsp;&nbsp;0.750% on the first $250 million<br> 0.725% on the next $250 million<br> 0.700% on assets over $500 million | &nbsp;&nbsp;0.580% on the first $250 million<br> 0.555% on the next $250 million<br> 0.530% on the next $300 million<br> 0.505% on the next $200 million<br> 0.450% on assets over $1 billion |
| Systematic Value | &nbsp;&nbsp;Wellington Management Company LLP | &nbsp;&nbsp;0.70% on the first $250 million<br> 0.65% on the next $250 million<br> 0.60% on the next $500 million<br> 0.55% on assets over $1 billion | &nbsp;&nbsp;0.56% on the first $250 million<br> 0.51% on the next $250 million<br> 0.46% on the next $500 million<br> 0.41% on assets over $1 billion |
| U.S. Socially Responsible | &nbsp;&nbsp;BlackRock Investment Management, LLC | &nbsp;&nbsp;0.25% on the first $1 billion<br> 0.24% on assets over $1 billion | &nbsp;&nbsp;0.23% on the first $1 billion<br> 0.22% on assets over $1 billion |

---

(1) Effective September 29, 2025, AllianceBernstein LP replaced SunAmerica Asset Management, LLC as subadviser for a portion of the Dynamic Allocation Fund.

(2) VALIC has voluntarily agreed, until further notice, to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees voluntarily waived by the Dynamic Allocation Fund's Subadviser, AllianceBernstein L.P. ("AB"), in connection with the Fund's investments in the AB Government Money Market Portfolio, a series of AB Fixed-Income Shares, Inc. managed by AB (the "AB Fund Waiver"). The AB Fund Waiver may be terminated at any time by the Adviser.

(3) The information presented represents the rates that became effective on September 29, 2025 for the Government Securities Fund. Prior to that date, the Advisory Fee after Waiver was 0.42% on the first $250 million, 0.37% on the next $250 million, 0.32% on the next $500 million and 0.27% on assets over $1 billion.

(4) The information presented represents the rates that became effective on September 29, 2025 for the Inflation Protected Fund. Prior to that date, the Advisory Fee after Waiver was 0.47% on the first $250 million, 0.42% on the next $250 million and 0.37% on assets over $500 million.

(5) The information presented represents the rates that became effective on September 29, 2025 for the International Equities Index Fund. Prior to that date there was no advisory fee waiver.

(6) The information presented represents the rates that became effective on September 29, 2025 for the International Government Bond Fund. Prior to that date, the Advisory Fee after Waiver was 0.48% on the first $250 million, 0.43% on the next $250 million, 0.38% on the next $500 million and 0.33% on assets over $1 billion.

(7) Effective September 29, 2025, J.P. Morgan Investment Management Inc. and T. Rowe Price Associates, Inc. replaced Massachusetts Financial Services Company as subadvisers for the Large Cap Core Fund.

(8) The information presented represents the rates that became effective on September 29, 2025 for the Large Cap Core Fund. Prior to that date, the Advisory Fee after Waiver was 0.59% on the first $750 million and 0.54% on assets over $750 million.

(9) The information presented represents the rates that became effective on September 29, 2025 for the Mid Cap Index Fund. Prior to that date, the Advisory Fee after Waiver was 0.34% on the first $500 million, 0.24% on the next $2.5 billion, 0.19% on the next $2 billion and 0.14% on assets over $5 billion.

(10) The information presented represents the rates that became effective on September 29, 2025 for the Small Cap Special Values Fund. Prior to that date there was no advisory fee waiver.

&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended November 30, 2025, advisory fees waived were as follows:

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| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Amount** |
| Aggressive Allocation Lifestyle<br>| &nbsp;&nbsp;$111627 |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37697 |
| Conservative Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42717 |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409934 |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460313 |
| Dynamic Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526 |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12534 |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70791 |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74613 |
| Growth<br>| &nbsp;&nbsp;&nbsp;1439231 |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110784 |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134276 |
| International Government Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16237 |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483179 |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52669 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257013 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Amount** |
| International Value<br>| &nbsp;&nbsp;$141185 |
| Large Cap Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200310 |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151005 |
| Moderate Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154344 |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441050 |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777406 |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125692 |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321828 |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;2846295 |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811134 |
| Systematic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950063 |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329480 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to waive its fees and/or reimburse expenses, if necessary, to keep annual operating expenses at or below certain percentages of the following Funds' average net assets. This agreement may be modified or discontinued prior to September 30, 2026, only with the approval of the Board, including a majority of the directors who are not "interested persons" of the Company as defined in the 1940 Act. For purposes of the waived fees and reimbursed expense calculations, annual Fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Fund's business. During the period ended November 30, 2025, the Adviser waived its fees and/or reimbursed expenses, if necessary, to keep annual operating expenses at or below the following percentages:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Maximum Expense<br> Limitation** |
| Dynamic Allocation<br>| &nbsp;&nbsp;0.32% |
| High Yield Bond<br>| &nbsp;&nbsp;0.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;The Adviser may also voluntarily waive additional fees and/or reimburse additional expenses. The Adviser may terminate all such voluntary waivers and/or reimbursements at any time.

&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended November 30, 2025, expenses reimbursed were as follows:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Amount** |
| Dynamic Allocation<br>| &nbsp;&nbsp;$30175 |
| High Yield Bond<br>| &nbsp;&nbsp;&nbsp;144441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;Waivers or reimbursements made by the Adviser with respect to a the Dynamic Allocation Fund, with the exception of advisory fee waivers, are subject to recoupment from that Fund within the following two years, provided that the Fund is able to effect such payment to the Adviser without exceeding the applicable expense limitations in effect at the time such waivers and/or reimbursements occurred or the current expense limitation of that share class.

&nbsp;&nbsp;&nbsp;&nbsp;At November 30, 2025, expenses previously reimbursed by the Adviser that are subject to recoupment and expire during the time period indicated below are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balance Subject to<br> Recoupment** | &nbsp;&nbsp;**Balance Subject to<br> Recoupment** | &nbsp;&nbsp;**Balance Subject to<br> Recoupment** |
| **Fund** | &nbsp;&nbsp;**May 31, 2026** | &nbsp;&nbsp;**May 31, 2027** | &nbsp;&nbsp;**November 30, 2027** |
| Dynamic Allocation<br>| &nbsp;&nbsp;$35924 | &nbsp;&nbsp;$67288 | &nbsp;&nbsp;$30175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica Asset Management, LLC (the "Administrator"or "SunAmerica"), an affiliate of the Adviser. The Administrator receives from each Fund, other than the "Fund-of-Funds Component" of the Dynamic Allocation Fund and the Lifestyle Funds, an annual fee of 0.06% based upon each Fund's average daily net assets, plus the following Accounting Basis Point Fee: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. In determining the basis points for the Accounting Basis Point Fee,the average net assets for all registered management investment companies managed and/or administered by the Administrator and VALIC, other than "funds-of-funds" and "feeder funds",are included. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. During the six months ended November 30, 2025, SunAmerica earned fees as reflected in the Statement of Operations based on the aforementioned rates.

&nbsp;&nbsp;&nbsp;&nbsp;Effective January 1, 2026, VALIC replaced SunAmerica as the Company's Administrator and SunAmerica became the Company's sub-administrator. The Administrator receives from each Fund, other than the Dynamic Allocation Fund and the Lifestyle Funds, an annual fee of 0.06% based upon each Fund's average daily net assets, plus the following Accounting Basis Point Fee: 0.0070% on the first $10 billion; 0.0060% on the next $10 billion; 0.0055% on the next $5 billion and 0.0035% in excess of $25 billion. In determining the basis points for the Accounting Basis Point Fee, the average net assets for all Funds in the Company, other than the Dynamic Allocation Fund and the Lifestyle Funds, are included.

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company ("VRSCO"), an affiliate of VALIC. Effective October 1, 2025, VRSCO receives from the Company an annual fee of $600,000, which is allocated to each Fund in the Company based on shareholder accounts. Prior to that date, the annual fee was $132,510. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides "Blue Sky" registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the six months ended November 30, 2025, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned agreement.

&nbsp;&nbsp;&nbsp;&nbsp;On January 23, 2001, the Board ratified a Deferred Compensation Plan (the "Plan") for its independent directors who are not officers, directors, or employees of VALIC, or anaffiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the Plan, Directors may elect to defer allor a portion of their compensation. Amounts deferred may be invested in investment options that are specified in the Plan as selected by the Directors. For the six months ended November 30, 2025, no amounts have been deferred under the Plan.

#### Note 6 — Purchases and Sales of Investment Securities
&nbsp;&nbsp;&nbsp;&nbsp;The cost of purchases and proceeds from sales and maturities of long—term investments during the six months ended November 30, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Purchases of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Sales of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Purchase of U.S.<br> Government<br> Securities** | &nbsp;&nbsp;**Sales of U.S.<br> Government<br> Securities** |
| Aggressive Allocation Lifestyle<br>| &nbsp;&nbsp;$116648014 | &nbsp;&nbsp;$156141437 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;23557079 | &nbsp;&nbsp;&nbsp;&nbsp;31331928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699200 |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;105109909 | &nbsp;&nbsp;&nbsp;124127821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Conservative Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;24281597 | &nbsp;&nbsp;&nbsp;&nbsp;41121697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Core Bond<br>| &nbsp;&nbsp;&nbsp;227926367 | &nbsp;&nbsp;&nbsp;240765181 | &nbsp;&nbsp;&nbsp;138125006 | &nbsp;&nbsp;&nbsp;140555043 |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;223673052 | &nbsp;&nbsp;&nbsp;372997636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;52550433 | &nbsp;&nbsp;&nbsp;&nbsp;62693846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9393970 | &nbsp;&nbsp;&nbsp;&nbsp;11510570 |
| Emerging Economies<br>| &nbsp;&nbsp;&nbsp;616479352 | &nbsp;&nbsp;&nbsp;607555857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;58321348 | &nbsp;&nbsp;&nbsp;&nbsp;31852041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;70125915 | &nbsp;&nbsp;&nbsp;&nbsp;76767937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243894 |
| Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;10302040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6870707 | &nbsp;&nbsp;&nbsp;&nbsp;19506619 | &nbsp;&nbsp;&nbsp;&nbsp;19973609 |
| Growth<br>| &nbsp;&nbsp;&nbsp;596047200 | &nbsp;&nbsp;&nbsp;699297705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;131837822 | &nbsp;&nbsp;&nbsp;188130141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;78464782 | &nbsp;&nbsp;&nbsp;&nbsp;60088951 | &nbsp;&nbsp;&nbsp;&nbsp;86329713 | &nbsp;&nbsp;&nbsp;106205447 |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;557578618 | &nbsp;&nbsp;&nbsp;275204471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Government Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;61059108 | &nbsp;&nbsp;&nbsp;&nbsp;44693070 | &nbsp;&nbsp;&nbsp;&nbsp;38644789 | &nbsp;&nbsp;&nbsp;&nbsp;18492246 |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;36692512 | &nbsp;&nbsp;&nbsp;&nbsp;64813702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;209912123 | &nbsp;&nbsp;&nbsp;196504606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;42333354 | &nbsp;&nbsp;&nbsp;&nbsp;67834661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Value<br>| &nbsp;&nbsp;&nbsp;121952736 | &nbsp;&nbsp;&nbsp;150138559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Cap Core<br>| &nbsp;&nbsp;&nbsp;703087328 | &nbsp;&nbsp;&nbsp;529582498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;213569512 | &nbsp;&nbsp;&nbsp;383209550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;470692090 | &nbsp;&nbsp;&nbsp;493276487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;274316804 | &nbsp;&nbsp;&nbsp;298192503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Moderate Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;126830806 | &nbsp;&nbsp;&nbsp;185991954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;12724982 | &nbsp;&nbsp;&nbsp;&nbsp;74147479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Science & Technology<br>| &nbsp;&nbsp;&nbsp;707416991 | &nbsp;&nbsp;&nbsp;929038287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;249336141 | &nbsp;&nbsp;&nbsp;375994599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;101869132 | &nbsp;&nbsp;&nbsp;227651010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;26752259 | &nbsp;&nbsp;&nbsp;&nbsp;40116003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;105843603 | &nbsp;&nbsp;&nbsp;150151441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;141090775 | &nbsp;&nbsp;&nbsp;870042985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Core<br>| &nbsp;&nbsp;&nbsp;242594946 | &nbsp;&nbsp;&nbsp;283982964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Growth<br>| &nbsp;&nbsp;&nbsp;221846859 | &nbsp;&nbsp;&nbsp;313601183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;152886928 | &nbsp;&nbsp;&nbsp;173755778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;22281660 | &nbsp;&nbsp;&nbsp;&nbsp;81719395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

#### Note 7 — Capital Share Transactions
&nbsp;&nbsp;&nbsp;&nbsp;Transactions in capital shares of each class of each Fund were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aggressive Allocation Lifestyle** | **Aggressive Allocation Lifestyle** | **Aggressive Allocation Lifestyle** | **Aggressive Allocation Lifestyle** | &nbsp;&nbsp;**Asset Allocation** | &nbsp;&nbsp;**Asset Allocation** | &nbsp;&nbsp;**Asset Allocation** | &nbsp;&nbsp;**Asset Allocation** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266308 | &nbsp;&nbsp;$3211987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694074 | &nbsp;&nbsp;$7733591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120285 | &nbsp;&nbsp;$1509203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505880 | &nbsp;&nbsp;$5979490 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18268533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7933999 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(3587610) | &nbsp;&nbsp;&nbsp;&nbsp;(43530106) | &nbsp;&nbsp;&nbsp;&nbsp;(5541429) | &nbsp;&nbsp;&nbsp;&nbsp;(61182892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(883515) | &nbsp;&nbsp;&nbsp;&nbsp;(10962147) | &nbsp;&nbsp;&nbsp;(1723273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20489885) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(3321302) | &nbsp;&nbsp;$(40318119) | &nbsp;&nbsp;&nbsp;&nbsp;(3189593) | &nbsp;&nbsp;$(35180768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(763230) | &nbsp;&nbsp;$(9452944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521428) | &nbsp;&nbsp;$(6576396) |
|  | **Capital Appreciation** | **Capital Appreciation** | **Capital Appreciation** | **Capital Appreciation** | &nbsp;&nbsp;**Conservative Allocation Lifestyle** | &nbsp;&nbsp;**Conservative Allocation Lifestyle** | &nbsp;&nbsp;**Conservative Allocation Lifestyle** | &nbsp;&nbsp;**Conservative Allocation Lifestyle** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11623097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543469 | &nbsp;&nbsp;&nbsp;&nbsp;105231906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723640 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4286202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7642651 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(1529703) | &nbsp;&nbsp;&nbsp;&nbsp;(34744994) | &nbsp;&nbsp;&nbsp;&nbsp;(1437200) | &nbsp;&nbsp;&nbsp;&nbsp;(29370568) | &nbsp;&nbsp;&nbsp;(1706768) | &nbsp;&nbsp;&nbsp;&nbsp;(20624013) | &nbsp;&nbsp;&nbsp;(3771239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43235406) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(984029) | &nbsp;&nbsp;$(23121897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4326300 | &nbsp;&nbsp;$80147540 | &nbsp;&nbsp;&nbsp;(1437641) | &nbsp;&nbsp;$(17354438) | &nbsp;&nbsp;&nbsp;(2422516) | &nbsp;&nbsp;$(27869115) |
|  | **Core Bond** | **Core Bond** | **Core Bond** | **Core Bond** | &nbsp;&nbsp;**Dividend Value** | &nbsp;&nbsp;**Dividend Value** | &nbsp;&nbsp;**Dividend Value** | &nbsp;&nbsp;**Dividend Value** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;11069940 | &nbsp;&nbsp;&nbsp;&nbsp;110682207 | &nbsp;&nbsp;&nbsp;&nbsp;50848228 | &nbsp;&nbsp;&nbsp;&nbsp;496709010 | &nbsp;&nbsp;&nbsp;&nbsp;6357488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84356378 | &nbsp;&nbsp;&nbsp;13319694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161908366 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10543724 | &nbsp;&nbsp;&nbsp;&nbsp;101852375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3510348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42334802 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (24476517) | &nbsp;&nbsp;&nbsp;(244097321) | &nbsp;&nbsp;&nbsp;&nbsp;(52407040) | &nbsp;&nbsp;&nbsp;(513218972) | &nbsp;&nbsp;(18444689) | &nbsp;&nbsp;&nbsp;(242436913) | &nbsp;&nbsp;(17406439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217083956) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (13406577) | &nbsp;&nbsp;$(133415114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8984912 | &nbsp;&nbsp;$85342413 | &nbsp;&nbsp;(12087201) | &nbsp;&nbsp;$(158080535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576397) | &nbsp;&nbsp;$(12840788) |
|  | **Dynamic Allocation** | **Dynamic Allocation** | **Dynamic Allocation** | **Dynamic Allocation** | &nbsp;&nbsp;**Emerging Economies** | &nbsp;&nbsp;**Emerging Economies** | &nbsp;&nbsp;**Emerging Economies** | &nbsp;&nbsp;**Emerging Economies** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;1010405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11042830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12276274 | &nbsp;&nbsp;&nbsp;13432809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96054994 | &nbsp;&nbsp;&nbsp;31754064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206829591 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4106972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26325689 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(2150537) | &nbsp;&nbsp;&nbsp;&nbsp;(23494163) | &nbsp;&nbsp;&nbsp;&nbsp;(3317455) | &nbsp;&nbsp;&nbsp;&nbsp;(34489217) | &nbsp;&nbsp;(12033711) | &nbsp;&nbsp;&nbsp;&nbsp;(89933382) | &nbsp;&nbsp;(34182458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219043155) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1140132) | &nbsp;&nbsp;$(12451333) | &nbsp;&nbsp;&nbsp;&nbsp;(1709928) | &nbsp;&nbsp;$(18101879) | &nbsp;&nbsp;&nbsp;&nbsp;1399098 | &nbsp;&nbsp;$6121612 | &nbsp;&nbsp;&nbsp;&nbsp;1678578 | &nbsp;&nbsp;$14112125 |
|  | **Global Real Estate** | **Global Real Estate** | **Global Real Estate** | **Global Real Estate** | &nbsp;&nbsp;**Global Strategy** | &nbsp;&nbsp;**Global Strategy** | &nbsp;&nbsp;**Global Strategy** | &nbsp;&nbsp;**Global Strategy** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;5474227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38314279 | &nbsp;&nbsp;&nbsp;&nbsp;17790503 | &nbsp;&nbsp;&nbsp;&nbsp;126108695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9460333 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6623573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8347100 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(1913233) | &nbsp;&nbsp;&nbsp;&nbsp;(13438416) | &nbsp;&nbsp;&nbsp;&nbsp;(37255327) | &nbsp;&nbsp;&nbsp;(250089652) | &nbsp;&nbsp;&nbsp;(1518934) | &nbsp;&nbsp;&nbsp;&nbsp;(16774737) | &nbsp;&nbsp;&nbsp;(2515839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25454615) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;3560994 | &nbsp;&nbsp;$24875863 | &nbsp;&nbsp;&nbsp;&nbsp;(18467298) | &nbsp;&nbsp;$(117357384) | &nbsp;&nbsp;&nbsp;(1344732) | &nbsp;&nbsp;$(14889707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(730016) | &nbsp;&nbsp;$(7647182) |
|  | **Government Securities** | **Government Securities** | **Government Securities** | **Government Securities** | &nbsp;&nbsp;**Growth** | &nbsp;&nbsp;**Growth** | &nbsp;&nbsp;**Growth** | &nbsp;&nbsp;**Growth** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;1816974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17089405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41295225 | &nbsp;&nbsp;&nbsp;&nbsp;7148878 | &nbsp;&nbsp;&nbsp;&nbsp;136303913 | &nbsp;&nbsp;&nbsp;&nbsp;7931293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130365167 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3391826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53217747 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(2015040) | &nbsp;&nbsp;&nbsp;&nbsp;(19084081) | &nbsp;&nbsp;&nbsp;&nbsp;(2155828) | &nbsp;&nbsp;&nbsp;&nbsp;(20171240) | &nbsp;&nbsp;(12076922) | &nbsp;&nbsp;&nbsp;(223917073) | &nbsp;&nbsp;(19344748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315962174) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(198066) | &nbsp;&nbsp;$(1994676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706328 | &nbsp;&nbsp;$24918622 | &nbsp;&nbsp;&nbsp;(4928044) | &nbsp;&nbsp;$(87613160) | &nbsp;&nbsp;&nbsp;(8021629) | &nbsp;&nbsp;$(132379260) |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | &nbsp;&nbsp;**Inflation Protected** | &nbsp;&nbsp;**Inflation Protected** | &nbsp;&nbsp;**Inflation Protected** | &nbsp;&nbsp;**Inflation Protected** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;4732759 | &nbsp;&nbsp;$34082388 | &nbsp;&nbsp;&nbsp;&nbsp;12665442 | &nbsp;&nbsp;$86845415 | &nbsp;&nbsp;&nbsp;17169680 | &nbsp;&nbsp;$149328900 | &nbsp;&nbsp;&nbsp;&nbsp;6013448 | &nbsp;&nbsp;$51961134 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22356353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6616286 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (16826886) | &nbsp;&nbsp;&nbsp;(121697501) | &nbsp;&nbsp;&nbsp;&nbsp;(16332808) | &nbsp;&nbsp;&nbsp;(115393589) | &nbsp;&nbsp;(17674207) | &nbsp;&nbsp;&nbsp;(157577843) | &nbsp;&nbsp;(10477772) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90165793) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (12094127) | &nbsp;&nbsp;$(87615113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417896) | &nbsp;&nbsp;$(6191821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504527) | &nbsp;&nbsp;$(8248943) | &nbsp;&nbsp;&nbsp;(3693195) | &nbsp;&nbsp;$(31588373) |
|  | **International Equities Index** | **International Equities Index** | **International Equities Index** | **International Equities Index** | &nbsp;&nbsp;**International Government Bond** | &nbsp;&nbsp;**International Government Bond** | &nbsp;&nbsp;**International Government Bond** | &nbsp;&nbsp;**International Government Bond** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;56960355 | &nbsp;&nbsp;&nbsp;&nbsp;532985147 | &nbsp;&nbsp;&nbsp;&nbsp;25905892 | &nbsp;&nbsp;&nbsp;&nbsp;220005773 | &nbsp;&nbsp;&nbsp;&nbsp;7134407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76483766 | &nbsp;&nbsp;&nbsp;&nbsp;1293361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13178824 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9508850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81110488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (26610827) | &nbsp;&nbsp;&nbsp;(253408067) | &nbsp;&nbsp;&nbsp;&nbsp;(75150770) | &nbsp;&nbsp;&nbsp;(631378015) | &nbsp;&nbsp;&nbsp;(3852648) | &nbsp;&nbsp;&nbsp;&nbsp;(41411758) | &nbsp;&nbsp;&nbsp;(2534916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25775741) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;30349528 | &nbsp;&nbsp;$279577080 | &nbsp;&nbsp;&nbsp;&nbsp;(39736028) | &nbsp;&nbsp;$(330261754) | &nbsp;&nbsp;&nbsp;&nbsp;3281759 | &nbsp;&nbsp;$35072008 | &nbsp;&nbsp;&nbsp;(1241555) | &nbsp;&nbsp;$(12596917) |
|  | **International Growth** | **International Growth** | **International Growth** | **International Growth** | &nbsp;&nbsp;**International Opportunities** | &nbsp;&nbsp;**International Opportunities** | &nbsp;&nbsp;**International Opportunities** | &nbsp;&nbsp;**International Opportunities** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9104214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25219330 | &nbsp;&nbsp;&nbsp;&nbsp;2685804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46221277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8977718 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10029083 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(2640351) | &nbsp;&nbsp;&nbsp;&nbsp;(35864663) | &nbsp;&nbsp;&nbsp;&nbsp;(6867141) | &nbsp;&nbsp;&nbsp;&nbsp;(83446829) | &nbsp;&nbsp;&nbsp;(2030652) | &nbsp;&nbsp;&nbsp;&nbsp;(34331106) | &nbsp;&nbsp;&nbsp;(8371134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125743165) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1970134) | &nbsp;&nbsp;$(26760449) | &nbsp;&nbsp;&nbsp;&nbsp;(4814207) | &nbsp;&nbsp;$(58227499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655152 | &nbsp;&nbsp;$11890171 | &nbsp;&nbsp;&nbsp;(7091096) | &nbsp;&nbsp;$(106736364) |
|  | **International Socially Responsible** | **International Socially Responsible** | **International Socially Responsible** | **International Socially Responsible** | &nbsp;&nbsp;**International Value** | &nbsp;&nbsp;**International Value** | &nbsp;&nbsp;**International Value** | &nbsp;&nbsp;**International Value** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25330574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88673475 | &nbsp;&nbsp;&nbsp;&nbsp;1918811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23371817 | &nbsp;&nbsp;&nbsp;&nbsp;2798652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30571320 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17294252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4183748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44473241 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(2024084) | &nbsp;&nbsp;&nbsp;&nbsp;(57390483) | &nbsp;&nbsp;&nbsp;&nbsp;(3377077) | &nbsp;&nbsp;&nbsp;&nbsp;(86397863) | &nbsp;&nbsp;&nbsp;(4847521) | &nbsp;&nbsp;&nbsp;&nbsp;(58761190) | &nbsp;&nbsp;(15686637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170601006) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1119591) | &nbsp;&nbsp;$(32059909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788701 | &nbsp;&nbsp;$19569864 | &nbsp;&nbsp;&nbsp;(2928710) | &nbsp;&nbsp;$(35389373) | &nbsp;&nbsp;&nbsp;(8704237) | &nbsp;&nbsp;$(95556445) |
|  | **Large Cap Core** | **Large Cap Core** | **Large Cap Core** | **Large Cap Core** | &nbsp;&nbsp;**Mid Cap Index** | &nbsp;&nbsp;**Mid Cap Index** | &nbsp;&nbsp;**Mid Cap Index** | &nbsp;&nbsp;**Mid Cap Index** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;12071130 | &nbsp;&nbsp;&nbsp;&nbsp;217123252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133123 | &nbsp;&nbsp;&nbsp;&nbsp;1896350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48197314 | &nbsp;&nbsp;&nbsp;&nbsp;4440818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125378692 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7955491 | &nbsp;&nbsp;&nbsp;&nbsp;130629161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15227124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350985209 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(2481124) | &nbsp;&nbsp;&nbsp;&nbsp;(43710227) | &nbsp;&nbsp;&nbsp;&nbsp;(4840846) | &nbsp;&nbsp;&nbsp;&nbsp;(91515664) | &nbsp;&nbsp;(10912084) | &nbsp;&nbsp;&nbsp;(269476864) | &nbsp;&nbsp;(23403637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614076444) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;9590006 | &nbsp;&nbsp;$173413025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573618 | &nbsp;&nbsp;$48246620 | &nbsp;&nbsp;&nbsp;(9015734) | &nbsp;&nbsp;$(221279550) | &nbsp;&nbsp;&nbsp;(3735695) | &nbsp;&nbsp;$(137712543) |
|  | **Mid Cap Strategic Growth** | **Mid Cap Strategic Growth** | **Mid Cap Strategic Growth** | **Mid Cap Strategic Growth** | &nbsp;&nbsp;**Mid Cap Value** | &nbsp;&nbsp;**Mid Cap Value** | &nbsp;&nbsp;**Mid Cap Value** | &nbsp;&nbsp;**Mid Cap Value** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;3509768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79919019 | &nbsp;&nbsp;&nbsp;&nbsp;13589277 | &nbsp;&nbsp;&nbsp;&nbsp;275417691 | &nbsp;&nbsp;&nbsp;&nbsp;2309181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39411131 | &nbsp;&nbsp;&nbsp;12181180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216940664 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4210519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67031458 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(5616698) | &nbsp;&nbsp;&nbsp;(127287492) | &nbsp;&nbsp;&nbsp;&nbsp;(17261500) | &nbsp;&nbsp;&nbsp;(349288997) | &nbsp;&nbsp;&nbsp;(4070989) | &nbsp;&nbsp;&nbsp;&nbsp;(69855586) | &nbsp;&nbsp;(19539651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325105102) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(2106930) | &nbsp;&nbsp;$(47368473) | &nbsp;&nbsp;&nbsp;&nbsp;(3623314) | &nbsp;&nbsp;$(72917086) | &nbsp;&nbsp;&nbsp;(1761808) | &nbsp;&nbsp;$(30444455) | &nbsp;&nbsp;&nbsp;(3147952) | &nbsp;&nbsp;$(41132980) |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Lifestyle** | **Moderate Allocation Lifestyle** | **Moderate Allocation Lifestyle** | **Moderate Allocation Lifestyle** | &nbsp;&nbsp;**Nasdaq-100® Index** | &nbsp;&nbsp;**Nasdaq-100® Index** | &nbsp;&nbsp;**Nasdaq-100® Index** | &nbsp;&nbsp;**Nasdaq-100® Index** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335828 | &nbsp;&nbsp;$5203339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565174 | &nbsp;&nbsp;$8118808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713039 | &nbsp;&nbsp;$18473836 | &nbsp;&nbsp;&nbsp;&nbsp;1300150 | &nbsp;&nbsp;$34395858 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22050761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8619290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186693827 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(4054084) | &nbsp;&nbsp;&nbsp;&nbsp;(62388534) | &nbsp;&nbsp;&nbsp;&nbsp;(8876467) | &nbsp;&nbsp;&nbsp;(126795548) | &nbsp;&nbsp;&nbsp;(3203893) | &nbsp;&nbsp;&nbsp;&nbsp;(82269489) | &nbsp;&nbsp;&nbsp;(4812717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120982548) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(3718256) | &nbsp;&nbsp;$(57185195) | &nbsp;&nbsp;&nbsp;&nbsp;(6763871) | &nbsp;&nbsp;$(96625979) | &nbsp;&nbsp;&nbsp;(2490854) | &nbsp;&nbsp;$(63795653) | &nbsp;&nbsp;&nbsp;&nbsp;5106723 | &nbsp;&nbsp;$100107137 |
|  | **Science & Technology** | **Science & Technology** | **Science & Technology** | **Science & Technology** | &nbsp;&nbsp;**Small Cap Growth** | &nbsp;&nbsp;**Small Cap Growth** | &nbsp;&nbsp;**Small Cap Growth** | &nbsp;&nbsp;**Small Cap Growth** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19116411 | &nbsp;&nbsp;&nbsp;&nbsp;1635427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27082518 | &nbsp;&nbsp;&nbsp;&nbsp;6957376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110294321 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896724 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(5741115) | &nbsp;&nbsp;&nbsp;(219592759) | &nbsp;&nbsp;&nbsp;&nbsp;(11194759) | &nbsp;&nbsp;&nbsp;(347297601) | &nbsp;&nbsp;&nbsp;(9767492) | &nbsp;&nbsp;&nbsp;(164970848) | &nbsp;&nbsp;&nbsp;(7439807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120307353) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(5481611) | &nbsp;&nbsp;$(209589490) | &nbsp;&nbsp;&nbsp;&nbsp;(10582604) | &nbsp;&nbsp;$(328181190) | &nbsp;&nbsp;&nbsp;(8132065) | &nbsp;&nbsp;$(137888330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421595) | &nbsp;&nbsp;$(9116308) |
|  | **Small Cap Index** | **Small Cap Index** | **Small Cap Index** | **Small Cap Index** | &nbsp;&nbsp;**Small Cap Special Values** | &nbsp;&nbsp;**Small Cap Special Values** | &nbsp;&nbsp;**Small Cap Special Values** | &nbsp;&nbsp;**Small Cap Special Values** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9144046 | &nbsp;&nbsp;&nbsp;&nbsp;139309163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851502 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46742863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1716017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18601622 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (11304312) | &nbsp;&nbsp;&nbsp;(179892002) | &nbsp;&nbsp;&nbsp;&nbsp;(11182013) | &nbsp;&nbsp;&nbsp;(180847749) | &nbsp;&nbsp;&nbsp;(1472000) | &nbsp;&nbsp;&nbsp;&nbsp;(15856745) | &nbsp;&nbsp;&nbsp;(2696530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32116135) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (10759639) | &nbsp;&nbsp;$(171022804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176810 | &nbsp;&nbsp;$5204277 | &nbsp;&nbsp;&nbsp;(1373490) | &nbsp;&nbsp;$(14780344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582761) | &nbsp;&nbsp;$(8663011) |
|  | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | &nbsp;&nbsp;**Stock Index** | &nbsp;&nbsp;**Stock Index** | &nbsp;&nbsp;**Stock Index** | &nbsp;&nbsp;**Stock Index** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;1081320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13379475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4681485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53898711 | &nbsp;&nbsp;&nbsp;&nbsp;1768897 | &nbsp;&nbsp;&nbsp;&nbsp;115967901 | &nbsp;&nbsp;&nbsp;&nbsp;3095411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177896782 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21283530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3153134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178246666 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(5036277) | &nbsp;&nbsp;&nbsp;&nbsp;(59633661) | &nbsp;&nbsp;&nbsp;&nbsp;(15300914) | &nbsp;&nbsp;&nbsp;(184185398) | &nbsp;&nbsp;(13577328) | &nbsp;&nbsp;&nbsp;(872401932) | &nbsp;&nbsp;(17538586) | &nbsp;&nbsp;&nbsp;(1011141901) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(3954957) | &nbsp;&nbsp;$(46254186) | &nbsp;&nbsp;&nbsp;&nbsp;(8725877) | &nbsp;&nbsp;$(109003157) | &nbsp;&nbsp;(11808431) | &nbsp;&nbsp;$(756434031) | &nbsp;&nbsp;(11290041) | &nbsp;&nbsp;$(654998453) |
|  | **Systematic Core** | **Systematic Core** | **Systematic Core** | **Systematic Core** | &nbsp;&nbsp;**Systematic Growth** | &nbsp;&nbsp;**Systematic Growth** | &nbsp;&nbsp;**Systematic Growth** | &nbsp;&nbsp;**Systematic Growth** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13131825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412865 | &nbsp;&nbsp;&nbsp;&nbsp;105344621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12272742 | &nbsp;&nbsp;&nbsp;&nbsp;2084326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37022253 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26840231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4695296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80524325 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(1819685) | &nbsp;&nbsp;&nbsp;&nbsp;(64641784) | &nbsp;&nbsp;&nbsp;&nbsp;(2086077) | &nbsp;&nbsp;&nbsp;&nbsp;(69044549) | &nbsp;&nbsp;&nbsp;(4644786) | &nbsp;&nbsp;&nbsp;&nbsp;(93972250) | &nbsp;&nbsp;&nbsp;(9077181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168804090) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1426076) | &nbsp;&nbsp;$(51509959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175625 | &nbsp;&nbsp;$63140303 | &nbsp;&nbsp;&nbsp;(4058508) | &nbsp;&nbsp;$(81699508) | &nbsp;&nbsp;&nbsp;(2297559) | &nbsp;&nbsp;$(51257512) |
|  | **Systematic Value** | **Systematic Value** | **Systematic Value** | **Systematic Value** | &nbsp;&nbsp;**U.S. Socially Responsible** | &nbsp;&nbsp;**U.S. Socially Responsible** | &nbsp;&nbsp;**U.S. Socially Responsible** | &nbsp;&nbsp;**U.S. Socially Responsible** |
|  | **Six Months Ended 11/30/25<br> (unaudited)** | **Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 11/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 5/31/25** | &nbsp;&nbsp;**Year Ended 5/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4418852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11709171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9906143 | &nbsp;&nbsp;&nbsp;&nbsp;1156105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23726251 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26986609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6342697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108333269 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(2050057) | &nbsp;&nbsp;&nbsp;&nbsp;(32122820) | &nbsp;&nbsp;&nbsp;&nbsp;(4157165) | &nbsp;&nbsp;&nbsp;&nbsp;(62754285) | &nbsp;&nbsp;&nbsp;(3622609) | &nbsp;&nbsp;&nbsp;&nbsp;(69559185) | &nbsp;&nbsp;(10185644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190009970) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1768444) | &nbsp;&nbsp;$(27703968) | &nbsp;&nbsp;&nbsp;&nbsp;(1484796) | &nbsp;&nbsp;$(24058505) | &nbsp;&nbsp;&nbsp;(3111113) | &nbsp;&nbsp;$(59653042) | &nbsp;&nbsp;&nbsp;(2686842) | &nbsp;&nbsp;$(57950450) |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

#### Note 8 — Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;Transactions in shares of Underlying Funds and affiliated companies for the six months ended November 30, 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> November 30,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Core Bond Fund<br>| $— | $— | $153621251 | $10668274 | $9121461 | $506364 | $7662057 | $163336485 |
| Emerging Economies Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831024 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7646093 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;142594644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9639630 | &nbsp;&nbsp;&nbsp;&nbsp;3331925 | &nbsp;&nbsp;&nbsp;&nbsp;9227597 | &nbsp;&nbsp;&nbsp;149294538 |
| Large Cap Core 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;98522618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1807252 | &nbsp;&nbsp;&nbsp;100329870 |
| 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;&nbsp;&nbsp;1271169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238844 | &nbsp;&nbsp;&nbsp;&nbsp;2255766 | &nbsp;&nbsp;&nbsp;&nbsp;18988525 |
| 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;&nbsp;&nbsp;1574753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115173 | &nbsp;&nbsp;&nbsp;&nbsp;3209904 | &nbsp;&nbsp;&nbsp;&nbsp;17792282 |
| 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;&nbsp;&nbsp;122747130 | &nbsp;&nbsp;&nbsp;40282891 | &nbsp;&nbsp;&nbsp;(4439575) | &nbsp;&nbsp;&nbsp;150424791 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;6636014 | &nbsp;&nbsp;&nbsp;&nbsp;1571441 | &nbsp;&nbsp;&nbsp;10955549 | &nbsp;&nbsp;&nbsp;&nbsp;73622568 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2884616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422731 | &nbsp;&nbsp;&nbsp;&nbsp;6755204 | &nbsp;&nbsp;&nbsp;&nbsp;68647916 |
|  | $— | $— | $706657887 | $116648014 | $156141437 | $46711300 | $38038328 | $751914092 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> November 30,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Core Bond Fund<br>| $— | $— | $172402374 | $4073000 | $9627044 | $(1595863) | $10692462 | $175944929 |
| 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;1415411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692129 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039667 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27962238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198017 | &nbsp;&nbsp;&nbsp;&nbsp;3148454 | &nbsp;&nbsp;&nbsp;&nbsp;1078873 | &nbsp;&nbsp;&nbsp;&nbsp;1316026 | &nbsp;&nbsp;&nbsp;&nbsp;27406700 |
| Large Cap Core 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;17531880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321597 | &nbsp;&nbsp;&nbsp;&nbsp;17853477 |
| 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;&nbsp;214574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007273 |
| 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;&nbsp;198738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127587 |
| 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;24090020 | &nbsp;&nbsp;&nbsp;&nbsp;6594213 | &nbsp;&nbsp;&nbsp;&nbsp;(164814) | &nbsp;&nbsp;&nbsp;&nbsp;25742723 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13292174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706001 | &nbsp;&nbsp;&nbsp;&nbsp;1877433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426082 | &nbsp;&nbsp;&nbsp;&nbsp;1975586 | &nbsp;&nbsp;&nbsp;&nbsp;14522410 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11914355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357288 | &nbsp;&nbsp;&nbsp;&nbsp;1080135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216535 | &nbsp;&nbsp;&nbsp;&nbsp;1086825 | &nbsp;&nbsp;&nbsp;&nbsp;12494868 |
|  | $— | $— | $277433690 | $24281597 | $41121697 | $6869320 | $16368853 | $283831763 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** | **Dynamic Allocation Fund** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2025** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> November 30,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Capital Appreciation Fund<br>| $— | $— | $5967478 | $281632 | $3914071 | $1433937 | $(545204) | $3223772 |
| Core Bond Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16548595 | &nbsp;&nbsp;&nbsp;12463799 | &nbsp;&nbsp;&nbsp;3374070 | &nbsp;&nbsp;&nbsp;&nbsp;(515016) | &nbsp;&nbsp;&nbsp;1501572 | &nbsp;&nbsp;&nbsp;26624880 |
| Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8308626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446940 | &nbsp;&nbsp;&nbsp;3641257 | &nbsp;&nbsp;&nbsp;&nbsp;516204 | &nbsp;&nbsp;&nbsp;&nbsp;313511 | &nbsp;&nbsp;&nbsp;&nbsp;5944024 |
| Emerging Economies Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9719 | &nbsp;&nbsp;&nbsp;&nbsp;357815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89328 | &nbsp;&nbsp;&nbsp;&nbsp;(43307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Real Estate Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1435824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48597 | &nbsp;&nbsp;&nbsp;1520569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87508 | &nbsp;&nbsp;&nbsp;&nbsp;(51360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5022076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381427 | &nbsp;&nbsp;&nbsp;5558556 | &nbsp;&nbsp;&nbsp;&nbsp;(103720) | &nbsp;&nbsp;&nbsp;&nbsp;258773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4974250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279396 | &nbsp;&nbsp;&nbsp;1723037 | &nbsp;&nbsp;&nbsp;&nbsp;697713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19146 | &nbsp;&nbsp;&nbsp;&nbsp;4247468 |
| High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32398 | &nbsp;&nbsp;&nbsp;1009866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1439263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51837 | &nbsp;&nbsp;&nbsp;1539298 | &nbsp;&nbsp;&nbsp;&nbsp;(159347) | &nbsp;&nbsp;&nbsp;&nbsp;207545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2323125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69656 | &nbsp;&nbsp;&nbsp;2528855 | &nbsp;&nbsp;&nbsp;&nbsp;498750 | &nbsp;&nbsp;&nbsp;&nbsp;(362676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Government Bond Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16198 | &nbsp;&nbsp;&nbsp;&nbsp;435368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2320384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68035 | &nbsp;&nbsp;&nbsp;2409718 | &nbsp;&nbsp;&nbsp;&nbsp;274763 | &nbsp;&nbsp;&nbsp;&nbsp;(253464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9718 | &nbsp;&nbsp;&nbsp;&nbsp;393555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1798421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53455 | &nbsp;&nbsp;&nbsp;1951150 | &nbsp;&nbsp;&nbsp;&nbsp;322024 | &nbsp;&nbsp;&nbsp;&nbsp;(222750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3530108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148106 | &nbsp;&nbsp;&nbsp;2423567 | &nbsp;&nbsp;&nbsp;&nbsp;507082 | &nbsp;&nbsp;&nbsp;&nbsp;(134811) | &nbsp;&nbsp;&nbsp;&nbsp;1626918 |
| Large Cap Core Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4470716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139309 | &nbsp;&nbsp;&nbsp;&nbsp;418762 | &nbsp;&nbsp;&nbsp;&nbsp;(30975) | &nbsp;&nbsp;&nbsp;&nbsp;500421 | &nbsp;&nbsp;&nbsp;&nbsp;4660709 |
| Mid Cap Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1282397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40497 | &nbsp;&nbsp;&nbsp;1436775 | &nbsp;&nbsp;&nbsp;&nbsp;(10715) | &nbsp;&nbsp;&nbsp;&nbsp;124596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** | **Dynamic Allocation Fund — (continued)** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> May 31,<br> 2025** | **Cost of<br> Purchases†** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> November 30,<br> 2025** |
| Mid Cap Strategic Growth Fund<br>| $— | $— | $1655450 | $45357 | $1865455 | $421607 | $(256959) | $— |
| Mid Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37258 | &nbsp;&nbsp;&nbsp;&nbsp;1576202 | &nbsp;&nbsp;&nbsp;&nbsp;(10049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100 Index 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;6740009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6524780 |
| 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;&nbsp;&nbsp;27538 | &nbsp;&nbsp;&nbsp;&nbsp;1025564 | &nbsp;&nbsp;&nbsp;&nbsp;148465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;&nbsp;&nbsp;16199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;&nbsp;&nbsp;17819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677450 | &nbsp;&nbsp;&nbsp;&nbsp;(63010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;4860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Stock Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14038828 | &nbsp;&nbsp;&nbsp;24867668 | &nbsp;&nbsp;&nbsp;&nbsp;4203230 | &nbsp;&nbsp;&nbsp;&nbsp;938829 | &nbsp;&nbsp;&nbsp;&nbsp;1921756 | &nbsp;&nbsp;&nbsp;&nbsp;37563851 |
| Systematic Core Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236503 | &nbsp;&nbsp;&nbsp;&nbsp;9035207 | &nbsp;&nbsp;&nbsp;2320954 | &nbsp;&nbsp;&nbsp;(1395351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688445 | &nbsp;&nbsp;&nbsp;&nbsp;4035103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961904 | &nbsp;&nbsp;&nbsp;&nbsp;179710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7493430 |
| Systematic Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380920 | &nbsp;&nbsp;&nbsp;&nbsp;1822650 | &nbsp;&nbsp;&nbsp;&nbsp;1412554 | &nbsp;&nbsp;&nbsp;&nbsp;233905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9731636 |
| U.S. Socially Responsible Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158750 | &nbsp;&nbsp;&nbsp;&nbsp;6018272 | &nbsp;&nbsp;&nbsp;&nbsp;620465 | &nbsp;&nbsp;&nbsp;&nbsp;(113312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | $— | $— | $106067471 | $52550433 | $62693846 | $8555983 | $3161427 | $107641468 |

---

 <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> November 30,<br> 2025** |
| **VALIC Company I<br>**  |  |  |  |  |  |  |  |  |
| Core Bond Fund<br>| $— | $— | $414191229 | $18318081 | $27096272 | $(1151482) | $23167667 | $427429223 |
| Emerging Economies Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5073656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523478 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;602057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10807657 |
| International Equities Index Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;149347279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937767 | &nbsp;&nbsp;&nbsp;&nbsp;11531061 | &nbsp;&nbsp;&nbsp;&nbsp;4003503 | &nbsp;&nbsp;&nbsp;&nbsp;9001526 | &nbsp;&nbsp;&nbsp;&nbsp;152759014 |
| Large Cap Core 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;99780226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1830321 | &nbsp;&nbsp;&nbsp;&nbsp;101610547 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1113629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265501 | &nbsp;&nbsp;&nbsp;&nbsp;2188873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18978286 |
| Small Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17154726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315462 | &nbsp;&nbsp;&nbsp;&nbsp;3230391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18637033 |
| 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;&nbsp;&nbsp;129786488 | &nbsp;&nbsp;&nbsp;42864511 | &nbsp;&nbsp;&nbsp;(6290360) | &nbsp;&nbsp;&nbsp;&nbsp;150961228 |
| Systematic Growth Fund<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;69717946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7897407 | &nbsp;&nbsp;&nbsp;&nbsp;1874018 | &nbsp;&nbsp;&nbsp;10967027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76382660 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;3373048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460563 | &nbsp;&nbsp;&nbsp;&nbsp;6736764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68704232 |
|  | $— | $— | $987307839 | $126830806 | $185991954 | $48966208 | $51680459 | $1028793358 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

&nbsp;&nbsp;&nbsp;&nbsp;At November 30, 2025, the following affiliates owned outstanding shares of the following Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**American General<br> Life Insurance Co.** | &nbsp;&nbsp;**The United States<br> Life Insurance Co.** | &nbsp;&nbsp;**VALIC** | &nbsp;&nbsp;**VC I Dynamic<br> Allocation Fund** | &nbsp;&nbsp;**VC I Aggressive<br> Allocation Lifestyle** | &nbsp;&nbsp;**VC I Conservative<br> Allocation Lifestyle** | &nbsp;&nbsp;**VC I Moderate<br> Allocation Lifestyle** |
| Aggressive Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Asset Allocation<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.10 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Conservative Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Core Bond<br>| &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;70.76 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;6.48 | &nbsp;&nbsp;15.74 |
| Dividend Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Dynamic Allocation<br>| &nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;90.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Economies<br>| &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;99.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.30 |
| Global Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Global Strategy<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Government Securities<br>| &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.79 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.77 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| High Yield Bond<br>| &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;93.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;3.08 |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;0.98 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;83.72 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6.93 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;7.09 |
| International Government Bond<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.78 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| International Value<br>| &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.53 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Cap Core<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;72.86 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;12.13 | &nbsp;&nbsp;2.16 | &nbsp;&nbsp;12.29 |

---

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**American General<br> Life Insurance Co.** | &nbsp;&nbsp;**The United States<br> Life Insurance Co.** | &nbsp;&nbsp;**VALIC** | &nbsp;&nbsp;**VC I Dynamic<br> Allocation Fund** | &nbsp;&nbsp;**VC I Aggressive<br> Allocation Lifestyle** | &nbsp;&nbsp;**VC I Conservative<br> Allocation Lifestyle** | &nbsp;&nbsp;**VC I Moderate<br> Allocation Lifestyle** |
| Mid Cap Index<br>| &nbsp;&nbsp;1.08% | &nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;98.89% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.71 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Moderate Allocation Lifestyle<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;2.25 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;97.15 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Science & Technology<br>| &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;91.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;4.04 |
| Small Cap Index<br>| &nbsp;&nbsp;2.25 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;97.63 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Special Values<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;83.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;7.61 |
| Stock Index<br>| &nbsp;&nbsp;1.96 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;92.39 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;2.26 |
| Systematic Core<br>| &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Growth<br>| &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;84.16 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;7.03 |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;66.71 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;14.32 | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;14.33 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;99.94 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;The fund-of-funds do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by these Funds within the set limits across their asset allocations may represent a significant portion of net assets of the Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the 1940 Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended November 30, 2025, the following Funds engaged in security transactions with affiliated funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Cost of<br> Purchases** | &nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;**Realized<br> Gain (Loss)** |
| Growth<br>| &nbsp;&nbsp;$27086531 | &nbsp;&nbsp;$31223699 | &nbsp;&nbsp;$8876606 |
| International Equities Index<br>| &nbsp;&nbsp;&nbsp;121402064 | &nbsp;&nbsp;&nbsp;&nbsp;19835773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7456286 |
| International Opportunities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74109 |
| International Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6897993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280764 |
| Mid Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;53718326 | &nbsp;&nbsp;&nbsp;&nbsp;84632899 | &nbsp;&nbsp;&nbsp;&nbsp;30985742 |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534445 | &nbsp;&nbsp;&nbsp;&nbsp;12515024 | &nbsp;&nbsp;&nbsp;&nbsp;10715727 |
| Small Cap Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;12613728 | &nbsp;&nbsp;&nbsp;&nbsp;55712823 | &nbsp;&nbsp;&nbsp;&nbsp;25064597 |
| Stock Index<br>| &nbsp;&nbsp;&nbsp;&nbsp;10186206 | &nbsp;&nbsp;&nbsp;291582283 | &nbsp;&nbsp;&nbsp;239721986 |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4164422 | &nbsp;&nbsp;&nbsp;&nbsp;19948234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171509 |

---

#### Note 9 — Investment Concentration and Other Risks
&nbsp;&nbsp;&nbsp;&nbsp;Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investment prices can fall or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments here or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources.

&nbsp;&nbsp;&nbsp;&nbsp;Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. The Global Real Estate Fund invests primarily in the real estate industry. A Fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate and could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If a Fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company.

&nbsp;&nbsp;&nbsp;&nbsp;The Capital Appreciation Fund, Nasdaq-100® Index Fund, Science & Technology Fund and Systematic Growth Fund invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The International Socially Responsible Fund and the U.S. Socially Responsible Fund invest in securities of companies meeting the Fund' social criteria. The Fund' adherence to their social criteria and application of related analyses when selecting investments may negatively impact the Fund' performance, including relative to similar Funds that use different criteria, or to Funds that do not adhere to such criteria or apply such analyses.

&nbsp;&nbsp;&nbsp;&nbsp;Certain Funds invest internationally, including in "emerging market" countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the Emerging Economies Fund, the Global Real Estate Fund, the Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund, the International Growth Fund, the International Opportunities Fund and the International Value Fund.

&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a portfolio holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Core Bond Fund and the Government Securities Fund's concentration in such investments, these funds may be subject to risks associated with the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;The High Yield Bond Fund's investment in high yield securities, whether rated or unrated, may be considered speculative and subject to greater market fluctuations and risk of loss of income and principal than lower-yielding, higher-rated, fixed-income securities. The risk of loss due to default by the issuer may be significantly greater for the holders of high yield securities, because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

#### Note 10 — Line of Credit
&nbsp;&nbsp;&nbsp;&nbsp;The Company, along with certain other funds managed by the Adviser, has access to a $135 million committed unsecured line of credit and a $90 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company ("State Street"), the Company's custodian. Interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent(1.25%). The Applicable Rate, for any day, is a rate per annum equal to the sum of (a) 0.10% plus (b) the higher of (i) the Federal Funds Effective Rate for such day, and (ii) the Overnight Bank Funding Rate for such day, provided that if the Applicable Rate as so determined for any day would be less than zero, such rate for such day shall be deemed to be zero for all purposes. The Company, on behalf of each of the Funds, has paid State Street, such Fund's ratable portion of an upfront fee in an amount equal to $90,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. For the six months ended November 30, 2025, the following Funds had borrowings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Days<br> Outstanding** | &nbsp;&nbsp;**Interest<br> Charges** | &nbsp;&nbsp;**Average<br> Debt<br> Utilized** | &nbsp;&nbsp;**Weighted<br> Average<br> Interest** | &nbsp;&nbsp;**Balance<br> Outstanding<br> at 11/30/25** |
| Capital Appreciation<br>| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$47 | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;5.68% | &nbsp;&nbsp;$— |
| Growth<br>| &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555556 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inflation Protected<br>| &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp;2662500 | &nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Equities Index<br>| &nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;9041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146924 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Growth<br>| &nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551786 | &nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Opportunities<br>| &nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;4097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934821 | &nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Socially Responsible<br>| &nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;2504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514516 | &nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| International Value<br>| &nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527083 | &nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Large Cap Core<br>| &nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;1450000 |
| Mid Cap Strategic Growth<br>| &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894444 | &nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;2609 | &nbsp;&nbsp;&nbsp;&nbsp;1838889 | &nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Nasdaq-100® Index<br>| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;2047 | &nbsp;&nbsp;&nbsp;&nbsp;4325000 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Science & Technology<br>| &nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;10664 | &nbsp;&nbsp;&nbsp;&nbsp;1678049 | &nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Small Cap Value<br>| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;3187 | &nbsp;&nbsp;&nbsp;20200000 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Systematic Value<br>| &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Socially Responsible<br>| &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Note 11 — Interfund Lending Agreement
&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the six months ended November 30, 2025, none of the Funds participated in this program.

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** | **Aggressive Allocation Lifestyle Fund(3),(4)** |
| 08/31/20 | $10.09 | $0.19 | $0.77 | $0.96 | $(0.26) | $(0.57) | $(0.83) | $10.22 | &nbsp;&nbsp;9.91% | $612613 | 0.14% | 0.10% | &nbsp;&nbsp;1.88% | &nbsp;&nbsp;48% |
| 05/31/21(5) | 10.22 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;2.49 | (0.20) | (0.40) | (0.60) | 12.11 | 24.54 | &nbsp;&nbsp;&nbsp;732829 | &nbsp;&nbsp;0.14(6) | &nbsp;&nbsp;0.10(6) | &nbsp;&nbsp;&nbsp;1.98(6) | 16 |
| 05/31/22 | 12.11 | &nbsp;&nbsp;0.11 | (1.01) | (0.90) | (0.34) | (0.60) | (0.94) | 10.27 | (7.62) | &nbsp;&nbsp;&nbsp;659059 | 0.13 | 0.09 | 0.89 | 40 |
| 05/31/23 | 10.27 | &nbsp;&nbsp;0.17 | (0.23) | (0.06) | (0.22) | (0.99) | (1.21) | &nbsp;&nbsp;&nbsp;9.00 | (0.41) | &nbsp;&nbsp;&nbsp;630147 | 0.14 | 0.10 | 1.74 | 65 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;1.74 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) | 10.52 | 19.34 | &nbsp;&nbsp;&nbsp;695802 | 0.14 | 0.11 | 1.77 | 28 |
| 05/31/25 | 10.52 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;1.10 | (0.19) | (0.10) | (0.29) | 11.33 | 10.55 | &nbsp;&nbsp;&nbsp;712945 | 0.14 | 0.11 | 2.07 | 22 |
| 11/30/25@ | 11.33 | (0.00) | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 12.70 | 12.09 | &nbsp;&nbsp;&nbsp;757113 | &nbsp;&nbsp;0.13(6) | &nbsp;&nbsp;0.10(6) | (0.07)(6) | 16 |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;2.97 | &nbsp;&nbsp;3.05 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.13) | 12.37 | 32.34 | &nbsp;&nbsp;&nbsp;154023 | 0.87 | 0.85 | 0.74 | 199 |
| 05/31/22 | 12.37 | &nbsp;&nbsp;0.12 | (0.44) | (0.32) | (0.25) | (1.51) | (1.76) | 10.29 | (3.16) | &nbsp;&nbsp;&nbsp;141207 | 0.68 | 0.63 | 0.95 | 47 |
| 05/31/23 | 10.29 | &nbsp;&nbsp;0.14 | (0.05) | &nbsp;&nbsp;0.09 | (0.12) | (0.51) | (0.63) | &nbsp;&nbsp;&nbsp;9.75 | 1.09 | &nbsp;&nbsp;&nbsp;134523 | 0.74 | 0.69 | 1.42 | 46 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;1.75 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | 11.33 | 17.96 | &nbsp;&nbsp;&nbsp;147633 | 0.70 | 0.65 | 1.53 | 43 |
| 05/31/25 | 11.33 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.92 | (0.18) | (0.47) | (0.65) | 11.60 | 8.30 | &nbsp;&nbsp;&nbsp;145088 | 0.70 | 0.65 | 1.54 | 35 |
| 11/30/25@ | 11.60 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 12.90 | 11.21 | &nbsp;&nbsp;&nbsp;151511 | &nbsp;&nbsp;0.69(6) | &nbsp;&nbsp;0.64(6) | &nbsp;&nbsp;&nbsp;1.54(6) | 17 |
| **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** | **Capital Appreciation Fund** |
| 08/31/20 | 14.89 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;4.30 | (0.06) | (0.51) | (0.57) | 18.62 | 29.44 | &nbsp;&nbsp;&nbsp;122454 | 1.00 | 0.85 | 0.12 | 62 |
| 05/31/21(5) | 18.62 | (0.01) | &nbsp;&nbsp;3.53 | &nbsp;&nbsp;3.52 | (0.02) | (0.44) | (0.46) | 21.68 | 18.97 | &nbsp;&nbsp;&nbsp;141163 | &nbsp;&nbsp;0.99(6) | &nbsp;&nbsp;0.84(6) | (0.09)(6) | 27 |
| 05/31/22 | 21.68 | &nbsp;&nbsp;0.02 | (1.34) | (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.12) | (1.12) | 19.24 | (6.38) | &nbsp;&nbsp;&nbsp;133324 | 0.71 | 0.60 | 0.08 | 46 |
| 05/31/23 | 19.24 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.68 | (0.03) | (5.16) | (5.19) | 14.73 | 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;61511 | 0.80 | 0.73 | 0.08 | 42 |
| 05/31/24 | 14.73 | (0.02) | &nbsp;&nbsp;5.26 | &nbsp;&nbsp;5.24 | (0.01) | (1.76) | (1.77) | 18.20 | 35.75 | &nbsp;&nbsp;&nbsp;213163 | 0.77 | 0.77 | (0.10) | 35 |
| 05/31/25 | 18.20 | (0.03) | &nbsp;&nbsp;2.67 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | (0.40) | 20.44 | 14.63 | &nbsp;&nbsp;&nbsp;327817 | 0.73 | 0.73 | (0.13) | 52 |
| 11/30/25@ | 20.44 | (0.02) | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 23.83 | 16.59 | &nbsp;&nbsp;&nbsp;358730 | &nbsp;&nbsp;0.68(6) | &nbsp;&nbsp;0.68(6) | (0.18)(6) | 30 |
| **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** | **Conservative Allocation Lifestyle Fund(3),(7)** |
| 08/31/20 | 11.85 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.95 | (0.31) | (0.18) | (0.49) | 12.31 | 8.14 | &nbsp;&nbsp;&nbsp;339870 | 0.15 | 0.10 | 2.68 | 38 |
| 05/31/21(5) | 12.31 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;1.60 | (0.34) | (0.18) | (0.52) | 13.39 | 13.05 | &nbsp;&nbsp;&nbsp;371617 | &nbsp;&nbsp;0.15(6) | &nbsp;&nbsp;0.10(6) | &nbsp;&nbsp;&nbsp;3.13(6) | 13 |
| 05/31/22 | 13.39 | &nbsp;&nbsp;0.15 | (1.17) | (1.02) | (0.48) | (0.53) | (1.01) | 11.36 | (7.88) | &nbsp;&nbsp;&nbsp;330697 | 0.14 | 0.13 | 1.14 | 38 |
| 05/31/23 | 11.36 | &nbsp;&nbsp;0.22 | (0.38) | (0.16) | (0.23) | (0.77) | (1.00) | 10.20 | (1.30) | &nbsp;&nbsp;&nbsp;303514 | 0.16 | 0.12 | 2.02 | 56 |
| 05/31/24 | 10.20 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;1.06 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) | 11.00 | 10.43 | &nbsp;&nbsp;&nbsp;293562 | 0.16 | 0.13 | 2.56 | 23 |
| 05/31/25 | 11.00 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.85 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | 11.53 | 7.73 | &nbsp;&nbsp;&nbsp;279749 | 0.16 | 0.13 | 2.83 | 20 |
| 11/30/25@ | 11.53 | (0.01) | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 12.51 | 8.50 | &nbsp;&nbsp;&nbsp;285499 | &nbsp;&nbsp;0.15(6) | &nbsp;&nbsp;0.12(6) | (0.09)(6) | &nbsp;&nbsp;&nbsp;9 |
| **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** | **Core Bond Fund** |
| 08/31/20 | 11.53 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.80 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | 11.94 | 7.05 | 1784179 | 0.78 | 0.77 | 2.39 | 93 |
| 05/31/21(5) | 11.94 | &nbsp;&nbsp;0.15 | (0.12) | &nbsp;&nbsp;0.03 | (0.29) | (0.31) | (0.60) | 11.37 | 0.27 | 2809677 | &nbsp;&nbsp;0.77(6) | &nbsp;&nbsp;0.76(6) | &nbsp;&nbsp;&nbsp;1.73(6) | 39 |
| 05/31/22 | 11.37 | &nbsp;&nbsp;0.21 | (1.19) | (0.98) | (0.13) | (0.11) | (0.24) | 10.15 | (8.75) | 2821678 | 0.50 | 0.50 | 1.93 | 60 |
| 05/31/23 | 10.15 | &nbsp;&nbsp;0.30 | (0.61) | (0.31) | (0.22) | (0.02) | (0.24) | &nbsp;&nbsp;&nbsp;9.60 | (2.99) | 2808761 | 0.50 | 0.50 | 3.05 | 43 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;0.35 | (0.09) | &nbsp;&nbsp;0.26 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) | &nbsp;&nbsp;&nbsp;9.51 | 2.69 | 2576904 | 0.51 | 0.51 | 3.71 | 58 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.54 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) | &nbsp;&nbsp;&nbsp;9.67 | 5.68 | 2706816 | 0.51 | 0.48 | 3.85 | 44 |
| 11/30/25@ | &nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.19 | 5.38 | 2715490 | &nbsp;&nbsp;0.51(6) | &nbsp;&nbsp;0.48(6) | &nbsp;&nbsp;&nbsp;4.01(6) | 14 |
| **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** | **Dividend Value Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;3.54 | &nbsp;&nbsp;3.79 | (0.26) | (0.34) | (0.60) | 13.17 | 38.46 | 1361703 | 0.80 | 0.69 | 2.18 | 64 |
| 05/31/22 | 13.17 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.30 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) | 13.21 | 2.28 | 1256796 | 0.79 | 0.68 | 1.53 | 86 |
| 05/31/23 | 13.21 | &nbsp;&nbsp;0.24 | (0.68) | (0.44) | (0.22) | (2.01) | (2.23) | 10.54 | (3.49) | 1049838 | 0.79 | 0.68 | 1.95 | 44 |
| 05/31/24 | 10.54 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;2.16 | (0.40) | (0.36) | (0.76) | 11.94 | 20.67 | &nbsp;&nbsp;&nbsp;667423 | 0.83 | 0.72 | 1.97 | 36 |
| 05/31/25 | 11.94 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;1.15 | (0.28) | (0.50) | (0.78) | 12.31 | 9.75 | &nbsp;&nbsp;&nbsp;680707 | 0.82 | 0.68 | 1.79 | 57 |
| 11/30/25@ | 12.31 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.70 | 11.29 | &nbsp;&nbsp;&nbsp;592147 | &nbsp;&nbsp;0.84(6) | &nbsp;&nbsp;0.69(6) | &nbsp;&nbsp;&nbsp;1.66(6) | 38 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The expense ratios do not include underlying fund expenses that the Fund bears indirectly. Additionally, recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. |
| (4) | Prior to September 29, 2025, the Fund was known as Aggressive Growth Lifestyle Fund. |
| (5) | The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021. |
| (6) | Annualized |
| (7) | Prior to September 29, 2025, the Fund was known as Conservative Growth Lifestyle Fund. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** | **Dynamic Allocation Fund(3)** |
| 05/31/21 | $11.93 | $0.20 | $1.94 | $2.14 | $(0.24) | $(1.23) | $(1.47) | $12.60 | &nbsp;&nbsp;18.42% | $198516 | 0.32% | 0.32% | &nbsp;&nbsp;1.57% | &nbsp;&nbsp;24% |
| 05/31/22 | 12.60 | &nbsp;&nbsp;0.07 | (0.92) | (0.85) | (0.39) | (1.22) | (1.61) | 10.14 | (7.28) | &nbsp;&nbsp;&nbsp;169371 | 0.33 | 0.32 | 0.60 | 25 |
| 05/31/23 | 10.14 | &nbsp;&nbsp;0.14 | (0.37) | (0.23) | (0.17) | (0.63) | (0.80) | &nbsp;&nbsp;&nbsp;9.11 | (2.18) | &nbsp;&nbsp;&nbsp;147093 | 0.36 | 0.32 | 1.48 | 22 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;1.42 | (0.26) | (0.37) | (0.63) | &nbsp;&nbsp;&nbsp;9.90 | 15.65 | &nbsp;&nbsp;&nbsp;141567 | &nbsp;&nbsp;0.40(4) | &nbsp;&nbsp;0.36(4) | &nbsp;&nbsp;&nbsp;1.93(4) | 26 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.81 | (0.23) | (0.10) | (0.33) | 10.38 | &nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;130698 | &nbsp;&nbsp;0.41(4) | &nbsp;&nbsp;0.36(4) | &nbsp;&nbsp;&nbsp;1.77(4) | 20 |
| 11/30/25@ | 10.38 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.41 | &nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;130734 | &nbsp;&nbsp;&nbsp;&nbsp;0.40(5)(6) | &nbsp;&nbsp;&nbsp;&nbsp;0.35(5)(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40(5)(6) | 48 |
| **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** | **Emerging Economies Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;3.66 | &nbsp;&nbsp;3.82 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | 10.87 | 52.91 | 1065405 | 0.88 | 0.88 | 1.68 | 82 |
| 05/31/22 | 10.87 | &nbsp;&nbsp;0.31 | (2.56) | (2.25) | (0.30) | (1.07) | (1.37) | &nbsp;&nbsp;&nbsp;7.25 | (20.87) | &nbsp;&nbsp;&nbsp;634192 | 0.93 | 0.93 | 3.23 | 60 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;0.23 | (1.04) | (0.81) | (0.38) | (0.71) | (1.09) | &nbsp;&nbsp;&nbsp;5.35 | (11.47) | &nbsp;&nbsp;&nbsp;647212 | 0.96 | 0.96 | 3.72 | 71 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.93 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) | &nbsp;&nbsp;&nbsp;6.14 | 17.43 | &nbsp;&nbsp;&nbsp;644337 | 0.95 | 0.95 | 2.39 | 141 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.71 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | &nbsp;&nbsp;&nbsp;6.61 | 11.67 | &nbsp;&nbsp;&nbsp;705217 | 1.02 | 1.02 | 1.76 | 154 |
| 11/30/25@ | &nbsp;&nbsp;&nbsp;6.61 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7.79 | 17.85 | &nbsp;&nbsp;&nbsp;841614 | &nbsp;&nbsp;1.03(5) | &nbsp;&nbsp;1.03(5) | &nbsp;&nbsp;&nbsp;1.75(5) | 76 |
| **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** | **Global Real Estate Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;1.87 | (0.34) | (0.25) | (0.59) | &nbsp;&nbsp;&nbsp;8.13 | 28.14 | &nbsp;&nbsp;&nbsp;435033 | 0.86 | 0.86 | 1.83 | 76 |
| 05/31/22 | &nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;0.13 | (0.57) | (0.44) | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) | &nbsp;&nbsp;&nbsp;7.57 | (5.43) | &nbsp;&nbsp;&nbsp;545132 | 0.86 | 0.86 | 1.61 | 47 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;7.57 | &nbsp;&nbsp;0.16 | (1.35) | (1.19) | (0.17) | (0.15) | (0.32) | &nbsp;&nbsp;&nbsp;6.06 | (15.96) | &nbsp;&nbsp;&nbsp;277408 | 0.88 | 0.88 | 2.30 | 77 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.52 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | &nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;346611 | 0.92 | 0.92 | 2.19 | 52 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.63 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) | &nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;246562 | 0.91 | 0.90 | 2.28 | 54 |
| 11/30/25@ | &nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;280623 | &nbsp;&nbsp;0.94(5) | &nbsp;&nbsp;0.93(5) | &nbsp;&nbsp;&nbsp;2.27(5) | 13 |
| **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** | **Global Strategy Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;8.85 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;1.70 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.42) | 10.13 | 19.49 | &nbsp;&nbsp;&nbsp;287412 | 0.72 | 0.70 | 2.09 | 39 |
| 05/31/22 | 10.13 | &nbsp;&nbsp;0.18 | (1.15) | (0.97) | (0.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.00) | &nbsp;&nbsp;&nbsp;9.16 | (9.57) | &nbsp;&nbsp;&nbsp;235176 | 0.84 | 0.80 | 1.83 | 140 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;0.24 | (0.45) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.82) | (0.82) | &nbsp;&nbsp;&nbsp;8.13 | (2.16) | &nbsp;&nbsp;&nbsp;207195 | 0.77 | 0.71 | 2.78 | 89 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9.75 | 19.93 | &nbsp;&nbsp;&nbsp;221427 | 0.71 | 0.65 | 3.30 | 75 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.93 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | 10.28 | &nbsp;&nbsp;9.68 | &nbsp;&nbsp;&nbsp;226063 | 0.69 | 0.63 | 3.42 | 54 |
| 11/30/25@ | 10.28 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.62 | 13.04 | &nbsp;&nbsp;&nbsp;239809 | &nbsp;&nbsp;0.69(5) | &nbsp;&nbsp;0.63(5) | &nbsp;&nbsp;&nbsp;2.89(5) | 33 |
| **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** | **Government Securities Fund** |
| 05/31/21 | 11.22 | &nbsp;&nbsp;0.20 | (0.39) | (0.19) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | 10.78 | (1.70) | &nbsp;&nbsp;&nbsp;142954 | 0.66 | 0.66 | 1.77 | 13 |
| 05/31/22 | 10.78 | &nbsp;&nbsp;0.20 | (1.00) | (0.80) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | &nbsp;&nbsp;&nbsp;9.79 | (7.47) | &nbsp;&nbsp;&nbsp;159888 | 0.65 | 0.65 | 1.90 | 11 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;0.23 | (0.42) | (0.19) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | &nbsp;&nbsp;&nbsp;9.35 | (1.93) | &nbsp;&nbsp;&nbsp;150156 | 0.67 | 0.67 | 2.44 | 65 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;0.23 | (0.17) | &nbsp;&nbsp;0.06 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) | &nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;129228 | 0.68 | 0.68 | 2.52 | &nbsp;&nbsp;&nbsp;1 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.45 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | &nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;156750 | 0.69 | 0.64 | 2.71 | 13 |
| 11/30/25@ | &nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;161875 | &nbsp;&nbsp;0.66(5) | &nbsp;&nbsp;0.57(5) | &nbsp;&nbsp;&nbsp;3.15(5) | 17 |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| 05/31/21 | 18.82 | (0.02) | &nbsp;&nbsp;6.65 | &nbsp;&nbsp;6.63 | (0.03) | (3.23) | (3.26) | 22.19 | 36.58 | 1430327 | 0.80 | 0.64 | (0.10) | 40 |
| 05/31/22 | 22.19 | (0.02) | (2.84) | (2.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.76) | (4.76) | 14.57 | (14.82) | 1005830 | 0.77 | 0.61 | (0.09) | 60 |
| 05/31/23 | 14.57 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;— | (3.95) | (3.95) | 11.13 | &nbsp;&nbsp;7.39 | 1016283 | 0.81 | 0.65 | 0.17 | 43 |
| 05/31/24 | 11.13 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;3.96 | &nbsp;&nbsp;3.97 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | 15.09 | 35.70 | 1656571 | 0.78 | 0.62 | 0.06 | 44 |
| 05/31/25 | 15.09 | (0.02) | &nbsp;&nbsp;2.37 | &nbsp;&nbsp;2.35 | (0.01) | (0.52) | (0.53) | 16.91 | &nbsp;&nbsp;&nbsp;15.84(7) | 1720476 | 0.77 | 0.61 | (0.12) | 44 |
| 11/30/25@ | 16.91 | (0.01) | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 19.45 | 15.02 | 1882956 | &nbsp;&nbsp;0.76(5) | &nbsp;&nbsp;0.60(5) | (0.06)(5) | 33 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The expense ratios do not include underlying fund expenses that the Fund bears indirectly. Additionally, recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. |
| (4) | Includes interest expense of 0.04% relating to derivative activity. |
| (5) | Annualized |
| (6) | Includes interest expense of 0.03% relating to derivative activity. |
| (7) | The Fund's performance figure was increased by 0.07% from reimbursement of an investment violation. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** | **High Yield Bond Fund** |
| 08/31/20 | $7.66 | $0.36 | $(0.00) | $0.36 | $(0.55) | $— | $(0.55) | $7.47 | &nbsp;&nbsp;&nbsp;5.01% | $538716 | 0.98% | 0.94% | &nbsp;&nbsp;4.79% | &nbsp;&nbsp;49% |
| 05/31/21(3) | &nbsp;&nbsp;&nbsp;7.47 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.52 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | &nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;6.95 | &nbsp;&nbsp;&nbsp;598597 | &nbsp;&nbsp;0.97(4) | &nbsp;&nbsp;0.92(4) | &nbsp;&nbsp;&nbsp;4.26(4) | 33 |
| 05/31/22 | &nbsp;&nbsp;&nbsp;7.68 | &nbsp;&nbsp;0.32 | (0.72) | (0.40) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | &nbsp;&nbsp;&nbsp;7.03 | (5.34) | &nbsp;&nbsp;&nbsp;515224 | 0.71 | 0.68 | 4.12 | 40 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;0.37 | (0.35) | &nbsp;&nbsp;0.02 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.45) | &nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;386075 | 0.75 | 0.68 | 5.33 | 40 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.66 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) | &nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;412811 | 0.75 | 0.68 | 5.98 | 40 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.57 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.47) | &nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;415598 | 0.77 | 0.68 | 6.32 | 57 |
| 11/30/25@ | &nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7.36 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;351245 | &nbsp;&nbsp;0.75(4) | &nbsp;&nbsp;0.68(4) | &nbsp;&nbsp;&nbsp;6.42(4) | 35 |
| **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** | **Inflation Protected Fund** |
| 05/31/21 | 11.34 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.86 | (0.17) | (0.06) | (0.23) | 11.97 | &nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;800186 | 0.56 | 0.54 | 1.55 | 71 |
| 05/31/22 | 11.97 | &nbsp;&nbsp;0.60 | (0.71) | (0.11) | (0.28) | (0.56) | (0.84) | 11.02 | (1.25) | &nbsp;&nbsp;&nbsp;869007 | 0.55 | 0.52 | 5.06 | 35 |
| 05/31/23 | 11.02 | &nbsp;&nbsp;0.48 | (0.71) | (0.23) | (1.06) | (0.23) | (1.29) | &nbsp;&nbsp;&nbsp;9.50 | (1.96) | &nbsp;&nbsp;&nbsp;483148 | 0.58 | 0.55 | 4.48 | 26 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;0.30 | (0.17) | &nbsp;&nbsp;0.13 | (1.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.19) | &nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;391188 | 0.62 | 0.59 | 3.24 | 14 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.30 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) | &nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;366677 | 0.63 | 0.60 | 2.47 | &nbsp;&nbsp;&nbsp;&nbsp;18(5) |
| 11/30/25@ | &nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;377850 | &nbsp;&nbsp;0.62(4) | &nbsp;&nbsp;0.56(4) | &nbsp;&nbsp;&nbsp;3.25(4) | &nbsp;&nbsp;&nbsp;&nbsp;37(5) |
| **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** | **International Equities Index Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;2.32 | (0.10) | (0.03) | (0.13) | &nbsp;&nbsp;&nbsp;8.38 | 37.70 | 1899286 | 0.42 | 0.42 | 2.11 | &nbsp;&nbsp;&nbsp;2 |
| 05/31/22 | &nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;0.21 | (1.09) | (0.88) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) | &nbsp;&nbsp;&nbsp;7.28 | (10.51) | 1563302 | 0.41 | 0.41 | 2.58 | &nbsp;&nbsp;&nbsp;6 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.21 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | &nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;2.91 | 1977925 | 0.42 | 0.42 | 2.82 | &nbsp;&nbsp;&nbsp;9 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;1.33 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;&nbsp;8.43 | 18.21 | 1926606 | 0.42 | 0.42 | 2.49 | &nbsp;&nbsp;&nbsp;6 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;1.01 | (0.31) | (0.10) | (0.41) | &nbsp;&nbsp;&nbsp;9.03 | 12.32 | 1706607 | 0.42 | 0.42 | 2.46 | 12 |
| 11/30/25@ | &nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;8.75 | 2153239 | &nbsp;&nbsp;0.43(4) | &nbsp;&nbsp;0.42(4) | &nbsp;&nbsp;&nbsp;1.61(4) | 14 |
| **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** | **International Government Bond Fund** |
| 05/31/21 | 12.14 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.79 | (0.29) | (0.19) | (0.48) | 12.45 | &nbsp;&nbsp;6.58 | &nbsp;&nbsp;&nbsp;193496 | 0.65 | 0.65 | 1.89 | 71 |
| 05/31/22 | 12.45 | &nbsp;&nbsp;0.20 | (1.89) | (1.69) | (0.22) | (0.14) | (0.36) | 10.40 | (13.78) | &nbsp;&nbsp;&nbsp;140534 | 0.69 | 0.69 | 1.64 | 53 |
| 05/31/23 | 10.40 | &nbsp;&nbsp;0.22 | (0.70) | (0.48) | (0.35) | (0.00) | (0.35) | &nbsp;&nbsp;&nbsp;9.57 | (4.52) | &nbsp;&nbsp;&nbsp;&nbsp;69466 | 0.76 | 0.76 | 2.14 | 60 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;0.30 | (0.10) | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;64459 | 0.83 | 0.83 | 3.07 | 89 |
| 05/31/25 | &nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.36 | &nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;55486 | 0.86 | 0.84 | 3.39 | 108 |
| 11/30/25@ | 10.36 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.82 | &nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;93454 | &nbsp;&nbsp;0.78(4) | &nbsp;&nbsp;0.74(4) | &nbsp;&nbsp;&nbsp;3.59(4) | 79 |
| **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** | **International Growth Fund** |
| 05/31/21 | 12.47 | (0.02) | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;6.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | (0.07) | 19.13 | 53.98 | &nbsp;&nbsp;&nbsp;642915 | 1.03 | 0.83 | (0.10) | 18 |
| 05/31/22 | 19.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.20) | (5.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.09) | (2.09) | 11.84 | (27.99) | &nbsp;&nbsp;&nbsp;425568 | 1.05 | 0.85 | (0.02) | 25 |
| 05/31/23 | 11.84 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.90) | (1.90) | 10.92 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;415665 | 1.08 | 0.88 | 0.19 | &nbsp;&nbsp;&nbsp;7 |
| 05/31/24 | 10.92 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.39 | &nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;376411 | 1.07 | 0.87 | 0.13 | 38 |
| 05/31/25 | 11.39 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.49 | 18.44 | &nbsp;&nbsp;&nbsp;380780 | 1.08 | 0.84 | 0.09 | 17 |
| 11/30/25@ | 13.49 | (0.02) | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.68 | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;359232 | &nbsp;&nbsp;1.08(4) | &nbsp;&nbsp;0.82(4) | (0.35)(4) | 10 |
| **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** | **International Opportunities Fund** |
| 08/31/20 | 18.44 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;2.73 | (0.13) | (0.31) | (0.44) | 20.73 | 15.03 | &nbsp;&nbsp;&nbsp;610424 | 1.22 | 1.13 | 0.45 | 45 |
| 05/31/21(3) | 20.73 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;4.04 | (0.11) | (1.64) | (1.75) | 23.02 | 19.97 | &nbsp;&nbsp;&nbsp;726964 | &nbsp;&nbsp;1.23(4) | &nbsp;&nbsp;1.19(4) | &nbsp;&nbsp;&nbsp;0.23(4) | 48 |
| 05/31/22 | 23.02 | &nbsp;&nbsp;0.16 | (4.09) | (3.93) | (0.05) | (3.02) | (3.07) | 16.02 | (17.48) | &nbsp;&nbsp;&nbsp;507169 | 0.98 | 0.95 | 0.77 | 41 |
| 05/31/23 | 16.02 | &nbsp;&nbsp;0.19 | (1.21) | (1.02) | (0.20) | (1.70) | (1.90) | 13.10 | (6.67) | &nbsp;&nbsp;&nbsp;466339 | 1.02 | 0.95 | 1.33 | 66 |
| 05/31/24 | 13.10 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;2.00 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) | 14.96 | 15.27 | &nbsp;&nbsp;&nbsp;410212 | 1.03 | 0.99 | 1.15 | 129 |
| 05/31/25 | 14.96 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;1.59 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | 16.16 | 10.84 | &nbsp;&nbsp;&nbsp;328591 | 1.04 | 1.01 | 1.31 | 61 |
| 11/30/25@ | 16.16 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.66 | &nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;370740 | &nbsp;&nbsp;1.07(4) | &nbsp;&nbsp;1.04(4) | &nbsp;&nbsp;&nbsp;0.77(4) | 57 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021. |
| (4) | Annualized |
| (5) | Excludes TBA transactions. Beginning with the period ended May 31, 2025, portfolio turnover rates including TBA transactions are being added as Supplemental Ratios in the table below. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Supplemental Ratios** |  |  |  |  |  |  |
| **Portfolio Turnover (including TBA transactions)** | &nbsp;&nbsp;**05/21** | &nbsp;&nbsp;**05/22** | &nbsp;&nbsp;**05/23** | &nbsp;&nbsp;**05/24** | &nbsp;&nbsp;**05/25** | &nbsp;&nbsp;**11/25** |
| Inflation Protected Fund<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;84% | &nbsp;&nbsp;81% |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** | **International Socially Responsible Fund** |
| 05/31/21 | $23.97 | $0.51 | $8.18 | $8.69 | $(0.53) | $(5.56) | $(6.09) | $26.57 | &nbsp;&nbsp;37.84% | $385891 | 0.65% | 0.65% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;9% |
| 05/31/22 | 26.57 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;(3.38) | &nbsp;&nbsp;(2.86) | (0.84) | (0.93) | (1.77) | 21.94 | (10.84) | &nbsp;&nbsp;&nbsp;317599 | 0.64 | 0.64 | 2.03 | 11 |
| 05/31/23 | 21.94 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;0.64 | (0.38) | (0.35) | (0.73) | 21.85 | &nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;400650 | 0.66 | 0.66 | 2.43 | 13 |
| 05/31/24 | 21.85 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;3.83 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.43) | 25.25 | 17.57 | &nbsp;&nbsp;&nbsp;499448 | 0.63 | 0.60 | 2.39 | 11 |
| 05/31/25 | 25.25 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;2.77 | (0.73) | (0.20) | (0.93) | 27.09 | 11.22 | &nbsp;&nbsp;&nbsp;557281 | 0.64 | 0.58 | 2.37 | 17 |
| 11/30/25@ | 27.09 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 29.29 | &nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;569650 | &nbsp;&nbsp;0.63(3) | &nbsp;&nbsp;0.54(3) | &nbsp;&nbsp;&nbsp;1.37(3) | &nbsp;&nbsp;&nbsp;8 |
| **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** | **International Value Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;3.85 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | 11.46 | 49.67 | &nbsp;&nbsp;&nbsp;738262 | 0.81 | 0.74 | 1.95 | 62 |
| 05/31/22 | 11.46 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;(1.67) | &nbsp;&nbsp;(1.38) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | &nbsp;&nbsp;&nbsp;9.90 | (12.03) | &nbsp;&nbsp;&nbsp;609239 | 0.81 | 0.74 | 2.66 | 70 |
| 05/31/23 | &nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.09) | (0.40) | (0.44) | (0.84) | &nbsp;&nbsp;&nbsp;8.97 | (1.25) | &nbsp;&nbsp;&nbsp;474369 | 0.85 | 0.78 | 2.16 | 60 |
| 05/31/24 | &nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;2.05 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | 10.84 | 22.89 | &nbsp;&nbsp;&nbsp;470020 | 0.85 | 0.78 | 3.06 | 132 |
| 05/31/25 | 10.84 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;1.74 | (0.45) | (0.67) | (1.12) | 11.46 | 16.84 | &nbsp;&nbsp;&nbsp;396880 | 0.88 | 0.81 | 2.84 | 48 |
| 11/30/25@ | 11.46 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 12.99 | 13.35 | &nbsp;&nbsp;&nbsp;411847 | &nbsp;&nbsp;0.86(3) | &nbsp;&nbsp;0.79(3) | &nbsp;&nbsp;&nbsp;2.04(3) | 31 |
| **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** | **Large Cap Core Fund(4)** |
| 05/31/21 | 16.82 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;6.29 | (0.08) | (2.00) | (2.08) | 21.03 | 38.39 | &nbsp;&nbsp;&nbsp;662844 | 0.75 | 0.75 | 0.24 | 22 |
| 05/31/22 | 21.03 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.32) | (0.04) | (2.25) | (2.29) | 18.42 | (1.82) | &nbsp;&nbsp;&nbsp;710547 | 0.74 | 0.74 | 0.19 | 18 |
| 05/31/23 | 18.42 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;0.48 | (0.04) | (1.74) | (1.78) | 17.12 | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;714449 | 0.75 | 0.75 | 0.35 | 27 |
| 05/31/24 | 17.12 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;3.87 | (0.07) | (1.21) | (1.28) | 19.71 | 22.75 | &nbsp;&nbsp;&nbsp;630218 | 0.75 | 0.75 | 0.26 | 19 |
| 05/31/25 | 19.71 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;1.26 | (0.06) | (4.38) | (4.44) | 16.53 | &nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;587485 | 0.75 | 0.72 | 0.31 | 18 |
| 11/30/25@ | 16.53 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 18.32 | 10.83 | &nbsp;&nbsp;&nbsp;826883 | &nbsp;&nbsp;0.77(3) | &nbsp;&nbsp;0.70(3) | &nbsp;&nbsp;&nbsp;0.24(3) | 84 |
| **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** | **Mid Cap Index Fund** |
| 05/31/21 | 20.75 | &nbsp;&nbsp;0.35 | 11.29 | 11.64 | (0.32) | (0.87) | (1.19) | 31.20 | 56.39 | 3864639 | 0.35 | 0.35 | 1.33 | 18 |
| 05/31/22 | 31.20 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(2.35) | &nbsp;&nbsp;(2.05) | (0.38) | (2.39) | (2.77) | 26.38 | (6.84) | 3217500 | 0.34 | 0.34 | 0.99 | 14 |
| 05/31/23 | 26.38 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(0.56) | (0.32) | (3.28) | (3.60) | 22.22 | (3.02) | 2895090 | 0.36 | 0.36 | 1.46 | 14 |
| 05/31/24 | 22.22 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;5.65 | (0.39) | (1.02) | (1.41) | 26.46 | 25.47 | 2987773 | 0.36 | 0.36 | 1.19 | 21 |
| 05/31/25 | 26.46 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.38 | (0.35) | (3.14) | (3.49) | 23.35 | &nbsp;&nbsp;1.60 | 2550031 | 0.36 | 0.36 | 1.14 | 18 |
| 11/30/25@ | 23.35 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 25.89 | 10.88 | 2593868 | &nbsp;&nbsp;0.37(3) | &nbsp;&nbsp;0.36(3) | &nbsp;&nbsp;&nbsp;1.15(3) | &nbsp;&nbsp;&nbsp;8 |
| **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** | **Mid Cap Strategic Growth Fund** |
| 05/31/21 | 16.50 | (0.03) | &nbsp;&nbsp;&nbsp;7.83 | &nbsp;&nbsp;&nbsp;7.80 | (0.02) | (1.13) | (1.15) | 23.15 | 47.61 | &nbsp;&nbsp;&nbsp;890709 | 0.78 | 0.78 | (0.13) | 49 |
| 05/31/22 | 23.15 | (0.03) | &nbsp;&nbsp;(3.20) | &nbsp;&nbsp;(3.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.04) | (2.04) | 17.88 | (14.32) | &nbsp;&nbsp;&nbsp;737360 | 0.75 | 0.75 | (0.14) | 76 |
| 05/31/23 | 17.88 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;— | (3.59) | (3.59) | 15.00 | &nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;770493 | 0.77 | 0.77 | 0.05 | 67 |
| 05/31/24 | 15.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;3.67 | (0.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.00) | 18.67 | 24.48 | 1118797 | 0.74 | 0.74 | 0.10 | 49 |
| 05/31/25 | 18.67 | (0.00) | &nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;2.49 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.02) | 21.14 | 13.34 | 1190324 | 0.74 | 0.74 | (0.02) | 52 |
| 11/30/25@ | 21.14 | (0.01) | &nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 23.05 | &nbsp;&nbsp;9.04 | 1249478 | &nbsp;&nbsp;0.73(3) | &nbsp;&nbsp;0.73(3) | (0.08)(3) | 44 |
| **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
| 08/31/20 | 17.19 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.81) | &nbsp;&nbsp;(0.68) | (0.15) | (0.98) | (1.13) | 15.38 | (4.12) | &nbsp;&nbsp;&nbsp;724100 | 1.07 | 1.05 | 0.82 | 63 |
| 05/31/21(5) | 15.38 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;7.06 | (0.13) | (0.09) | (0.22) | 22.22 | 45.95 | &nbsp;&nbsp;&nbsp;940809 | &nbsp;&nbsp;1.06(3) | &nbsp;&nbsp;1.04(3) | &nbsp;&nbsp;&nbsp;0.31(3) | 31 |
| 05/31/22 | 22.22 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;0.06 | (0.07) | (1.57) | (1.64) | 20.64 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;871131 | 0.79 | 0.79 | 0.61 | 51 |
| 05/31/23 | 20.64 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.89) | &nbsp;&nbsp;(0.71) | (0.16) | (3.83) | (3.99) | 15.94 | (4.87) | &nbsp;&nbsp;&nbsp;619704 | 0.82 | 0.81 | 0.95 | 65 |
| 05/31/24 | 15.94 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;3.83 | (0.24) | (2.41) | (2.65) | 17.12 | 24.06 | &nbsp;&nbsp;&nbsp;685342 | 0.82 | 0.82 | 0.94 | 82 |
| 05/31/25 | 17.12 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;0.54 | (0.13) | (1.41) | (1.54) | 16.12 | &nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;594436 | 0.82 | 0.82 | 0.95 | 141 |
| 11/30/25@ | 16.12 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.74 | 10.05 | &nbsp;&nbsp;&nbsp;623238 | &nbsp;&nbsp;0.84(3) | &nbsp;&nbsp;0.84(3) | &nbsp;&nbsp;&nbsp;0.87(3) | 46 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | Annualized |
| (4) | Prior to September 29, 2025, the Fund was known as Large Capital Growth Fund. |
| (5) | The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** | **Moderate Allocation Lifestyle Fund(3),(4)** |
| 08/31/20 | $13.88 | $0.31 | $0.93 | $1.24 | $(0.34) | $(0.62) | $(0.96) | $14.16 | &nbsp;&nbsp;&nbsp;9.26% | $1014351 | 0.14% | 0.10% | &nbsp;&nbsp;2.24% | &nbsp;&nbsp;49% |
| 05/31/21(5) | 14.16 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;2.77 | (0.33) | (0.47) | (0.80) | 16.13 | 19.65 | 1172232 | &nbsp;&nbsp;0.13(6) | &nbsp;&nbsp;0.10(6) | &nbsp;&nbsp;&nbsp;2.39(6) | 15 |
| 05/31/22 | 16.13 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(1.15) | &nbsp;&nbsp;(1.00) | (0.52) | (0.78) | (1.30) | 13.83 | (6.49) | 1045238 | 0.12 | 0.12 | 0.97 | 37 |
| 05/31/23 | 13.83 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.12) | (0.27) | (1.31) | (1.58) | 12.13 | (0.69) | &nbsp;&nbsp;&nbsp;987043 | 0.13 | 0.11 | 1.91 | 61 |
| 05/31/24 | 12.13 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;1.80 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | 13.62 | 14.82 | 1025938 | 0.13 | 0.10 | 2.19 | 27 |
| 05/31/25 | 13.62 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;1.24 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | 14.54 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;&nbsp;996804 | 0.13 | 0.10 | 2.47 | 21 |
| 11/30/25@ | 14.54 | (0.01) | &nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 16.04 | 10.32 | 1039921 | &nbsp;&nbsp;0.13(6) | &nbsp;&nbsp;0.10(6) | (0.07)(6) | 12 |
| **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** | **Nasdaq-100® Index Fund** |
| 05/31/21 | 18.29 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;7.80 | (0.08) | (2.01) | (2.09) | 24.00 | 43.47 | &nbsp;&nbsp;&nbsp;833580 | 0.51 | 0.51 | 0.25 | &nbsp;&nbsp;&nbsp;8 |
| 05/31/22 | 24.00 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;(1.65) | &nbsp;&nbsp;(1.59) | (0.06) | (2.29) | (2.35) | 20.06 | (7.42) | &nbsp;&nbsp;&nbsp;743801 | 0.50 | 0.50 | 0.22 | &nbsp;&nbsp;&nbsp;9 |
| 05/31/23 | 20.06 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;2.19 | (0.06) | (2.48) | (2.54) | 19.71 | 13.13 | &nbsp;&nbsp;&nbsp;770660 | 0.52 | 0.49 | 0.46 | &nbsp;&nbsp;&nbsp;7 |
| 05/31/24 | 19.71 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;6.01 | (0.09) | (0.97) | (1.06) | 24.66 | 30.54 | &nbsp;&nbsp;&nbsp;962346 | 0.51 | 0.44 | 0.51 | 20 |
| 05/31/25 | 24.66 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;3.47 | (0.12) | (4.95) | (5.07) | 23.06 | 15.41 | 1017619 | 0.50 | 0.42 | 0.38 | 10 |
| 11/30/25@ | 23.06 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 27.52 | 19.34 | 1145905 | &nbsp;&nbsp;0.50(6) | &nbsp;&nbsp;0.42(6) | &nbsp;&nbsp;&nbsp;0.28(6) | &nbsp;&nbsp;&nbsp;1 |
| **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** | **Science & Technology Fund** |
| 05/31/21 | 29.88 | (0.22) | 14.40 | 14.18 | (0.02) | (4.66) | (4.68) | 39.38 | 48.22 | 3107205 | 0.97 | 0.97 | (0.60) | 88 |
| 05/31/22 | 39.38 | (0.21) | &nbsp;&nbsp;(8.09) | &nbsp;&nbsp;(8.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | (8.28) | (8.28) | 22.80 | (23.50) | 2108867 | 0.95 | 0.94 | (0.58) | 68 |
| 05/31/23 | 22.80 | (0.07) | &nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.02) | (4.02) | 20.83 | 11.91 | 2166131 | 0.97 | 0.93 | (0.34) | 85 |
| 05/31/24 | 20.83 | (0.12) | &nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 28.45 | 36.58 | 2690964 | 0.96 | 0.91 | (0.49) | 46 |
| 05/31/25 | 28.45 | (0.15) | &nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 33.06 | 16.20 | 2777814 | 0.95 | 0.90 | (0.47) | 67 |
| 11/30/25@ | 33.06 | (0.10) | &nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 40.33 | 21.99 | 3167137 | &nbsp;&nbsp;0.95(6) | &nbsp;&nbsp;0.90(6) | (0.53)(6) | 23 |
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| 08/31/20 | 16.89 | (0.11) | &nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.50) | (2.50) | 20.49 | 38.49 | &nbsp;&nbsp;&nbsp;210497 | 1.24 | 1.14 | (0.61) | 48 |
| 05/31/21(5) | 20.49 | (0.13) | &nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.74) | (2.74) | 22.85 | 25.62 | &nbsp;&nbsp;&nbsp;827215 | &nbsp;&nbsp;1.19(6) | &nbsp;&nbsp;1.11(6) | (0.84)(6) | 40 |
| 05/31/22 | 22.85 | (0.13) | &nbsp;&nbsp;(6.53) | &nbsp;&nbsp;(6.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.42) | (1.42) | 14.77 | (29.91) | &nbsp;&nbsp;&nbsp;499878 | 0.92 | 0.88 | (0.61) | 34 |
| 05/31/23 | 14.77 | (0.05) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.13) | (1.13) | 13.39 | (1.91) | &nbsp;&nbsp;&nbsp;540916 | 0.94 | 0.89 | (0.36) | 41 |
| 05/31/24 | 13.39 | (0.06) | &nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 15.38 | 14.86 | &nbsp;&nbsp;&nbsp;533037 | 0.92 | 0.89 | (0.39) | 54 |
| 05/31/25 | 15.38 | (0.08) | &nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;0.37 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | 15.72 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;538339 | &nbsp;&nbsp;0.93(7) | &nbsp;&nbsp;0.89(7) | (0.50) | 163 |
| 11/30/25@ | 15.72 | (0.04) | &nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.99 | 14.44 | &nbsp;&nbsp;&nbsp;469594 | &nbsp;&nbsp;0.93(6) | &nbsp;&nbsp;0.88(6) | (0.50)(6) | 51 |
| **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** | **Small Cap Index Fund** |
| 05/31/21 | 15.08 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;9.66 | (0.19) | (1.07) | (1.26) | 23.48 | 63.99 | 1448543 | 0.42 | 0.42 | 0.61 | 14 |
| 05/31/22 | 23.48 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(4.01) | &nbsp;&nbsp;(3.86) | (0.15) | (2.06) | (2.21) | 17.41 | (17.14) | &nbsp;&nbsp;&nbsp;926232 | 0.41 | 0.41 | 0.67 | 20 |
| 05/31/23 | 17.41 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.63) | (0.24) | (3.72) | (3.96) | 12.82 | (5.10) | &nbsp;&nbsp;&nbsp;893002 | 0.45 | 0.41 | 1.40 | 13 |
| 05/31/24 | 12.82 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;2.52 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | 15.15 | 19.67 | 1080475 | 0.43 | 0.38 | 1.11 | 11 |
| 05/31/25 | 15.15 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;0.11 | (0.20) | (0.51) | (0.71) | 14.55 | &nbsp;&nbsp;0.73 | 1054986 | 0.44 | 0.38 | 0.97 | 28 |
| 11/30/25@ | 14.55 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.69 | 21.58 | 1092362 | &nbsp;&nbsp;0.43(6) | &nbsp;&nbsp;0.37(6) | &nbsp;&nbsp;&nbsp;1.13(6) | 10 |
| **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** | **Small Cap Special Values Fund** |
| 05/31/21 | &nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;5.88 | (0.15) | (0.27) | (0.42) | 14.26 | 66.92 | &nbsp;&nbsp;&nbsp;279760 | 0.89 | 0.89 | 0.58 | 37 |
| 05/31/22 | 14.26 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.71) | (0.08) | (0.76) | (0.84) | 12.71 | (5.18) | &nbsp;&nbsp;&nbsp;236013 | 0.87 | 0.87 | 0.64 | 20 |
| 05/31/23 | 12.71 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;(0.84) | (0.10) | (1.57) | (1.67) | 10.20 | (7.65) | &nbsp;&nbsp;&nbsp;188747 | 0.89 | 0.89 | 1.48 | 14 |
| 05/31/24 | 10.20 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;2.69 | (0.20) | (0.35) | (0.55) | 12.34 | 26.46 | &nbsp;&nbsp;&nbsp;215387 | 0.89 | 0.89 | 1.20 | 19 |
| 05/31/25 | 12.34 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(1.03) | &nbsp;&nbsp;(0.89) | (0.15) | (1.02) | (1.17) | 10.28 | (7.66) | &nbsp;&nbsp;&nbsp;173460 | 0.90 | 0.90 | 1.20 | 21 |
| 11/30/25@ | 10.28 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.88 | &nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;168694 | &nbsp;&nbsp;0.90(6) | &nbsp;&nbsp;0.89(6) | &nbsp;&nbsp;&nbsp;1.12(6) | 16 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The expense ratios do not include underlying fund expenses that the Fund bears indirectly. Additionally, recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. |
| (4) | Prior to September 29, 2025, the Fund was known as Moderate Growth Lifestyle Fund. |
| (5) | The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021. |
| (6) | Annualized |
| (7) | Includes reimbursement for overbilling of custody fees in prior years of 0.02%. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total<br> expenses** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| 08/31/20 | $10.76 | $0.10 | $(0.92) | $(0.82) | $(0.14) | $(0.29) | $(0.43) | $9.51 | (7.72)% | $302120 | 1.09% | 0.99% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;69% |
| 05/31/21(3) | &nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;6.16 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) | 15.57 | 64.80 | &nbsp;&nbsp;&nbsp;501758 | &nbsp;&nbsp;1.06(4) | &nbsp;&nbsp;1.01(4) | &nbsp;&nbsp;&nbsp;0.53(4) | 55 |
| 05/31/22 | 15.57 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.93) | &nbsp;&nbsp;(0.81) | (0.07) | (1.15) | (1.22) | 13.54 | (5.49) | &nbsp;&nbsp;&nbsp;523983 | 0.79 | 0.77 | 0.78 | 67 |
| 05/31/23 | 13.54 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(1.39) | &nbsp;&nbsp;(1.22) | (0.13) | (1.89) | (2.02) | 10.30 | (10.53) | &nbsp;&nbsp;&nbsp;433476 | 0.81 | 0.77 | 1.33 | 90 |
| 05/31/24 | 10.30 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;2.25 | (0.21) | (0.24) | (0.45) | 12.10 | 21.92 | &nbsp;&nbsp;&nbsp;376146 | 0.81 | 0.79 | 0.98 | 107 |
| 05/31/25 | 12.10 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.31) | (0.22) | (0.63) | (0.85) | 10.94 | (2.78) | &nbsp;&nbsp;&nbsp;244584 | 0.84 | 0.84 | 0.91 | 80 |
| 11/30/25@ | 10.94 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.32 | 21.76 | &nbsp;&nbsp;&nbsp;245055 | &nbsp;&nbsp;0.85(4) | &nbsp;&nbsp;0.85(4) | &nbsp;&nbsp;&nbsp;1.23(4) | 46 |
| **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** | **Stock Index Fund** |
| 05/31/21 | 40.27 | &nbsp;&nbsp;0.60 | 15.20 | 15.80 | (0.83) | (2.58) | (3.41) | 52.66 | 39.93 | 6035053 | 0.32 | 0.29 | 1.26 | &nbsp;&nbsp;&nbsp;4 |
| 05/31/22 | 52.66 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.13) | (0.64) | (4.40) | (5.04) | 47.49 | (0.54) | 5543586 | 0.31 | 0.29 | 1.09 | &nbsp;&nbsp;&nbsp;2 |
| 05/31/23 | 47.49 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;1.02 | (0.62) | (3.35) | (3.97) | 44.54 | &nbsp;&nbsp;2.58 | 5360728 | 0.33 | 0.29 | 1.42 | &nbsp;&nbsp;&nbsp;2 |
| 05/31/24 | 44.54 | &nbsp;&nbsp;0.63 | 11.61 | 12.24 | (0.62) | (3.10) | (3.72) | 53.06 | 27.70 | 6443182 | 0.32 | 0.26 | 1.28 | &nbsp;&nbsp;&nbsp;2 |
| 05/31/25 | 53.06 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;6.94 | (0.69) | (0.93) | (1.62) | 58.38 | 13.17 | 6429619 | 0.31 | 0.23 | 1.10 | &nbsp;&nbsp;&nbsp;3 |
| 11/30/25@ | 58.38 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 67.98 | 16.44 | 6683586 | &nbsp;&nbsp;0.31(4) | &nbsp;&nbsp;0.22(4) | &nbsp;&nbsp;&nbsp;1.01(4) | &nbsp;&nbsp;&nbsp;2 |
| **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** | **Systematic Core Fund** |
| 05/31/21 | 20.57 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;8.77 | (0.17) | (2.56) | (2.73) | 26.61 | 43.72 | &nbsp;&nbsp;&nbsp;693185 | 0.90 | 0.68 | 0.67 | 20 |
| 05/31/22 | 26.61 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(0.87) | (0.06) | (0.13) | (0.19) | 25.55 | (3.30) | &nbsp;&nbsp;&nbsp;596130 | 0.85 | 0.63 | 0.71 | 15 |
| 05/31/23 | 25.55 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;0.15 | (0.24) | (1.12) | (1.36) | 24.34 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;531131 | 0.86 | 0.64 | 1.10 | 14 |
| 05/31/24 | 24.34 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;6.70 | (0.31) | (0.27) | (0.58) | 30.46 | 27.55 | &nbsp;&nbsp;&nbsp;585327 | 0.86 | 0.64 | 0.85 | 18 |
| 05/31/25 | 30.46 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;3.53 | (0.29) | (1.26) | (1.55) | 32.44 | 11.71 | &nbsp;&nbsp;&nbsp;693826 | 0.86 | 0.64 | 0.73 | 36 |
| 11/30/25@ | 32.44 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 37.12 | 14.43 | &nbsp;&nbsp;&nbsp;741146 | &nbsp;&nbsp;0.84(4) | &nbsp;&nbsp;0.62(4) | &nbsp;&nbsp;&nbsp;0.58(4) | 33 |
| **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** | **Systematic Growth Fund** |
| 05/31/21 | 20.80 | (0.11) | &nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.48) | (2.48) | 25.17 | 33.74 | 1001518 | 0.82 | 0.82 | (0.45) | 28 |
| 05/31/22 | 25.17 | (0.11) | &nbsp;&nbsp;(4.98) | &nbsp;&nbsp;(5.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (3.63) | (3.63) | 16.45 | (21.75) | &nbsp;&nbsp;&nbsp;711659 | 0.82 | 0.79 | (0.44) | 25 |
| 05/31/23 | 16.45 | (0.02) | &nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.78) | (2.78) | 14.17 | &nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;773275 | 0.85 | 0.83 | (0.16) | 88 |
| 05/31/24 | 14.17 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.05) | (2.05) | 17.18 | 36.24 | &nbsp;&nbsp;&nbsp;973156 | 0.83 | 0.65 | 0.10 | 56 |
| 05/31/25 | 17.18 | (0.01) | &nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;2.54 | (0.02) | (1.57) | (1.59) | 18.13 | 15.29 | &nbsp;&nbsp;&nbsp;985521 | 0.82 | 0.64 | (0.03) | 46 |
| 11/30/25@ | 18.13 | (0.01) | &nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 21.62 | 19.25 | 1087418 | &nbsp;&nbsp;0.81(4) | &nbsp;&nbsp;0.63(4) | (0.12)(4) | 21 |
| **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** | **Systematic Value Fund** |
| 05/31/21 | 11.79 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;4.08 | (0.24) | (2.51) | (2.75) | 13.12 | 36.90 | &nbsp;&nbsp;&nbsp;563185 | 0.87 | 0.57 | 1.39 | 197 |
| 05/31/22 | 13.12 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;0.45 | (0.04) | (0.52) | (0.56) | 13.01 | &nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;486821 | 0.78 | 0.48 | 1.54 | 32 |
| 05/31/23 | 13.01 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.47) | (0.27) | (0.68) | (0.95) | 11.59 | (3.89) | &nbsp;&nbsp;&nbsp;401755 | 0.79 | 0.49 | 1.83 | 64 |
| 05/31/24 | 11.59 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.64 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | 13.99 | 22.85 | &nbsp;&nbsp;&nbsp;452618 | 0.79 | 0.49 | 1.75 | 75 |
| 05/31/25 | 13.99 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;1.72 | (0.26) | (0.66) | (0.92) | 14.79 | 12.47 | &nbsp;&nbsp;&nbsp;456510 | 0.79 | 0.60 | 1.43 | 55 |
| 11/30/25@ | 14.79 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 16.47 | 11.36 | &nbsp;&nbsp;&nbsp;479280 | &nbsp;&nbsp;0.79(4) | &nbsp;&nbsp;0.65(4) | &nbsp;&nbsp;&nbsp;1.44(4) | 33 |
| **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** | **U.S. Socially Responsible Fund** |
| 08/31/20 | 22.03 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;3.41 | (0.33) | (4.20) | (4.53) | 20.91 | 17.06 | &nbsp;&nbsp;&nbsp;745440 | 0.61 | 0.60 | 1.20 | 14 |
| 05/31/21(3) | 20.91 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;4.87 | (0.25) | (0.68) | (0.93) | 24.85 | 23.38 | &nbsp;&nbsp;&nbsp;829253 | &nbsp;&nbsp;0.60(4) | &nbsp;&nbsp;0.60(4) | &nbsp;&nbsp;&nbsp;0.77(4) | 18 |
| 05/31/22 | 24.85 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;(0.65) | (0.17) | (3.39) | (3.56) | 20.64 | (2.90) | &nbsp;&nbsp;&nbsp;733505 | 0.35 | 0.35 | 1.06 | 23 |
| 05/31/23 | 20.64 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;0.13 | (0.27) | (3.75) | (4.02) | 16.75 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;685339 | 0.36 | 0.36 | 1.46 | 26 |
| 05/31/24 | 16.75 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;4.71 | (0.29) | (1.58) | (1.87) | 19.59 | 28.30 | &nbsp;&nbsp;&nbsp;661433 | 0.36 | 0.36 | 1.20 | 29 |
| 05/31/25 | 19.59 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;1.99 | (0.27) | (3.29) | (3.56) | 18.02 | 11.18 | &nbsp;&nbsp;&nbsp;559863 | 0.37 | 0.37 | 1.04 | 26 |
| 11/30/25@ | 18.02 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 19.77 | &nbsp;&nbsp;9.71 | &nbsp;&nbsp;&nbsp;552879 | &nbsp;&nbsp;0.37(4) | &nbsp;&nbsp;0.35(4) | &nbsp;&nbsp;&nbsp;0.89(4) | &nbsp;&nbsp;&nbsp;4 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021. |
| (4) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS (unaudited)

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#### Item 8 (Form N-CSR) – Changes in and Disagreements with Accountants for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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#### VALIC Company I

#### RESULTS OF SPECIAL SHAREHOLDER MEETING (unaudited)

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#### Item 9 (Form N-CSR) – Proxy Disclosure for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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#### VALIC Company I

#### REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS (unaudited)

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#### Item 10 (Form N-CSR) – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;Remuneration paid to Directors is included in the Statement of Operations.

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited)

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Item 11 (Form N-CSR) – Statement Regarding Basis for Approval of Investment Advisory Contract.

&nbsp;&nbsp;&nbsp;&nbsp;At a meeting held on August 5-6, 2025, the Board of Directors (the "Board"), including the Directors that are not interested persons of VALIC Company I ("VC I"), as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"), approved with respect to certain series of VC I (each a "Fund," and collectively, the "Funds") the Investment Advisory Agreement between The Variable Annuity Life Insurance Company ("VALIC") and VC I (the "Advisory Agreement") and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC I (collectively, the "Sub-advisory Agreements," and together with the Advisory Agreement, the "Advisory Contracts"): AllianceBernstein, L.P. ("AllianceBernstein")<sup>[1]</sup>, Allspring Global Investments, LLC ("Allspring"), American Century Investment Management, Inc. ("ACIM"), BlackRock Investment Management, LLC ("BIM"), Brandywine Global Investment Management, LLC ("Brandywine"), Boston Partners Global Investors, Inc. ("Boston Partners"), ClearBridge Investments, LLC ("ClearBridge"), Columbia Management Investment Advisers, LLC ("Columbia"), Duff & Phelps Investment Management Co. ("Duff & Phelps"), Franklin Advisers, Inc. ("Franklin"), Goldman Sachs Asset Management, L.P. ("GSAM"), Invesco Advisers, Inc. (Invesco"), Janus Henderson Investors U.S. LLC ("Janus"), J.P. Morgan Investment Management Inc. ("JPMIM"), Massachusetts Financial Services Company ("MFS"), Morgan Stanley Investment Management Inc. ("MSIM"), Morgan Stanley Investment Management Company ("MSIM Co."), PineBridge Investments, LLC ("PineBridge"), SunAmerica Asset Management, LLC ("SunAmerica"), T. Rowe Price Associates, Inc. ("T. Rowe"), T. Rowe Price Investment Management, Inc. ("TRPIM"), Voya Investment Management Co. LLC ("Voya") and Wellington Management Company LLP ("Wellington") (each a "Sub-adviser," and collectively, the "Sub-advisers"). Prior to the August 5-6, 2025, meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at a meeting held on July 14-15, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the approval of the Advisory Contracts, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and the Sub-advisers; (2) the advisory fee and sub-advisory fees charged in connection with VALIC's and the Sub-advisers' management of each Fund, compared to advisory fee rates and sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the "Expense Group/Universe" and the "Sub-advisory Expense Group/Universe"), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of mutual fund data ("Performance Group/Universe") and against each Fund's benchmarks; (4) the costs of services and the benefits potentially derived by VALIC and the Sub-advisers and their respective affiliates; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies and/or objectives to the Funds, as applicable, and which are advised or managed by VALIC or SunAmerica, an affiliated Sub-adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and the Sub-advisers; (7) the profitability of VALIC, the Sub-advisers and their respective affiliates, including amounts retained by VALIC after payment of sub-advisory fees; (8) the terms of the Advisory Contracts; (9) information regarding VALIC's and the Sub-advisers' compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of the Sub-advisers.

&nbsp;&nbsp;&nbsp;&nbsp;The Independent Directors were separately represented by counsel that is independent of VALIC and the Sub-advisers in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in an executive session at a meeting held on July 14-15, 2025, and executive sessions held during the August 2025 meetings during which such independent counsel provided guidance to the Independent Directors. Following the July 14-15, 2025, meeting, the Independent Directors submitted questions and requests for additional information to management and considered management's responses thereto at the August 2025 meetings. The continuation of all Advisory Contracts was approved at the August 2025 meeting for a one-year term beginning September 1, 2025 and ending August 31, 2026.

<sup>[1] At the August 5-6, 2025 meeting, the Board also approved an amendment to the Sub-advisory Agreement between VALIC and AllianceBernstein with respect to the Dynamic Allocation Fund.</sup>

&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Renewal of the Advisory Contracts</u>

&nbsp;&nbsp;&nbsp;&nbsp;*Nature, Extent and Quality of Services*. The Board considered the nature, extent and quality of services to be provided to the Funds by VALIC and the sub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account its knowledge of VALIC's management and the quality of the performance of VALIC's duties, through Board meetings, discussions and reports during the preceding year and through VALIC's long history of service to VC I. The Board considered that VALIC is responsible for the management of the day-to-day operations of VC I, including but not limited to, general supervision of and coordination of the services provided by the sub-advisers, and is also responsible for monitoring and reviewing the activities of the sub-advisers and other third-party service providers. The Board also noted that VALIC's and the sub-advisers' management of VC I is subject to the oversight of the Board and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I's prospectus and statement of additional information. The Board noted that VALIC monitors the performance of the Funds and from time-to-time recommends sub-adviser changes and/or other changes intended to improve the performance of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à-vis competitors. The Board also considered VALIC's financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC's risk management processes. The Board further considered the significant risks assumed by VALIC in connection with the services provided to the Funds, including entrepreneurial risk in sponsoring new Funds and ongoing risks such as operational, reputational, liquidity, litigation, regulatory and compliance risks with respect to all Funds.

&nbsp;&nbsp;&nbsp;&nbsp;With respect to the services provided by the sub-advisers, the Board considered information provided to them regarding the services provided by each sub-adviser, including information presented throughout the previous year. The Board noted that each sub-adviser (i) determines the securities to be purchased or sold on behalf of the Fund(s) it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Board concerning its discharge of the foregoing responsibilities. The Board reviewed each sub-adviser's history and investment experience as well as information regarding the qualifications, background and responsibilities of the sub-adviser's investment, compliance and other personnel who provide services to the Funds. The Board also took into account the financial condition of each sub-adviser. The Board also considered each sub-adviser's brokerage practices and risk management processes.

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed VALIC's and SunAmerica's compliance program and personnel. The Board noted that SunAmerica is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain Funds. The Board also considered VALIC's and each sub-adviser's regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that the scope and quality of the advisory services provided by VALIC and the sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;*Fees and Expenses; Investment Performance*. The Board received and reviewed information regarding each Fund's total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe and Sub-advisory Expense Universe and, in some cases as noted below, the Sub-advisory Expense Group. The Board noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated sub-advisers at arms-length. The Board also considered that the sub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and that sub-advisory fees may vary widely within the Sub-advisory Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board also noted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of certain of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that the sub-advisers provided, and the Board also considered, expense information of comparable accounts managed by the sub-advisers, as applicable, which accounts may include one or more of the following types of accounts: retail mutual funds, mutual funds sold through variable annuity and variable insurance products, and other institutional-type accounts.

&nbsp;&nbsp;&nbsp;&nbsp;The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;The Board also received and reviewed information prepared by management and by an independent third-party regarding each Fund's investment performance compared against its benchmark and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2025, and that benchmark information provided by management was through the period ended May 31, 2025, and that the Fund's performance compared to the benchmark was done on a gross basis. The Board noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, although it monitors the Funds' performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:

• *Aggressive Growth Lifestyle Fund (J.P. Morgan Investment Management Inc. ("JPMIM")) . The Fund's actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were above the median of the Sub-advisory Expense Universe. The Board took into account management's discussion of the Fund's expenses, including actions taken to reduce the Fund's expenses through advisory fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed the Lipper peer index and medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one- and three-year periods and outperformed its blended benchmark for the five-year period. The Board also noted that JPMIM took over sub-advisory duties for the Fund effective September 28, 2022, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *Asset Allocation Fund (JPMIM) . The Fund's actual management fees are below the median of the Expense Group/Universe. The Fund's total net expenses were below the median of the Expense Group and at the median of the Expense Universe. The Fund's actual sub-advisory fees are above the median of the Sub-advisory Expense Group and below the median of the Sub-advisory Expense Universe. The Board took into account management's discussion of the Fund's expenses, including actions taken to reduce the Fund's expenses through advisory fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed the Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Fund underperformed its blended benchmark for the one-year period and outperformed its blended benchmark for the three- and five-year periods. The Board also noted that JPMIM took over sub-advisory duties for the Fund effective January 8, 2021, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *Capital Appreciation Fund (Columbia Management Investment Advisers, LLC ("Columbia")) . The Fund's actual management fees and actual sub-advisory fees were below the medians of its Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Fund's total net expenses were below the median of its Expense Group and above the median of its Expense Universe.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Group for the one- and five-year periods and underperformed the median of its Performance Group for the three-year period. The Fund underperformed the median of its Performance Universe for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period.

• *Conservative Growth Lifestyle Fund (JPMIM) . The Fund's actual management fees were below the medians of the Expense Group/Universe. The Fund's total net expenses were below the medians of its Expense Group/Universe. The Fund's actual sub-advisory fees were above the median of the Sub-advisory Expense Universe. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through advisory fee waivers.* 

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed the Lipper peer index and medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one- and three-year periods and outperformed its blended benchmark for the five-year period. The Board also noted that JPMIM took over sub-advisory duties for the Fund effective September 28, 2022, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *Core Bond Fund (PineBridge Investments ("PineBridge") and JPMIM) . The Fund's actual management fees and total expenses were above the medians of its Expense Group and below the median of its Expense Universe. The Fund's actual sub-advisory fees were above the median of its Sub-advisory Expense Group and equal to the median of its Expense Universe. The Board took into account management's discussion of the Fund's expenses, including actions taken to reduce the Fund's expenses through advisory fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund performed at the median of its Lipper peer index for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board noted that JPMIM had become a co-sub-adviser of the Fund April 29, 2024.

• *Dividend Value Fund (BlackRock Investment Management, LLC ("BlackRock") and ClearBridge Investments, LLC ("ClearBridge")) . The Fund's actual management fees were above the medians of its Expense Group/Universe. The Fund's total expenses were above the median of its Expense Group and below the median of its Expense Universe. The Fund's actual sub-advisory fees were above the medians of its Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through advisory fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp; The Fund outperformed its Lipper peer index for the one- and three- year periods and underperformed for the five-year period. The Fund outperformed the medians of its Performance Group/Universe for the one- and three-year periods and underperformed for the five-year period. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board noted that ClearBridge had assumed sub-advisory duties for a sleeve of the Fund effective July 7, 2021, and as a result, the Fund's performance prior to that date, in part, reflects that of the prior sub-adviser.

• *Dynamic Allocation Fund (AllianceBernstein L.P ("AllianceBernstein")/SunAmerica Asset Management, LLC ("SunAmerica")) . The Fund's actual management fees were above the medians of the Expense Group/Universe. The Fund's total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund's actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index and the median of its Performance Universe for the one- and three-year periods and underperformed for the five-year period. The Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one- and three-year periods and underperformed the median of its Performance Universe for the five-year period. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also noted that they had approved AllianceBernstein as sole sub-adviser of the Fund as of September 29, 2025.

• *Emerging Economies Fund (BlackRock) . The Fund's actual management fees, actual sub-advisory fees and total net expenses were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Group for the one- and five-year periods and performed in line with the median of its Performance Group for the three-year period. The Fund underperformed its benchmark for the one-year period and outperformed its benchmark for the three- and five-year periods. The Board considered that BlackRock replaced the Fund's prior sub-adviser effective April 29, 2024, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *Global Real Estate Fund (Duff & Phelps Investment Management Co. ("Duff & Phelps)/Massachusetts Financial Services Company ("MFS")) . The Fund's actual management fees were above the medians of the Expense Group/Universe. The Fund's total net expenses were equal to the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses. The Board also took into account that management proposed, including actions to reduce the Fund's expenses through advisory fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one-year period and underperformed for the three- and five-year periods. The Fund outperformed the medians of its Performance Group/Universe for the one- and three-year periods and underperformed for the five-year period. The Fund outperformed its benchmark for the one- and three-year periods and underperformed its benchmark for the five-year period. The Board took into account that Duff & Phelps and MFS took over sub-advisory duties for the Fund effective May 1, 2023, and as a result, the Fund's performance prior to that date reflects that of the prior sub-advisers.

• *Global Strategy Fund (Franklin Advisers, Inc. ("Franklin")/Brandywine Global Investment Management, LLC ("Brandywine")) . The Fund's actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through advisory fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index and median of its Performance Universe for the one- and three-year periods and underperformed for the five-year period. The Fund underperformed the median of its Performance Group for the one- and five-year periods and outperformed for the three-year period. The Fund underperformed its blended benchmark for the one- and five-year periods and outperformed its blended benchmark for the three-year period. The Board took into account that Brandywine was added as a sub-subadviser to a sleeve of the Fund effective December 7, 2021.

• *Government Securities Fund (JPMIM) . The Fund's actual management fees were below the medians of the Expense Group/Universe. The Fund's total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management's discussion of the Fund's expenses, including that management proposed additional fee waivers at the August 2025 meeting.* 

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its peer index for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one- and five-year periods and outperformed for the three-year period. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

• *Growth Fund (BlackRock) . The Fund's actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through advisory fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index for the one-year period and outperformed for the three- and five-year periods. The Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed the median of the Performance Universe for the one- and three-year periods and underperformed for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also noted that BlackRock became the sole sub-adviser effective April 29, 2025.

• *High Yield Bond Fund (Wellington Management Company LLP ("Wellington")) . The Fund's actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management's discussion of the Fund's expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one- and five-year periods and underperformed for the three-year period. The Fund underperformed the medians of its Performance Group/Universe for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed its benchmark for the one- year period and outperformed its benchmark for the three- and five-year periods.

• *Inflation Protected Fund (Wellington) . The Fund's actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were below the medians of its Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses, including that management proposed additional fee waivers at the August 2025 meeting.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index and the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one- and three-year periods and outperformed for the five-year period. The Fund underperformed its benchmark for the one-year period and outperformed for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also took into account that Wellington assumed sub-advisory duties of the Fund effective September 28, 2020, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *International Equities Index Fund (BlackRock) . The Fund's actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses, including that management proposed additional fee waivers at the August 2025 meeting.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one-year period and underperformed for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period. The Board took into account management's discussion of the Fund's performance, including that the Fund seeks to track the performance of a designated index and noted the Fund's low performance dispersion relative to its designated index. The Board also took into account that BlackRock assumed sub-advisory duties of the Fund effective April 29, 2025, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *International Government Bond Fund (PineBridge) . The Fund's actual management fees were above the median of the Expense Group and below the median of the Expense Universe. The Fund's total net expenses were above the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were above the median of the Sub-advisory Expense Group and equal to the median of the Sub-advisory Expense Universe. The Board took into account management's discussion of the Fund's expenses, including that management proposed additional fee waivers at the August 2025 meeting.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one-year period and underperformed for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one- and three-year periods and outperformed for the five-year period. The Fund underperformed its blended benchmark for the one-year period and outperformed its blended benchmark for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

• *International Growth Fund (Morgan Stanley Investment Management Inc. ("MSIM")/Morgan Stanley Investment Management Company ("MSIM Co.")) . The Fund's actual management fees were below the medians of the Expense Group/Universe. The Fund's total net expenses were above the median of the Performance Group and below the median of the Performance Universe. The Fund's actual sub-advisory fees were at the median of the Sub-advisory Expense Group and above the median of the Sub-advisory Expense Universe. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers. The Board also took into account that management proposed and the Board approved an additional advisory fee waiver for the Fund at the August 22, 2024 Board meeting.* 

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed for the five-year period. The Fund outperformed the medians of its Performance Group/Universe for the one-year period and underperformed for the three- and five-year periods. The Fund outperformed its benchmark for the one- and three-year periods and underperformed for the five-year period. The Board took into account management's discussion of the Fund's performance.

• *International Opportunities Fund (Wellington and Invesco Advisers, Inc. ("Invesco")) . The Fund's actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board noted the limited size of the Sub-advisory Expense Group. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also took into account that Wellington and Invesco assumed sub-advisory responsibilities for the Fund effective September 28, 2023, and that performance prior to that date represents that of the Fund's prior sub-advisers.

• *International Socially Responsible Fund (BlackRock) . The Fund's actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also took into account that BlackRock assumed sub-advisory duties of the Fund effective April 29, 2025, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *International Value Fund (Goldman Sachs Asset Management L.P. ("GSAM") and Columbia) . The Fund's actual management fees were at the medians of its Expense Group/Universe. The Fund's total net expenses were above the medians of its Expense Group/Universe. The Fund's actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board noted the limited size of the Sub-advisory Expense Group. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its peer index for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Group for the one- and three-year periods and performed in line for the five-year period. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also took into account that GSAM and Columbia assumed sub-advisory responsibilities for the Fund effective April 29, 2024 and that performance prior to that date represents that of the Fund's prior sub-adviser.

• *Large Capital Growth Fund (MFS) . The Fund's actual management fees were above the medians of the Expense Group/Universe. The Fund's total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Fund's actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses, including that the Board approved additional fee waivers at the April 2025 meeting.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also took into account that management proposed and the Board approved the appointment of JPMIM and T. Rowe Price Associates, Inc. ("T. Rowe") as sub-advisers to the Fund, replacing JPMIM, effective September 29, 2025.

• *Mid Cap Index Fund (BlackRock) . The Fund's actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses, including that management proposed additional fee waivers at the August 2025 meeting.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its peer index and the median of its Performance Group for the one-, three- and five-year periods. The Fund performed in line with the median of its Performance Universe for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance, including that the Fund seeks to track the performance of a designated index and noted the Fund's low performance dispersion relative to its designated index. The Board also took into account that BlackRock assumed sub-advisory duties of the Fund effective April 29, 2025, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *Mid Cap Strategic Growth Fund (Voya Investment Management Co. LLC ("Voya")/Janus Henderson Investors U.S. LLC ("Janus")) . The Fund's actual management fees and total net expenses were below the medians of the Expense Group/Universe. The actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one- and three-year periods and outperformed for the five-year period. The Board took into account that Voya had taken over sub-advisory duties for a portion of the Fund from a prior sub-adviser as of July 25, 2022.

• *Mid Cap Value Fund (Wellington/Boston Partners Global Investors, Inc. ("Boston Partners")) . The Fund's actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.* 

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one- and five-year periods and outperformed for the three-year period. The Fund underperformed its benchmark for the one-year period and outperformed for the three- and five-year periods.

• *Moderate Growth Lifestyle Fund (JPMIM) . The Fund's actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board also noted the limited size of the Sub-advisory Expense Group. The Board took into account management's discussion of the Fund's expenses, including actions taken to reduce the Fund's expenses through advisory fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one- and three-year periods and outperformed its blended benchmark for the five-year period. The Board also noted that JPMIM took over sub-advisory duties for the Fund effective September 28, 2022, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *Nasdaq-100® Index Fund (BlackRock) . The Fund's actual management fees were below the median of the Expense Group and at the median of the Expense Universe. The Fund's total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index for the one-year period and outperformed its Lipper peer index for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance, including that the Fund seeks to track the performance of a designated index and noted the Fund's low performance dispersion relative to its designated index. The Board also took into account that BlackRock assumed sub-advisory duties of the Fund effective April 29, 2025, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *Science & Technology Fund (BlackRock/Voya) . The Fund's actual management fees were above the medians of the Expense Group/Universe. The Fund's total net expenses were equal to the median of the Expense Group and were above the median of the Expense Universe. The Fund's actual sub-advisory fees were above the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one-year period and underperformed its Lipper peer index for the three- and five-year periods. The Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one- and five-year periods and performed in line for the three-year period. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board noted that Voya had taken over sub-advisory duties for a portion of the Fund from a prior sub-adviser as of July 25, 2022, and that BlackRock had taken over sub-advisory duties for a portion of the Fund from a prior sub-adviser as of May 1, 2023. The Board also noted that a third sub-adviser had been removed effective September 30, 2024.

• *Small Cap Growth Fund (American Century Investment Management, Inc. ("ACIM") /T. Rowe/T. Rowe Price Investment Management, Inc. ("TRPIM")) . The Fund's actual management fees, total net expenses and actual sub-advisory fees were above the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index and the median of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also took into account that ACIM had taken over sub-advisory duties for a portion of the Fund from a prior sub-adviser as of September 30, 2024.

• *Small Cap Index Fund (BlackRock) . The Fund's actual management fees and total net expenses were below the median of the Expense Group and above the median of the Expense Universe, and actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed for the five-year period. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed its benchmark for the one- and three-year periods and outperformed its benchmark for the five-year period. The Board took into account management's discussion of the Fund's performance, including that the Fund seeks to track the performance of a designated index and noted the Fund's low performance dispersion relative to its designated index. The Board also took into account that BlackRock assumed sub-advisory duties of the Fund effective April 29, 2025, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *Small Cap Special Values Fund (Allspring Global Investments ("Allspring")) . The Fund's actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were below the median of the Sub-advisory Expense Universe. The Board noted the small size of the Sub-advisory Expense Universe. The Board took into account management's discussion of the Fund's expenses, including that management proposed a new fee waiver for the Fund at the August 2025 meeting.* 

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index for the one- and three-year periods and outperformed for the five-year period. The Fund underperformed the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-year period and outperformed its benchmark for the three- and five-year periods and outperformed for the three-year period.

• *Small Cap Value Fund (JPMIM) . The Fund's actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were above the median of its Sub-advisory Expense Group and at the median of its Sub-advisory Expense Universe.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one- and three-year periods and outperformed for the five-year period. The Fund underperformed its benchmark for the one-year period and outperformed its benchmark for the three- and five-year periods.

• *Stock Index Fund (JPMIM) . The Fund's actual management fees were above the medians of the Expense Group/Universe. The Fund's total net expenses were below the medians of the Expense Group/Universe. The Fund's actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers. The Board also noted that management would be extending the contractual limitation on total expenses through September 30, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index for the one-year period, performed in line for the three-year period and outperformed for the five-year period. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one-year period and underperformed for the three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance, including that the Fund seeks to track the performance of a designated index and noted the Fund's low performance dispersion relative to its designated index. The Board also took into account that BlackRock assumed sub-advisory duties of the Fund effective April 29, 2025, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

• *Systematic Core Fund (Goldman Sachs Asset Management, L.P. ("GSAM")) . The Fund's actual management fees were above the medians of the Expense Group/Universe. The Fund's total net expenses were below the median of the Expense Group and above the median of the Expense Universe. The Fund's actual sub-advisory fees were below the medians of the Sub-advisory Expense Group/Universe. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Group for the one- and three-year periods and underperformed for the five-year period. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board also noted that GSAM assumed sub-advisory duties of the Fund effective April 27, 2020, replacing the former sub-adviser, and that the Fund changed its strategy at that time.

• *Systematic Growth Fund (GSAM and Wellington) . The Fund's actual management fees, total net expenses, and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one-year period and underperformed for the three- and five-year periods. The Fund outperformed the median of its Performance Group for the one-year period, performed in line for the three-year period and underperformed for the five-year period. The Fund outperformed the median of its Performance Universe for the one-year period and underperformed the median of its Performance Universe for the three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also noted that GSAM and Wellington assumed sub-advisory duties of the Fund effective May 1, 2023, replacing the former sub-adviser, and that the Fund changed its strategy at that time, and that the Fund's performance prior to that date reflects that of the former sub-adviser.

• *Systematic Value Fund (Wellington) . The Fund's actual management fees were above the median of its Expense Group and below the median of its Expense Universe. The Fund's total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable. The Board took into account management's discussion of the Fund's expenses, including actions to reduce the Fund's expenses through fee waivers.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one- and three-year periods and underperformed for the five-year period. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

• *U.S. Socially Responsible Fund (BlackRock) . The Fund's actual management fees, total net expenses and actual sub-advisory fees were below the medians of the Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one- and three-year periods and underperformed its Lipper peer index for the five-year period. The Fund performed in line with the median of its Performance Group for the one-year period and underperformed for the three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one- and three-year periods and underperformed for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management's discussion of the Fund's performance. The Board also took into account that BlackRock assumed sub-advisory duties of the Fund effective April 29, 2025, and as a result, the Fund's performance prior to that date reflects that of the prior sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered management's discussion of each Fund's expenses and performance and concluded that each Fund's overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. The Board concluded that the advisory fee and sub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;*Cost of Services and Indirect Benefits/Profitability*. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreements. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average monthly net assets of the respective Fund.

&nbsp;&nbsp;&nbsp;&nbsp;The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-advisers; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that VALIC, or its affiliates, receives benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, and sub-advisory fees. The Board also considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided for a flat fee based on the estimated cost of providing such services, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also considered that the Funds pay SunAmerica, an affiliate of VALIC, an annual fee based on each Fund's average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica receives from the Funds, SunAmerica compensates VALIC for certain administrative services, and the Funds' custodian, State Street for calculation of the daily net asset value. The Board also noted that SunAmerica receives sub-advisory fees for those Funds for which it serves as sub-adviser. The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Board noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. The Board noted that these benefits can be material. The Board also noted that VALIC and its affiliates may receive revenue sharing payments from certain sub-advisers to the Funds in connection with certain administrative, marketing and other servicing activities, which payments help offset costs for education, marketing activities and training to support sales of the Funds, including sales through variable annuity contracts and variable life insurance policies ("Variable Contracts") issued by VALIC, as well as occasional gifts, entertainment or other compensation as incentives. The Board further noted that VALIC, as adviser to the Funds, also makes certain payments to its affiliated life insurers (collectively, the "Life Companies") for certain administrative services rendered to the Variable Contract owners/policyholders who allocate all or a portion of their purchase payments to one or more of the Funds. In addition, the Board considered that, because shares of the Funds are offered as investment options through Variable Contracts issued by VALIC and the Life Companies, the investment objectives, strategies and performance of the Funds may positively or negatively impact a Life Company's ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC's profitability on a Fund-by-Fund basis, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge, noting that VALIC's profitability was generally in the range of the profitability of companies contained in the report. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC and its affiliates, as adviser, as transfer agent and/or as shareholder servicing agent, as applicable. The Board further considered the amount of sub-advisory fees paid out by VALIC and the amount of the advisory fees that it retained and determined that these amounts were reasonable in light of the services performed by VALIC and the sub-advisers, respectively. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds was reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;In considering the profitability to the sub-advisers in connection with their relationship to the Funds, the Board noted that the fees under the Sub-Advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-Advisory Agreements and the fees thereunder at arm's length.

&nbsp;&nbsp;&nbsp;&nbsp;For each of the above reasons, the Board determined that the profitability to the sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Investment Sub-Advisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;*Economies of Scale*. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the sub-advisers with respect to most of the Funds contain breakpoints, which allow the Funds to participate in any economies of scale. The Board also took into account management's discussion of the Funds' advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund's growth and size on its performance and fees, noting that if the Funds' assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board further noted that VALIC has agreed to cap the total annual operating expenses of certain Funds. The Board also observed that expense caps and fee waivers benefitted shareholders by limiting total fees even in the absence of breakpoints. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.

&nbsp;&nbsp;&nbsp;&nbsp;For similar reasons as stated above with respect to the sub-advisers' profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the sub-advisers' management of the Funds are not a material factor to the approval of the Sub-Advisory Agreements, although it was noted that most of the Funds have breakpoints at the sub-advisory fee level.

&nbsp;&nbsp;&nbsp;&nbsp;*Terms of the Advisory Contracts*. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the sub-advisers and noted that VALIC would compensate the sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;*Compliance*. The Board reviewed VALIC's and the sub-advisers' compliance personnel and regulatory history, including information whether they were currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entity's compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;*Conclusions*. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and each sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interests of each of the Funds and its respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.

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#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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#### VALIC COMPANY I Core Bond Fund and International Government Bond Fund

#### Approval of Sub-Advisory Agreement
&nbsp;&nbsp;&nbsp;&nbsp;At a meeting held on August 5-6, 2025 (the "Meeting"), the Board of Directors (the "Board") of VALIC Company I ("VC I"), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"), approved a new investment sub-advisory agreement between Variable Annuity Life Insurance Company ("VALIC") and PineBridge Investments, LLC ("PineBridge"), with respect to the Core Bond Fund and the International Government Bond Fund (each, a "Fund" and together, the "Funds"). The Board noted that MetLife Investment Management ("MIM") had reached a definitive agreement to acquire PineBridge, on or about September 30, 2025, which would result in the assignment and automatic termination of the current Investment Sub-Advisory Agreement ("Current Sub-Advisory Agreement") between VALIC and PineBridge, with respect to each Fund and that, therefore, the Board was being asked to approve a new sub-advisory agreement ("New Sub-Advisory Agreement") between VALIC and PineBridge, with respect to the each Fund. They also noted that the New Sub-Advisory Agreement is identical to the Current Sub-Advisory Agreement. Additionally, the Board noted that because it had considered Section 15(c) approvals of the Current Sub-Advisory Agreement at this meeting and because there was not expected to be any change in the services provided or the portfolio managers for the Funds as a result of the New Sub-Advisory Agreement, there were no additional Section 15(c) materials provided for the New Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the approval of the New Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the New Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Funds by PineBridge; (2) the fees and expenses and investment performance of each Fund; (3) the costs of services and profits to be realized in connection with the New Sub-Advisory Agreement; and (4) information relating to any economies of scale and other benefits to be realized by PineBridge as a result of the New Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;In considering whether to approve the New Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management. The Board noted that in accordance with Section 15(c) of the 1940 Act, PineBridge furnished the Board with extensive information in connection with the consideration of the New Sub-Advisory Agreement. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the New Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

&nbsp;&nbsp;&nbsp;&nbsp;*Nature, Extent and Quality of Services*. The Board considered the nature, extent and quality of services to be provided to the Funds by PineBridge. The Board reviewed information provided by PineBridge relating to their operations and personnel. The Board also noted that PineBridge's management of the Funds will be subject to the oversight of VALIC and the Board and must be done in accordance with the investment objectives, policies and restrictions set forth in the Funds' prospectus and statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered information provided to them regarding the services to be provided by PineBridge. The Board noted that PineBridge will determine the securities to be purchased or sold on behalf of the Funds and will be responsible for providing VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and for rendering regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed information regarding the qualifications, background and responsibilities of PineBridge's investment and compliance personnel who would provide services to the Funds. The Board also took into account the financial condition of PineBridge. The Board also reviewed PineBridge's brokerage practices. The Board also considered PineBridge's risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that the scope and quality of the services to be provided by PineBridge were expected to be satisfactory and that there was a reasonable basis to conclude that PineBridge would provide a high quality of investment services to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;*Fees and Expenses; Investment Performance*. The Board noted the following:

&nbsp;&nbsp;&nbsp;&nbsp;*Core Bond Fund*. The Fund's actual sub-advisory fees were above the median of its Sub-advisory Expense Group and equal to the median of its Expense Universe.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund performed at the median of its Lipper peer index for the one-year period and outperformed for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;*International Government Bond Fund*. The Fund's actual sub-advisory fees were above the median of the Sub-advisory Expense Group and equal to the median of the Sub-advisory Expense Universe.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund outperformed its Lipper peer index for the one-year period and underperformed for the three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one- and three-year periods and outperformed for the five-year period. The Fund underperformed its blended benchmark for the one-year period and outperformed its blended benchmark for the three- and five-year periods. The Board took into account management's discussion of the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that VALIC negotiated the sub-advisory fee with PineBridge at arm's length. The Board considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Funds, that the sub-advisory fees are not paid by the Funds, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. Therefore, the Board considered that the engagement of PineBridge will not result in any change to the management fee paid by the Funds to VALIC.

&nbsp;&nbsp;&nbsp;&nbsp;*Cost of Services and Indirect Benefits/Profitability*. The Board considered the cost of services and profits expected to be realized in connection with the New Sub-Advisory Agreement. The Board considered the impact of the sub-adviser change on VALIC's profitability. The Board considered that the sub-advisory fee rates were negotiated with

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[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

#### VALIC Company I

#### APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

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PineBridge at arm's length. In considering the anticipated profitability to PineBridge in connection with their relationships to the Funds, the Directors noted that the fees under the New Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Funds. The Directors also noted that the sub-advisory fees payable under the New Sub-Advisory Agreement are identical to the sub-advisory fees payable under the Current Sub-Advisory Agreement, and as such, approval of the New Sub-Advisory Agreement is not expected to have any impact on VALIC's profitability.

&nbsp;&nbsp;&nbsp;&nbsp;In view of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of PineBridge from their relationship with the Funds was not material to their deliberations with respect to consideration of approval of the New Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*Economies of Scale*. For similar reasons as stated above with respect to PineBridge's anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in PineBridge's management of the Funds is not a material factor to the approval of the New Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;*Terms of the Sub-Advisory Agreement*. The Board reviewed the terms of the New Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board concluded that the terms of the New Sub-Advisory Agreement were reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;*Conclusions*. In reaching its decisions to approve the New Sub-Advisory Agreement, the Board did not identify any single factor as being controlling but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that PineBridge possesses the capability and resources to perform the duties required under the New Sub-Advisory Agreement.

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[**Table of Contents**](#JOB_NEW_F_630e61ee-182e-43a7-bea0-2d4a32e1ba02_TOC)

![](g85763imgb5c0d01e1.jpg)

#### Retirement Services
corebridgefinancial.com/rs

#### Manage your account online
You will need to create an online security profile with a unique user ID and password.

• Check total current balance across available plans and calculate projected retirement income amounts

• View important plan information including rate of return, balance, contribution amounts, fund and asset-allocation mix, and transaction history

• Access and download important documents including account statements, transaction confirmations and tax documents

• Send and receive important documents or messages securely using the secure mail feature in the client mailbox

• Manage and update your personal account profile including your contact information (phone, address and email), account beneficiaries, trusted contacts and more

#### Personal Deliver-e®
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• Simply visit corebridgefinancial.com/rs today to get started

#### Initiate account transactions including:
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• Transfer money among investment options

• Request a one-time withdrawal

#### Sign up today at corebridgefinancial.com/rs
• Register for online access

• Follow steps to create a security profile

#### Please note: Email delivery is not accessible to certain annuity contract owners.
We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.

#### Thank you for choosing Corebridge
We believe everyone deserves financial security. Every day, we work hard to make it possible for more people to take action in their financial lives—because action is the bridge from planning to outcomes, from today's financial needs to tomorrow's aspirations.

Annuities are issued by **The Variable Annuity Life Insurance Company**, Houston, TX. Variable annuities are distributed by Corebridge Capital Services, Inc., member FINRA. Securities and investment advisory services offered through VALIC Financial Advisors, Inc., member FINRA, SIPC and an SEC-registered investment adviser. VALIC Retirement Services Company (VRSCO) provides retirement plan recordkeeping and related services and is the transfer agent for certain affiliated variable investment options. All companies above are wholly owned subsidiaries of Corebridge Financial, Inc. Corebridge Retirement Services, Corebridge Financial and Corebridge are marketing names used by these companies.© Corebridge Financial, Inc. All rights reserved.

VC 23800 (06/2025) J1026108 EE

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included in Item 7 above.

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#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included in Item 7 above.

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#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included in Item 7 above.

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#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included in Item 7 above.

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#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 15.

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#### Item 16. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined under Rule30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant's management, including the Principal Executive Officer and Principal Financial Officer, concluded that the registrant's disclosure controls and procedures are effective.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

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#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as [EX-99.CERT](d85763dex99cert.htm).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as [EX-99.906 CERT](d85763dex99906cert.htm).

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I

By: /s/ Kevin J. Adamson

Kevin J. Adamson

Principal Executive Officer

Date: February 6, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Kevin J. Adamson

Kevin J. Adamson

Principal Executive Officer

Date: February 6, 2026

By: /s/ Donna M. McManus

Donna M. McManus

Principal Financial Officer

Date: February 6, 2026

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## Ex-99.Cert

**EX-99.CERT**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Kevin J. Adamson, certify that:

1. I have reviewed this report on Form N-CSR of VALIC Company
I;

2. sed on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: February 5, 2026

/s/ Kevin J. Adamson Kevin J. Adamson

Principal Executive Officer

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CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Donna M. McManus, certify that:

1. I have reviewed this report on Form N-CSR of VALIC Company
I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: February 5, 2026

/s/ Donna M. McManus Donna M. McManus Principal Financial Officer

## Exhibit 99.906

**EX-99.906 CERT**

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

Kevin J. Adamson, Principal Executive Officer, and Donna M. McManus, Principal Financial Officer of VALIC Company I (the "registrant"), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with
the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in
all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: February 5, 2026

/s/ Kevin J.Adamson

Kevin J. Adamson

Principal Executive Officer

/s/ Donna M. McManus

Donna M. McManus

Principal Financial Officer