# EDGAR Filing Document

**Accession Number:** 0000719423
**File Stem:** 0001193125-25-211043
**Filing Date:** 2025-9
**Character Count:** 40332
**Document Hash:** 4d7a6f449e75e890285b7ed0b533ef2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-211043.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001193125-25-211043

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250922

**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:** CORRESP

**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

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| | |
|:---|:---|
| ![LOGO](g90856g01y01.jpg)  | 787 Seventh Avenue |
| ![LOGO](g90856g01y01.jpg)  | New York, NY 10019-6099 |
| ![LOGO](g90856g01y01.jpg)  | Tel: 212 728 8000 |
| ![LOGO](g90856g01y01.jpg)  | Fax: 212 728 8111 |

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September 22, 2025

**<u>VIA EDGAR</u>**

Kalkidan Ezra. Esq.

Division of Investment Management

Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

Re: Large Cap Core Fund (formerly, Large Capital Growth Fund), a series of VALIC Company I Securities Act File No. 002-83631 <u>Investment Company Act File No. 811-03738</u>

Dear Ms. Ezra:

On behalf of Large Cap Core Fund (formerly, Large Capital Growth Fund) (the "Fund), a series of VALIC Company I (the "Registrant"), this letter responds to comments provided by the staff of the Division of Investment Management (the "Staff") of the Securities and Exchange Commission (the "Commission") on August 28, 2025, regarding Post-Effective Amendment No. 123 to the Registrant's Registration Statement on Form N-1A (the "Registration Statement") under the Securities Act of 1933, as amended, and Amendment No. 122 under the Investment Company Act of 1940, as amended, which was filed with the Commission on July 24, 2025.

The Staff's comments, which are set forth below in italicized text, have been summarized to the best of our understanding. We have discussed the Staff's comments with representatives of the Registrant. The Registrant's responses to the Staff's comments are set out immediately under the restated comment. Please note that we have not independently verified information provided by the Registrant. A Post-Effective Amendment to the Registration Statement (the "Amendment"), which reflects changes made in response to the Staff's comments, along with changes made to update certain other information in the Registration Statement, will be filed at a later date. Unless otherwise indicated, defined terms used herein have the meanings set forth in the Registration Statement.

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|:---|:---|
| <u>Comment No. 1:</u> | *The Staff reminds you that the Registrant and its management are responsible for the accuracy and adequacy of the disclosures, notwithstanding any review, comments, action or absence of action by the Staff. Where a comment is made in one location and it is applicable to all similar disclosure appearing elsewhere in the Registration Statement, please ensure the corresponding changes are made to all similar disclosure. Please fill in any bracketed language or any statements that are incomplete prior to going effective. Please provide your responses to Staff comments* |

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BRUSSELS CHICAGO DALLAS FRANKFURT HAMBURG HOUSTON LONDON LOS ANGELES

MILAN MUNICH NEW YORK PALO ALTO PARIS ROME SAN FRANCISCO WASHINGTON

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|:---|:---|
|  | *on EDGAR at least five (5) business days in advance of the effective date, and please include as an exhibit to your response letter either the marked document showing changes from the initial filing or, if appropriate, marked changed pages. Once the correspondence is filed, please provide notice by email.* |
| <u>Response No.1:</u> | The Registrant acknowledges the Staff's comments and will respond as requested. |
| <u>Comment No. 2:</u> | *With respect to the subsection entitled "Fund Summary: Large Cap Core Fund (formerly, Large Capital Growth Fund) – Fees and Expenses of the Fund," please provide a completed fees and expenses table for the Staff's review.* |
| <u>Response No. 2:</u> | Please see <u>Exhibit A</u> attached hereto. |
| <u>Comment No. 3:</u> | *With respect to the subsection entitled "Fund Summary: Large Cap Core Fund (formerly, Large Capital Growth Fund) – Principal Risks of Investing in the Fund":* |
|  | *(a) Please consider adding currency risk under this subsection and in the section entitled "Investment Glossary."* |
|  | *(b) The Staff notes that Growth Stock Risk and Securities Lending Risk are included in the above-referenced subsection. Please consider also including them in the section entitled "Investment Glossary."* |
|  | *(c) The Staff notes that "Emerging Markets Risk" is included in the section entitled "Investment Glossary," but it is not included in the above-referenced subsection. Please consider adding "Emerging Markets Risk" to the above-referenced subsection if investing in emerging markets is part of the Fund's principal investment strategy.* |
| <u>Response No. 3:</u> | With respect to Comment No. 3(a), the Registrant respectfully declines to add currency risk to the above-referenced subsection, as currency risk is not a principal investment risk of the Fund. |
|  | With respect to Comment No. 3(b), the Registrant notes that the section entitled "Investment Glossary" contains "Lending Fund Securities Risk" and "Growth Style Risk," which correspond to "Securities Lending Risk" and "Growth Stock Risk," respectively, in the above-referenced subsection. To ensure consistency in terminology, the Registrant has revised the name "Lending Fund Securities Risk" in the "Investment Glossary" section to "Securities Lending Risk." In addition, the Registrant has revised the name "Growth Stock Risk" in the above-referenced subsection to "Growth Style Risk" to conform to the terminology utilized in the "Investment Glossary" section. The Registrant has also amended the disclosure regarding "Growth |

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|:---|:---|
|  | Style Risk" such that the discussion in Item 4 provides a summary of the risk, while the disclosure in Item 9 contains a comprehensive description of the risk, in accordance with the requirements of Form N-1A. Please see <u>Exhibit B</u> attached hereto.<br>With respect to Comment No. 3(c), the Registrant respectfully declines to add "Emerging Markets Risk" to the above-referenced subsection, as investing in emerging markets is not a principal investment strategy of the Fund. |
| <u>Comment No. 4:</u> | *In the subsection entitled "Fund Summary: Large Cap Core Fund (formerly, Large Capital Growth Fund) – Principal Risks of Investing in the Fund – ESG Investment Risk," please consider providing examples of the ESG criteria used by the portfolio managers.* |
| <u>Response No. 4:</u> | The Registrant respectfully declines to revise the above-referenced risk factor. The Registrant believes that any environmental, social, and governance (ESG) criteria considered by the portfolio managers are more appropriately addressed within the disclosure of the principal investment strategies section, rather than within the risk factor section. |
| <u>Comment No. 5:</u> | *With respect to the subsection entitled "Fund Summary: Large Cap Core Fund (formerly, Large Capital Growth Fund) – Principal Risks of Investing in the Fund – Technology Sector Risk," please consider making this risk factor a sub-risk of "Sector Risk."* |
| <u>Response No. 5:</u> | The Registrant respectfully declines the request to designate "Technology Sector Risk" as a sub-risk under "Sector Risk" in the above-referenced subsection. Instead, the Registrant has repositioned "Technology Sector Risk" to appear directly following "Sector Risk" for organizational coherence. Please see <u>Exhibit B</u> attached hereto. |
| <u>Comment No. 6:</u> | *With respect to the subsection entitled "Fund Summary: Large Cap Core Fund (formerly, Large Capital Growth Fund) – Performance Information," please supplementally provide the missing bar chart and the average annual total returns information that the Fund intends to include in the Amendment.* |
| <u>Response No. 6:</u> | Please see <u>Exhibit C</u> attached hereto. |

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Please do not hesitate to contact me at (212) 728-3875 if you have comments or if you require additional information regarding the Fund.

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| |
|:---|
| Respectfully submitted, |
| /s/ Stacey P. Ruiz |
| Stacey P. Ruiz |

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cc: Edward J. Gizzi, Esq., SunAmerica Asset Management, LLC

Jennifer Rogers, Esq., SunAmerica Asset Management, LLC

Elliot J. Gluck, Esq., Willkie Farr & Gallagher LLP

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**<u>EXHIBIT A</u>**

**<u>Fees and Expenses of the Fund</u>**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund**. The table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy ("Variable Contracts") in which the Fund is offered.** If separate account fees were shown, the Fund's annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.

**<u>Annual Fund Operating Expenses</u>** (expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
|  Management Fees | 0.64% |
|  Other Expenses | 0.11% |
|  Total Annual Fund Operating Expenses | 0.75% |
|  Fee Waivers and/or Expense Reimbursements<sup>1</sup> | 0.09% |
|  Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>1</sup> | 0.66% |

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<sup>1</sup> The Fund's investment adviser, The Variable Annuity Life Insurance Company ("VALIC"), has contractually agreed to waive its advisory fee until September 30, 2026, so that the advisory fee payable by the Fund to VALIC equals 0.55% on the first $750 million of the Fund's average daily net assets and 0.50% on average daily net assets over $750 million. This agreement may be modified or discontinued prior to such time only with the approval of the Board of Directors of VALIC Company I ("VC I"), including a majority of the directors who are not "interested persons" of VC I as defined in the Investment Company Act of 1940, as amended (the "1940 Act"). 

***<u>Expense Example</u>***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $67 | $231 | $408 | $922 |

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***<u>Portfolio Turnover</u>***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.

During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.

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**<u>EXHIBIT B</u>**

**Equity Securities Risk.** The Fund invests primarily in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-today and may decline significantly. The prices of individual stocks may be negatively affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a whole.

**Large-Cap Companies Risk.** Investing primarily in large-cap companies carries the risk that due to current market conditions these companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of economic expansion.

**Management Risk.** The investment style or strategy used by a subadviser may fail to produce the intended result. A subadviser's assessment of a particular security or company may prove incorrect, resulting in losses or underperformance.

**Dividend-paying Stocks Risk.** There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend.

**Depositary Receipts Risk.** Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an exchange and therefore are subject to illiquidity risk.

**Derivatives Risk.** The prices of derivatives may move in unexpected ways due to the use of leverage and other factors and may result in increased volatility or

losses. The Fund may not be able to terminate or sell derivative positions, and a liquid secondary market may not always exist for derivative positions.

**Futures Risk.** A futures contract is considered a derivative because it derives its value from the price of the underlying currency, security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying currency, security or financial index.

**ESG Investment Risk.** The portfolio manager(s) may utilize ESG criteria, integrate ESG considerations and/or use related analyses to select investments for the Fund. These strategies may impact the Fund's performance, including relative to similar funds that do not adhere to such ESG criteria, ESG integration and/or related analyses as part of the investment process. Additionally, the Fund's adherence to these strategies in connection with identifying and selecting investments may require subjective and qualitative analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company's ESG practices or a portfolio manager's assessment of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Fund's investments may not have favorable ESG characteristics or high ESG ratings.

**Foreign Investment Risk.** Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign currencies and the U.S. dollar, unfavorable political, social and legal developments, or economic and financial instability. Foreign companies are not subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are traded in foreign markets, or securities of U.S. companies that have significant foreign operations may be subject to foreign investment risk.

**Growth Stock Risk.** A "Growth" philosophy is a strategy of investing in securities believed to offer the potential for capital appreciation. It focuses on securities of companies that are considered to have a historical record of above-average growth rate, significant growth potential, above-average earnings

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growth or value, the ability to sustain earnings growth, or that offer proven or unusual products or services, or operate in industries experiencing increasing demand. Growth stocks can be volatile for several reasons. Since the issuers of growth stocks usually reinvest a high portion of earnings in their own business, growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are met or exceeded.

**<u>Growth Style Risk.</u>** <u>Generally, "growth" stocks are stocks of companies that a subadviser believes have anticipated earnings ranging from steady to accelerated growth.</u> <u>Many investors buy growth stocks because of anticipated superior earnings growth, but earnings disappointments often result in sharp price declines. Growth companies usually invest a high portion of earnings in their own businesses so their stocks may lack the dividends that can cushion share prices in a down market. In addition, the</u> <u>value of growth stocks may be more sensitive to changes in current or expected earnings than the value of other stocks, because growth stocks trade at higher prices relative to current earnings</u>

**Market Risk.** The Fund's share price can fall because of weakness in the broad market, a particular industry, or specific holdings or due to adverse social, political or economic developments here or abroad, changes in investor psychology, technological disruptions, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, trade wars, disease/virus, outbreaks and epidemics). The prices of individual securities may fluctuate, sometimes dramatically, from day to day. The prices of stocks and other equity securities tend to be more volatile than those of fixed-income securities.

**Sector Risk.** Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a sector. Because the Fund may allocate relatively more assets to certain sectors than others, the Fund's performance may be more

susceptible to any developments which affect those sectors emphasized by the Fund.

<u>**Technology Sector Risk.** Technology stocks historically have experienced unusually wide price swings. Earnings disappointments and intense competition for market share can result in sharp declines in the prices of technology stocks.</u>

**Securities Lending Risk.** Engaging in securities lending could increase the market and credit risk for Fund investments. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. The Fund's loans will be collateralized by securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, which subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. If the value of either the cash collateral or the Fund's investments of the cash collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price.

**Technology Sector Risk.** Technology stocks historically have experienced unusually wide price swings. Earnings disappointments and intense competition for market share can result in sharp declines in the prices of technology stocks.

**Performance Information** 

The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and comparing the Fund's average annual returns to those of the S&P 500<sup>®</sup> Index (a broad-based securities market index) and the Russell 1000<sup>®</sup> Growth Index. Effective September 29, 2025, the Fund no longer measures its performance against the Russell 1000<sup>®</sup> Growth Index. The Fund's returns prior to September 29, 2025, as reflected in the bar chart and table, are the returns of the Fund when it followed different investment strategies under the name "Large Capital Growth Fund." Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were

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and foreign governments or central banks, the imposition of currency controls and speculation. A security may be denominated in a currency that is different from the currency where the issuer is domiciled. Currency transactions are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

The value of the Fund's foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Fund's non-U.S. dollar-denominated securities.

In addition, currency management strategies, to the extent that they reduce the Fund's exposure to currency risks, may also reduce the Fund's ability to benefit from favorable changes in currency exchange rates. Using currency management strategies for purposes other than hedging further increases the Fund's exposure to foreign investment losses. Currency markets generally are not as regulated as securities markets. In addition, currency rates may fluctuate significantly over short periods of time, and can reduce returns.

*Foreign Sovereign Debt Risk.* To the extent the Fund invests in foreign sovereign debt securities, it may be subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political, social and economic considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans.

*Geographic Risk.* If the Fund invests a significant portion of its assets in issuers located in a single country, a limited number of countries, or a particular geographic region, it assumes the risk that economic, political and social conditions in those countries or that region may have a significant impact on its investment performance.

**Lending Fund Securities Risk.** The Fund may make secured loans of its portfolio securities for purposes of realizing additional income. No lending may be made with any companies affiliated with VALIC. The Fund will only make loans to broker-dealers and other financial institutions deemed by State Street Bank and Trust Company (the "securities lending agent") to be creditworthy. The securities lending agent also holds

the cash and the portfolio securities of VC I. Each loan of portfolio securities 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 and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, which subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. As with other extensions of credit, securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. The Fund may lose money if the Fund does not recover the securities and/or the value of the collateral or the value of investments made with cash collateral falls. Such events may also trigger adverse tax consequences for the Fund. To the extent that either the value of the cash collateral or the Fund's investments of the cash collateral declines below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral should the borrower fail financially. Engaging in securities lending could also have a leveraging effect, which may intensify the market risk, credit risk and other risks associated with investments in the Fund. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price.

**Management Risk.** Different investment styles and strategies tend to shift in and out of favor depending upon market and economic conditions, as well as investor sentiment. The investment style or strategy used by the Fund may fail to produce the intended result. Moreover, the Fund may outperform or underperform funds that employ a different investment style or strategy. A subadviser's assessment of a particular security or company may prove incorrect, resulting in losses or underperformance.

Generally, stocks with growth characteristics can have relatively wide price swings as a result of their potentially high valuations. The share price of the Fund may be negatively affected by this risk, as discussed in more detail below.

• Growth Style Risk. Generally, "growth" stocks are stocks of companies that a subadviser believes have anticipated earnings ranging from steady to accelerated growth. They <u>These companies may include those offering innovative or unique products and services, or those operating</u> <u>in industries</u> 

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• <u>experiencing increasing demand</u> <u>or rapid expansion. These stocks</u> may be volatile for several reasons. Many investors buy growth stocks because of anticipated superior earnings growth, but earnings
disappointments often result in sharp price declines. Growth companies usually invest a high portion of earnings in their own businesses so their stocks may lack the dividends that can cushion share prices in a down market. In addition,
the <u>The</u> value of growth stocks may be more sensitive to changes in current or expected earnings than the value of other stocks, because growth stocks trade at higher prices relative to current
earnings. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than other stocks. <u>Many investors buy growth stocks because of anticipated superior earnings growth, but earnings disappointments often result in sharp price declines more than other stocks. Growth stocks may, however, benefit from significant price appreciation when companies meet or exceed growth forecasts, as the market often rewards such performance with higher valuations. Growth companies usually invest</u> <u>a high portion of earnings in their own</u> <u>businesses so their stocks may lack the dividends that can cushion share prices in a down market. Growth investing may also involve sector or industry concentration risk, as growth opportunities can be clustered in specific areas of the market (such as technology or healthcare), potentially increasing exposure to sector-specific volatility.</u> 

**Market Capitalization Risk**. Companies are determined to be large-cap companies, mid-cap companies, or small-cap companies based upon the total market value of the outstanding common stock (or similar securities) of the company at the time of purchase. The market capitalization of the companies in which the Fund invests change over time. The Fund determines relative market capitalizations using U.S. standards. Accordingly, the Fund's non-U.S. investments may have large capitalizations relative to market capitalizations of companies based outside the United States. The Fund will not automatically sell or cease to purchase stock of a company that it already owns just because the company's market capitalization grows or falls outside this range.

*Large-Cap Company Risk.* Large-cap companies tend to go in and out of favor based on market and

economic conditions. Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise as much as the value of funds that emphasize smaller capitalization companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of economic expansion.

**Market Risk.** The Fund's share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse social, political or economic developments here or abroad, changes in investor psychology, technological disruptions, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, trade wars, disease/virus, outbreaks and epidemics). The prospects for a sector, an industry or a company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, a subadviser's assessment of companies held in the Fund may prove incorrect, resulting in losses or poor performance even in a rising market. Markets tend to move in cycles with periods of rising prices and periods of falling prices. Like markets generally, the investment performance of the Fund will fluctuate, so an investor may lose money over short or even long periods.

Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

**Sector Risk.** Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions regarding a sector. Because the Fund may

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allocate relatively more assets to certain sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund.

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

Substantial investments in a particular market, industry, group of industries, country, region, group of countries, asset class or sector make the Fund's performance more susceptible to any single economic, market, political or regulatory occurrence affecting that particular market, industry, group of industries, country, region, group of countries, asset class or sector than a fund that invests more broadly.

*Technology Sector Risk.* Technology stocks historically have experienced unusually wide price swings, both up and down. The potential for wide variation in performance reflects the special risks common to companies in the rapidly changing field of technology. For example, products and services that at first appear promising may not prove to be commercially successful or may become obsolete quickly. Earnings disappointments and intense competition for market share can result in sharp price declines.

Risks associated with technology stocks include, but are not limited to, the risks of short production cycles and rapid obsolescence of products and services, competition from new and existing companies, significant losses and/or limited earnings, security price volatility, limited operating histories and management experience and patent and other intellectual property considerations.

**<u>Securities Lending</u> <u>Risk.</u>** <u>The Fund may make secured loans of its portfolio securities for purposes of realizing additional income. No lending may be made with any companies affiliated with VALIC. The Fund will only make loans to broker-dealers and other financial institutions deemed by State Street Bank and Trust Company (the "securities lending agent") to be creditworthy. The securities lending agent also holds the cash and the portfolio securities of VC I. Each loan of portfolio securities 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 and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, which</u>

<u>subjects the Fund to the credit risk of the U.S. Government or the issuing federal agency or instrumentality. As with other extensions of credit, securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. The Fund may lose money if the Fund does not recover the securities and/or the value of the collateral or the value of investments made with cash collateral falls. Such events may also trigger adverse tax consequences for the Fund. To the extent that either the value of the cash collateral or the Fund's investments of the cash collateral declines below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral should the borrower fail financially. Engaging in securities lending could also have a leveraging effect, which may intensify the market risk, credit risk and other risks associated with investments in the Fund. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price.</u>

***About the Indices***

Unlike mutual funds, the indices do not incur expenses. If expenses were deducted, the actual returns of the indices would be lower.

The ***Russell 1000<sup>®</sup> Growth Index*** measures the performance of those Russell 1000<sup>®</sup> companies with higher price-to-book ratios and higher forecasted growth values.

The ***S&P 500<sup>®</sup> Index*** is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock's percentage in the Index in proportion to its market value.

***Additional Information About the S&P Index.*** "S&P 500<sup>®</sup>" is a trademark of S&P.

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**<u>EXHIBIT C</u>**

**<u>Performance Information</u>**

The following Risk/Return Bar Chart and Table illustrate the risks of investing in the Fund by showing changes in the Fund's performance from calendar year to calendar year and comparing the Fund's average annual returns to those of the S&P 500<sup>®</sup> Index (a broad-based securities market index) and the Russell 1000<sup>®</sup> Growth Index. Effective September 29, 2025, the Fund no longer measures its performance against the Russell 1000<sup>®</sup> Growth Index. The Fund's returns prior to September 29, 2025, as reflected in the bar chart and table, are the returns of the Fund when it followed different investment strategies. under the name "Large Capital Growth Fund. Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance of the Fund is not necessarily an indication of how the Fund will perform in the future.

T. Rowe Price Associates, Inc. ("T. Rowe Price") and J.P. Morgan Investment Management Inc. ("JPMIM") assumed subadvisory duties on September 29, 2025. From inception through September 15, 2013, SunAmerica Asset Management, LLC and Invesco Advisers, Inc. were subadvisers to the Fund. From September 16, 2013, through September 28, 2025, Massachusetts Financial Services Company was subadviser to the Fund.

![LOGO](g90856g13y13.jpg)

During the period shown in the bar chart:

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| | | |
|:---|:---|:---|
|  Highest Quarterly Return: | June 30, 2020 | 20.77% |
|  Lowest Quarterly Return: | March 31, 2020 | -17.87% |
|  Year to Date Most Recent Quarter: | June 30, 2025 | 3.03% |

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**Average Annual Total Returns** (For the periods ended December 31, 2024)

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5**<br>**Years** | **10**<br>**Years** |
|  Fund | 16.24% | 12.44% | 13.21% |
|  S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% |
|  Russell 1000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes) | 33.36% | 18.96% | 16.78% |

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